Eastern Cornbelt:
10-34-0 was quoted at $665-$680/st FOB in the Eastern Cornbelt, with the high reported out of inland warehouses in Ohio.
Western Cornbelt:
10-34-0 remained 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 remained at a nominal $660-$670/st FOB in the Southern Plains. The last confirmed 11-37-0 offers in Texas were reported in the mid- to upper-$700s/st FOB, depending on location and supplier.
US Gulf:
NOLA potash barge prices fell again. By late Thursday, sources were calling the market $410-$430/st FOB, down from the week-ago $440-$445/st FOB. Sources said the updated NOLA numbers were in line with the lower inland numbers that resulted from producer fill programs announced during the week.
US Imports:
July-November potash imports softened 16.2% year-over-year, to 4.88 million st from 5.83 million st. November imports were off 21.5%, falling to 1.03 million st from the year-ago 1.31 million st.
July-November imports from Canada totaled 4.25 million st, while Russia sent 489,225 st. Israel followed with 106,006 st.
US Exports:
Potash exports fell 24.1% in July-November, to 1.36 million st from the year-ago 1.79 million st. Shipments were counted at 134,137 st for November, down 57.3% from the year-ago 314,467 st.
Eastern Cornbelt:
Potash pricing began the week at $505-$510/st FOB most regional warehouses, but fill offers were reportedly launched at midweek at $475/st FOB river terminals and $480/st FOB inland warehouses, with orders due by Jan. 18 and shipment by March 31.
Nutrien’s program on Jan. 11 included $480/st FOB Midwest terminals; $495/st FOB Baltimore, Md.; $530-$560/st FOB in the Pacific Northwest; $615/st FOB in California for 62% MOP; C$715/mt FOB in Western Canada; and C$740/mt FOB in Eastern Canada.
Nutrien on Jan. 12 reported a good initial response to the program “with customers optimistic about a strong spring application season, supported by continued strength in agricultural commodity markets.” Nutrien said it is taking orders at these levels for 1Q delivery, with the order book expected to close next week. Tons booked for 2Q delivery are $40/st higher.
Western Cornbelt:
The potash market slipped to $475-$500/st FOB in the Western Cornbelt, with the high confirmed at river terminals early in the week. A round of fill program offers, however, dropped pricing to $475-$480/st FOB in the region for tons shipped through March.
Southern Plains:
Potash offers ranged broadly at $465-$510/st FOB Catoosa/Inola, depending on supplier and time of the week, with the lower numbers reported on Jan. 12 after the announcement of Nutrien’s fill program. The Houston market was pegged at the $525/st FOB level at midweek.
New potash reference prices from Intrepid FOB Carlsbad, N.M., include $515/st for 60% white granular and $525/st for 62% white standard, reflecting a drop of $340-$350/st from the last official postings. Intrepid’s potash prices FOB Moab and Wendover, Utah, also moved down $340-$345/st, to $505/st for 60 percent white standard and $515/st for 60 percent white granular.
South Central:
Potash was pegged in a broad range at $460-$525/st FOB in the South Central region, depending on location and time of the week, with the low confirmed at Little Rock, Ark., on July 12 and the high at Memphis on Jan. 10.
Southeast:
The potash market dropped to $535-$540/st FOB Wilmington, down from $605/st FOB in mid-December. Rail-DEL pricing was down even more, with fill tons from Nutrien quoted at the $495/st DEL level at midweek. In the Northeast, Nutrien fill offers fell to $495/st FOB Baltimore, Md., on Jan. 11.
Brazil:
The price range for potash widened to $500-$520/mt CFR, with the lower end reportedly comprised of tons from Belarus. Once that material is gone, sources speculated that prices could move up, and there were already reports circulating that $525/mt CFR could be hit next week. At the same time, bids at $515/mt CFR were being rejected.
Rondonopolis pricing has tightened to $650-$675/mt FOB ex-warehouse. Unlike the portside price, the inland range shifted downward about $15/mt from the previous week.
Potash imports for 2022 were reported at 11.8 million mt by Trade Data Monitor, downabout 8% from 12.8 million mt in 2021. Canada and Russia were the market’s two largest suppliers with 4.5 million mt and 3.1 million mt, respectively, while Germany, Israel, and Belarus added about 1.1 million mt each.
December imports stood at 511,000 mt, down 52% from 952,000 mt reported in December 2021. Russia accounted for 33% of the import market with 171,000 mt, followed by Canada with 159,000 mt.
Fourth-quarter imports totaled 1.6 million mt, down 56% year-over-year from 3.8 million mt. July-December imports were counted at 4.9 million mt, down 7.8 million mt from second-half 2021.
Sanctions against Belarus affected potash imports in 2022. Tons loading from Belarus totaled 950,000 mt in January-June, compared to just 132,000 mt delivered in July-December. All of the market’s other major suppliers shipped nearly equal volumes in year’s two semesters.
Indonesia:
PT Pupuk Indonesia has reportedly issued a tender for the purchase of 200,000-250,000 mt of standard potash.
A fire at the Nutrien Ag Solutions location in Lamar, Neb., on Jan. 12 was reported to have destroyed the office building, according to KNOP, the local television station. No injuries were reported, and by 3 p.m. the fire was reported out with fire crews continuing to monitor the smoke coming from the building. The cause of the fire is still under investigation. Local roads were temporarily closed.
The facility was formerly known as Lamar Fertilizer. The family-owned business was sold to a Nutrien Ag predecessor company, Crop Production Services.
Tampa:
Sources reported first-quarter talks for Tampa molten sulfur contracts as “just getting started” during the week. Players voiced speculation of a $30-$45/lt increase from the fourth quarter’s $90/lt CFR contract price, although the possibility of continued softening in key international markets such as Brazil and China could delay an agreement, some said.
US refinery utilization moved up for the week ending Jan. 6, the Energy Information Administration (EIA) reported. Refineries operated at a combined 84.1% of capacity for the period, up 4.4 percentage points from the week-ago 79.6%. The current rate trailed both the year-ago 89.9% and five-year average of 88.5%.
Daily crude inputs also moved higher, lifting to an average 14.651 million barrels/d, up 831,000 barrels/d from the prior-week 13.820 million barrels/d.
US Gulf:
Last-heard sulfur pricing out of the US Gulf softened to a $148-$153/mt FOB range, falling from $155-$165/mt FOB in the prior report.
US Imports:
Imports of sulfur fell 36.5% for November, to 232,061 st from the year-ago 365,285 st. July-November totals stood at 1.16 million st, off 18.1% from 1.42 million st.
US Exports:
Sulfur exports firmed 51.5% in July-November, rising to 934,404 st from 616,740 st. November totals were reported at 145,355 st, off 16.8% from 174,689 st logged one year earlier.
Brazil:
Last-done at Brazil was reported at $172-$176/mt CFR, slightly below $173-$176/mt CFR noted in the prior week. Players reported talks for the next round of business in the $160s/mt CFR.
The vast majority of business concluded to-date in 2023 at Brazil has been for spot tonnage, sources said, leaving the status of first-quarter contracts unclear. Fourth-quarter contracts were pegged in a $119-$138/mt CFR range.
Vancouver:
Nothing new was reported on the Vancouver export market, leaving last-heard pricing in a $150-$155/mt FOB range. Lower values reported at China in recent weeks were expected to drag on Vancouver in the next round of business.
Alberta:
Alberta netbacks continued to be indicated at a wide (-)$25-$85/mt FOB, unchanged from the prior report. Netbacks on molten material contracted into the US market was responsible for the low of the range, while prilled tons selling on the Vancouver export market set the highs.
West Coast:
West Coast prills were indicated even with Vancouver at $150-$155/mt FOB, unmoved from the prior report.
First-quarter West Coast molten sulfur contracts were reported to settle in a $125-$135/lt FOB range, increasing from $75-$79/lt FOB in the fourth quarter.
China:
Last-done at China was noted in a $155-$165/mt CFR range, off from $170-$175/mt CFR reported one week earlier.
ADNOC:
Abu Dhabi National Oil Co. solid sulfur offers were noted at $160/mt FOB Ruwais for January, down $20/mt from $180/mt FOB in December.
Qatar:
January offers from Muntajat stood at $155/mt FOB Ras Laffan, sources said. Tons were offered at $185/mt FOB in December, a $30/mt FOB difference.
Kuwait:
Cargoes originating from Kuwait were reportedly posted at $154/mt FOB, a $29/mt decrease from $183/mt FOB in December.
US Gulf:
Price ideas on sulfuric acid delivered to the US Gulf continued to be heard in a $100-$110/st FOB range.
US Imports:
Sulfuric acid imports for July-November were off 6.5% from the year-ago, falling to 1.40 million st from 1.50 million st. November imports declined by 22.7%, to 234,594 st from the prior 303,373 st.
US Exports:
Sulacid export totals firmed 335.4% in November, to 56,236 st from the prior-year 12,915 st. Exports were counted at 233,430 st for July-November, 38.4% above the year-ago 168,642 st.
Gulf Coast:
Sources described “excitement” in the market due to lingering production upsets in the Gulf Coast and Midwest regions triggered by recent extreme cold events. With the 2023 domestic sulfuric acid contract landscape starting to crystallize, market players noted contract levels in a $140-$180/st DEL range for tons delivered to the Gulf Coast, above $130-$150/st DEL reported previously.
Midwest:
Contracts for delivery to the Midwest for 2023 were reported even with the Gulf Coast at $140-$180/st DEL.
West Coast:
West Coast agreements were pegged at $150-$190/st DEL for 2023, firming from $140-$160/mt DEL noted previously.
Brazil:
With nothing new reported, Brazil import market price ideas continued in a $115-$125/mt CFR range, steady from the prior report.
ICL Group Ltd. announced on Jan. 11 that it will be the strategic specialty phosphate solutions supplier to General Mills. The long-term agreement will begin in June of 2023 and will initially be focused on supply in North America, with the potential for international expansion.
“Our focus is always on the customer and on delivering best-in-class product, quality, and service. We’re pleased General Mills appreciates our efforts and is also dedicated to providing best-in-class products to their customers,” said Phil Brown, President of ICL Phosphate Specialties and Managing Director of North America for ICL. “We’re looking forward to working with their R&D team to find new ways to support their product development and are excited to turn to our global innovation team for support.”
“As part of our strategy to develop long-term partnerships with key suppliers, we’re excited to work with ICL and leverage their technical expertise to support our business growth plans,” said Sebastiao Pinho, Global Sourcing Director for General Mills.
CHS Inc. and Cargill on Jan. 13 announced the intent to expand the scope of their joint venture, TEMCO LLC, by adding the Cargill-owned export grain terminal in Houston, Texas. The companies said the addition will expand the jv’s export capabilities, providing shipping access for grains, oilseeds, and byproducts through the port of Houston.
TEMCO currently operates three facilities in the Pacific Northwest: Portland, Ore.; Kalama, Wash.; and Tacoma, Wash. These three facilities distribute grain to global markets, primarily located in the Asia-Pacific region. Through TEMCO, the companies said they look forward to building on 24 years of successful partnership to expand global grain market access for US farmers to help meet the increasing global need for food.
The Houston terminal is located approximately 40 miles inland from the Gulf of Mexico via Galveston Bay. With six million bushels of storage and capacity for 350 railcars, the facility handles up to 250 million bushels annually. The terminal receives both trucks and railcars with a variety of commodities for global export.
Eastern Cornbelt:
Ammonium thiosulfate slipped to $420-$450/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati.
Western Cornbelt:
The ammonium thiosulfate market was unchanged at $400-$450/st FOB in the Western Cornbelt, with the low in Nebraska and the high in Iowa.
Southern Plains:
The last ammonium thiosulfate prices confirmed in Texas remained at $350/st FOB Houston and $400/st FOB Lubbock.
South Central:
Ammonium thiosulfate at Memphis remained in the $400-$405/st FOB range in early January.
Cornbelt:
The NPSZ market remained in a broad range at $710-$750/st FOB in the Cornbelt, depending on location.
US Imports:
SOP imports for November decreased by 91.5%, to 2,618 st from the prior-year 30,896 st. Imports totaled 27,280 st for July-November, off 68.9% year-over-year from 87,662 st.
US Exports:
November SOP exports were off 40.5%, falling to 4,591 st from 7,718 st in the prior November. July-November exports firmed 2.1%, however, to 26,068 st from the previous 25,528 st.
Southeast:
The latest SOP offers in the Southeast were reported in the $800-$850/st FOB range, down sharply from $950-$1,000/st FOB in December. The low was confirmed for ag grade SOP at Wilmington and Tampa, with the high reflecting turf grade offers in Tampa.
