Central Florida:
Truck-loaded DAP was posted at $770/st FOB Central Florida for the week, steady from the prior report. MAP maintained a premium to DAP at $790/st FOB, also unchanged from the week-ago. Central Florida phosphate producers were reported as sold out of DAP and MAP for loading through the first half of December.
MAP trucks loading from North Florida continued at $820/st FOB for the week, unmoved from one week earlier. Prices were expected to soften in the next round of business.
US Gulf:
Players described continued erosion in the NOLA barge phosphate markets during the holiday-shortened week. Price disparities between DAP and MAP were also noted easing on Nov. 22.
Nearby DAP barges were seen tracking down to $635/st FOB during the period, below the prior $640/st FOB floor, while players noted the top of the weekly market at $640/st FOB, down from $665/st FOB in the prior report.
Players pegged MAP barges at a general $640/st FOB high during the week, slipping from $650/st FOB reported previously, while the product’s low continued to ping closer to $630/st FOB, unmoved from last check.
Due both to the upper Mississippi River’s seasonal navigation shutdown and ongoing logistics hurdles resulting from low water levels on the lower river, material stationed upriver was understood to maintain a premium over tons loading from NOLA.
US domestic producer availability was previously reported as sold out through the first half of December.
NOLA DAP barges were noted softening to a $635-$640/st FOB range, below $640-$665/st FOB in the prior report. Players called MAP barges $630-$640/st FOB, off from the week-ago $630-$650/st FOB.
US Exports:
No new business was described for the week on the US Gulf phosphate export market. Recent reported spot trading included a 25,000 mt DAP load sold into a single destination in Latin America, with pricing pegged at $692/st FOB.
Eastern Cornbelt:
DAP was steady at $795-$810/st FOB in the Eastern Cornbelt, with the Cincinnati market reported at $800-$810/st FOB. MAP pricing was pegged at $800-$820/st FOB in the region.
Western Cornbelt:
DAP was quoted at $795-$810/st FOB in the Western Cornbelt. MAP remained at a recent discount to DAP, with the market reported at $780-$810/st FOB, depending on location. St. Louis pricing was unchanged at $795-$800/st FOB for DAP and $780-$785/st FOB for MAP.
Southern Plains:
DAP was quoted at $780-$790/st FOB Catoosa/Inola and $800/st FOB Houston, with MAP pegged at $765-$790/st FOB Catoosa/Inola and up to $810/st FOB Houston. Both markets reflected a significant drop from early November.
South Central:
DAP pricing in the South Central region was quoted at $780-$805/st FOB, with the low confirmed at Memphis and reflecting a $10/st drop from last report. The upper end of the range was reported out of Arkansas and Kentucky terminals.
Southeast:
MAP pricing from Nutrien is slated to drop to $750/st FOB Aurora, N.C., and White Springs, Fla., on Nov. 28, down from the current $820/st FOB level.
China:
The DAP market remained steady with no new spot deals. Sources said fewer sales are being handled by traders because some countries seek government-to-government deals or major buyers deal directly with producers.
One trader said because the major DAP producers are state-owned, they find it easier to ensure clearance of their product through the customs procedures designed to limit exports. Buyers face fewer possibilities of delays in shipments by dealing directly with the producers.
Exports of DAP for January through October 2022 were reported at 3.1 million mt by Trade Data Monitor. This is almost half of the 6.1 million mt exported during the same period in 2021.India took about one-third of the exports, with 1.1 million mt. Bangladesh was the second largest buyer with 605,000 mt.
October 2022 exports were reported at 504,000 mt, down 36% from the 790,000 mt shipped during October 2021. India took 239,000 mt for 47% of the exports, followed by Bangladesh with 87,000 mt for 17% of the exports.
Exports of MAP for January through October were reported at 1.6 million mt by Trade Data Monitor. This is more than half of the 3.7 million mt exported during the same period in 2021. Brazil dominated the buyers, taking 626,000 mt.
October 2022 MAP exports were reported at 177,000 mt, down about a quarter from the 233,000 mt exported during October 2021. Brazil received 48,000 mt of the MAP shipped. India was second with 35,000 mt.
India:
Buying of DAP is coming to an end for the season. Sources said some buyers are still talking directly to Chinese producers for extra tons to close out the season and prepare for the next.
Brazil:
The MAP market was steady on the low end and getting softer on the upper end. Sources call the current market at $590-$615/mt CFR.
Reportedly, some international sellers are pulling away from Brazil, citing better netbacks in other markets. Some Brazilian buyers are beginning to wonder if the market will ever recover.
The price for MAP in Rondonopolis tightened to $740-$770/mt FOB ex-warehouse. Buyers are concerned that the trucker demonstrations blocking shipment of most goods inside the country could delay arrival of MAP to local distributors.