U.S. Gulf/Tampa: Major players were reported to have concluded new business last week at the $470/mt CFR mark, matching an earlier trade Mosaic was believed to have made with another player.
Ammonia imports were up 11 percent in May, according to the U.S. Department of Commerce, to 618,804 st from the year-ago 559,170 st. July-May imports were up 2 percent, to 6.64 million st versus the year-ago 6.53 million st.
Eastern Cornbelt: The previous week’s sweltering heat gave way to cooler weather in northern Ohio last week, along with heavy rains in some locations on July 23. Powerful thunderstorms were also reported in southern Indiana early in the week.
Sources continued to report favorable crop conditions in the region, and the slightly cooler temperatures were a plus for pollinating corn crops. With 62-64 percent of the regional corn crop in the silking stage by July 21, USDA assigned good or excellent ratings to 77-78 percent of the acreage in Indiana and Ohio, and 65 percent in Illinois.
The soybean crop was in similar shape last week. With 50-60 percent of the regional crop at the blooming stage, USDA rated 72-74 percent of the acreage in Illinois and Indiana as good or excellent, compared with 62 percent in Ohio.
Ammonia prices in Illinois ranged from $540-$570/st FOB for prompt or fill tons, with the Indiana ammonia market roughly $10/st higher.
Western Cornbelt: Summer heat at mid-month caused drought conditions to expand in Iowa and Missouri. The combination of heat and humidity also ushered in some severe weather early in the week, with reports of heavy rains, two-inch hail, and 65 mph winds in parts of northeastern Iowa.
Corn and soybean development continued to trail the five-year average in all three states, and crop conditions showed a slight drop from the previous week. USDA rated 63-66 percent of Nebraska’s corn and soybeans as good or excellent last week, compared with 55-56 percent in Iowa, and 46 percent in Missouri.
Sources reported few changes to the regional fertilizer markets last week. The anhydrous ammonia fill market remained at $510-$525/st FOB in Nebraska, $525-$540/st FOB in Iowa, and up to $550/st FOB in the Missouri market.
Southern Plains: The Southern Plains region continued to experience widespread drought in mid-July, along with powerful storms that raked some areas with damaging winds and large hail. The weather was taking a toll on the region’s crops.
A powerful storm brought baseball-sized hail to the Wichita, Kan., area on July 23, and then moved southeast to deliver 80 mph winds, torrential rains, and hail to Oklahoma’s Tulsa County, causing power outages and flooding.
The July 23 U.S. Drought Monitor continued to show extreme to exceptional drought conditions across all of western Kansas, southeastern Colorado, and most of New Mexico. The worst two drought classifications also persisted in patches across Oklahoma and Texas, although a sizable chunk of central Oklahoma was labeled as drought-free last week.
On the fertilizer pricing front, the anhydrous ammonia market was quoted at $490-$500/st FOB regional production points, with the market out of pipeline terminals in Kansas roughly $20/st higher.
South Central: Sources reported spotty rainfall in Arkansas early in the week, but drier weather followed there and in the Tennessee Valley. By late in the week, however, forecasts called for potentially strong thunderstorms throughout Arkansas, Kentucky, Tennessee, and northern Mississippi.
Plentiful moisture has produced very favorable crop conditions in the region, although too much precipitation was a factor in some locations.
The anhydrous ammonia market had reset since the spring application season, with source