Central Florida:
Central Florida DAP truck prices were flat at $550/st FOB, sources said, while truck-loaded MAP was steady at $650/st FOB. MAP postings from North Florida continued at $625/st FOB.
US Gulf:
DAP barge prices firmed slightly, to $540-$545/st FOB from last week’s $535-$540/st FOB range. MAP barges fell to $590-$600/st FOB, down from $600-$630/st FOB at last report.
US Exports:
Sources reported no new DAP or MAP exports, leaving the market at $570/mt FOB for the latest business.
Eastern Cornbelt:
DAP was pegged at $590-$605/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP pricing was steady at $690-$700/st FOB in the Eastern Cornbelt, with the low reported at both Cincinnati and Ottawa, Ill.
DAP pricing dropped to $570-$605/st FOB in the Western Cornbelt, down from last week’s $590-$610/st FOB range, with the St. Louis market falling $20-$25/st, to $570-$575/st FOB. MAP was quoted at $675-$700/st FOB in the region, with the low at St. Louis and reflecting a $10/st drop from last report.
Southern Plains:
DAP fell to $595-$605/st FOB in the Southern Plains, down from the previous $605-$625/st FOB range, with both the high and low reported at Catoosa/Inola during the week. MAP pricing dropped to $670-$690/st FOB in the region, down sharply from the $705-$725/st FOB range reported in early November, with the low confirmed at Catoosa/Inola.
South Central:
DAP prices in the South Central region slipped to $590-$610/st FOB, down $5/st at the low end of the range, with the high confirmed in Arkansas and the low reported by Kentucky sources out of spot Ohio River terminals. The Memphis DAP market remained at $600-$610/st FOB for the latest offers.
Southeast:
MAP postings at Aurora, N.C., and White Springs, Fla., remained at $625/st FOB.
China:
Producers continue to face higher input prices and tighter export restrictions. Suppliers have pushed back against bids from India that would net back closer to $500/mt FOB, noting that the cost of producing DAP makes such a price level difficult. Besides, they noted, the government is only allowing limited exports of DAP, mostly in quantities that are too small for Indian buyers.
Without any new spot business, the price remains in the upper-$560s/mt FOB.
Trade Data Monitor reported January-October DAP exports at 5.1 million mt, a 30% year-over-year increase from 3.1 million mt. Exports totaled 441,000 mt for October, falling 12% from the 504,000 mt shipped in October 2022. India took 254,000 mt, for about 58% of the October shipments.
MAP exports held steady at 1.7 million mt for January-October 2022 and 2023, according to Trade Data Monitor. October exports were put at 159,000 mt, down 10% from the 177,000 mt shipped in October 2022.
India:
Buyers in India are pushing for a DAP price closer to $500/mt FOB ex-China, with some arguing the price should be $500/mt CFR India. No matter the basis, sources said suppliers have rejected all of the Indian bids.
Even Arab producers, who have softened prices in the past to secure large sales, now appear unwilling to lower prices to meet the Indian expectations. At least one supplier even raised its pricing idea above the $590/mt CFR line, one trader said.
The lack of any new spot deals leaves the Indian price in the upper-$580s/mt CFR. Unfortunately for importers, the reduction in phosphate subsidies means that sellers need to see a price closer to the $540s/mt CFR in order to be profitable.
DAP imports firmed 10% in January-September, Trade Data Monitor reported, to 4.7 million mt from the year-ago 4.3 million mt. Third-quarter imports were pegged at 1.7 million mt, a 19% decline from 2.1 million mt in July-September 2022.
Imports were 294,000 mt for September, down significantly from the 968,000 mt reported last September. China and Morocco combined to supply two-thirds of India’s DAP for the month, with each sending 106,000 mt.
Brazil:
MAP imports were steady at the week-ago $560-$570/mt CFR level, with limited prompt demand tempered by thin supply in the inland markets.
Offers for corn safrinha demand in Rondonópolis remained firm, with sources citing tight availability for prompt and short-term deliveries. Prices remained stable at $690-$710/mt FOB ex-warehouse, while first-quarter 2024 offers were noted at $660/mt FOB, consistent with international pricing.