US Gulf:
The NOLA potash market remained at $330-$335/st FOB in a thinly traded market, unchanged from last week.
US Imports:
Potash imports totaled 857,695 st for July, up 13.2% from the year-ago 757,756 st. July imports from Canada were reported at 673,879 st, Russia sent 107,492 st, and Israel added 75,532 st.
US Exports:
Potash exports for July stood at 184,745 st, falling 15.7% from the year-ago 219,093 st. US exports to China totaled 94,363 st for the month, followed by 73,323 st to Brazil and 8,440 st to Mexico. Thailand took 7,772 st.
Potash was unchanged at $385-$400/st FOB in the Eastern Cornbelt, with the high out of inland warehouses and the low reported at Cincinnati. The latest offers FOB Peru were pegged at the $395/st level.
The potash market was unchanged at $370-$390/st FOB in the Western Cornbelt, with low confirmed at St. Louis.
Northern Plains:
Potash pricing was pegged at $380-$400/st FOB St. Paul, with delivered tons in the Northern Plains reported at the $390-$400/st FOB level for 4Q shipment. The latest prices FOB Saskatchewan mines were reported at $365-$371/st FOB, depending on grade.
Great Lakes:
Potash pricing in the Great Lakes region remained firmly in the $400-$408/st FOB range, with the low for red and the high for white MOP.
Northeast:
Potash firmed slightly, to $360/st FOB Baltimore, $375/st FOB Fairless Hills, and $400/st FOB East Liverpool. Delivered pricing in Pennsylvania was pegged at the $385/st level for tons shipped from Baltimore.
Bangladesh:
The Bangladesh government on Sept. 13 approved two separate proposals from the Ministry of Agriculture for the procurement of 100,000 mt of potash from Canada, according to Bangladesh Sangbad Sangstha (BSS), the country’s national state news agency.
Bangladesh Agricultural Development Corp. (BADC) will procure two lots of 50,000 mt of potash from Canadian Commercial Corp. (CCC) under a state-level agreement at around $323/mt, for a total of some Taka3.55 billion (approximately $32.3 million at current exchange rates), according to the report.
CCC in March signed a government-to-government contract with BADC for the delivery of Canadian potash from Canpotex (GM March 24, p. 14). CCC did not disclose the volume to be supplied in 2023, but said it would be an increase on the previous year’s volume. CCC put the value of Canadian exports of potash to Bangladesh in 2022 at more than C$500 million.
India:
FACT on Sept. 13 closed a tender for the purchase of two 30,000 mt shipments of standard grade red/pink potash for delivery to Tuticorin Port (GM Sept. 8, p. 14). Offers are required to remain valid for 15 days from the date of tender closing.
No news of an award was reported in RCF’s tender for the supply of 35,000 mt of standard grade white/pink potash (GM Sept. 8, p. 14). Uralkali was rumored to be the only supplier to offer into the tender, and the price is unknown.
Brazil:
Players called potash imports steady at $350-$360/mt CFR, citing limited sales and low buyer interest, as well as the market’s ongoing focus on nitrogen products. Reports indicated a continued emphasis on forward sales priced on a formula basis.
Rondonopolis potash prices were unchanged at $485-$500/mt FOB ex-warehouse for both prompt and corn safrinha delivery. Forward offers to supply the 2024/25 soybean crop ran higher at $515-$520/mt FOB ex-warehouse.
Despite available supply, no movement was reported for the upcoming soybean season. Sources estimate the market has purchased 10-15% of its soybean needs to date.