Central Florida:
DAP trucks loading from Central Florida were posted at $685/st FOB for the week, unmoved from the prior report. MAP truck postings were reported at $695/st FOB, also steady from one week earlier.
MAP loaded to trucks from North Florida continued to be priced at $750/st FOB. Supply was described as tightly allocated through the remainder of the year.
U.S. Gulf:
NOLA phosphate barge prices continued to drop lower for the week, with reduced trade volumes and a thinning number of upper river destinations open to NOLA-loading barges reportedly refocusing some market attention further upriver.
DAP barges loading from NOLA in October and November were generally heard at a $670/st FOB low, unchanged from one week earlier, while sources reported trading up to $674/st FOB, down from the week-ago $680/st FOB high. Most business was heard landing around the $672/st FOB mark.
NOLA MAP barges also softened, with players reporting a weekly $755/st FOB price floor, below the previous $760/st FOB. The top of the range was seen softening $5/st from the prior $765/st FOB, to about $760/st FOB.
The nearby NOLA barge market was reported in the $670-$674/st FOB range for DAP, falling from $670-$680/st FOB the week before. MAP barges were reported at $755-$760/st FOB NOLA, a decline from $760-$765/st FOB in the prior report.
U.S. Exports:
Mosaic reported an 8,000 mt DAP cargo sold from the Gulf into northern Latin America. Priced at $740/mt FOB, the material was not slated for loading until December due to tight nearby availability.
Based on limited reported transactions, the Gulf export phosphate markets were noted firming to $740/mt FOB. DAP was previously reported at $660/mt FOB, with MAP called $685/mt FOB.
Eastern Cornbelt:
DAP pricing slipped to $715-$740/st FOB in the Eastern Cornbelt, down $10-$15/st from the previous week, with the low reported at Cincinnati and the high FOB Ottawa, Ill. The MAP market was pegged at $785-$810/st FOB, with the low again confirmed at Cincinnati.
Western Cornbelt:
DAP pricing was quoted at $710-$730/st FOB in the Western Cornbelt, depending on location and supplier, with the low at St. Louis and the high reported at Caruthersville. The Dubuque, Iowa, market fell in the $710-$725/st FOB range at midweek.
The MAP market was pegged at $780-$810/st FOB in the region, down $10/st from last report at the lower end of the range.
Southern Plains:
The DAP market was pegged at $725-$735/st FOB Catoosa/Inola, down $5-$10/st from last report, with the Houston market quoted firmly at the $735/st FOB level at midweek. MAP pricing had reportedly slipped to $790-$810/st FOB Catoosa/Inola and $815/st FOB Houston.
South Central:
DAP pricing in the South Central region was pegged at $720-$725/st FOB Memphis, $730/st FOB Little Rock, Ark., and $735/st FOB Shreveport in late October.
Southeast:
Sources also reported limited DAP offers at $720-$730/st FOB Wilmington during the week, down $10/st from last report. The last MAP price FOB Aurora, N.C., and White Springs, Fla., was reported at the $750/st FOB level, with no DAP available.
In the Northeast, MAP pricing at Fairless Hills remained at $810/st FOB for late November-December shipment.
Saudi Arabia:
Saudi Arabia phosphate exports were heard firming to the $655-$690/mt FOB range, up from $650-$685/mt FOB published previously.
China:
Sources said there are no new spot DAP deals, and so no way to test new prices. However, reportedly some cargoes are being allowed out as the various customs offices work to unify their procedures to limit exports as decreed earlier by the government.
Sources said the cargoes that are being allowed out seem to be all long-term contract tons sold by state enterprises to Indian buyers. The price was negotiated long before the export ban was in place, and is far lower than current market levels.
Sources said a recent sale by OCP to India at $780/mt CFR would have an equivalent netback price into China of $750/mt FOB.
India:
Sources reported an OCP sale of two DAP cargoes to India at $780/mt CFR. The price fits in with estimates by traders earlier in the week that India had moved to $750/mt CFR from the $680s/mt CFR.
India still needs more DAP for this season, and it also seems to be willing to pay for it. The recent increase in funds for fertilizer subsidies will make the purchases easier. However, sources said the nearly $100/mt jump in prices could exhaust the additional funds and still leave a large gap for future purchases.
Brazil:
The MAP market in Paranagua is stable, but with some slight upward movement. Sources now put the price at $800-$803/mt CFR.
The steady increase in prices has prompted farm groups to encourage farmers to use less fertilizer for future applications. The concern is not only over the ever-higher prices, but also over the worsening barter ratio between the fertilizers and crops. The barter rate in Mato Grosso for 1 mt of MAP is now pegged at 115 bags of corn, compared with 110 bags last week.
The price for MAP in Rondonopolis has moved up from $920/mt to $930-$1,005/mt FOB ex-warehouse. These rising prices are beginning to cause some concern that farmers may soon pull out of the market and make do with what is already on hand.