Central Florida:
Central Florida DAP trucks were posted at $640/st FOB for the week, unchanged from the prior report. Truck-loaded MAP ran $10/st lower at $630/st FOB, also steady from last week.
MAP trucks loading from North Florida remained at $650/st FOB. Sources noted “very strong movement” at the $650/st FOB level, despite softer pricing observed from the NOLA market in recent weeks. “This is the season that won’t stop,” said one player.
US Gulf:
Following a quiet start to the week at NOLA, sources reported falling barge prices on May 17-18.
Full-May DAP pricing was noted on par with week-ago levels early in the May 12-18 trading period, with sources calling barges in a $500-$510/st FOB range through May 17. Players reported business transacting at $450/st FOB on May 18, however, $50/st below the week-ago $500/st FOB floor. Unlike in the previous week, players reported no prompt or loaded barges trading at a premium to full-May loading.
MAP barges reported at $490/st FOB through midweek were seen slipping to $482.50/st FOB on May 17. From there, public offers quickly softened to $480/st FOB, sources said, off from the week-ago $485/st FOB low.
NOLA DAP barge pricing softened to a wide $450-$510/st FOB level during the week, down from $500-$630/st FOB reported previously. MAP barges were reported at $480-$490/st FOB, below $485-$500/st FOB at last check.
US Exports:
No new business was reported on the US Gulf export DAP and MAP markets. The most recent spot business was noted at $550/mt FOB.
Eastern Cornbelt:
DAP and MAP remained in limited supply at regional terminals, though prices were starting to drop and demand was easing. DAP was quoted at $690-$740/st FOB in the Eastern Cornbelt, down sharply from last week’s broad $720-$780/st range, with MAP at $680-$720/st FOB in the region.
“Warehouses are all over the place as different players have more to liquidate than others,” said one industry contact. “Sellers are getting weak in the knees and not passing on buyers’ interest.”
Western Cornbelt:
DAP and MAP supplies were reportedly out at multiple locations in the region as spring demand wraps up. “The phosphate terminal markets are working their way down but are still at a strong premium to the NOLA market,” noted one industry source.
DAP prices dropped to $680-$720/st FOB in the Western Cornbelt, down from last week’s broad $700-$770/st FOB range, with the St. Louis market pegged at $690-$700/st FOB. The Pine Bend, Minn., DAP market was quoted at the $680/st FOB level during the week.
MAP was pegged at $690-$720/st FOB in the region, with the St. Louis market quoted in the $700-$720/st FOB range for limited inventory.
Southern Plains:
Phosphate prices were falling at Catoosa/Inola, with DAP quoted at $715/st FOB and MAP at $710/st FOB, down from last week’s $740-$760/st FOB and $715-$725/st FOB, respectively. The Houston MAP market remained slightly stronger at $715-$720/st FOB at mid-month.
“Supply is still somewhat tight, but demand has fallen off this week,” said one regional contact.
South Central:
DAP pricing in the South Central region was quoted at $720-$740/st FOB, tightening from the prior $715-$755/st FOB range, with the low reported in Kentucky and the high at Memphis and Little Rock, Ark.
Southeast:
MAP pricing from Nutrien remained at $650/st FOB Aurora, N.C., and White Springs, Fla.
China:
Sources reported that prices have come off, based on a recent sale to India. At the same time, more tons of DAP and MAP are being made available as the domestic season winds down and as the government streamlines the export inspection process. Sources now put the DAP market at $500-$505/mt FOB.
Other reported sales, such as 6,000 mt of DAP to Thailand at $530/mt CFR, also add support to the new price level.
India:
A reported DAP purchase at $510-$511/mt CFR from YUC showed buyers are still successfully moving the price down. Additional drops in the price are expected because more Chinese DAP is expected to be made available to the global market.
Brazil:
The price for MAP continues to soften. Sources now put the market at $520-$535/mt CFR, with even lower prices rumored to be under consideration by market players. Sources said a general lack of buyer interest, combined with a steady influx of new tonnage, is putting steady pressure on prices.
The price in Rondonopolis was pegged at $640-$680/mt FOB ex-warehouse. Some deals have been made at the top end of the range, but aggressive buyers at $640-$660/mt FOB ex-warehouse are also pushing hard for lower prices.