Central Florida:
DAP trucks sold from Central Florida were posted at $770/st FOB for the week, steady from the prior report. MAP trucks were posted at $790/st FOB, also flat compared to one week earlier.
Truck-loaded MAP selling from North Florida continued to be quoted at $820/st FOB.
US Gulf:
With the upper Mississippi River now effectively closed to new barge sales loading from NOLA, players reported falling prices for the week.
Offers for prompt and nearby loading reportedly fell to at least $700/st FOB for DAP, down from the week-ago $720/st FOB low. Offers for domestically produced DAP barges continued to be quote at $775/st FOB, with no sales reported.
Some tipped the current NOLA DAP market closer to the $695-$705/st FOB range, although a lack of bidding during the week failed to confirm those levels as of Oct. 27. Sources noted trading of moving barges at a $727/st FOB NOLA-equivalent, suggesting an ongoing market preference for upriver cargoes.
Nearby MAP barges fared worse than DAP, sources said, with offers for prompt NOLA tons reported at a $695/st FOB low, off from the prior $725/st FOB floor. Domestic MAP barge offers were posted at $775/st FOB, unchanged from one week earlier.
In addition to the impending river close, low water levels on the Mississippi River continued to snag river transit, further pressuring NOLA tons. The adverse river conditions were expected to extend into the second week of November at a minimum.
The NOLA DAP barge market was noted softening to the $700-$720/st FOB range for the week, down from $720-$730/st FOB reported previously. MAP barges were reported at $695-$725/st FOB, below the prior week’s $725-$740/st FOB range.
US Exports:
Nothing new was reported selling out of the US Gulf during the week. Recent spot business included a 5,000 mt DAP cargo destined for a single destination in northern Latin America, with pricing quoted at $700/mt FOB.
Eastern Cornbelt:
DAP remained at $810-$840/st FOB in the Eastern Cornbelt, with MAP quoted at $830-$855/st FOB, depending on location. The Cincinnati market was steady at $810-$815/st FOB for DAP and $830-$845/st FOB for MAP.
In the Great Lakes region, MAP offers FOB Saginaw, Mich., were reported at the $860/st FOB level.
Western Cornbelt:
DAP was quoted at $810-$820/st FOB in the Western Cornbelt, with MAP reported at $825-$850/st FOB, depending on location. The St. Louis market was pegged at $810-$815/st for DAP and $825-$830/st FOB for MAP.
Northern Plains:
DAP pricing inched up to $810-$830/st FOB St. Paul, with MAP reported at the $830-$850/st FOB level at that location. Delivered green MAP in western North Dakota was pegged at $860/st in late October, down $30/st from last report.
Northeast:
DAP was quoted at $830/st FOB East Liverpool, up $5/st from last report. MAP pricing in the Northeast was pegged at $850/st FOB East Liverpool and up to $880/st FOB Fairless Hills, with delivered tons reported at the $905/st level in central Pennsylvania.
Eastern Canada:
MAP pricing in Eastern Canada slipped to C$1,200-$1,280/mt FOB in late October, down C$50/mt at the low end of the range. The DAP market at Montreal was quoted at the C$1,180/mt FOB level, down from C$1,240/mt FOB at last report.
China:
Sources said DAP sales to Southeast Asian buyers showed a netback to China of $710-$720/mt FOB.
Traders noted that the focus of any spot deals is away from India and toward the regional buyers. The current Indian price of $740-$750/mt FOB is too low for the Chinese producers. There are still some cargoes of DAP being shipped to India under contracts negotiated by major buyers and Chinese producers on a formula basis.
January-September 2022 DAP exports were reported at 2.6 million mt by Trade Data Monitor, about half of the 5.3 million mt exported during the same period in 2021. The main buyers were India with 825,000 mt and Bangladesh with 518,000 mt.
Third-quarter DAP exports were reported at 1.3 million mt, down from the 2.1 million mt exported during the July-September period in 2021.
September 2022 DAP exports were reported at 469,000 mt, down from the 550,000 mt exported in September 2021. Bangladesh was responsible for taking 44% of the exports with 205,000 mt. India came in second with 86,000 mt, for 18% of the exports.
Third-quarter MAP exports were reported at 561,000 mt, down 64% from the 1.55 million mt exported during the July-September 2021 period. September 2022 MAP exports were reported at 243,000 mt, down from the 312,000 mt exported during September 2021.
India:
Sources said DAP deals with Ma’aden put the price into India at $740-$750/mt CFR, tightening the price range upward.
The higher price for the natural gas needed to produce DAP is putting pressure on the Indian government to increase the budget for fertilizer subsidies. Producers did get a small break when the price of phos acid dropped for the fourth quarter.
Brazil:
The price of MAP in Brazil remained stable at $630-$640/mt FOB. Sellers said they expect to see stepped up interest as the soybean planting season approaches. International traders, however, said the market is mostly liquidating holdings amid slow demand.
Rondonopolis MAP pricing is reported down to $750-$765/mt FOB ex-warehouse. Sources said interest might be building, not only because of the soybean demands, but also for applications on corn.