Central Florida: Late last week, Tropical Storm Andrea was just beginning to hit the West Coast of Florida, from the Tampa Bay area south to Sarasota.
Phosphate producers were not expected to be significantly impacted, but the storm will bring very heavy rain and a high likelihood of tornados. After drenching the phosphate mining and processing facilities owned by The Mosaic Co. and CF Industries, it was expected to move inland and across the White Springs area, where PCS Sales mines phosphate and makes MAP in northern Florida.
The Central Florida DAP market last week fell to $435-$450/st FOB from the previous week’s range of $450-$520/st FOB. Large customers were receiving the best prices. Mosaic was listed at $465/st FOB for rail and $480/st FOB for trucks, with CF posted at $520/st FOB, but both companies were selling at below their posted prices.
MAP continued to bring a $20/st premium over DAP at Central Florida.
U.S. Gulf: Barge traffic on the Mississippi River was stalled north of St. Louis last week after numerous locks were closed due to high water.
The U.S. Army Corps of Engineers reported that 10 locks were closed between Muscatine, Iowa, and Granite City, Ill., early last week, stalling at last eight tow vessels with a combined total of 63 barges. At least two levees in the St. Louis area had also given way, and local residents were using sandbags to protect property.
Despite those transportation problems, a fairly large number of NOLA DAP barges changed hands on a prompt, spot basis last week. The lowest prices were paid at the beginning of the period, with higher numbers reported as the week advanced.
Terminals and inland warehouses were seeing less activity as the spring planting season winds down. With the exception of only a few states, virtually all of the U.S. corn crop had been planted as of June 2, according to USDA.
Corn prices for July were higher at $6.6325/bushel last week, compared with $6.5075/bushel a week earlier. Corn for December 2013 fell to $5.4825/bushel from the previous week’s $5.585/bushel, however, while corn for December 2014 fell to $5.6050/bushel from the previous $5.645/bushel.
Soybeans for July were at $15.2725/bushel, up from $14.98/bushel a week earlier. Soybean prices for November 2013 were also up, at $13.0575/bushel from the previous week’s $12.8525/bushel, while soybeans for November 2014 fell to $12.2775/bushel from the previous $12.75/bushel.
Wheat for July 2013 increased to $6.9775/bushel from the previous week’s $6.9675/bushel, while wheat for July 2014 was listed at $7.885/bushel last week, up from $7.5025/bushel the week before.
Based on a fairly large number of trades, especially for the time of year, the NOLA DAP barge price range moved up to $418-$435/st FOB last week from the previous week’s $417-$425/s FOB. MAP barges, which had a lower availability, were in the range of $440-$450/st FOB NOLA, with the most recent offers as high as $460/st FOB.
Overall, most in the industry claimed to have had a relatively good spring season. Summer fill will be the next objective. Last week, prices for July forward were in the $420-$425/st FOB range for NOLA DAP. That price could rise as the price range for prompt spot barges goes up.
Eastern Cornbelt: Most sources put the DAP market commonly within the $480-$490/st range FOB river terminals in the region last week, with the upper end pegged in the low $500s/st out of inland warehouses in the Ohio market. Although there were lower numbers quoted out of Cincinnati in late May, sources were unsure last week if spot tons could still be had at those levels.
MAP was quoted at $500-$525/st FOB in the Eastern Cornbelt, depending on location.
10-34-0 remained at $525-$550/st FOB in the region, with the low