Central Florida:
Central Florida DAP truck postings continued at $620/st FOB for the week. Truck-loaded MAP was posted at $655/st FOB, also unchanged from the prior report.
U.S. Gulf:
The NOLA DAP and MAP markets remained mostly quiet for the week, with DAP values softening week-over-week while MAP barges held firm.
Nearby DAP transactions were quoted moving down to a $595-$600/st FOB low for imported tons, falling from $600-$605/st FOB in the prior report. While there were reports of domestic material offered at the week-ago high of $615/st FOB, no actual trading at that level was confirmed for the week.
MAP values continued at prior-week levels, with imports cited in the $640-$645/st FOB range and domestic barge sales and offers continuing to be reported at the $650/st FOB level.
The nearby DAP market was reported trading in the $595-$605/st FOB range, softening from $600-$615/st FOB in the prior report. MAP values rolled over at $640-$650/st FOB, unchanged from the previous week.
U.S. Exports:
Sources reported no new spot export transactions out of the Gulf for the week. Recent business included a 10,000 mt DAP load priced at $660/mt FOB, while the last reported MAP business was quoted at $685/mt FOB for a 5,000 mt deal. Final destinations for both trades were reported in the Latin American markets, with shipping expected to conclude by early August.
Lacking in new data points, the Gulf DAP export market continued to be quoted at $660/mt FOB, with MAP unchanged at $685/mt FOB.
Eastern Cornbelt:
DAP pricing was unchanged at $640-$655/st FOB in the Eastern Cornbelt, with the low reported in Illinois. MAP was quoted in a broad range at $675-$695/st FOB, depending on location. The Cincinnati market remained at $645-$650/st FOB for DAP and $680-$690/st FOB for MAP.
Western Cornbelt:
DAP pricing was steady at $640-$650/st FOB in the Western Cornbelt, with the lower end confirmed at St. Louis, Camanche, and Dubuque, Iowa, and the high at Caruthersville, Mo. MAP was quoted in the $675-$695/st FOB range in the region, depending on location, with the St. Louis MAP market pegged at $675-690/st FOB.
California:
MAP pricing in California was steady at $750/st rail-DEL and FOB French Camp, Helm, Richvale, Dixon, and El Centro in early August.
Pacific Northwest:
The MAP market remained at $740/st DEL in Washington, Oregon, and Nevada, and $730/st DEL in Idaho, Utah, and Montana, with the FOB warehouse market pegged at $735-$737/st in the Pacific Northwest in early August.
Western Canada:
MAP prices in early-August were quoted at C$980-$1,025/mt FOB and C$1,005-$1,030/mt DEL in Western Canada, depending on location.
Saudi Arabia:
Saudi Arabia phosphate pricing firmed to $610-$615/mt FOB, up from $605-$615/mt FOB at last report.
China:
Industry watchers reported a DAP sale to Pakistan at $650/mt CFR. The estimated netback to China at that price is $610-$615/mt FOB. This matches up with producers asking $615-$620/mt FOB.
Sources said the higher price demanded by the Chinese producers might be acceptable to many buyers if they had the product. Reportedly, most of the DAP flowing out of China is heading to Bangladesh to cover 400,000 mt in awards from a tender held earlier this year.
One trader noted that the awarded CFR/bagged prices in the tender are well below the current bulk FOB price out of China. Still, the tonnage is flowing out to Bangladesh, leaving other potential buyers on the wayside.
Bangladesh:
Sources said BCIC is absorbing all the DAP from China. So far, sources reported that 400,000 mt has either been shipped or is booked to be shipped.
Traders noted that the current price out of China is higher than the awarded bagged-CFR price into Bangladesh. One trader suggested the government is making up the difference in subsidies directly to the importing traders to ensure a full supply of DAP for the season.
India:
The country needs DAP, but is facing a lack of supplies. Even when Indian buyers are willing to meet the higher prices out of China, sources said they are told there are no tons available for at least another month or two.
Brazil:
Paranagua MAP prices came down to $725-$760/mt CFR. The $10-$20/mt drop was attributed to continued confusion about what is happening in the domestic and global markets.
Demand for MAP remains steady inland, but supplies remain lean. At the same time, sources earlier this month said prices have reached their peak and are set for a downward correction. The current pricing ideas would seem to verify that earlier prediction.
At the same time, however, Rondonopolis showed a move up. The price had been hovering at $850/mt FOB ex-warehouse, but sources this week said the range had shifted to $850-$910/mt FOB ex-warehouse. No one could explain the move up other than the steady demand for product and limited amount of MAP coming into the ports.
The barter rate for 1 mt of MAP in Sorriso was reported at 42 bags of soy or 100 bags of corn. Sources said they were unable to discuss a barter rate in Rondonopolis at this time.