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CHS Funds SDSU Precision Ag Program/Center

News Briefs

The CHS Foundation, Inver Grove Heights, Minn., funded by charitable gifts from CHS Inc., announced on Nov. 15 a $1.5 million grant to support the South Dakota State University (SDSU) precision agriculture program and construction of the new Raven Precision Agriculture Center on campus. CHS said the gift aligns with CHS priorities around ensuring that educating the next generation of ag leadership includes technology and tradition.

SDSU is the nation’s first land-grant university to offer a bachelor’s degree and minor in precision agriculture.

“The gift in support of the Raven Precision Agriculture Center will positively impact our students and industry for decades to come,” said John Killefer, the South Dakota Corn Utilization Council Endowed Dean of the SDSU College of Agriculture, Food, and Environmental Sciences. “This commitment from the CHS Foundation illustrates the leadership role and vision they have within the agricultural industry.”

The building has 129,000 square feet of floor space that will be able to house modern precision farm equipment and will provide collaborative learning spaces for student design projects. Flexible space will give scientists from a variety of departments and industry space to collaborate on research and education.

Final construction plans are in-progress. Some ground work is expected to begin this fall, with construction starting in the spring of 2019.

Incitec Pivot Ltd. – Management Brief

Management Briefs

Incitec Pivot Ltd., Melbourne, Australia, has appointed Bruce Brook as a non-executive director, effective Dec. 3. IPL said he is an experienced non-executive director with directorships and an executive career across a range of industries, including the mining, manufacturing, banking, and services industries. He is currently a non-executive director of CSL Ltd. and Newmont Mining Corp. Brook was previously chairman of Programmed Maintenance Services Ltd. and Energy Developments Ltd., and non-executive director of Boart Longyear Ltd.

During his executive career, Brook was the CFO of WMC Resources Ltd. and deputy CFO of the Australia & New Zealand Banking Group.

Brook will offer himself for re-election by shareholders at IPL’s 2018 annual general meeting of shareholders, which will be held Dec. 20, 2018.

IPL also announced that Graham Smorgon will retire as a non-executive director at the conclusion of the shareholders meeting.

Muriate of Potash

Brazil, Eastern Cornbelt, Great Lakes, Market Watch, Northeast, Northern Plains, Potash, Potash Muriate, Southeast Asia, U.S. Gulf, Western Cornbelt

U.S. Gulf:

NOLA prompt potash barge prices were a bit firmer, with sources quoting the market at $285-$290/st FOB, up from the week-ago $282-$285/st FOB. Others were quoting $295-$300/st FOB, but sources said those prices were before heavy discounts or upriver.

Eastern Cornbelt:

Potash was pegged at $310-$325/st FOB in the Eastern Cornbelt, with the lower end confirmed in the Illinois market for new sales and the high out of inland warehouses in the region. Potash pricing FOB Cincinnati was reported at $315-$320/st FOB at midweek.

Producer postings remained in the $320-$330/st FOB range in the region. There were reports of brisk fall potash movement in parts of Illinois in late October, along with tightening inventories at some locations.

Western Cornbelt:

Potash was quoted at $310-$320/st FOB in the Western Cornbelt, with the low end of the range reflecting another increase from last report. The St. Louis market continued to be reported at $310-
$315/st FOB, while Catoosa/Inola potash pricing had reportedly firmed to $310-$320/st FOB in late October.

Northern Plains:

Sources quoted the potash market at $310-$320/st FOB the Twin Cities, up a full $15/st from late September levels. The Saskatchewan mine price was reported at $280-$290/st FOB after netbacks, depending on grade, also reflecting an increase following higher producer postings earlier in October.

No current rail-DEL potash prices were confirmed in the Northern Plains in late October.

Great Lakes:

Potash pricing in the Great Lakes region was up from last report. Sources quoted the low end of the regional market at $315-$320/st FOB in Wisconsin, with Michigan warehouses reported at $325/st FOB for red and $329/st FOB for white granular tons.

Northeast:

Potash was tagged at $320-$325/st FOB and $340-$350/st DEL in the Northeast, with the East Liverpool warehouse market quoted firmly at the $325/st FOB level in late October.

Southeast Asia:

In Indonesia, sources said Petrokemia Gresik has finally made awards to a number of suppliers under its import tender for standard potash. Unconfirmed reports indicate a price of $315/mt CFR has been negotiated, and if confirmed, provides further confirmation of the strong potash market in the region.
Supplier sources recently indicated that they were targeting around $320/mt CFR for standard material for fourth quarter Indonesian business (GM Oct. 19, p. 15).

Petrokemia Gresik did not specify the quantity of potash it required under its tender, but is reported to have made awards for possibly as much as 400,000 mt of standard material for delivery from November 2018 through April 2019.

Under its previous tender in February, Petrokemia Gresik was reported to have paid prices ranging from $280/mt CFR up to the mid- to high-$280s/mt CFR (GM Feb. 16, p. 14).

The results of this latest tender will no doubt provide suppliers with fresh upward price impetus. Awards under another key Indonesian import tender from Sinar Mas are still awaited.

Brazil:

Sources reported strong demand and tight availability for granular tons in Brazil. Prices this week continue to be quoted in the $350-$370/mt CFR range. Belarus Potash Co. (BPC), which first concluded granular business at $370/mt CFR in late September/early October, said it is targeting $370/mt CFR as a minimum.