All posts by hlancey@bloomberg.net

Muriate of Potash

Brazil, Eastern Cornbelt, Israel, Market Watch, Northwestern Europe, Potash Muriate, South Central, Southeast, Southeast Asia, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA potash barge market remained at $310-$315/st FOB for the latest trades, unchanged from last week.

Eastern Cornbelt:

Potash dropped to $365-$375/st FOB in the Eastern Cornbelt, depending on location, with the low reported at Cincinnati. In the Great Lakes region, potash pricing in Michigan slipped to $385-$395/st FOB and $410/st DEL in early April.

Western Cornbelt:

Potash reportedly fell to $355-$375/st FOB in the Western Cornbelt, down another $5-$10/st, with the low confirmed at St. Louis. Rail-DEL offers were quoted at the $385/st level in Iowa in early April.

Southern Plains:

Potash was unchanged at $370-$380/st FOB Catoosa/Inola and Houston for prompt truck tons. Potash prices from Intrepid FOB Carlsbad, N.M., included $460/st for 60% white granular and $468/st for 62% white standard.

South Central:

Potash slipped to $355-$370/st FOB warehouses in the South Central region, down from the prior $365-$375/st FOB range, with the low confirmed at Memphis and the high out of river terminals in Kentucky and Arkansas.

Southeast:

Potash remained at $340/st FOB Wilmington in early April, with reports of rail-DEL offers at the $365-$375/st level in the Southeast.

Northwest Europe:

Granular potash prices in Northwest Europe were flat at €355-€375/mt CIF, with seasonal demand still lagging. Standard potash prices were similarly stagnant at €325-€345/mt CIF.

Southeast Asia:

Potash prices in Southeast Asia were unchanged this week. Further clarity emerged ex-Indonesia, where Pupuk Holdings reportedly awarded its tender at $302/mt CFR after several weeks of negotiations with suppliers who were unwilling to budge below the $300/mt CFR mark.

Still, with the Eid holiday celebrating the end of Ramadan around the corner, market activity is expected to be subdued in the coming week. Some renewed market direction will likely also emerge once India settles its potash contract, which is reportedly in the final stages of negotiation.

Israel:

No further updates on FOB values ex-Israel were reported during the week, with the understanding that soaring freight rates continue to hamper potash deliveries and erode netbacks. Additionally, recent aerial attacks on Eilat, a major southern port where potash is loaded, could further disrupt the movement of products.

Brazil:

Brazil potash prices continued in the $300-$310/mt CFR range. Offers reported up to $320/mt CFR failed to attract buyers, sources said.

Following several weeks of rising prices, potash remained steady at $420-$435/mt FOB in Rondonópolis. Lower trade volumes were reported during the week, as demand has already been filled for a large portion of the market. Some suppliers were reportedly offering product only for the next soybean season.

Sulfur

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

Tampa:

Tampa molten sulfur contracts were reported at $81/lt CFR for the second quarter, up 17.4% from the first quarter’s $69/lt CFR contract.

US Gulf:

US Gulf sulfur was steady in the $80-$81.5/mt FOB range. Citing limited availability during the refinery turnaround season, market players expect negotiations to hold close to current levels through the near term.

Brazil:

With no new transactions reported during the week, Brazil import prices continued at $111-$114/mt CFR.

Vancouver:   

Vancouver prilled sulfur prices were steady at $72-$75/mt FOB.

Alberta:

Alberta sulfur netbacks were estimated in the (-)$34-$11/mt FOB range, and included molten sulfur cargoes contracted into the US market and solid tons shipped internationally through the Vancouver export market.

West Coast:

On par with Vancouver, solid sulfur loading from the West Coast was stable at $72-$75/mt FOB. Second-quarter molten sulfur contracts settled in the $60-$62/lt FOB range, players said, a $7-$10/lt increase from $50-$55/lt FOB in the first quarter.

China:

China sulfur imports were steady at $106-$110/mt CFR during the week.

ADNOC:

Sulfur produced by the Abu Dhabi National Oil Co. (ADNOC) was posted at $78/mt FOB Ruwais for March loading, up 13% from $69/mt FOB in February.

Qatar:

Muntajat prices were reported at $78/mt FOB Ras Laffan for March, a $9/mt increase from February’s $69/mt FOB level.

Ammonium Thiosulfate

Amthio, Eastern Cornbelt, Market Watch, South Central, Southern Plains, Western Cornbelt

Eastern Cornbelt:

The ammonium thiosulfate market widened to $270-$310/st FOB in the Eastern Cornbelt, with the low confirmed at Terre Haute, Ind., and the high at Cincinnati. Michigan terminals were quoted in the $290-$310/st FOB range in early April.

Western Cornbelt:

Ammonium thiosulfate remained at $280-$300/st FOB in the Western Cornbelt, with the low reported at Waterloo, Iowa.

Southern Plains:

Ammonium thiosulfate prices were quoted at $200-$225/st FOB for the latest offers in the Southern Plains.

South Central:

Ammonium thiosulfate pricing was pegged at $270-$275/st FOB Memphis, up $20/st from last report.

CAN

CAN, Germany, Market Watch

Germany:

CAN prices in Germany were stable again this week, with ample availability in the market from both Western and Eastern European producers. Forward offers for September delivery were heard at €250/mt CIF, but these fall outside the scope of the weekly spot assessment, which for now remains unchanged at €270-€275/mt CIF.

Potassium Sulfate

Market Watch, Northwestern Europe, Potassium Sulfate, Southeast

Southeast:

The latest SOP offers in the Southeast remained at the $600/st level FOB Wilmington and Tampa, Fla.

Northwest Europe:

SOP prices in Europe were unchanged at €590-€620/mt CIF, with unconfirmed reports of slightly lower levels achieved by one buyer. Buyers widely expect some downward correction in the market when potash prices drift lower at the end of the application season.

Crops/Weather

Crops/Weather, Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, Western Cornbelt
US Drought Monitor

Eastern Cornbelt:

Strong storms pushed through the Eastern Cornbelt on April 1-2, prompting warnings of thunderstorms, tornadoes, and flash flooding in the region.

A total of 30 Indiana counties were under a tornado watch on April 2, while overnight storms in Illinois caused extensive damage in some southern areas of the state. A second system resulted in a winter weather advisory for northern Illinois on April 3, with forecasts warning of 2-4 inches of snow. Up to 8-12 inches of snow was reported in parts of Wisconsin.

Ohio and Michigan were also hit with damaging winds, hail, and heavy rain early in the week, with more than 7,000 power outages reported across multiple counties in northern Michigan on April 2.

Western Cornbelt:

A powerful spring storm brought rain and snow to much of Iowa early in the week, along with strong winds. While snowfall was limited to 2-5 inches in certain areas, rainfall totals were significantly higher, including more than three inches in Ottumwa and two or more inches in Bloomfield, Seymour, and Centerville.

The system also sparked strong thunderstorms across Missouri, with reports of up to two inches of rain, damaging winds, and large hail in some areas. In Nebraska, by contrast, gusty winds and low humidity prompted a red flag fire warning at midweek.

Southern Plains:

Corn Wheat Soybean Index

Severe thunderstorm and tornado watches were in effect early in the week for a large swathe of eastern Kansas and northern Oklahoma, while golf ball-sized hail and damaging winds were reported in parts of northern Texas on April 1.

Texas growers had 57% of the corn planted as of March 31, along with 42% of the sorghum crop and 5% of the cotton. Corn planting in Kansas was reported at 2% complete by that date.

South Central:

Weather conditions during the week were described as cool, breezy, and dry in Arkansas, while strong thunderstorms on April 2 caused widespread power outages across Kentucky and eastern Tennessee. Northern Mississippi also experienced strong storms on that date, with reports of large hail and 70 mph winds in some locations.

Corn planting as of March 1 was 2% complete in Kentucky and Tennessee, while rice planting had progressed to 51% complete in Louisiana, 32% in Texas, 2% in Arkansas, and 1% in Mississippi.

Southeast:

Strong storms punched through the Southeast at midweek, prompting tornado watches and sparking heavy rain and damaging winds in many locations.

Tornado warnings and severe thunderstorm warnings were in effect on April 2-3 for multiple locations in Virginia, North Carolina, Alabama, and Georgia. A tornado was confirmed on April 2 in Alabama’s Dallas and Chilton counties, while squall lines in northern and central Florida produced torrential rains and gusty winds at midweek.