Central Florida:
Central Florida DAP trucks were posted at $630/st FOB, unchanged from one week earlier. Players reported truck-loaded MAP even with DAP at $630/st FOB, also steady from the previous report.
MAP trucks sold from North Florida were offered at $630/st FOB, unmoved from last week.
US Gulf:
Sources noted NOLA DAP and MAP barges firming from week-ago levels.
Imported DAP barges traded as high as $620/st FOB, a $5/st increase on the prior $615/st FOB top, while players described limited tonnage changing hands as low as $610/st FOB early in the week, rising from the prior $600/st FOB low end. Multiple trades of domestically-produced DAP were reported at $615/st FOB, while offers for domestic tons were noted firming to $620/st FOB on April 6.
On the MAP side, early-week pricing heard in a $570-$575/st FOB range moved up to $575-$580/st FOB by the end of the March 31-April 6 trading period, sources said. MAP barge offers from domestic producers lifted to $580/st FOB, $5/st above the week-ago $575/st FOB.
Freight issues were said to impact the market, with sources describing difficulty finding both empty barges and space on a tow for a loaded barge. As a result, DAP barges were noted trading at $625/st FOB from Cairo, Ill., on April 5, while subsequent $630/st FOB bids failed to attract offers on April 6.
Weaker prices in the May futures market belied uncertainty regarding the market’s staying power, however. Some players described paper values considerably below the April spot market, and possibly into the $530s/st FOB.
The NOLA barge DAP market firmed to a $610-$620/st FOB range for the week, rising from $600-$615/st FOB reported previously. Players put MAP at $570-$580/st FOB, above $570-$575/st FOB at last check.
US Exports:
Mosaic reported a 7,000 mt sale into the northern Latin American markets. The cargo, consisting of 5,000 mt of MAP and 2,000 mt of DAP, was priced at $610/mt FOB, with shipping slated for second-half April.
Based on reported spot trades, the Gulf export DAP and MAP markets softened to $610/mt FOB, off $25/mt from $635/mt FOB noted previously.
Eastern Cornbelt:
DAP was quoted at $675-$690/st FOB in the Eastern Cornbelt, up $5-$10/st from last report, with the low reported out of spot Ohio River terminals. The Cincinnati market was pegged at $680-$685/st FOB and in tight supply, with Ottawa pricing reported in the $680-$690/st FOB range.
MAP remained at $625-$650/st FOB, with the Cincinnati market reported at $625-$645/st FOB during the week.
Western Cornbelt:
DAP was steady at $665-$680/st FOB in the Western Cornbelt, with the St. Louis market remaining at $665-$675/st FOB. MAP was pegged at $615-$650/st FOB in the region, with St. Louis pricing reported in the $615-$625/st FOB range.
Southern Plains:
The DAP market firmed to $690-$710/st FOB Catoosa/Inola during the week due to tight supply, up from the prior $675-$685/st FOB range. MAP was pegged in a broad range at $620-$670/st FOB in the Southern Plains, with the low confirmed at Houston. MAP offers at Catoosa/Inola ranged broadly at $640-$670/st FOB during the week, with very limited supply.
“The hot topic in Oklahoma is inventory, or the lack thereof,” commented one source. “Many sellers don’t have one or two dry fertilizer products. Urea and DAP are hard to find, but traders have product in transit, subject to when barges arrive. MAP and even potash have had some supply issues.”
South Central:
DAP prices tightened to the $670-$685/st FOB range in the South Central region, with the low in Kentucky and the high reported at Memphis and out of Arkansas River terminals.
Southeast:
MAP pricing from Nutrien was steady at $630/st FOB Aurora, N.C., and White Springs, Fla. Sources also reported imported DAP available at the $635/st level FOB Chesapeake, Va.
China:
The estimated DAP price remained at $560-$570/mt FOB. At that level, said sources, no business can be done with the major buyers in India, who are looking at prices closer to $570/mt CFR. The higher price was based on the Chinese domestic market, said one trader.
India:
Sources described an earlier deal for Russian DAP setting the low end of the week’s price range at $577/mt CFR. The upper end dropped from the week-ago $590/mt CFR to $580/mt CFR, based on a deal for two DAP cargoes reported at $580/mt CFR.
Phosphate producers are expected to begin restarting their plants this month as they come off from routine maintenance turnarounds.
Brazil:
The price of MAP keeps falling. Sources now put the price at $590-$610/mt CFR. Traders said the market is still looking for a price floor, but none is in sight.
The Rondonopolis MAP price is now down to $725-$750/mt FOB ex-warehouse. Some of the downward pressure appears to be coming from sellers offering sub-$700/mt FOB tons while looking to clear out their warehouses.
Local buyers pointed to a number of risks in buying MAP at this time. For some, it is securing a timely delivery. For others, it is financing. Rather than face those risks in a falling market, sources said that many buyers are just sitting back while the market looks for a floor.