All posts by mickeybarb@charter.net

UAN

Eastern Cornbelt, France, Market Watch, South Central, Southeast, Southern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

The NOLA UAN barge market continued to be pressured. Sources called the market in the $320-$330/st ($10.00-$10.31/unit) FOB range, with the lower end reported coming toward the end of the week. The week-ago range was $340-$360/st ($10.63-$11.25/unit) FOB.

Eastern Cornbelt:

The UAN-32 market plunged to $350-$375/st ($10.94-$11.72/unit) FOB in the Eastern Cornbelt, down sharply from last week’s $400-$420/st ($12.50-$13.13/unit) FOB range, with the low confirmed at Mt. Vernon, Ind. The Cincinnati market was pegged at the $360/st ($11.25/unit) FOB level, dropping from $405/st ($12.66/unit) FOB the week before.

Western Cornbelt:

The UAN-32 market dropped to $325/st ($10.16/unit) FOB Port Neal, Iowa, and $350/st ($10.94/unit) FOB St. Louis for February tons, down a full $50-$75/st from last report. The upper end of the regional market remained at the $405/st ($12.66/unit) level FOB Muscatine, Iowa.

In the Northern Plains, the latest spring offers for UAN-32 were quoted at the $440/st ($13.75/unit) level FOB Winona, Minn., down some $21/st from the previous week.

“I had a grower send me a text this morning that he’d lost $36,000 on the UAN in his tanks,” said one regional contact at midweek. “This landscape and how it has been handled is going to kill interest in any fill programs that are offered.”

Southern Plains:

Another rapid drop in UAN-32 brought prices to $310-$320/st ($9.69-$10.00/unit) FOB Oklahoma production points for February shipment, down from $330/st ($10.31/unit) FOB at the start of the week and a high of $370/st ($11.56/unit) FOB the week before. One source said February tons “feel very weak today” and the market appears to be “a moving target.”

The last confirmed UAN-32 offers out of Gulf Coast terminals in Texas were tagged at the $400/st ($12.50/unit) FOB level, but sources said this was not a true market given the weakness in Oklahoma. One contact said there were no new offers out of Houston as of midweek.

South Central:

UAN-32 pricing was down significantly in the South Central region. February offers were confirmed at $330-$350/st ($10.31-$10.94/unit) FOB regional terminals, with the low for truck tons in Louisiana and the high reported by Kentucky sources out of Ohio River terminals.

Southeast:

The UAN-32 market slipped to $380-$390/st ($11.88-$12.19/unit) FOB port terminals in early February, with the low confirmed at Savannah, Ga., and the high at Wilmington and Chesapeake, Va. Spot pricing out of inland terminals in Georgia remained significantly higher at the $450-$460/st ($14.06-$14.38/unit) FOB level.

UAN-32 offers also dropped in the Northeast, where midweek pricing FOB Baltimore, Md., was pegged at the $385/st ($12.03/unit) FOB mark, down from the prior week’s $410-$415/st ($12.81-$12.97/unit) FOB range.

France:

As is the case elsewhere in Europe, UAN prices have come under pressure amid both weak demand and high stocks of nitrogen fertilizers, sources said.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southeast, Southern Plains

Western Cornbelt:

The ammonium nitrate market was steady at $590-$610/st FOB Missouri terminals.

Southern Plains:

The last ammonium nitrate offers were reported in the mid- to upper-$500s/st FOB terminals in Oklahoma.

South Central:

The latest ammonium nitrate pricing was indicated at $520/st FOB Yazoo City, Miss.

Southeast:

The ammonium nitrate market was pegged at $525/st FOB Tampa in early February.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, South Central, Southeast, Southern Plains, Thailand, Turkey, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA barge prices continued to be put in the $330-$340/st FOB range.

Eastern Cornbelt:

New ammonium sulfate offers at Cincinnati were confirmed as low as $370-$390/st FOB at midweek, with Illinois River prices pegged in the $395-$400/st FOB range. Those levels were down $10-$20/st from last week, depending on location.

Western Cornbelt:

Granular ammonium sulfate pricing remained at $385-$405/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and the high in Iowa. Northern Plains sources confirmed recent offers FOB Sioux City, Iowa, at the $415/st level.

Southern Plains:

Granular ammonium sulfate dropped to $390-$420/st FOB in the Southern Plains, with both the high and low confirmed at Houston, depending on supplier.

South Central:

Ammonium sulfate pricing was pegged at $400-$435/st FOB in the South Central region, with the low in Kentucky and Arkansas and the high at Memphis.

Southeast:

Ammonium sulfate pricing FOB Hopewell, Va., was steady at $490/st FOB for granular, $450/st FOB for mid-grade, and $430/st FOB for standard. Pricing in the Florida market remained at $395/st FOB/DEL for standard and $505/st FOB/DEL for granular.

China:

Despite reports of reduced availability, prices remained in the mid-$160s/mt FOB for caprolactam ammonium sulfate.

Brazil:

Prices softened to $230-$240/mt CFR. Sources reported that new bids are pushing as low as $225/mt FOB, but with no takers. At the same time, offers are looking at $240-$250/mt CFR for forward purchases.

The Rondonopolis market tightened to $380/mt FOB ex-warehouse, with limited trading reported.

Turkey: 

Imports of amsul for 2022 were reported at 1 million mt by Trade Data Monitor,up 24% from the year-ago 830,000 mt. Chinese suppliers accounted for 86% of the imports, sending 878,000 mt. Belgium was a distant second with 100,000 mt, for 10% of the import market.

December imports were 96,000 mt, rising from 9,000 mt received in December 2021. China sent 88,000 mt for the month.

Thailand

Amsul imports for 2022 totaled 364,000 mt, Trade Data Monitor reported,off 21% from 462,000 mt received in 2021. China sent 304,000 mt, for about 84% of the market, followed by Taiwan with 44,000 mt.

December imports were counted at 5,200 mt, down from 31,000 mt in the previous year.

DAP/MAP

Argentina, Brazil, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Sources reported Central Florida DAP truck pricing unchanged at $650/st FOB for the week. Truck-loaded MAP was called even with DAP at $650/st FOB, also unmoved from the prior report.

North Florida MAP trucks were posted at $650/st FOB, steady from one week earlier.

US Gulf:

Players noted softer values on the week’s NOLA barge phosphate markets, with both DAP and MAP prices slipping in the face of lower import and open-origin offers.

Nearby DAP barges offered at $630/st FOB were reportedly met with bids in a $615-$620/st FOB range, although sources were unable to confirm trades at the lower levels. Offers for domestically produced tons were noted at $645/st FOB, below the market’s week-ago $650/st FOB high. Sources reported direct offers as low as $625/st FOB on Feb. 2, hinting at additional decreases in the offing.

MAP barges said to be of Russian origin were reported trading at $585/mt FOB, below the week-ago $595/st FOB floor. Following the trades, public offers moved to a $575-$580/st FOB range, while a trade rumored at $570/st FOB went unconfirmed on Feb. 2. Players continued to reference the top of the weekly range at $615/st FOB, steady from the week-ago. Domestic barges were posted at $620/st FOB, unchanged from the previous week, with no trades reported at that level.

DAP barges softened to a $630-$645/st FOB range based on reported offers, falling from $635-$650/st FOB one week earlier. NOLA MAP barges were called $575-$615/st FOB, down from $595-$615/st FOB in the prior report.

US Exports:

US Gulf exporters reported no new business during the week, leaving pricing at the last-reported $650/mt FOB level. New offers continued to be quoted at $670/mt FOB.

Eastern Cornbelt:

DAP prices fell to $660-$680/st FOB in the Eastern Cornbelt, with the Cincinnati market reported at $660-$670/st FOB, well below last week’s $690-$700/st FOB range. MAP dropped to $650-$670/st FOB in the region, down from the prior $675-$685/st FOB range, with the Cincinnati market pegged in the $650-$660/st FOB range.

Western Cornbelt:

DAP pricing slipped to $665-$685/st FOB in the Western Cornbelt, down $10-$20/st, with the St. Louis market pegged in the $665-$670/st FOB range in early February. MAP dropped to a low of $625-$630/st FOB St. Louis, down sharply from last week’s $665-$675/st FOB. The upper end of the regional MAP market was pegged at the $660/st FOB level in Iowa.

Southern Plains:

DAP was quoted at $690-$700/st FOB Catoosa/Inola, up $15/st from the previous week, with the low end of the regional market reported at the $685/st level FOB Houston. MAP was pegged at $660-$665/st FOB Catoosa/Inola and $680/st FOB Houston.

South Central:

The DAP market in the South Central region was quoted at $695-$700/st FOB, up from $680-$690/st at last report.

Southeast:

MAP pricing from Nutrien was steady at $650/st FOB Aurora, N.C., and White Springs, Fla.

China:   

Trading was limited as China returned from its Lunar New Year celebrations. Sources said that producers continued their practice of looking to deal directly with major buyers, such as those in India. Even with state-owned industries helping to take care of the export paperwork, sources said the lead time for orders is still about two months, in order to ensure that product can be exported.

India:     

The Indian government released its fiscal-year 2023 budget on Feb. 1. It calls for a 38% drop in subsidies for nutrient-based fertilizers such as DAP, from $8.7 billion to $5.4 billion. The budget is set to reduce support for domestically produced phosphates to $3.1 billion from $5.1 billion. Subsidies for imported phosphate and potash will be reduced to $2.3 billion from $3.5 billion.

Brazil:   

The price for MAP remained stable at $655-$660/mt CFR on limited trading. Sources said they expect to see stronger prices on the heels of reports of a tighter phosphate market, especially with increased delays of Chinese product

The Rondonopolis market moved upward, to $800-$825/mt FOB ex-warehouse.

Argentina:    

Trade Data Monitor reported 2022 MAP imports at 793,000 mt, 16% down from the year-ago 942,000 mt. Argentina’s primary suppliers were Morocco with 348,000 mt, and the US with 199,000 mt.

December imports were noted at 19,000 mt, off from 28,000 mt in December 2021. While there was scarcely a difference between import totals in the first semesters of 2021 and 2022 – 426,000 mt in 2021 compared to 423,000 mt in first-half 2022 – the years’ second halves were markedly different. July-December 2022 imports were reported at 370,000 mt, down from 516,000 mt in second-half 2021.

TSP

Eastern Cornbelt, Market Watch, South Central, Triple Superphosphate, U.S. Gulf

US Gulf:

Players reported softening TSP barges, describing sellers struggling to hold on at $570/st FOB, below the week-ago $585/st FOB market top. Most put the low at $560/st FOB, unchanged from the prior report, while trading rumored down to $550/st FOB went unconfirmed on Feb. 2.

Eastern Cornbelt:

TSP slipped to $595-$605/st FOB Cincinnati, down $5/st at the low end of the range.

South Central:

TSP warehouse pricing dropped to $620-$625/st FOB in the South Central region, down from $640-$645/st FOB at last report.

Phosphoric Acid

Eastern Cornbelt, India, Market Watch, Phosphoric Acid, Southern Plains, Western Cornbelt

Eastern Cornbelt:

February phos acid postings in the Eastern Cornbelt were unchanged at $14.00/unit rail-DEL.

Western Cornbelt:

Phos acid pricing remained at $14.00/unit rail-DEL in the Western Cornbelt for February tons.

Southern Plains:

Phos acid was steady at $14.00/unit rail-DEL in the Southern Plains for February shipment, unchanged from January.

India:

Contracts for phosphoric acid cargoes delivered to India were confirmed at $1,050/mt P2O5 CFR for the first quarter, down from $1,100-$1,200/mt P2O5 CFR in 4Q.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

10-34-0 was quoted at $665-$680/st FOB in the Eastern Cornbelt, depending on location.

Western Cornbelt:

10-34-0 was steady at $655-$675/st FOB in the Western Cornbelt, with the low in Nebraska and the high in Iowa.

Southern Plains:

The 10-34-0 market slipped to a low of $615/st FOB in Kansas, with sources describing the current market as well-stocked and “heavily discounted” to find buyers. 11-37-0 pricing in Texas was reported in a broad range at $730-$800/st FOB in early February.

Muriate of Potash

Brazil, Eastern Cornbelt, Market Watch, Potash Muriate, South Central, Southeast, Southern Plains, Thailand, U.S. Gulf, Western Cornbelt

US Gulf:

Most saw the NOLA potash market as fairly quiet. Prices were reported edging down to $385-$395/st FOB, however, off from the week-ago $390-$410/st FOB.

Eastern Cornbelt:

Potash warehouse prices continued to slide in the Eastern Cornbelt. The regional market was pegged at $450-$470/st FOB, down from last week’s $465-$480/st range, with Cincinnati pricing quoted at the $450-$465/st FOB level during the week.

Western Cornbelt:

The potash marked slipped to $445-$465/st FOB in the Western Cornbelt, down another $5-$10/st, with the St. Louis market reported at the $445-$450/st FOB level at midweek.

Southern Plains:

Potash offers slumped to $450-$455/st FOB Catoosa/Inola and Houston, down another $10/st or more from the previous week. The last potash postings from Intrepid FOB Carlsbad, N.M, included $515/st for 60% white granular and $525/st for 62% white standard.

South Central:

Potash was pegged in a tight range at $455-$460/st FOB in the South Central region, down from the previous $460-$480/st FOB range.

Southeast:

The potash market dropped to $465-$475/st FOB in the Southeast, down from $475-$500/st at last report, with the low quoted at Wilmington and the high at Chesapeake. Rail-DEL pricing remained in the $495-$505/st range in the region.

Brazil:   

Prices remained steady at both the ports and in Rondonopolis. Sources put the landed price at $500-$520/mt CFR, and the Rondonopolis price at $615-$660/mt FOB ex-warehouse.

Competitiveness among major suppliers such as Canada, Russia, and Belarus has reportedly put downward pressure on prices at a time when local sellers are claiming values should move up. There are reports that material from Belarus has been offered at $490/mt CFR, but without any confirmation. The lower price is most likely tied both to the sanctions imposed on Belarus, and the difficulties the country has in shipping its product.

Thailand:      

Potash imports for 2022 totaled 736,000 mt, according to Trade Data Monitor, a25% decline from 979,000 mt reported for 2021. Canada accounted for half of the imports with 366,000 mt, while Belarus was a distant second at 81,000 mt.

December imports were reported at 24,000 mt, down from the year-ago 81,000 mt. Israel accounted for 71% of the market, with 17,000 mt.

Sulfur

Alberta, Brazil, China, Market Watch, Sulfur, Tampa, U.S. Gulf, Vancouver, West Coast

Tampa:

Tampa molten contracts were valued at $130/lt CFR for the first quarter, rising $40/lt from $90/lt CFR in the previous period.

Refinery rates softened for the week ending Jan. 27, the US Energy Information Administration (EIA) reported, falling to 85.7% from the week-ago 86.1%, a 0.4 percentage-point decline. The current-week rate trailed both the year-ago 86.7% and 86.4% five-year average.

Crude inputs were also lower at 14.961 million barrels/d, the EIA noted, off 20,000 barrels/d from the week-ago 14.981 million barrels/d.

US Gulf:

Pemex successfully restarted several units at its Deer Park, Texas, refinery on Jan. 31, Genscape reported. The units, knocked offline by severe weather on Jan. 24, included a 70,000 barrel/d crude distillation unit (CDU); 270,000 barrel/d CDU; 70,000 barrel/d fluidic catalytic cracking unit (FCC); and 67,000 barrel/d hydrocracker. Multiple additional units remained offline on Jan. 31.

Based on falling values at Brazil, Gulf export sulfur prices were reported at $120/mt FOB, down from $130-$135/mt FOB in the prior report. Some predicted further softening in the short-term.

Brazil:

New import business at Brazil was reported at $145/mt CFR for the week, a $10/mt decline from the prior-week $155/mt CFR. Sources described the tons as loading from Vancouver.

With minimal business reported, first-quarter Brazil sulfur contracts were understood to land in a $172-$186/mt CFR range, a increase from $119-$138/mt CFR reported for the fourth quarter.

Vancouver:   

Lower values at China and Brazil dragged Vancouver pricing to a $110-$115/mt FOB range, sources said. The market was previously reported at $135-$140/mt FOB.

Alberta:

Alberta sulfur netbacks softened to $15-$60/mt FOB from the week-ago $15-$70/mt FOB. Molten tons contracted into the US market set both the high and low of the range, while prilled material exported through the Vancouver market fell in the middle.

West Coast:

Prilled sulfur cargoes loading from the West Coast were indicated at $110-$115/mt FOB, below $135-$140/mt FOB in the previous report.

Sources reported contracts for molten sulfur in a $125-$135/lt FOB range for the first quarter, above $75-$79/lt FOB noted for 4Q.

China:     

China spot imports moved lower following the country’s return from the Jan. 22 Lunar New Year holiday, with sources reporting a plunge into the $130s/mt CFR, down $25/mt from $155-$165/mt CFR reported last.