Central Florida: Winter Storm Seneca pushed a trough of low pressure into the Southeast late last week, causing widespread precipitation of up to 1.5 inches. Florida saw localized totals of up to 2.5 inches.
The U.S. Drought Monitor reported that areas of abnormal dryness in the East shrank in the wake of recent storms, and no areas of drought were reported for the week on the eastern seaboard.
Planting season in Florida is expected to kick off in late February or March. A handful of truck sales into Florida were quoted at $465/st FOB for DAP last week. Mosaic’s posted price was $430/st FOB for February and March DAP, with MAP listed at a $20/st FOB premium.
The Central Florida DAP market retreated to a range of $430-$465/st FOB, based on limited transactions and Mosaic’s posted price, down from the previous price of $480/st FOB. No MAP sales were reported, though that product was said to command an additional $5-$10/st FOB over DAP.
U.S. Gulf: Trading on the river cooled following the run-up of the previous reporting period, continuing an alternating cycle of explosive growth and cautious restraint that has defined the barge market in recent weeks.
Confirmed DAP transactions were quoted as high as $493/st FOB, but sources claimed cargoes could still be had for as little as $480/st FOB. Rumors of a $495/st FOB transaction were floated, but went unconfirmed.
Demand for MAP was slight and the product was quoted at a $5-$10/st FOB premium above DAP, though speculation persisted that a DAP premium could emerge for a short time in the near future. At least one source claimed DAP to be already operating at a $5/st FOB surcharge to MAP.
DAP supply continued to dwindle on reports of delayed shipments from Morocco, and speculation was rampant on whether March deliveries from that country would arrive on schedule or be pushed back to April.
Unconfirmed rumors put a Chinese cargo of lower nutrient-level MAP on imminent arrival.
Terminal and warehouse prices kept flat and were quoted at $490-$510/st FOB at all points on the river. Business was said to be scarce as end-users either suffered sticker shock from the previous week’s price explosion or waited for a break in the weather to make purchases.
Lock closures on the upper Mississippi River in Wisconsin, Illinois, and Missouri originally slated for reopening in mid-March may be extended due to the harsh winter, according to reports, and repairs to the Melvin Price lock, north of St. Louis, Mo., were likely to cause delays through the project’s projected Jun. 1 completion date. Rock removal at Thebes continued to slow transit during daylight hours and was estimated at 40 percent completion.
Transit at Spanish Moss (MM 534) on the lower Mississippi was expected to be limited to daylight hours through Mar. 1 due to high water conditions, and Industrial Lock in the New Orleans area experienced 25-30 hour delays due to high traffic volume on the river.
The 4 p.m. Feb. 20 check on the commodities market found prices of corn, soybeans, and wheat considerably elevated.
March 2014 corn contracts were $4.5575/bushel, up from $4.405/bushel for the previous reporting period. Corn for May 2014 was posted at $4.6225/bushel, higher in comparison to $4.465/bushel the week before. December 2014 corn contracts checked in at $4.6875/bushel, an increase from the previous week’s $4.5625/bushel.
The soybean price for March 2014 rose to $13.5825/bushel last week, up from $13.4425/bushel a week earlier. Soybeans for May 2014 were posted at $13.4775/bushel, higher than the $13.305/bushel of the previous reporting period, while November soybeans were put at $11.4525/bushel, up from $11.3375/bushel the week before.
Wheat for March 2014 swelled to $6.1625/bushel, up from the previous week’s $5.955/bush