Central Florida: Prices held steady in Central Florida last week. DAP railcars were quoted in a range of $435-$440/st FOB, with expectations for new business leaning toward the upper end of the scale. Truck-loaded DAP was called $445/st FOB.
Prices on the Central Florida DAP market were quoted at $435-$445/st FOB, unchanged from the week before. MAP was said to maintain a $20/st edge over DAP.
U.S. Gulf: After a slow start, DAP barge trading picked up as the week wore on. Some said the market found fresh legs after the TFI Annual Meeting in Arizona on Feb. 8-11, with prices moving up to $445-$447/st FOB after opening in the $440-$442/st FOB range.
Those sources ascribed the midweek pickup to a general sense of positivity pervading the conference. “Out of all the products, N, P, or K, phosphate was probably the most encouraging,” said one contact. “If there’s an early spring, and these Moroccan cargoes don’t arrive while we’re still stuck in neutral, things will be pretty good.”
It all hinges on supply, some sources said, noting that Mosaic has already sold out through the first half of March, leading to March and April barge offerings at $455/st FOB.
A pair of Moroccan cargoes, rumored to total 160,000 mt, were said to be on the horizon. Most traders had budgeted around 200,000 mt in total imports for the spring season, one source said.
Current trades are almost exclusively of the trader-to-trader variety, however, which has been credited with supporting prices during lackluster demand. As one trader reasoned, as long as the market isn’t suddenly flooded with imported supply before spring demand kicks in, the barge price should be able to maintain a position of relative strength throughout the season. “No one thinks the price will go up $50,” he said, “but people think there’s $10-$20 there.”
The weather will be a major factor. “Obviously if we keep getting more cold snaps, we could see things slip,” the source continued. “But otherwise the feeling is we’re in good shape.”
MAP barges, while not in high demand, were reportedly strengthening as well. Some market watchers believed MAP values had risen as high as $5-$10/st above DAP, but most called the product $445-$448/st FOB.
The price of DAP on the NOLA barge market was quoted in a range of $440-$447/st FOB, an increase from the previous week’s $440-$445/st FOB. MAP firmed to $445-$448/st FOB, up from $442-$445/st FOB at last report.
U.S. Imports: DAP imports were up 310 percent for July-December, at 350,451 st from the year-ago 85,423 st. December imports were 45,019 st, up from the year-ago 793 st.
In the category MAP/Other, July-December imports were up 197 percent, to 865,360 st from the year-ago 291,508 st. December was 55,001 st, up from 38,885 st.
Eastern Cornbelt: DAP was quoted at $470-$490/st FOB regional warehouses, with the low reported in the Cincinnati market. MAP was $15-$20/st higher than DAP, depending on location.
10-34-0 was steady at $540-$550/st FOB in the Eastern Cornbelt.
Western Cornbelt: DAP was pegged at $475-$480/st FOB in the Western Cornbelt, with MAP $15/st higher. The Catoosa DAP market was also reported in the $475-$480/st FOB range last week, with MAP pegged at $480-$485/st FOB at the port.
10-34-0 was quoted at $530-$540/st FOB for limited tons in the Western Cornbelt.
California: MAP was steady at $580-$590/st rail-DEL or FOB in California. 16-20-0 remained at $418-$425/st rail-DEL or FOB in the state, and the TSP (0-45-0) market was unchanged at $525/st FOB French Camp.
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