U.S. Gulf/Tampa: Nothing new was reported in the markets last week, although Mosaic did predict that ammonia prices should be on a downward trend for the next couple of quarters.
The May NYMEX natural gas closed rolled off the board April 28 at $2.517/mmBtu, down slightly from the April 23 close of $2.531/mmBtu. June closed April 30 at $2.751/mmBtu.
Eastern Cornbelt: The anhydrous ammonia market was steady at $625-$640/st FOB terminals in the Eastern Cornbelt, with the low in Illinois and the upper numbers reported out of Indiana locations.
Western Cornbelt: Sources continued to quote the anhydrous ammonia market at $590-$595/st FOB out of Nebraska terminals, with the upper end reported at $610-$620/st FOB in Iowa and Missouri.
Ammonia demand had tapered off significantly in the Western Cornbelt.
Southern Plains: Sources continued to report the anhydrous ammonia market in the $540-$570/st FOB range in the Southern Plains, with the low out of regional production points and the upper end out of pipeline terminals.
One contact said more weakness is expected now that spring demand is essentially over in the region.
South Central: Anhydrous ammonia was steady at $590/st FOB Memphis, Tenn., and $610-$620/st FOB Henderson, Ky. Sources continued to report a slow truck pace out of both locations due to wet weather and planting delays.
Black Sea: Sources report business in Turkey that shows a netback to Yuzhnyy of just under $400/mt FOB. The deal confirms reports that have been circulating for a while that the market in the area is softening.
At the same time, buyers are getting more aggressive in demanding lower prices. Sources say buyers in Turkey are now starting their talks for spot tons at $380/mt FOB. So far, however, no one is nibbling at a price that low.
Middle East: Product availability and pricing remain steady. Sources say that unlike the rest of the ammonia world, the Arab Gulf is a sea of tranquility.