Central Florida:
DAP trucks loading from Central Florida were posted at $770/st FOB, steady from the prior report. Truck-loaded MAP remained at $790/st FOB. Sources described November-loaded tons as sold out, while minimal availability remained for December.
MAP trucks loading from North Florida were pegged at $820/st FOB, also flat from the prior report.
US Gulf:
With travel on the Mississippi River impacted by low water levels on the lower river system and seasonal closures for NOLA releases to upper river destinations, DAP and MAP barge prices slipped during the week.
DAP barge prices dropped to $685-$705/st FOB for the period, sources said, down from the prior week’s $700-$720/st FOB range. Moving DAP barges were heard trading at a $715-$720/st FOB NOLA-equivalent, illustrating the market’s ongoing preference for upriver barges.
NOLA MAP barges continued to be offered at a discount to DAP. Sources noted early-week MAP offers at $670/st FOB before dropping to a low of $650-$660/st FOB on Nov. 3, while the top of the range was reported at $700/st FOB. The weekly $650-$700/st FOB range was down from last week’s $695-$725/st FOB.
Domestic producers reported being sold out of NOLA DAP and MAP barges for November, while available supply for December loading was “thin.” Warehouse tons were also described as limited. The reduced supply was described as a product of both strong seasonal demand and a hangover from Hurricane Ian, which reportedly removed an estimated 200,000-250,000 mt from Florida production in the third and fourth quarters.
US Exports:
While no new cargoes were reported selling out of the US Gulf for the week, players noted a DAP vessel loading from NOLA associated with a previously-reported sale. With nothing new heard trading for the week, the Gulf DAP and MAP markets were unchanged at $700/mt FOB.
Eastern Cornbelt:
DAP was quoted at $800-$830/st FOB in the Eastern Cornbelt, down $10/st from last report, with MAP pegged in the $830-$855/st FOB, depending on location. The Cincinnati market inched up to $820-$830/st FOB for DAP and $845-$855/st FOB for MAP, with Ottawa MAP quoted at the $840/st FOB level at midweek.
Western Cornbelt:
DAP was quoted at $795-$815/st FOB in the Western Cornbelt, with the low confirmed at Caruthersville, Mo. MAP was pegged at $815-$845/st FOB in the region, depending on location, with the high reported in Iowa. The St. Louis market was quoted at $810-$815/st for DAP and $815-$820/st FOB for MAP.
Southern Plains:
DAP pricing was quoted at $805-$815/st FOB Catoosa/Inola, with the Houston market reported at the $810/st FOB level at midweek. Sources described DAP supply in Oklahoma as tight in early November. MAP was pegged at $810-$825/st FOB Catoosa/Inola and $820/st FOB Houston, with rail-DEL tons reported in a broad $810-$840/st range in central Texas.
South Central:
DAP pricing in the South Central region was quoted at $790-$805/st FOB in early November, down from the prior week’s $800-$810/st FOB range, with the low confirmed at Memphis.
Southeast:
MAP pricing from Nutrien was unchanged at the $820/st level FOB Aurora, N.C., and White Springs, Fla. DAP is currently unavailable at Aurora.
India:
The Indian government announced it would increase subsidies for DAP and other phosphate fertilizers. In a statement to local media, Minister for Fertilizers and Chemicals Mansukh Mandaviva said without the action farmers would pay about $32 for each 45-kg bag of DAP, or about $950/mt, instead of the subsidized $16.30, or about $750/mt.
Tonnage from a previously reported sale of 200,000 mt of DAP from OCP continues to flow in. The price in that sale was reported at $745/mt CFR. In the past week, however, sources reported that 35,000 mt of Russian DAP was sold at a $20/mt discount. October deliveries are being estimated at 1.5 million mt. November arrivals should bring in another 300,000 mt.
Brazil:
The price for MAP in Brazil slipped to $570-$640/mt CFR. The $60/mt drop on the low end was attributed to high inventories, with little interest in buying.
The Rondonopolis MAP price shifted slightly, to $750-$770/mt FOB ex-warehouse. The same election-related disruptions that affected transportation throughout the country also impacted buyers and sellers. Amid high inventories and limited demand, sellers were fighting an uphill battle trying to raise prices.
October imports of MAP were reported at 260,000 mt, down from the 574,000 mt imported during October 2021. January-October 2022 imports were pegged at 3.7 million mt, down about 13% from the 4.2 million mt imported during the same period in 2021.