All posts by hlancey@bloomberg.net

Sulfur

ADNOC - Abu Dhabi, Alberta, Brazil, China, Market Watch, Qatar, Sulfur, Tampa, U.S. Exports, U.S. Gulf, U.S. Imports, Vancouver, West Coast

Tampa:

Tampa molten sulfur contracts have once again settled early, surprising market players for a second consecutive quarter. Third-quarter negotiations concluded at $76/lt CFR, a $5/lt decline from $81/lt CFR in 2Q. The new price will take effect on July 1, sources said.

US Gulf:

US Gulf sulfur prices were noted at $75-$80/mt FOB, falling from last week’s $77-$81/mt FOB. A transaction reported at $65/mt FOB was described as an outlier in the current market and was believed to be unrepeatable.

US Imports:

July-April sulfur imports fell 12.5% year-over-year, to 2.04 million st from 2.33 million st. April shipments were 194,322 st, down 20.0% from 243,030 st in April 2023. Canadian cargoes were noted at 1.12 million st in July-April, followed by Saudi Arabia with 162,145 st. Iraq sent 149,011 st, ahead of 147,204 st from Mexico.

US Exports:

Sulfur exports for April fell 24.8% year-over-year, to 121,568 st from 161,747 st. July-April shipments were 1.8% lower, at 1.78 million st compared to 1.82 million st through the same period of 2022-2023. Brazil took 770,950 st of sulfur in July-April, ahead of 534,304 st to Mexico and 236,098 st to New Caledonia. The US shipped 135,182 st to Morocco during the period.

Brazil:

Brazil sulfur prices remained stable at $104-$106/mt CFR. Galvani was reportedly in the market for 30,000 mt to be delivered to the Port of Aratu.

Vancouver:   

Vancouver prill prices continued at $69-$74/mt FOB.

Alberta:

Alberta netbacks were unchanged at (-)$34-$11/mt FOB, and included both molten sulfur cargoes contracted into the US market and prilled tons exported through the Vancouver market. Prices are expected to fall when Tampa’s new $76/lt CFR contract takes effect in the third quarter.

West Coast:

West Coast solid sulfur prices continued at $69-$74/mt FOB. Molten sulfur contracts were valued at $60-$62/lt FOB for the second quarter. Pricing for the third quarter has not yet been reported.

China:                      

China sulfur prices continued at the week-ago $101-$105/mt CFR level.

ADNOC:

Abu Dhabi National Oil Co. (ADNOC) solid sulfur postings were noted at $80/mt FOB Ruwais for June, an 8.0% decrease from $87/mt FOB in May.

Qatar:

Sources reported Muntajat posted prices for June loading at $79/mt FOB Ras Laffan, down $7/mt from May’s $86/mt FOB price.

Sulfuric Acid

Brazil, Market Watch, Sulfuric Acid, U.S. Exports, U.S. Gulf, U.S. Imports

US Gulf:

US Gulf sulfuric acid imports continued at $130/mt CFR, sources said.

US Imports:

Sulfuric acid imports firmed 16.9% in April, to 346,952 st from 296,692 st in April 2023. Imports moved up 12.7% in July-April, to 3.22 million st from the previous year’s 2.85 million st. July-April imports from Canada totaled 1.69 million st, Mexico sent 604,932 st, and Spain shipped 309,556 st.

US Exports:

April sulfuric acid exports were 13,503 st, a 21.0% increase from the year-ago 11,164 st. Exports softened to 157,596 st in July-April, however, off 56.0% from the prior 358,168 st. July-April exports to Canada were noted at 110,503 st, ahead of 30,442 st to Mexico. Uruguay took 4,409 st.

Brazil:

New business into Brazil was reported at $149/mt CFR, up from last week’s $130-$140/mt CFR level. Active purchasing by OCP has exhausted European suppliers, who are reportedly committed until September.

Ammonium Thiosulfate

Amthio, Eastern Canada, Eastern Cornbelt, Market Watch, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market was unchanged at $285-$300/st FOB in the Eastern Cornbelt, with the low at Cincinnati and the high in Indiana.

Western Cornbelt:

Ammonium thiosulfate remained at $280-$305/st FOB in the Western Cornbelt, with the low confirmed at Waterloo, Iowa.

Eastern Canada:

Ammonium thiosulfate was pegged at C$460-$545/mt FOB for the last confirmed offers in Eastern Canada, down C$15/mt at the bottom of the range.

Potassium Sulfate

Eastern Canada, Market Watch, Potassium Sulfate, U.S. Exports, U.S. Imports

US Imports:

SOP imports were down 26.7% in July-April, falling to 69,057 st from 94,229 st in the prior year. April imports moved 13.9% higher, however, to 16,827 st from the year-ago 14,769 st. German imports were counted at 34,793 st in July-April, Canada added 28,549 st, and Taiwan sent 2,453 st. 

US Exports:

SOP exports for April stood at 1,561 st, up 51.0% from the year-ago 1,034 st. July-April exports totaled 21,460 st, however, a 49.4% decline from the 42,444 st posted one year earlier. Mexico purchased 10,466 st of US product in July-April, followed by Canada with 7,001 st. Exports to Singapore continued at 2,142 st.

Eastern Canada:

SOP remained in a broad range at C$1,085-$1,200/mt FOB in Eastern Canada, depending on grade and location.

Crops/Weather

Crops/Weather, Eastern Canada, Eastern Cornbelt, Northeast, Northern Plains, Western Cornbelt

Eastern Cornbelt:

US Drought Monitor

Hight heat and humidity resulted in frequent heat warnings, air quality advisories, and thunderstorm warnings across the Eastern Cornbelt during the week.

Temperatures in Illinois climbed to the mid-90s with heat indices in the triple digits throughout the week, while Indianapolis, Ind., notched multiple consecutive days with temperatures above 90 degrees.

Heat index values across Ohio reached 100-104 degrees during the week, sparking strong thunderstorms on June 18 that produced strong winds and heavy rain, resulting in power outages and localized flash flooding. Thousands of residents in southeast Michigan were also without power after strong storms hit the region on June 19.

The regional corn crop was 92-94% emerged by June 16, with good or excellent ratings assigned to 73% of the acreage in Ohio, 72% in Michigan, 71% in Indiana, and 65% in Illinois. The soybean crop was 82-88% emerged by that date, with 61-71% of the regional acreage rated as good or excellent.

Western Cornbelt:

Central Iowa was hit with another round of heavy rain this week, with 1-3 inches reported in many locations at midweek. High heat and humidity returned after the precipitation, however, with highs reaching the 90s.

Eastern Nebraska and northwestern Missouri also experienced spotty thunderstorms during the week, with reports of large hail and damaging winds at midweek in some locations. The previous weekend brought at least six confirmed tornadoes to eastern Nebraska on June 15.

With 95-98% of the regional corn crop and 78-90% of the soybeans emerged as of June 16, USDA rated 79-81% of the acreage in Nebraska as good or excellent, along with 74% in Iowa and 69-75% in Missouri. Good or excellent ratings were also assigned to 75% of Missouri’s rice and 59% of the state’s cotton on that date.

Northern Plains:

Corn Wheat Soybean Index

Torrential rain caused flooding in southeastern South Dakota and much of Minnesota during the week. Forecasts warned of up to four inches of rain across southeastern South Dakota and southern Minnesota as the week progressed, while some locations in northern Minnesota collected 6-7 inches of rain, causing flash flooding and road closures during the week.

Regional growers had 93-95% of the soybeans planted by June 16, along with 82-89% of the sunflowers and 96% of the sorghum. Corn emergence was rated at 93% in Minnesota, 90% in South Dakota, and 88% in North Dakota by that date, with good or excellent ratings assigned to 71-78% of the regional corn crop.

USDA placed 82-84% of Minnesota’s small grains crops in the good or excellent categories on June 16, along with 75-82% of the acreage in North Dakota and 68-78% in South Dakota.

Northeast:

Much of the Northeast was under heat advisories or excessive heat warnings during the week as hot, humid weather moved in from the Midwest and Great Lakes regions.

Heat indices climbed to 105 degrees in southern New England, with actual temperatures reaching the mid- to upper-90s in many locations. Boston and Westfield, Mass., both posted record-high temperatures on June 19, with Boston reaching 98 degrees and Westfield hitting 94.

Pennsylvania and western New York also experienced sweltering heat, sparking strong thunderstorms on June 18 in western Pennsylvania that produced large hail and 60 mph winds. High heat and humidity blanketed the Mid-Atlantic region as well, with highs in Maryland expected to approach 100 degrees by the end of the week.

Fully 91% of Pennsylvania’s corn was rated as good or excellent on June 16, with 80% of the crop emerged. Despite the favorable crop conditions, sources said the intense heat was starting to stress crops in some locations.

Eastern Canada:

Widespread heat warnings were in effect across Eastern Canada during the week as temperatures soared to the mid-30s C and humidex values reached the low- to mid-40s C.

The high heat and humidity sparked strong thunderstorms in several locations at midweek, with reports of flooded streets and power outages on June 19 in Toronto, Ottawa, Hamilton, and Montreal.

Transportation

Arkansas River, Illinois River, Market Watch, Mississippi RIver, Ohio River, Transportation, U.S. Gulf

US Gulf:

Bayou Boeuf Lock repairs are underway through approximately July 10, blocking Monday-Friday travel between 7 a.m. and 6 p.m. In addition to the weekday closures, the lock was scheduled to shut entirely from 7 a.m. on June 18 through 6 p.m. on June 21.

Daytime delays continued at Brazos Lock due to a repair project in progress since August 2023. Navigation was limited between 7 a.m. and 7 p.m., resulting in intermittent 5-61 hour wait times, Corps data showed. The project was expected to run through October.

Guidewall repairs at Bayou Sorrel Lock are set to run through Oct. 30, slowing travel from 7 a.m. to 4 p.m. daily. Delays were quoted up to 60 hours, rising from 51 hours the previous week.

Repairs to the Houston area’s San Jacinto River Bridge are scheduled to continue into July or August. Traffic is limited to single-wide towing configurations through the western side of the channel. The channel’s eastern side is completely closed to navigation.

Due to high water on the Lower Mississippi River, tows longer than 600 feet were recommended to use an assist boat to enter Port Allen Lock. Port Allen Lock delays were noted up to 37 hours during the week.

Corps data put most Industrial Lock wait times in a 50-69 hour range. Boats transiting Algiers Lock waited up to 47 hours on June 18-20, and Colorado Lock waits were posted up to 87 hours at midweek.

Mississippi River:

Water levels were on the rise again in Savage, Minn., extending a navigation shutdown stretching back to early June. The river gauge at Savage was reported at a minor-floor 702.6 feet and rising at midweek, with levels forecast to hit the 708.8-foot mark on June 26. Forecasters on June 20 offered no expected timeline for a return to normal depths.

Loading drafts continued to be reported at a maximum 11.5 feet on northbound travel through the St. Louis area.

Marine travel will be unavailable through the Fort Madison Bridge on June 23 and June 30 from 9 a.m. to 2 p.m. Lock 21 will close to daytime navigation on Aug. 13.

Falling water levels on the lower river were said to offer a return to normal navigation during the week. The river gauge at Vicksburg, Miss., fell below the area’s 35-foot action stage on June 14. The gauge at Baton Rouge, La., followed on June 18, moving below that area’s 30-foot action stage.

Intermittent six-hour waits were reported at Lock 20. Tows waited up to nine hours to pass both Lock 25 and Lock 27, and Corps data showed a handful of 5-12 hour delays at Mel Price Lock.

Illinois River:

Falling water levels on the Illinois River prompted new draft restrictions during the week, sources said. Tows were limited to 9.75 feet of draft on both north- and southbound travel below Mile 160. Draft limits fell to 9.5 feet at Miles 160-231 and 9.0 feet above Mile 231.

Wait times were quoted in a 3-14 hour range at LaGrange Lock, while delays topped out around the four-hour mark at Peoria Lock.

Ohio River:

Falling water levels on the lower Ohio River prompted at 5-10% reduction in loading drafts, sources said, noting drafts in a 10-10.5 foot range, depending on location and direction of travel. Drafts were previously reported at 10-11 feet. Tow lengths continued to be permitted up to 15 barges.

Repairs and maintenance shut the Hannibal Lock main chamber for 18 hours daily during the week. Tows were able to pass through the auxiliary chamber, with minimal delays reported. The project is scheduled through Nov. 8.

Machinery repairs at the Racine Lock auxiliary chamber are underway through July 11, prompting intermittent 13-hour delays. The primary chamber at Markland Lock is due to close for up to 19 hours per day from July 8 to Aug. 2, forcing detours through the secondary chamber. A second main chamber outage is scheduled to run from Aug. 12 through Sept. 6, sources said.

The primary chamber at John T. Myers Lock will close to navigation from Aug. 21 through Nov. 9, sources said. A similar closure in October 2023 resulted in delays up to four days in length. Belleville Lock will experience alternating 30-day main and secondary chamber shutdowns during the second half of the year.

Delays were reported up to 46 hours at the Tennessee River’s Kentucky Lock. Tows waited up to 21 hours to pass Wilson Lock.

Arkansas River:

Van Buren Bridge repairs scheduled for Aug. 16-Sept. 8 will close the site to navigation. The Corps is reportedly planning a single opening to pass queued vessels sometime after the ninth day of work. The structure is located at Mile 300.8.