U.S. Gulf: NOLA UAN barges remained under pressure last week, with most putting the market within the $290-$300/st ($9.06-$9.38/unit) FOB range. Some predicted a big fall in pricing and a significant drop for spring fill.
For now, however, inland prices are reported to be firm as dealers struggle to meet demand and suppliers scurry to line up product to replenish tanks. The question is whether there will be a lot left over in the supply chain as demand drops off.
Eastern Cornbelt: UAN-28 pricing remained relatively stable at $330-$340/st ($11.79-$12.14/unit) FOB in Ohio and Indiana, with UAN-32 pegged in the $380-$390/st ($11.88-$12.18/unit) FOB range in Illinois.
Western Cornbelt: UAN was moving for sidedress in the Western Cornbelt region last week. Sources quoted dealer pricing for UAN-32 in a broad range at $360-$380/st ($11.25-$11.88/unit) FOB in the region, depending on location.
One Missouri source pegged the common market at $365-$370/st ($11.41-$11.56/unit) FOB for prompt pull and “holding pretty good.”
Southern Plains: Sources continued to quote the UAN-32 market at $345-$360/st ($10.78-$11.25/unit) FOB in the Southern Plains region, with the low end reported in Texas.
Most pegged the dealer market out of Oklahoma production points squarely in the middle at $350-$355/st ($10.94-$11.09/unit) FOB.
South Central: UAN-32 pricing in the South Central region was down from last report. Sources pegged the regional terminal market in the $350-$370/st ($10.94-$11.56/unit) FOB range, with the low in Louisiana and the upper end in the Arkansas and Memphis markets.
Although there was a strong UAN run earlier this spring, sources now described the market as long, with minimal demand. Some speculated that sub-$350/st deals could also be had; the market is “whatever it takes,” said one contact.
Southeast: One source in the Carolinas estimated that UAN sidedress movement on corn was two-thirds complete in his trade area, but was not yet started on cotton in the region. Some sources indicated concerns about weather-related cutbacks in spring volumes. “I’d rather be empty in 30 days than sitting half-full,” said one source.
The UAN-32 market was pegged at a “weak” $330/st ($10.31/unit) FOB Wilmington, N.C., Norfolk, Va., and terminals in the Georgia market, down roughly $10/st from last report. There were reports of spot UAN-32 sales in the Wilmington market in the low-$300s/st FOB as the week progressed, but those deals were not confirmed.
East Coast sources pegged the inbound vessel market for UAN-32 at the $320/mt CFR level last week, down some $15-$17/mt from last report.