U.S. Gulf: Price ideas were $155-$160/st ($4.84-$5.00/unit) FOB based on the latest offers being made into the market. In the meantime, sources said East Coast vessels had fallen into the $165-$170/mt CFR range, if not lower.
There were reports that CF was involved in a trade with Nitron to send a 25,000 ton vessel to South America at a price of $176/mt CFR, which could reportedly netback to NOLA at $136/st FOB. Sources says this adds more weight to the argument that UAN barge prices should go lower.
Eastern Cornbelt: The low end of the UAN-28 market remained at $175/st ($6.25/unit) for UAN-28 FOB Cincinnati in early February, with Illinois sources quoting UAN-32 at $220.80-$222.40/st ($6.90-$6.95/unit) FOB river terminals for spot tons.
Western Cornbelt: UAN-32 was unchanged at $222.40-$230/st FOB ($6.95-$7.19/unit) FOB terminals in the Western Cornbelt.
Southern Plains: UAN-32 pricing was down in the Southern Plains. Sources quoted the low end of the market at $195-$200/st ($6.09-$6.25/unit) FOB regional production points for new business, with the upper end reported at the $210/st ($6.56/unit) FOB terminal level.
One contact referred to the gap between current market levels and earlier fill levels. “This has a lot of people stirred up, and my prediction is that the next fill season will result in a lot of ‘no thank yous’,” he said. “That would be the polite version.”
South Central: UAN-32 pricing had reportedly slipped $200-$210/st ($6.25-$6.56/unit) FOB in the South Central region, down some $5-$10/st from last report, with the low reported in the Memphis market.
Southeast: UAN pricing continued to fall in the Southeast. Although UAN-32 reference prices remained as high as $190/st ($5.94/unit) FOB at some port locations, sources pegged the market at $173-$178/st ($5.41-$5.56/unit) FOB regional terminals for actual offers, with the low reported in Georgia.
Although some sources said activity was “picking up” in early February, others continued to describe sales as “thin,” with “very little conversation because (the market) continues to drop.”