U.S. Gulf/Tampa: The Tampa market for June continued to be called $540/mt CFR, and the NOLA barge market $540/st.
June NYMEX prices closed May 22 at $4.359/mmBtu, compared to May 15’s $4.469/mmBtu.
Eastern Cornbelt: Powerful storms brought hail and heavy rain to parts of Illinois, Indiana, and Ohio at midweek, resulting in power outages and flash flood warnings. Hail up to four inches in diameter was reported in Tuscola, Ill., on May 21, while more than five inches of rain fell in just three hours in Tipp City, Ohio.
The wet weather slowed fieldwork in the region. Planting progress remained ahead of normal in Illinois, but the pace trailed the five-year average in Ohio.
USDA reported that 84 percent of the Illinois corn crop was seeded by May 18, compared with 72 percent in Indiana and 50 percent in Ohio. As for soybeans, some 33-36 percent of the acreage was seeded in Illinois and Indiana by May 18, compared with just 20 percent in Ohio.
The anhydrous ammonia market had reportedly slipped to $655-$675/st FOB terminals in the Eastern Cornbelt, down $10-$25/st from last report, depending on location. The low end of the range was quoted in Illinois on a spot basis, but sources continued to report steady demand last week. “The ammonia run is not over,” said one regional supplier. “Nobody saw this one coming as far as spring movement.”
Western Cornbelt: The anhydrous ammonia market in the Western Cornbelt was reported in a broad range last week, with prices down some $45/st from levels in early May.
Sources quoted the dealer market at $570-$630/st FOB in the Western Cornbelt, with the low out of Nebraska terminals and the upper end in Iowa on a spot basis. Delivered ammonia in the Missouri market was also reported at the $630/st level from southern production points, down some $20/st from last report.
Many parts of the region were running last week after earlier rain delays, with corn sidedress activity now underway in parts of Missouri. Some areas were still fighting wet weather, however. Strong storms dropped nearly three inches of rain on Ames, Iowa, on May 20, with two-inch hail reported in the Dubuque area.
Planting in Iowa as of May 18 was rated at 84 percent complete for corn and 40 percent for soybeans, with both tracking slightly behind the average pace for this time of year. Missouri and Nebraska corn growers were ahead of normal, however, with planting progress rated at 91-92 percent complete by May 18.
Soybean planting was also slightly ahead of normal in Missouri and Nebraska, with progress rated at 32 percent complete in Missouri and 65 percent in Nebraska by May 18. Missouri growers had fully 86 percent of the rice crop planted by that date, along with 62 percent of the cotton.
Southern Plains: The anhydrous ammonia market was pegged at $540-$550/st FOB regional production points in the Southern Plains, down roughly $20/st from late April pricing levels. The upper end of the regional range was quoted at the $580-$585/st FOB mark out of Kansas pipeline terminals, but sources said new sales were being negotiated “a load at a time.”
Planting was progressing on cotton, sorghum, and soybeans in the Southern Plains, with corn planting nearly finished. Sources said worsening drought in the region, however, has “the farm customer making some fairly conservative decisions on fertilizers.”
As of May 20, the nation’s two significant drought areas were in the Southern Plains and California, with both regions showing sizable areas of extreme to exceptional drought. In the Southern Plains, the U.S. Drought Monitor showed exceptional drought – the worst possible drought rating – covering northern and central Texas, western