U.S. Gulf: Barges spanned a broad range at $335-$350/st FOB, with most pointing to the higher end of the range as the week progressed.
Eastern Cornbelt: The potash market continued to be quoted in the $380-$385/st FOB range for any available tons in the Eastern Cornbelt, but warehouse inventories were described as very tight.
Western Cornbelt: Potash was pegged in a broad range at $370-$385/st FOB regional warehouses in the Western Cornbelt, depending on grade and location. Missouri sources quoted the spot market firmly in the $380-$385/st FOB range last week.
Southern Plains: Potash was tagged at $370-$380/st FOB regional warehouses in the Southern Plains, up $5/st from last report. The Carlsbad, N.M., market was quoted at $370/st FOB on the upper end for granular potash.
South Central: Potash inventories remained tight at terminals in the South Central region due to railcar shortages. The potash market was quoted at $370-$375/st FOB warehouses in the South Central region. Warehouse inventories were expected to be recharged with incoming import tons in the near term.
Southeast: Potash pricing out of regional warehouses was quoted at $375-$380/st FOB, with the same range quoted for rail-delivered tons.
Bangladesh: As reported last week, Canpotex Ltd. is selling US$40 million worth of potash to Bangladesh over the coming year (GM April 28, p. 10). A top official at the Bangladesh Agricultural Development Corp. (BADC) has confirmed for Green Markets that the amount totals 120,000 mt, with final costs determined by freight and international markets trends at the time vessels arrive at Chittagong in Bangladesh.
The contract was negotiated between the Canadian Com-mercial Corp. and the Bangladesh Agricultural Development Corp. The contract includes an option for Canpotex to supply an additional $20 million worth of potash. Md. Zahir Uddin Ahmed, chairman of BADC, said that if all the cargoes are delivered in time, the Bangladesh government would consider importing more from Canada.
Bangladesh imported more than 0.6 million mt of potash last year. It has imported 100,000 mt of potash from Russia in the past, and also some quantities from Belarus.
The deal will increase bilateral trade between Canada and Bangladesh, which should hit the $2 billion mark by next year, said Heather Cruden, Canada’s high commissioner to Bangladesh. Given the high quality of Canadian potash, Cruden expressed confidence that Canada’s share will grow to at least a third of the potash import demand of Bangladesh.