US Gulf:
Potash barge prices dropped to $330-$350/st FOB NOLA, down from the prior week’s $345-$360/st range, with the low confirmed on July 21 following the launch of potash fill programs.
Potash prices continued to fall during the week. The regional market was pegged at $370-$410/st FOB, down from last week’s $390-$425/st FOB, with the low confirmed at Cincinnati.
Nutrien on July 21 released its long-awaited potash fill program at a reference price of $370/st FOB Midwest terminals. The company said it would take orders at that price until July 28 for 3Q delivery, with an increase of $30/st FOB for delivery in 4Q.
“Nutrien reports a constructive initial response to the program, with customers optimistic about a strong fall application season supported by continued strength in agricultural fundamentals,” the company said.
Potash dropped to $370-$400/st FOB in the region, down from last week’s $395-$425/st range, with the low confirmed at St. Louis. Nutrien on July 21 launched its potash fill program at $370/st FOB Midwest terminals for 3Q delivery, with a $30/st increase for 4Q delivery.
Southern Plains:
Potash was quoted in a broad range at $385-$430/st FOB in the Southern Plains, with both the high and low confirmed at Catoosa/Inola during the week. The Houston potash market was pegged at the $425/st FOB level.
The last potash postings from Intrepid FOB Carlsbad, N.M, included $515/st for 60% white granular and $525/st for 62% white standard.
South Central:
South Central potash pricing dropped to a broad $340-$380/st FOB in mid-July, depending on location, down sharply from recent highs in the $430-$450/st FOB range. “Potash pricing has dropped now that the season is over and buyers are anticipating fill announcements,” one regional source said at midweek.
Southeast:
Potash pricing was quoted at $425-$430/st FOB terminals in the Southeast, with the last rail-DEL offers remaining in the $465-$475/st range.
Brazil:
The potash price in Brazil softened to $330-$350/mt CFR. High inventories remain the primary motivator for lower prices, sources said. Traders said the port strikes in Vancouver could reverse the price dip, however, as potash will not be shipped from Vancouver anytime soon.
The price in Rondonopolis showed a wider spread, stretching to $460-$490/mt FOB ex-warehouse. Some players suspended their price lists on expectations of higher prices ahead.
South Korea:
Trade Data Monitor reported January-June potash imports in South Korea at 326,000 mt, down 12% from the 370,000 mt received in first-half 2022. Second-quarter imports fell to 165,000 mt from the 202,000 mt recorded in April-June 2022, while June totaled 37,000 mt, down from the year-ago 73,000 mt. Canada sent 35,000 mt for the month.