Central Florida: The Northeast was in the process of finalizing planting for the spring season last week, but deliveries of phosphate into New York continued to be a problem due to a lack of backhauls out of the state.
Thanks to Tropical Storm Beryl, Florida finally got rain last week, especially in the northern and central areas of the state, where the heaviest precipitation was recorded.
Central Florida DAP was unchanged last week at $475-$480/st FOB. CF Industries’ posted price was at the $480/st FOB mark, and Mosaic was also at $480/st FOB. A small amount from traders who held positions obtained earlier could still be had for as low as $475/st FOB, but these tons were hard to find.
MAP continued to sell at a $20/st premium to DAP in Central Florida, about the same difference as from traders. PCS Sales, which produces MAP at its White Springs facility in North Florida, was selling at prices comparable to the market.
U.S. Gulf: With the spring season essentially over, activity for NOLA phosphate barges tapered off last week. The Midwest received some rain last week, and along with warm weather, crops were doing well. Assuming the trend continues, the fall season should be early this year, mirroring the early spring.
Activity at terminals was slower last week, which was expected because crops were already in the ground in most cases. The terminal range last week was still $515-$535/st FOB for DAP, with the lowest prices in southern areas and the upper end up north. MAP was about $20/st FOB higher.
Although transactions were down last week, the biggest difference in price was between exportable and non-exportable barges. Product from Mosaic could not be exported, but tons that came from CF Industries, Mississippi Phosphate, or PCS Sales could be exported.
Prices for 2012 corn futures were higher last week compared to the previous week, rising from $5.15/bushel to $5.225/bushel for December. The corn price for December 2013 was $5.2825/bushel, increasing from $5.235/bushel the previous reporting period. For November 2012, soybeans moved up slightly to $12.75/bushel from $12.74/bushel the previous week, and soybeans for November 2013 increased to $11.6275/bushel from $11.62/bushel a week earlier. Wheat for July 2012 fell to $6.4825/bushel from $6.6425/bushel the week before, and wheat for July 2013 was listed at $7.18/bushel last week, down from $7.27/bushel the previous week.
The prompt NOLA DAP barge price range for the week was up $5/st, to $485-$500/st FOB from the previous week’s $480-$495/st FOB, based on sales. MAP prices were in the $508-$530/st FOB range, with the highest price for exportable product. Most of the exportable MAP was coming from PCS Sales.
Eastern Cornbelt: DAP was quoted at $520-$530/st FOB regional warehouse, with MAP $10-$15/st higher and in tight supply at some locations.
10-34-0 was pegged at $650-$680/st FOB in the Eastern Cornbelt, down from last report, but sources reported little new business to test the market.
Western Cornbelt: DAP was steady at $520-$525/st FOB most regional warehouses, with MAP pegged at $520-$535/st FOB. Out of the Catoosa market, sources quoted DAP at $520/st FOB and MAP at $530/st FOB last week.
The 10-34-0 market had reportedly slipped to as low as $590/st FOB on a spot basis in Iowa and Nebraska, though sources reported minimal demand. The upper end of the regional range was tagged at the $680/st FOB mark.
Northern Plains: DAP pricing out of the Twin Cities market remained at $520/st FOB, with MAP pegged at the $540/st FOB level. Delivered MAP in North Dakota was quoted at $580/st. The 10-34-0 market was reported in a broad range at $620-$660/st FOB in the region, with the low FOB Grand Forks, N.D.