Central Florida:
DAP trucks loading from Central Florida were reported rising to $570/st FOB, up from $550/st FOB in the prior report. MAP postings moved up $15/st, to $595/st FOB from the week-ago $580/st FOB.
U.S. Gulf:
NOLA phosphate barges were seen bouncing to fresh nearby highs, driven by higher corn prices and ongoing supply uncertainty in both the domestic and import phosphate markets.
Barges loading in a wide May-September window were reported trading at $555/st FOB on April 30 before firming to $565/st FOB by May 5. New offers were pegged even with the top of the range at $565/st FOB on May 6.
MAP barges followed a similar curve, kicking off early-week trading at $580/st FOB before rising to $590/st FOB by midweek. Some expected that upward momentum to carry through to $600/st FOB in the short term.
Sources attributed the strong prices to nine-year highs posted in the corn market during the week. In addition, continued reports of early-summer production curtailments at Mosaic’s Faustina production complex, coupled with import reductions from the earlier DOC ruling on countervailing duties on tons sourced from Morocco and Russia, led some to describe a “structural deficit” in fall dry phosphate supply.
The physical DAP barge market was reported in the $555-$565/st FOB range for the week, firming from $530-$550/st FOB in the prior report. MAP barges lifted to $580-$590/st FOB, up from $555-$565/st FOB previously.
U.S. Exports:
With most excess supply targeted for domestic fulfillment during the current period, sources said a lack of spot availability prevented sellers from testing the current offshore market. Last-done, achieved on a 7,000 mt DAP cargo selling into the Latin American markets, continued to be noted at $580/mt FOB.
Eastern Cornbelt:
DAP was up slightly to $605-$615/st FOB Cincinnati, Ohio, and other river terminals in the Eastern Cornbelt, with supply described as tight. MAP pricing was higher as well, with the river terminal market pegged at $625-$650/st FOB in the Eastern Cornbelt, up from $620-$635/st at last report.
“The Ohio River is still seeing some outages between barges as shipments from terminals are moving quicker than resupply,” said one source.
Western Cornbelt:
DAP remained at $595-$605/st FOB in the Western Cornbelt, with the low reported at St. Louis and the upper end in the Iowa market on a spot basis. MAP was quoted at $615-$635/st FOB in the region, up $5-$10/st from last report, depending on location.
Northern Plains:
DAP pricing FOB St. Paul was reported in the $595-$605/st FOB range, with MAP remaining at $625-$645/st FOB in early May. Delivered MAP in western North Dakota was steady at $670-$680/st from Western U.S. shipping points.
Northeast:
DAP pricing was quoted at $620/st FOB East Liverpool in early May, up $15/st from last report. The MAP market was pegged at $640/st FOB East Liverpool and $620/st FOB Fairless Hills for May-June tons, but sources said Fairless was out of product until May 18.
In the Southeast, Nutrien confirmed that DAP and MAP prices at Aurora, N.C., and White Springs, Fla., have moved up to $595/st FOB for new orders.
Eastern Canada:
MAP pricing in Eastern Canada was higher at C$790-$805/mt FOB, up roughly C$43/mt on average from late March and a full C$99/mt higher than mid-February pricing levels. DAP pricing FOB Montreal was reported at a firm C$825/mt FOB in early May, reflecting a C$40/mt increase since last report.
Saudi Arabia:
Phosphates loading from Saudi Arabia reportedly firmed to the $545-$560/mt FOB range, rising from $535-$545/mt FOB at last report.
China:
Producers are pushing for $540/mt FOB for DAP, but seem ready to deal in the low-$530s/mt FOB. Sources reported deals done by producers at $532/mt FOB even as they argue for the higher amount. There is even an unconfirmed report of $530/mt FOB being done.
The DAP producers are looking at growing demand from India and Pakistan to at least stabilize the market. However, these two buyers are pushing hard for lower prices.The MAP producers have turned their eyes to Brazil, where demand is ready to break loose amid complaints of limited tonnage.
Bangladesh:
A DAP tender by BCIC for 100,000 mt will close on May 29. While BCIC tenders rarely set pricing patterns, they are often good indicators of how much the Chinese producers are willing to move to make a large deal.
India:
Prices have softened as buyers push harder against the Chinese producers. Sources said the DAP price has moved into the mid- to upper-$550/mt CFR. International traders said they expect to see more private deals done as demand steps up.
RCF closed a tender for DAP or MAP. Five companies offered tons in the tender, but no price have yet to be released.
Brazil:
The landed MAP price at Paranagua dipped slightly at the lower end of the range, to $585-$610/mt CFR. Sources said the market at the ports was quiet and few deals were concluded.
The market price at Rondonopolis widened to $700-$757/mt FOB ex-warehouse. Sources said this move indicates that buyers are unsure which way to jump.The barter rate for 1 mt of MAP in Rondonopolis held even at 37 bags of soybeans. The rate in Southern Goias remained at 34.7 bags of soybeans or 47.5 bags of corn for 1 mt of MAP.