U.S. Gulf:
CF was reported to have come out with its fill program on July 14 at $285/st FOB NOLA equivalent. Most sources pegged the market at that number, up from the earlier $270-$280/st FOB.
Nutrien confirmed a forward sale at $310/st FOB NOLA equivalent for October, which the company noted is $30/st above its earlier Q3 summer fill price.
Eastern Cornbelt:
CF on July 14 announced a UAN-32 fill program for Q3 shipment, with pricing at $310/st ($9.69/unit) FOB Mount Vernon, Ind., $312/st ($9.75/unit) FOB Jeffersonville, Ind., and $315/st ($9.84/unit) FOB Cincinnati and Kingston Mines, Ill.
Delivered barge quantities under the program were reported at $315-$320/st on the Illinois River and $320/st on the Upper Mississippi River, which sources said nets back to a $285/st FOB NOLA equivalent.
The last prompt UAN-32 business was reported in the $335-$355/st ($10.47-$11.09/unit) FOB range in the Eastern Cornbelt, with the low confirmed at Seneca, Ill. “Demand is slowing down due to the corn being too tall to sidedress,” commented one regional source.
Western Cornbelt:
The last prompt business for UAN-32 was reported at $345-$355/st ($10.78-$11.09/unit) FOB in the Western Cornbelt.
CF launched a fill program on July 14, with offers at $305/st ($9.53/unit) FOB Port Neal and $310/st ($9.69/unit) FOB St. Louis. Koch was reportedly out with a fill program as well, with prices reported at $310-$315/st ($9.69-$9.84/unit) FOB Fort Dodge and Beatrice, Neb.
Southern Plains:
Sources reported a wide range of UAN-32 pricing in the Southern Plains at mid-month, depending on location and time of shipment.
Prompt UAN-32 pricing was quoted at $340-$350/st ($10.63-$10.94/unit) FOB production points in Oklahoma and Kansas. Continued strong sidedress demand in the Texas Panhandle, along with tightening supply, reportedly pushed terminal prices in that location up to $370/st ($11.56/unit) FOB for immediate shipment, however.
“Wheat is harvested and farmers are planting soybeans and milo, a high consumer of nitrogen,” said one source. “It’s a little unusual to see milo being planted as a second crop, as high commodity prices drive farmers to different practices.”
On July 14, CF launched a UAN-32 fill program for 3Q shipment, with offers reported at $300/st ($9.38/unit) FOB Verdigris and $305/st ($9.53/unit) FOB Woodward, Okla. Koch’s fill offer was reported at $315/st ($9.84/unit) FOB Dodge City, Kan.
South Central:
The UAN-32 market was quoted at $340-$350/st ($10.63-$10.94/unit) FOB regional terminals for the last prompt offers, with the lower end of the range at Memphis and the high reported by Kentucky sources out of spot Ohio River locations. CF’s July 14 UAN-32 fill program included offers at $285/st ($8.91/unit) FOB NOLA equivalent and $310-$315/st ($9.69-$9.84/unit) FOB Ohio River terminals.
Southeast:
While UAN-32 pricing out of Wilmington, N.C., and other port terminals in the region remained at the $325/st ($10.16/unit) FOB level for prompt tons, sources said fill offers were circulating at the $290-$300/st ($9.06-$9.38/unit) FOB level out of Georgia terminals during the week.
Russia:
Russian exports of UAN for the January-May 2021 period were down about 4 percent, to 789,000 mt from 823,000 mt during the same period in 2020, according to Trade Data Monitor. The U.S. was the main buyer this year at 618,000 mt.
May exports crashed about 63 percent, to 140,000 mt from 380,000 mt in May 2020. Exports to the U.S. dropped about 72 percent, to 95,000 mt from 336,000 mt in May 2020.
It was also in May when CF Industries began complaining about the alleged dumping of Russian UAN on the U.S. market. Those complaints were followed up in June with an official request to the U.S. Department of Commerce and International Trade Commission to investigate the charges (GM July 2, p. 1).