Central Florida: A state of emergency was declared in Florida after parts of the state were doused with more than 20 inches of rain in a 24-hour period, according to weather reports.
The severe “S-shaped” weather pattern caused record precipitation in northern Florida and much of southern Georgia after spawning tornadoes and heavy rainfall in parts of Arkansas, Mississippi, Alabama, Tennessee, and North Carolina.
Sales of truck loads of DAP were quoted at $465/st FOB in the Central Florida market, and Mosaic’s posted price for the region was unchanged at $460/st FOB for DAP and $480/st FOB for MAP.
Rail-loaded DAP was offered as well, but sources said continued rail delays prompted buyers to stay out of the market until earlier orders were caught up.
Sources pinpointed May 15 as a likely date for delayed rail-based phosphate deliveries to have been successfully sorted and delivered. However, some speculated that the derailment and subsequent burning of a train carrying crude oil in Virginia on April 30 may have shocked rail operators into dialing back efforts to speed logistics fixes.
The Central Florida phosphate market was quoted at $460-$465/st FOB based on limited transactions and Mosaic’s posted price. MAP was quoted at a $20/st FOB premium to DAP, although no transactions were reported.
U.S. Gulf: With the spring planting season in full swing for most of the country, caution ruled the NOLA market as the window continued to shrink for barge-loaded material to make it onto fields during the spring push.
Inclement weather and an especially inopportune lock closure in the Twin Cities area further clouded the market. High river levels halted loading and unloading at some Twin Cities terminals, effectively cutting off area terminals from resupply for 7-10 days, a source said. The closure comes at time when the area was quickly ramping up phosphate consumption.
Barges already north of the closed lock were said to carry a huge premium. One barge offered at $485/st FOB prior to the lock closure suddenly jumped to a $500/st FOB offer level after the closure, a source said. It was unclear whether the barge attracted any interest.
Outside the upper river price bubble, prices trended lower for the week. Confirmed NOLA transactions ran from $480/st FOB on the high end to $470/st FOB on the low, and a loaded and moving barge was said to sell north of Rosedale, Miss., for a purported $465/st FOB.
Paper trading for May was quoted at $425-$435/st FOB, while July transactions were said to hit $428/st FOB.
Corn planting made up for lost time in the week ending April 27, according to USDA. Total U.S. acres planted rose to 19 percent, up 13 percent over the previous week but still trailing the five-year average of 28 percent.
A 4:00 p.m. look at the futures market on May 1 saw corn and soybeans down from the previous week, while wheat contracts were on the rise.
July 2014 corn was posted at $5.07/bushel, down slightly from the previous week’s $5.0725/bushel. Corn for September 2014 was $5.025/bushel, while contracts for December 2014 were at $4.995/bushel, down from $5.0275/bushel the week before.
Soybean prices for July 2014 were $14.61/bushel, down from the previous week’s $14.70/bushel. August 2014 soybeans were pegged at $13.9975/bushel, while November 2014 soybeans fell to $12.255/bushel from the prior week’s $12.31/bushel.
Wheat enjoyed moderate gains on the week. July 2014 wheat punched in at $7.0725/bushel, up from $6.965/bushel one week earlier, while September 2014 wheat contracts firmed to $7.16/bushel from the previous week’s $7.055/bushel. Wheat for July 2015 was $7.3525/bushel.
Repairs to the main chamber of the Melvin Price Lock near St. Louis, Mo., continued t