All posts by mickeybarb@charter.net

Crops/Weather

Crops/Weather, Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, Western Cornbelt

Eastern Cornbelt:

US Drought Monitor

More than 900,000 customers were without power on Feb. 23 across Illinois, Indiana, Michigan, and Wisconsin as a powerful winter storm brought heavy rain, gusty winds, freezing rain, and snow to the region. Michigan was hit the hardest, with more than 800,000 outages reported.

Illinois saw heavy rain across the state, including daily records on Feb. 22 of 3.6 inches in Lincoln, 2.8 inches in Heyworth, and 1.4 inches in Peoria. The precipitation was expected to push the Illinois River to minor-flood stage at LaSalle, Henry, Peoria, Havana, and Beardstown late in the week.

Widespread rain also developed at midweek across northern Indiana and northern Ohio, with colder temperatures producing a wintry mix of rain, freezing rain, sleet, and snow. After a brief warmup on Feb. 23, another blast of cold weather and lake-effect precipitation was expected on Feb. 24.

Western Cornbelt:

A powerful winter storm hammered the Northern Plains and parts of Iowa during the week, dropping 16-21 inches of snow across central Minnesota and double-digit snow totals along the Minnesota-Iowa border.

The storm also brought 40 mph winds and a quarter-inch of ice to central and eastern portions of Iowa at midweek, with temperatures expected to fall to the single digits late in the week. Warmer weather was on tap for the coming weekend, however.

Corn Wheat Soybean Index

Heavy snow and strong winds also battered northern and western Nebraska, with subzero wind chills reported on Feb. 22-23. Damaging winds were also reported in eastern Missouri during the week, prompting a tornado watch on Feb. 22.

Southern Plains:

Temperatures across Kansas dropped to the teens and 20s on Feb. 23 after highs in the 60s earlier in the week. The drop in temperature was accompanied by strong winds and scattered rainfall, with wind chills falling to the single digits in some parts of the state.

Rain and thunderstorms moved across central and southern Oklahoma at midweek, with temperatures dropping to the 40s by the end of the week. Temperatures across central and northern Texas fell from the 70s early in the week to the 50s and low-60s by midweek, with an increased chance of precipitation over the coming weekend.

“With the warm weather, planters for corn are at full speed this week,” commented one Texas source.

High winds and snowfall were reported across central and northern New Mexico at midweek. The powerful winds also knocked out power to thousands of residents and kicked up dust storms in parts of the state. Snowfall, gusty winds, and bitterly cold temperatures were also reported across Colorado as the week progressed.

South Central:

A tornado watch was in effect at midweek for parts of Arkansas and western Kentucky as strong winds and heavy rain churned through the region. A wind advisory was also posted for Middle Tennessee, with forecasts warning of heavy downpours.

Much cooler weather was on tap for the end of the week, with temperatures falling from the 60s and 70s at midweek to the mid-40s across Arkansas by Feb. 24. A gradual warmup was in the weekend forecast for most of the region.

Southeast:

While heavy snow and frigid temperatures blanketed the northern Midwest, unseasonably warm weather moved into the Southeast during the week, triggering some busy fieldwork in several locations. “Corn planting should be starting by the end of next week, which is a little earlier than usual,” said one Carolina contact.

Temperatures reached the mid-70s across the Carolinas at midweek, with highs expected to reach the low-80s in some locations on Feb. 23. Cooler weather was on tap for the weekend, however, along with an increased chance of rainfall.

Record-setting highs in the low- to mid-80s were also reported across Virginia as the week progressed, with similar temperatures posted in Alabama during the week. Most of Georgia also enjoyed temperatures in the 70s and low-80s, while highs in central and southern Florida climbed to the upper-80s and even low-90s in some locations.

BHP Brings Forward Completion of Jansen State 2 Study

Australia, Featured, News, Potash, Saskatchewan

BHP Group Ltd. said it has accelerated the feasibility study for Stage 2 of its Jansen potash mine in Saskatchewan, Canada, 140 kilometers east of Saskatoon, with the study now to be completed during the 2024 financial year, a year earlier than previously expected (GM Oct. 21; Sept. 9, 2022).

The group early last summer brought forward the target for first production at Jansen (Stage 1) to the end of the 2026 calendar year (GM July 22, 2022).

BHP CEO Mike Henry confirmed at a company first-half FY2023 earnings presentation on Feb. 21 that the Jansen Stage 1 project was “on track” for first potash production in late calendar year 2026. The group last month reported Stage 1 was 16% complete (GM Jan. 20, p. 29).

BHP said its expected Jansen Stage 1 capital expenditure for the 2023 financial year (which runs July 1, 2022-June 30, 2023) has increased to approximately US$860 million from approximately US$740 million, citing the increase is partly due to an accelerated production schedule. However, the group emphasized that there is no change to the project’s total capex budget of US$5.7 billion.

Stage 1, when fully ramped-up, is expected to produce 4.35 million mt/y of potassium chloride, and Stage 2 could add another 4 million mt/y of capacity.

Responding to an analyst’s question at a company earnings call about BHP’s requirements of getting Stage 1 up and operating before the group commits to Stage 2, and whether that limited how quickly BHP could accelerate into starting Stage 2 or if those processes are running on a standalone basis, Henry explained what BHP is doing right now is “building the option to be able to go earlier on Stage 2.”

“In making that ultimate determination, of course we are going to have to look at how the market is playing out. We will also look at how we are tracking on Jansen Stage 1,” said Henry.

“So far things are tracking pretty well on Stage 1, and that has allowed us to bring forward expected first production from [calendar] 2027 to [calendar] 2026. As we bring the Stage 2 studies to a close in financial year 2024, we will have to refresh both our outlook for the market and our assessment of how Stage 1 is tracking to decide whether we want to pull the trigger there then, or leave it a little bit later, ” he said.

Asked whether the decision to pull the Stage 2 feasibility study forward by a year should be interpreted as optimism around Jansen Stage 2 or simply efficiency, Henry said it was due to the group’s pursuit of options, and “it should not be seen at this point that we will definitively proceed with Jansen Stage 2 – we just want to have options available to us as soon as possible.

“If we get to FY24 and we’ve completed the studies, [if] it looks like the project is high returning, it looks like the market can accommodate those volumes or needs those volumes sooner rather than later and we’re executing well on Jansen Stage 1, then there’s the option available to us to pull the trigger on Jansen Stage 2 then, but for now it’s all about progressing the studies and building or giving ourselves the option,” said Henry.

BHP’s view of the potash market for the time being continues to be positive. While acknowledging potash prices have declined steadily throughout the first half of the group’s 2023 financial year as affordability deteriorated, “unwinding the steep price spike that developed in the wake of Belarusian sanctions and the [Russian] invasion of Ukraine,” the group in this week’s earnings presentation said the “compelling” demand picture, geopolitical uncertainty, and the maturity of the existing asset base offer “an attractive entry opportunity in a lower-risk supply jurisdiction such as Saskatchewan, Canada.”

For its first-half FY2023, BHP reported underlying attributable profit after tax from continuing operations of US$6.5 billion, a year-over-year slump of 32%. The group attributed the downturn as mainly due to lower iron ore and copper prices as well as inflated costs, particularly diesel, somewhat offset by higher nickel and thermal coal prices.

The figure for the most recent reporting period included an exceptional loss of $0.1 billion, which is the current half-year impact of the Samarco dam failure.

Revenues for the first half of fiscal 2023 totaled US$25.7 billion, down 16% year-over-year from US30.6 billion.

BASF Confirms Ammonia, Caprolactam Closures at Ludwigshafen

Ammonia, Featured, Germany, News

German chemicals giant BASF SE on Feb. 24 confirmed that in order to save further costs, it is closing a number of energy-intensive plants at its Verbund site, its main site in Ludwigshafen. The closures include one of two ammonia production facilities at Verbund and the caprolactam plant and associated fertilizer facilities at the site.

The closures will result in 700 job cuts at the site, and are part of wider plans by BASF to cut 2,600 positions globally.

BASF said the capacity of its caprolactam plant in Antwerp, Belgium, is sufficient to serve captive and merchant market demand in Europe going forward. It also said high value-added products, such as standard and specialty amines and the AdBlue business, will be unaffected and will continue to be supplied via the second ammonia plant at the Ludwigshafen site. Ammonia is the largest consumer of natural gas as a raw material at the site.

The two ammonia plants at Ludwigshafen have a combined production capacity of 910,000 mt/y, according to Green Markets database. Both ammonia units have been operating at reduced capacity in recent months amid high gas prices following Russia’s invasion of Ukraine. In Europe, BASF also operates a 610,000 mt/y ammonia plant in Antwerp, Belgium, according to the database.

The closures and job cuts are in addition to an already announced major cost savings program to be implemented this year and in 2024. BASF also plans to end a share buyback early because of a deteriorating global economy and Europe’s energy crisis. The €3 billion (approximately $3.18 billion at current exchange rates) share buyback program that started in January last year was meant to run until the end of 2023.

“High energy prices are now putting an additional burden on profitability and competitiveness in Europe,” BASF Chair and CEO Martin Brudermüller said in a company FY2022 earnings presentation statement, in which he also cited “overregulation, slow and bureaucratic permitting processes, and in particular, high costs for most production input factors.”

The group’s FY2022 operational earnings were burdened by additional energy costs of €3.2 billion (approximately $3.39 billion at current exchange rates) globally. It reported that Europe accounted for around 84% of this increase, which it said mostly impacted the Verbund site in Ludwigshafen, and that higher natural gas costs accounted for 69% of the overall increase in energy costs globally.

While European natural gas prices have retreated to around €52 per megawatt hour (MWh) from August’s peak of more than €340 per MWh, reached following Russia’s invasion of Ukraine, they remain above historic averages and what German energy-intensive industries are used to, and are higher than in rival manufacturing regions in the US and Asia. Germany – Europe’s biggest economy – has come out of a mild winter with relatively full gas storage facilities, and switching from Russian gas to liquefied natural gas has averted the threat of gas rationing, but will keep costs elevated.

Brudermüller, in an earnings call, while noting gas prices have declined since their August peak, said he expects gas prices to stay “considerably higher” in the long run compared to what they were over the past several years. He also cited lower market growth in Europe has negatively impacted supply and demand in several value chains.

Responding to an analyst’s question about the gas price scenario under which BASF made the Ludwigshafen site plant closures, the chief executive said the overall assumption that the group worked with was that “the very competitive, not to say price-advantaged, gas deliveries from Russia will not play a role in Europe, and in particular North Western Europe, going forward.

“In terms of what that means for the price setting for natural gas for North Western Europe going forward, we think that there is a high likelihood that the natural gas price for North Western Europe, and then resulting from that to a certain extent also for power, will be set on the basis of LNG imports,” he said.

Given that the key sources for LNG imports in Europe are the US and Qatar, BASF said it expects there is the likelihood that the base for prices will be the Henry Hub price plus the cost of the LNG supply chain.

“In other words, from the liquefaction and transportation to gasification, that cost is somewhere in the order of magnitude of $5 to $6 per million BTU,” said Brudermüller, adding that it likely will take about two years to get to this situation, given the time to establish a full LNG supply chain for Germany.

Responding to an analyst’s question whether BASF will retain the option to bring any of the Ludwigshafen plants that are to be closed back online should the demand picture improve in the medium term, Brudermüller said this option is excluded, as while the plants won’t be demolished they will be fully shut down and the teams that operate the plants also will be dissolved in order to reduce the fixed cost.

BASF said the structural measures it is implementing at its production site in Ludwigshafen are designed to lower costs by more than €200 million a year by the end of 2026. That is in addition to the previously announced cost-saving program BASF is implementing to save €500 million annually by the end of 2024, the company said.

The group last month unveiled a €7.3 billion write-down for FY2022 on the value of its Wintershall Dea AG energy business, which is pulling out of Russia. BASF had at the time warned it would swing to a €1.4 billion net loss in 2022, a figure that it revised to a €627 million net loss on Feb. 24

BASF expects adjusted earnings before interest and tax to be between €4.8 billion and €5.4 billion this year, compared with the €6.9 billion recorded in FY 2022.

Azerbaijan’s Baku Port Targets New Fertilizer Terminal Start-Up in 2023

Eastern Europe, News, News Briefs

A new fertilizer transshipment terminal in Azerbaijan’s Caspian Sea port of Baku is now expected to start operations this year, according to the country’s Report news agency, citing Baku International Sea Trade Port CJSC Head of Strategic Planning and Development Department Khudayar Hasanli.

Construction began in June 2021, and the new facility had been targeted originally to be commissioned by the end of last year (GM June 16, 2021).

The new fertilizer terminal will have capacity to handle 2.5 million mt/y. The project plans include two warehouses with a total capacity of 60,000 mt.

Baku port will be able to attract more fertilizer cargo once the new terminal becomes operational, according to Hasanli.

The port currently handles fertilizers produced in Turkmenistan, but it is planned to transship sulfur, urea, and fertilizer-grade ammonium nitrate from other countries in Central Asia, including Kazakhstan and Uzbekistan, via the new terminal, said Hasanli, as cited by the report. Like Turkmenistan, Kazakhstan, and Uzbekistan are landlocked countries.

The three countries have a combined production capacity for various fertilizers, including urea, sulfur, and potassium carbonate, that exceeds 6.6 million mt annually, according to a Port of Baku June 2021 press release.

Baku International Sea Trade Port handled 6.31 million mt of cargo last year, a 14% increase over 2021’s throughput, according to Hasanli, as cited by another Report article.

According to the Strategic Planning and Development Department head, some 90% of the cargo transshipped at the port of Baku is transit cargo. Last year, some 53% of the cargo transshipped at Baku port – or nearly 3.4 million mt – was transported from Turkmenistan ports, he said.

Attorneys General Sue to Halt New WOTUS Rule

News, News Briefs, U.S.

The attorneys general from 23 states on Feb. 16 filed a lawsuit against the Biden Administration’s new “Waters of the United States” (WOTUS) rule, charging that it “goes beyond the power Congress delegated in the Clean Water Act (CWA), raises serious constitutional concerns, and runs roughshod over the Administrative Procedure Act.”

Officially announced on Dec. 30 (GM Jan. 6, p. 1), the new WOTUS rule claims to restore protections that were in place prior to 2015 under the CWA but with “updates to reflect existing Supreme Court decisions, the latest science, and the agencies’ technical expertise.” The rule was published in the Federal Register on Jan. 18.

The new lawsuit, filed in the US District Court for the District of North Dakota, Eastern Division, alleges that the Biden rule is “riddled with problems” and attempts to “reinterpret WOTUS in an unlawfully aggressive way.”

The attorneys general claim that the Environmental Protection Agency (EPA) and the US Army Corps of Engineers promulgated the rule “in violation of multiple procedural obligations,” and that it “runs contrary to constitutional right, power, privilege, and immunity” by offending the Commerce Clause, Due Process Clause, and the 10th Amendment of the US Constitution.

“By implementing an overbroad and hopelessly vague scheme, the agencies have toppled the cooperative federalism regime that Congress intended to protect in the CWA. Core state sovereign interests can be subjugated to the desires of two federal administrative agencies, even as to remote, non-navigable, intermittent, ephemeral, and purely intrastate waters,” the lawsuit states.

“If the final rule is left in place, then ranchers, farmers, miners, homebuilders, and other landowners across the country will struggle to undertake even the simplest of activities on their own property without fear of drawing the ire of the federal government.,” the lawsuit continues. “Landowning Americans of all stripes will thus be left with a choice: fight their way through an expensive and lengthy administrative process to obtain complex jurisdictional determinations and permits or face substantial civil and criminal penalties.”

Plaintiffs in the case include the attorneys general of Alabama, Alaska, Arkansas, Florida, Georgia, Indiana, Kansas, Louisiana, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Utah, Virginia, West Virginia, and Wyoming.

“I want to enforce the laws as written, which includes ensuring that the Biden administration can’t enact rules whenever it wants without express congressional authority,” said Missouri Attorney General Andrew Bailey. “Our nation was founded on the idea of the separation of powers, and I will take any legal action necessary to protect the rights of Missouri farmers from being encroached upon by unelected federal bureaucrats who attempt to illegally expand their authority.”

The attorneys general are asking the court for a preliminary injunction to halt the rule before its implementation in March. The lawsuit follows an earlier legal challenge to the rule lodged  by a coalition of 17 trade groups on Jan. 18 (GM Jan. 27, p. 1).

Arab Potash Reports FY2022 Net Income Boost; Highlights New Port Facility

Earnings, Jordan, News, Potash

Arab Potash Co. (APC), Amman, posted a 177% increase in net income after tax to JD601.2 million (approximately $848 million at current exchange rates) on revenue of JD1.27 billion for the 12 months to Dec. 31, 2022, up from JD216.7 million and JD648.0 million, respectively, the previous year, according to a preliminary results filing by the company to the Amman Stock Exchange on Feb. 15.

Operating revenue was up by 68%, to JD738 million from the year-ago JD239 million. Revenue year-over-year rose 96%.

The company increased its potash production by 5% to 2.68 million last year, up from 2.56 million mt in 2021, but potash sales volumes dipped marginally (-0.4%) year-over-year to 2.62 million, down from the year-ago 2.63 million mt.

APC President and CEO Maen Nsour said the company in 2022 “sought to meet the needs of various markets for potash, the most important of which is the European market, according to reports by the Middle East business and financial news portal Menafn, and the Jordan Times.

APC seeks to implement future plans and expansion projects in the production of potash and other derivative industries, with investments of an estimated JD1.2 billion (approximately $1.69 billion at current exchange rates) in the company’s infrastructure over the next five years, according to the reports.

Nsour also highlighted the inauguration last June of Jordan’s new industrial port at Aqaba on the Red Sea, enabling APC to increase its exports of potash (GM Feb. 9, 2015).

He said the new port will increase the handling capacity from 5 million mt/y to about 10 million mt/y of industrial products of APC and the Jordan Phosphate Mines Co., as well as other firms using the port facility.

ARA, FACA Outline Farm Bill Priorities

News, News Briefs, U.S.

The Agricultural Retailers Association (ARA) on Feb. 22 said it supports the 2023 farm bill policy priorities outlined by the Food and Agriculture Climate Alliance (FACA), a coalition of more than 80 groups representing farmers, ranchers, agribusinesses, manufacturers, the forestry industry, state governments, and environmental advocates.

Congressional authorizations for the current farm bill, written in 2018, are set to expire on Sept. 30 this year. FACA’s recommendations, developed by the 23-member steering committee, are divided into six categories, including conservation, risk management, and credit; energy; food waste; forestry; livestock and dairy; and research, extension, and innovation.

“With the farm bill up for reauthorization this year, ARA is advocating for several measures to be included to benefit America’s agricultural production system,” said ARA President and CEO Daren Coppock. “FACA and its members, including ARA, have done a terrific job of communicating priorities across a broad set of industry interests and compiling a document we can all get behind.”

The farm bill reauthorization priorities for ARA include preserving the crop insurance program and similar important safety nets; working with USDA’s Risk Management Agency to modify prevented planting dates to lessen potential impacts on the ag retail sector; codifying oversight of pesticide registrations and regulations at EPA and state agencies; maintaining current acreage dedicated to Conservation Programs (CRP/CSP) and the protection of working lands; and supporting the survey work carried out by the National Agricultural Statistical Service in support of the Conservation Effects Assessment Project administered by the USDA-Natural Resources Conservation Service (NRCS).

“Ag retailers and distributors are vital to the nation’s food security success because they supply essential products and  services to farmers,” said Coppock. “We are happy to lend our support to get a farm bill done in 2023, and look forward to working with Congress toward an effective and bipartisan bill.”

Anglo Takes $1.7 B Write-Down on Woodsmith Mine, Expects 2027 Start-Up

England, Featured, London, News, Polyhalite, Specialty

Anglo American Plc has taken a $1.7 billion write-down on the giant polyhalite project under development in northeast England that it rescued from collapse three years ago, and now expects first sales in 2027.

The London-headquartered company, reporting its FY2023 financial results on Feb. 23, said the recognition of the impairment to the Woodsmith project is due to the extension of the development schedule and capital budget compared to what was previously anticipated.

In order to ensure the delivery of maximum commercial returns from the operation over the expected multi-decade life of the ore body, Anglo said the design capacity is now expected to increase from around 10 million mt/y to around 13 million mt/y, subject to studies and approval, which will require an annual capacity investment of around $1 billion between now and 2027, when it expects first production and sales.

The company approved a capital investment of £650 million (approximately $0.8 billion) for the Woodsmith project for 2023. It spent $522 million on the project last year.

“We need to invest more upfront to expand the capacity of Woodsmith’s core infrastructure, helping us lock in the options for future expansions as the market for polyhalite develops, ” Anglo American Finance Director Stephen Pearce told analysts at a company earnings call on Feb. 23.

“But we are being prudent. We are taking a phased approach to the build where we can invest capital in the right way, when we need to, and more importantly, as the market [for Poly4 – the marketed form of polyhalite] develops,” he said.

Anglo anticipates building up output from the initial product start in 2027 to 5 million mt/y in 2030. The Woodsmith project still needs to go the Anglo Board for final approval.

“While the project is going to be set up to be able to deliver 13 million mt/y, this doesn’t mean we will go to 13 million mt/y on day one, but you have to have options,” Anglo CEO Duncan Wanblad told analysts.

Wanblad reminded that the market for polyhalite is one the company needs to develop over time in order to realize full value for the product’s qualities.

He conceded that Anglo still has a lot of studies to do to optimize not only the mining, but also the distribution of the product and getting it to market, as well as building the value accretive case for the product rather than “just relying on product price substitution.

“Firstly, if we take a nutrient substitution logic to the price; that is, if we gave a customer a bag of Poly4 that contained the same blend of key nutrients that they typically buy, they will pay around $170/mt. That’s a long-term real price at 13 million mt. But this is a ‘backstop’ price, based on simply substituting another source of nutrients for Poly4,” Wanblad said.

“But, as I have said, Poly4 brings more benefits than just the nutrient content. Crop trials give us more confidence that Poly4 delivers better results than the same blend of nutrients available today,” he added. “We know Poly4 produces better yields compared to standard practice. If we secured even just around 30% of that additional value, it would translate to roughly $100/mt additional price uplift for Poly4, and that is only on the yield benefit, not yet considering the other categories of benefits.”

However, while acknowledging not all these price premiums may be available straightaway, and not all customers may pay all of it straightaway, Wanblad ultimately expects to move to a price reflecting the full range of product and sustainability benefits, including the low CO2, soil health, and organic qualities of the polyhalite mineral.

“For now, we have limited those potential premia into our models to around $20/mt taking us to a price of ~$190/mt,” he said.

At the time Anglo acquired the Woodsmith project as part of its acquisition of financially ailing Sirius Minerals Plc in March 2020 (GM March 20, 2020), Anglo was suggesting a price of around $125-$140/mt.

Woodsmith comprises a greenfield deep underground mine south of Whitby in North Yorkshire and a 37 kilometer tunnel that will transport the polyhalite to new processing and shipping facilities on Teeside.

Anglo said during 2022 it has been enhancing the project’s configuration, including the capacity of the shafts and other infrastructure to accommodate higher production volumes and more efficient and scalable mining methods over time.

It reported that the service shaft is now more than 360 meters deep, while shaft sinking began 120 meters below the surface for the production shaft last month, as planned. The mineral transport tunnel is now past the 21 kilometer point and is more than 56% complete.

One of the three intermediate shafts that will provide both ventilation and additional access to the mineral transport system (MTS) is complete. The Lockwood Beck intermediate access shaft was completed last year and is fully lined and connected to the tunnel. Work on the MTS shaft at the mine is now 85% complete and the excavation of the final intermediate access shaft at the Ladycross site started in early 2023, the company said.

Anglo paid just £404.9 million (approximately $481 million at March 2020 exchange rates), or just 5.5 UK pence in cash per share for Sirius, angering many of the small private and retail investors who considered the sale price “low ball” and “bargain basement.”

At the time of the acquisition agreement, then Anglo American CEO Mark Cutifani defended the group’s offer, saying it was “fair and reasonable,” given the outstanding capex requirements of the Sirius polyhalite project (GM Feb. 21, 2022).

Like many of its peers, Anglo reported lower profits and smaller shareholder returns for full-year 2022, reflecting a fall in commodity prices last year.

Nevertheless, the company’s reported adjusted basic earnings per share for full-year 2023 beat the average analyst estimate, coming in at $4.97 versus the year-ago $7.22, and above the average estimate of $4.85 (Bloomberg Consensus).

Anglo posted a 32% decline in adjusted net profit to $6.04 billion, down from $8.9 billion a year ago, and above the average analyst estimate of $5.79 billion. Adjusted EBITDA fell 30% year-over-year to $14.50 billion (average estimate: $14.45 billion) and revenue was down 15% to $35.12 billion (average estimate: $36.01 billion).

Andersons Launches Granular Micronutrient Line

Eastern Cornbelt, News, News Briefs, Specialty

The Andersons Inc., Maumee, Ohio, on Feb. 23 announced the launch of a new line of granular micronutrients under the brand MicroMark® DG. The company said these engineered plant nutrient products feature dispersing granule (DG) technology, resulting in homogenous spherical granules for easier blending, spreading, and increased efficacy.

“We are excited to release these new, versatile granular micronutrient fertilizers,” said Andy Spahr, Vice President of Wholesale for The Andersons. “These products have already proven their usefulness in initial trials and have the potential for improving soil health and overall plant nutrition.”

The initial product release will include MicroMark DG Blitz, a blend of calcium, sulfur, boron, manganese, and zinc; and MicroMark DG Humic, a blend of calcium, sulfur, manganese, and zinc. It also includes humic acid, a natural chelator of micronutrients that the company said has been shown to improve soil health.

“After initial third-party trials of the MicroMark DG Humic product, we are optimistic about the effectiveness and overall benefit it will bring customers,” said Jeff Gilder, Agronomist at The Andersons. “In one trial, MicroMark DG Humic offered the highest yield gains and return on investment out of six granular micronutrient products tested.”

The Andersons said MicroMark DG products break down in the soil into thousands of sub-particles, which increase the coverage and availability to crops. The products can be used in agricultural applications as a dry starter, dry broadcast, strip till, or sidedress, and can be used in a variety of crop applications, including row, vegetables, horticulture, and fruits.

Ammonium Thiosulfate

Amthio, Eastern Cornbelt, Market Watch, South Central, Southern Plains, Specialty, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market dropped to $375-$400/st FOB in the Eastern Cornbelt, with the low confirmed at Seneca.

Western Cornbelt:

The ammonium thiosulfate market slipped to $375-$400/st FOB in the Western Cornbelt, down from the previous $390-$400/st FOB range.

Southern Plains:

The last ammonium thiosulfate offers remained at $300/st FOB Houston and Lubbock, Texas.

South Central:

Ammonium thiosulfate prices dropped to $350-$355/st FOB Memphis, down significantly from the $405-$410/st FOB range reported earlier in February.