U.S. Gulf:
NOLA potash barges continued to be called $735-$745/st FOB.
U.S. Imports:
July-May potash imports softened 5.1% year-over-year, to 12.47 million st from 13.14 million st. May imports fell 10.9%, to 1.10 million st from the year-ago 1.23 million st.
Canadian imports for the July-May year-to-date firmed to 10.77 million st. Russian tons totaled 688,307 st, off 49.7% from the year-ago 1.37 million st. Despite registering zero new cargoes since February, tons originating from Belarus totaled 565,355 st, down 20.8% from the year-ago 713,953 st.
U.S. Exports:
MOP exports rose 47.1% in July-May, to 3.67 million st from the year-ago 2.50 million st. Shipments totaled 390,362 st for May, lifting 17.1% from the year-ago 333,223 st.
Eastern Cornbelt:
The potash market remained at $770-$785/st FOB in the Eastern Cornbelt, depending on location, with Cincinnati pricing pegged at $775-$785/st FOB for the last offers.
Western Cornbelt:
Potash pricing fell in a broad $765-$795/st FOB range in the Western Cornbelt, depending on location, with the low reported at St. Louis and the high in Iowa.
“There is a lot of carryover phosphate and potash in the system,” said one regional contact. “The producers are only just now starting to realize that. But they still have the export option on the table.”
Northern Plains:
Sources quoted potash pricing at $780-$790/st FOB St. Paul for the last prompt offers. The latest prices FOB Saskatchewan mines remained at $728-$740/st after netbacks, depending on grade and destination.
Northeast:
Potash pricing was quoted at $790-$805/st FOB in the Northeast, depending on location, with the high confirmed at East Liverpool.
Eastern Canada:
The potash market in Eastern Canada remained at C$1,050-$1,056/mt FOB warehouses, unchanged from last report.
India:
RCF issued a tender for the purchase of 105,000 mt of white/pink potash, all firm tons, closing July 18. Shipment is required in three 35,000 mt lots to MBPT HB port, the first by August 2022, the second by September 2022, and the third by October 2022. Offers are to be valid for a period of 30 days from the due date of the tender opening.
Brazil:
Suppliers holding product in warehouses are looking to clear out space for incoming shipments. This push has lowered the potash price to $980-$1,050/mt CFR. Sources said deals at the low end of the range are for immediate shipment, while anyone looking for a more forward position is being forced into the upper end of the price range.
A similar situation was reported in Rondonópolis. Buyers looking to take advantage of the lower end of the $1,060-$1,170/mt FOB ex-warehouse range are being told to take their tons right away. Reportedly, warehouse space in Rondonópolis is getting tight. Holders of MOP are looking to clear out as much space as possible.