Central Florida:
DAP trucks in Central Florida continued to be posted at $550/st FOB, while rumored $555/st FOB sales went unconfirmed on March 31. MAP truck values firmed to $580/st FOB Central Florida. Inventory priced at last week’s $565/st FOB low was described as sold out for now.
U.S. Gulf:
NOLA DAP barge values were higher for the week after posting a price contraction in the prior report, while MAP barges stretched to a wide range as market players rushed to get material in place for spring.
Prompt DAP highs were reported at $545/st FOB for domestically produced tons, up from the week-ago $540/st FOB ceiling. Imports and tons loading deeper into April were quoted even with the prior week’s range at $535-$540/st FOB. Players reported a significant premium for upriver and moving barges.
MAP barges releasing from NOLA exhibited a wide range of prices, with prompt-loaded material changing hands at a $585/st FOB high, up from $575/st FOB last week. Tons loading later in April, and therefore less likely to arrive in time for the spring planting window, were offered in the $555-$565/st FOB range, shifting from the prior week’s $564/st FOB low.
Nearby DAP barges firmed to the $535-$545/st FOB range, rising from $535-$540/st FOB at last report. MAP values were seen moving to $555-$585/st FOB, up from last week’s $564-$575/st FOB range.
U.S. Exports:
Sources noted a quiet spot export market, attributing the ongoing dry spell to a lack of spot availability. Recently reported business included a 7,000 mt DAP cargo priced at $580/mt FOB. Firming values heard from a number of Latin American markets were likely to push the market higher in the next round of business.
Eastern Cornbelt:
DAP pricing remained at $575-$585/st FOB in the Eastern Cornbelt, with the low reported at LaSalle, Ill. The MAP market was pegged at $615-$635/st FOB in the region, with the low at Ottawa and reflecting an increase from last report. Sources quoted the Cincinnati market at $580-$585/st FOB for DAP and $620/st FOB for MAP in late March.
Western Cornbelt:
DAP remained at $570-$585/st FOB in the Western Cornbelt, with the low reported at St. Louis and the upper end at Dubuque, Iowa. Sources pegged the Caruthersville DAP market at the $580/st FOB level in late March. MAP remained at $620-$630/st FOB in the region.
Southern Plains:
DAP pricing was quoted at $575-$585/st FOB Catoosa/Inola, up $5-$10/st from last report, with the Houston market pegged at the $580/st FOB level. The MAP market remained at $610/st FOB Houston and $625-$640/st FOB Catoosa/Inola.
South Central:
Warehouse DAP prices in late March were reported in a tight spread at $580-$585/st FOB terminals in the South Central region, up slightly at the low end of the range.
Southeast:
Nutrien’s reference pricing for DAP and MAP at Aurora, N.C., remained at a firm $570/st FOB for both products.
Saudi Arabia:
Saudi Arabia phosphate values continued to be heard at $485-$560/mt FOB for the week, unmoved from the prior report.
China:
Sources said DAP prices in China continue to be under pressure as sales of MAP show softer prices and as international buyers demand that producers absorb the higher freight rates.Sources are now calling the DAP market at $540-$545/mt FOB based on calculations from MAP sales to India and other regional buyers.
Producers are shifting production based on demand and the best netbacks possible. Sources said production for now seems to be focusing on GMAP and NPKs.
India:
An RCF tender for GMAP only drew two offers, and only one award was issued. The award of 20,000 mt was placed at $580/mt CFR for a netback to China of about $520/mt FOB.
Sources said a reported sale to India of DAP at $515/mt CFR from Saudi Arabia is now being disputed by the seller. Traders said the producer is upset that other buyers are looking for similar pricing, something they are unwilling to do. Reportedly the Saudis are arguing the price should be $540/mt CFR, but other sources have not been able to confirm that price.
Traders said the Saudi pricing idea makes sense in the current market. One trader said even that price might seem a bit soft, given the current Chinese price.
Brazil:
Prices for MAP have moved up even as the market goes quiet. Sources put the current price in Paranagua at $610-$630/mt CFR, representing a $20/mt jump. The move came after recent retreats in pricing at the port.Suppliers keep pushing for $640/mt CFR even as buyers remain few and far between.
Pricing in Rondonopolis dropped, along with demand. Sources put the inland price at $715-$768/mt FOB ex-warehouse. Likewise, the Sorriso price slid to $750/mt FOB ex-warehouse.
Barter rates in Rondonopolis for 1 mt of MAP are at 37 bags of soy from the current crop, and 100 bags of corn from the 2022 crop.