All posts by hlancey@bloomberg.net

UAN

California, Eastern Cornbelt, France, Pacific N.W., U.S. Gulf, UAN, Western Canada, Western Cornbelt

US Gulf:

The NOLA UAN market remained quiet in early September, with the last confirmed trades unchanged at $202-$205/st ($6.31-$6.41/unit) FOB.

Eastern Cornbelt:

UAN-32 was flat at $235-$265/st ($7.34-$8.28/unit) FOB in the Eastern Cornbelt, with the low reported at Mount Vernon, Ind. Recent offers FOB Illinois River terminals were pegged at $245/st ($7.50/unit) FOB, while the Cincinnati market was quoted at $245-$248/st ($7.50-$7.75/unit) FOB for UAN-32 and $214-$217/st ($7.64-$7.75/unit) FOB for UAN-28.

Western Cornbelt:

UAN-32 was steady at $240-$260/st ($7.50-$8.13/unit) FOB regional terminals in the Western Cornbelt, depending on location, with the low confirmed at Port Neal. The St. Louis market remained at the $245-$250/st ($7.66-$7.81/unit) FOB level during the week.

California:

The UAN-32 market in California was unchanged at $300/st ($9.38/unit) FOB Stockton and $305/st ($9.53/unit) FOB Port Hueneme. No current rail-DEL UAN prices were confirmed in early September.

Pacific Northwest:

UAN-32 pricing remained at $315/st ($9.84/unit) FOB Kennewick, Wash., in early September. No current delivered prices were reported in the Pacific Northwest during the week.

Western Canada:

The UAN-28 market in Western Canada was steady at C$395-$405/mt (C$14.11-$14.46/unit) DEL in early September.

France:

UAN prices at Rouen were stable, with improved liquidity in the €240-€250/mt FCA range. Buyers and sellers alike continue to eye natural gas prices, but also any price direction signals in the urea market. The French UAN market is reportedly up to 70% covered.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, United Kingdom, Western Cornbelt

Western Cornbelt:

Ammonium nitrate was quoted at $260-$290/st FOB in Missouri, with the low reported in southern Missouri and the high confirmed in northern areas of the state.

France:

Activity in the French ammonium nitrate market remained limited. The price, however, moved higher to reflect Yara’s October list price of €375/mt CPT, with the main supplier to the market no longer offering at the lower end of the range.

United Kingdom:

The UK ammonium nitrate market was stagnant, with little to no demand. CF’s list price remained at £330/mt CPT, with December offered higher at £340/mt CPT.

Ammonium Sulfate

Ammonium Sulfate, Brazil, California, China, Eastern Cornbelt, Market Watch, Northwestern Europe, Pacific N.W., Thailand, Turkey, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The last confirmed NOLA barge trades for ammonium sulfate remained at the $280/st FOB level, unchanged from last week.

Eastern Cornbelt:

Granular ammonium sulfate remained at $320-$340/st FOB Illinois River terminals and $330-$340/st FOB Cincinnati in early September. Delivered pricing in central Michigan was reported at the $375/st level, down $10/st from last week.

Western Cornbelt:

Granular ammonium sulfate slipped to $325-$350/st FOB in the Western Cornbelt, with the low confirmed at St. Louis during the week.

California:

The ammonium sulfate market was steady at $375-$420/st FOB in California, with the low reported at Richvale and Helm and the high at Woodland and Chico. Granular pricing at French Camp remained at $405/st FOB in early September, while prices for 50-pound bags were quoted at the $520/st level FOB Stockton.

Pacific Northwest:

Ammonium sulfate prices continued to be reported at $305-$355/st FOB in the Pacific Northwest, with the low confirmed for standard grade and the high for granular. Delivered prices ranged broadly, from a low of $305/st for standard to a wide $355-$420/st for granular, depending on grade and supplier.

Western Canada:

Ammonium sulfate was unchanged at C$480-$495/mt DEL for the last confirmed offers in Western Canada, though sources reported sold out inventories for some grades for the balance of the year.

Northwest Europe:

The ammonium sulfate market is Northwest Europe was stable, with some spot sales concluded within the current price range of $177-$182/mt FOB. An uptick in demand for agricultural use is expected towards the end of the month.

China:

A TCC selling tender for 10,000 mt put the latest capro grade amsul price from China at $143-$145/mt FOB. Sources said the move toward the upper end of a price range that has remained steady for several weeks was not surprising. Producers are now reportedly ignoring any bids closer to $140/mt FOB and are trying to push levels into the upper-$140s/mt FOB.

Demand from Brazil continues to act as the primary driver for higher prices, said Asian sources. Producers are said to be sold out for September and are only entertaining bids for October shipments.

Thailand:      

Ammonium sulfate imports to Thailand totaled 605,000 mt in January-July, Trade Data Monitor reported, down slightly from the 612,000 mt received through the first seven months of 2023. China accounted for 91% of the total, sending 173,000 mt. July imports were 68,000 mt, against 40,000 mt received in July 2023.

Turkey:         

Trade Data Monitor reported January-July ammonium sulfate imports at 605,000 mt, down slightly from the 612,000 mt received through the first seven months of 2023. China shipped 470,000 mt, followed by Belgium with 58,000 mt. July imports of 32,000 mt were up slightly from the 31,000 mt received in July 2023.

Brazil:

Granular ammonium sulfate imports ticked up $2/mt at the bottom of range to trade at $182-$185/mt CFR, with farmers switching from corn to cotton intensifying demand. Noting an average 40-day sailing time and an additional 30-40 day waiting period at Brazilian ports, September-October remains the optimal shipping window for amsul, sources said.

Prices were noted at $290-$305/mt FOB Rondonópolis during the week. The September import lineup is estimated above 500,000 mt, beating the two-year average and illustrating the rising demand for amsul in Brazil. The drop in prices supports a barter ratio that, with the help of higher grain prices, has remained favorable to producers.

20-00-20 traded at $375-$385/mt FOB, down $5-$10/mt from last report.

DAP/MAP

Argentina, Baltic Sea, Benelux, Brazil, California, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Pacific N.W., U.S. Exports, U.S. Gulf, Western Canada, Western Cornbelt

Central Florida:

Central Florida DAP trucks were noted at $580/st FOB, firming from last week’s $570-$580/st FOB level, with unconfirmed rumors pointing to another increase in the fourth quarter. MAP trucks lifted $60/st at the low side to settle at a flat $680/st FOB. Sources continued to put MAP postings from North Florida at $650/st FOB.

US Gulf:

NOLA phosphate players remained focused on DAP during the week due to the product’s wider availability relative to MAP. DAP barges traded in the $553-$560/st FOB range, an increase from $550-$553/st FOB at last check, while MAP barges flattened to $635/st FOB from the week-ago $635-$640/st FOB level.

US Exports:

New DAP export business was reported at $610/mt FOB, rising from $550/mt FOB at last report. No spot MAP exports have been reported in recent months. The last MAP transaction was quoted at $570/mt FOB, though players expect prices to firm in line with DAP in the next round of business.

Eastern Cornbelt:

DAP was reported at $597-$610/st FOB and MAP at $687-$700/st FOB in the Eastern Cornbelt, with the lower end of both ranges confirmed on the Illinois River. The Cincinnati market was pegged at $600-$605/st FOB for DAP and $690-$700/st FOB for MAP in early September.

In the Great Lakes region, delivered DAP and MAP in central Michigan were reported at $635/st and $730/st, respectively.

Western Cornbelt:

DAP remained at $585-$610/st FOB in the Western Cornbelt, with the low reported at St. Louis. MAP was unchanged at $680-$700/st FOB in the region.

California:

MAP pricing continued at a firm $770/st FOB or DEL for the latest offers in California.

Pacific Northwest:

MAP in the Pacific Northwest remained at $750-$760/st FOB or DEL in early September.

Western Canada:

The latest MAP offers in Western Canada strengthened to C$1,080-$1,100/mt FOB or DEL, depending on location, up from C$1080-$1,085/mt at last report, with the lower end of the range reported in southern Saskatchewan and Manitoba.

Benelux:

DAP activity at Benelux ports and warehouses was minimal during the week. Indications are unchanged in the €620-€625/mt FCA range for both Russian and Moroccan product, which reflects a lower US dollar price of $685-$691/mt FCA. Liquidity is expected to improve throughout September as farmers and retailers begin to replenish stocks.

Baltic:

DAP prices in the Baltic region moved higher on the low end, to $560-$615/mt FOB, reflecting returns from the latest Indian business. Lithuanian and Russian product is currently being offered into Europe and is reflected at the higher end of the range.

Baltic MAP prices were stable at $585-$595/mt FOB, as weak demand in Brazil triggered by lower affordability resulted in no fresh spot deals.

China:

No changes are expected to China’s new phosphate export policy, sources said. A lack of new spot deals during the week left the theoretical DAP price steady at $595-$600/mt FOB.

India: 

Indian DAP buyers appear to have gone quiet as they digest the recent large purchase arranged with OCP of Morocco. The lack of new deals has left the market at the $620/mt CFR level set with OCP. That level remains a problem for buyers in India, as the price is more than what can be covered by the country’s existing subsidy system.

Brazil:

Brazil MAP cargoes widened to $630-$635/mt CFR, off from last week’s flat $635/mt CFR level. Players continue to report limited supply, with an estimated 10-15% of seasonal demand remaining to be filled.

Despite the product’s importance to the second corn crop, MAP demand has remained quiet at Rondonópolis. September imports are low, reflecting reduced market activity. The combination of limited supply and restrained demand pushed prices to $770-$795/mt FOB, players noted, up $5-$10/mt from the prior week.

Argentina:    

MAP imports totaled 444,000 mt for January-July, according to Trade Data Monitor,up slightly from the year-ago 430,000 mt. Morocco shipped 321,000 mt and China sent 73,000 mt. July imports were 147,000 mt, down 7% from 158,000 mt in July 2023.

Imports of MAP have increased throughout the year, starting with 14,000 mt in January and growing each month, a typical pattern for Argentina. Historical data reported by Trade Data Monitory indicates that imports will begin slowing in the fourth quarter.

TSP

Brazil, Eastern Cornbelt, Market Watch, Triple Superphosphate, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA TSP barges were noted at $505-$510/st FOB for the week, down from $507-$510/st FOB at last report, with sources noting limited liquidity in the market.

Eastern Cornbelt:

TSP was pegged at $555-$565/st FOB for limited tons in the Eastern Cornbelt, depending on location, with the Cincinnati market quoted at the low end of the range for tons available in mid-September. Delivered TSP pricing in central Michigan remained at the $585/st level.

Western Cornbelt:

TSP was reported at $550-$560/st FOB for limited prompt tons in the Western Cornbelt, with rail-DEL offers also confirmed at the $550/st level in Iowa.

Brazil:

Landed TSP prices were steady at $510/mt CFR, with the market’s next availability reported for November shipment. Prices in the inland market firmed to $635/mt FOB Rondonópolis during the week, with players noting limited near-term availability.

SSP

Brazil, Market Watch, SSP

Brazil:

Imported SSP 19-21 prices declined to $200-$225/mt CFR, falling from last week’s $215-$230/mt CFR.

Rondonópolis pricing followed the broader phosphate market higher to $355-$365/mt FOB, amid a backdrop of soft demand and plentiful supply. SSP-23 was available at $390-$410/mt FOB Rondonópolis.

Phosphoric Acid

California, Eastern Cornbelt, Market Watch, Pacific N.W., Phosphoric Acid, Western Cornbelt

Eastern Cornbelt:

Phos acid reference prices for September firmed to $11.50/unit rail-DEL in the Eastern Cornbelt, up $0.25/unit from August.

Western Cornbelt:

The phos acid market in the Western Cornbelt edged up to $11.50/unit rail-DEL for September shipments, reflecting a $0.25/unit increase from August.

California:

Phos acid postings in California were up $0.25/unit effective Sept. 1, to $11.75/unit rail-DEL and $11.95/unit FOB Helm.

Pacific Northwest:

Phos acid reference prices in the Pacific Northwest moved to $11.75/unit rail-DEL and $11.25/unit FOB Pocatello, Idaho, for September tons, up $0.25/unit from August.

Ammonium Polyphosphate

Ammonium Polyphosphate, California, Eastern Cornbelt, Market Watch, Pacific N.W., Western Canada, Western Cornbelt

Eastern Cornbelt:

The 10-34-0 market edged up to $515-$525/st FOB for the latest offers in the Eastern Cornbelt, with delivered pricing in central Michigan pegged at the $570-$580/st level.

Western Cornbelt:

10-34-0 pricing remained at $520-$530/st FOB in the Western Cornbelt, depending on location.

California:

The phos acid and ammonia increases for September pushed ammonium polyphosphate prices up as well in California. 10-34-0 firmed to $553-$558/st FOB in the state, up $12/st from August, with 11-37-0 prices moving to $603-$608/st FOB, reflecting a $13/st increase.

Pacific Northwest:

The phos acid reset for September pushed 10-34-0 prices in the region up to $525/st FOB, reflecting a $7/st increase from August. The 11-37-0 market firmed to $575/st FOB in the Pacific Northwest and $566/st DEL in Idaho and Utah, up $5/st from last month.

Western Canada:

The latest 10-34-0 prices in Western Canada firmed to C$895/mt DEL for September shipment, up C$45/mt from last report.

Muriate of Potash

Brazil, California, Eastern Cornbelt, Israel, Market Watch, Northwestern Europe, Pacific N.W., Potash Muriate, Southeast Asia, Thailand, U.S. Gulf, Western Canada, Western Cornbelt

US Gulf:

The latest confirmed NOLA potash trades continued to be reported at the $270/st FOB level, unchanged from the previous week.

Eastern Cornbelt:

Potash remained at $315-$335/st FOB in the Eastern Cornbelt, with the Cincinnati market pegged at the $320/st FOB level in early September. Delivered potash pricing in central Michigan was quoted at $350-$355/st for September tons.

Western Cornbelt:

Potash was unchanged at $315-$330/st FOB in the Western Cornbelt, with the low reported at St. Louis.

California:

Potash pricing was steady at $480-$488/st FOB or DEL in California.

Pacific Northwest:

Potash in the Pacific Northwest was quoted at $410-$443/st FOB or DEL, depending on grade and location. The latest potash reference prices from Intrepid FOB Moab and Wendover, Utah, continued at $400/st FOB for 60% white standard and $405/st FOB for 60% white granular.

Western Canada:

The potash market in Western Canada remained at C$475-$505/mt FOB the mine for the latest sales, with the higher end of the range reflecting post-fill reference prices from producers. Sources said business is still being done at the lower end of the range for 3Q shipment, however.

Northwest Europe:

Potash demand has yet to pick up in Northwest Europe, with standard potash prices slipping to €305-€330/mt CIF as distributors clear old stocks. Granular prices were unchanged at €330-€350/mt CIF. No news was heard on updated prices for the new season, but many continue to point to mid-September for a reset.

Southeast Asia:

Despite no award being made public in the Indonesian import tender, offers have now been confirmed at $303-$304/mt CFR, significantly above current market levels of $280-$290/mt CFR for standard potash. The India contract price is expected by many to resettle at the higher end of the current $279-$283/mt CFR range, with one supplier still pursuing a price readjustment.

Demand in Malaysia and Thailand remains sluggish, resulting in unchanged price assessments, with standard potash at $280-$290/mt CFR pending and official award by Pupuk Indonesia, and granular product holding at $330-$340/mt CFR.

Israel:

The Israel FOB price moved $5/mt higher, to $240-$250/mt FOB, reflecting netbacks from the recent India contract settlement between IPL and ICL. ICL is reportedly sold out through the end of the year.

Thailand:      

January-July potash imports totaled 574,000 mt, Trade Data Monitor reported, a significant increase from the year-ago 356,000 mt. Canada led suppliers with 231,000 mt, followed by Laos with 136,000 mt. July imports were 153,000 mt, rising from the 62,000 mt received in July 2023.

Brazil:

The Brazil potash market was steady at $290/mt CFR, with bids reported in the $280-$285/mt CFR range failing to transact.

The inland market continues to be pressured by overabundant supply. Prices dropped $10/mt at the low side, to $410-$430/mt FOB Rondonópolis from $420-$430/mt FOB at last report. Despite the decline, potash continues to offer growers a favorable barter ratio, sources said.