U.S. Gulf/Tampa: Yara was able to ink March Tampa ammonia business with major buyers at the $400/mt CFR mark, the same price that Mosaic was able to procure from Saudi Arabia earlier. Some players had expected more of a drop.
Eastern Cornbelt: There was little new business to test the prompt ammonia market in the Eastern Cornbelt region. The dealer market was pegged at $640-$650/st FOB regional terminals, with the low reported in the Illinois market.
“You can’t find a lot of holes out there that aren’t already full,” said one contact. If the spring season breaks early, however, there could be tons moving to the field in mid-to-late March, he added. “It all depends on the weather.”
Western Cornbelt: The anhydrous ammonia market was tagged at $605-$645/st FOB regional terminals for prompt tons in late February, with the upper end in Missouri and the low in Nebraska and Iowa. Sources continued to quote delivered tons in the Missouri market at $640-$650/st from southern production points.
Winter weather returned to parts of the region in late February. Up to 5-8 inches of snow was reported in northern Iowa and parts of South Dakota on Feb. 23. A winter storm warning was also in effect for northeastern Nebraska due to snowfall and strong winds.
Southern Plains: Ammonia pricing in the Southern Plains region slipped since last report. Sources tagged the market at $550-$570/st FOB in the region, with the low out of spot production points and the upper end quoted out of pipeline terminals in the Kansas market.
Most of Texas received another round of precipitation the third week of February, which benefited pastures, winter wheat, and oats in the state. Sources said the moisture also allowed cattle producers to graze winter pastures, which has cut down on the need for already tight supplies of hay.
South Central: South Central sources reported little interest in the spot ammonia market in late February. Ammonia pricing to the dealer had reportedly slipped to $605-$625/st FOB Memphis, Tenn., with the low for prompt and the upper end for prepay tons. Reference pricing out of Henderson, Ky., remained at the $650/st FOB level for prompt shipments of ammonia.