Central Florida: After getting far too much rain amid falling temperatures, some growers in New York changed their minds and began planting soybeans last week, instead of the corn they had planned to put in the ground. As a result, railcars were backing up at terminals, as dealers still had plenty of product to get rid of before they begin buying again in that area.
Meanwhile, phosphate producers were holding firm to their most recent price lists, and will rely more on export sales than the domestic markets. Still, some traders who normally buy from Central Florida were taking their business to terminals fed by the NOLA phosphate market to meet whatever needs they still had.
The Central Florida DAP price range was unchanged from the previous week at $475-$480/st FOB. CF Industries posted its list price at the $480/st FOB mark, and Mosaic was at $475/st FOB. MAP continued to sell at a $20/st premium to DAP in Central Florida, about the same difference as from traders, but was essentially unavailable in Central Florida.
PCS Sales, which produces MAP at its White Springs facility in North Florida, was selling at prices comparable to the market.
U.S. Gulf: Sales of NOLA DAP barges were slim last week and prices were scattered, but along the lines of the previous week’s range.
The number of NOLA phosphate barges available and already on the water was relatively low, but that was countered by the dwindling of the spring planting season. The big buyers made their moves during the past few weeks, which reduced the number significantly.
A few traders were taking barges to shore up their terminals and finish off what had already been contracted for by dealers. At least one was still in the buy/sell mode, but that kind of activity for prompt barges was tapering off.
For the most part, dealers were reluctant to buy this late in the season because most want as little as possible left in their bins by summer. Most think they will be able to get a better deal when they start buying for the fall season.
"It will take an event to get them (dealers) to start buying," said one trader. "I don’t know what that will be, but it will have to be something.”
That event will probably result from a new burst of activity in the export phosphate market, and Brazil would seem to be the most likely player.
Terminal prices were still in the $510-$535/st FOB range for DAP, and MAP was seeing little activity in most areas. The premium on the river for MAP over DAP was no longer in play, with activity now on the decline.
Crop prices were down across the board last week. Prices for 2012 corn futures fell from $5.295/bushel the previous week to $5.0625/bushel for December. The corn price for December 2013 was $5.2225/bushel, decreasing from $5.395/bushel the previous reporting period. Soybeans for November 2012 moved down to $13.58/bushel from $13.667/bushel the previous week, and beans for November 2013 decreased to $12.02/bushel from $12.35/bushel a week earlier. Wheat for July 2012 fell to $5.9775/bushel from $6.155/bushel the week before, and wheat for July 2013 was listed at $6.755/bushel last week, down from $6.96/bushel the previous week.
The prompt NOLA DAP barge price range for the week changed just slightly to $484-$500/st FOB from the previous week’s $485-$500/st FOB, which was not much of a difference. MAP prices were about the same as DAP last week. NOLA DAP barge prices for forward sales from June into September were in the $500-$510/st FOB range.
Eastern Cornbelt: DAP pricing was pegged at $520-$530/st FOB most warehouses in the Eastern Cornbelt, with MAP roughly $10/st higher. One Illinois source quoted summer fill DAP offers in the $515-$520/st FOB range last week.
Illinois sources said 10-34-0 was availa