All posts by mickeybarb@charter.net

OCI Reports IFCo Bond Redemption

News, News Briefs

OCI NV, Amsterdam, on Jan. 18 announced that Iowa Fertilizer Company LLC (IFCo) exercised the option to redeem the outstanding principal amount of the 5.875 percent c.$147.2 million of Iowa Finance Authority Midwestern Disaster Area Revenue Refunding Bonds (Iowa Fertilizer Company Project), Series 2016, due 2026 and 2027.

The expected redemption date is Feb. 1, 2021. OCI said this transaction is expected to result in additional recurring cash interest savings, and marks the continuation of the company’s financial policy to optimize its capital structure.

TFI to Meet in Dallas

News, News Briefs

The Fertilizer Institute (TFI) reported that it will hold its Annual Business Conference on April 26-28 at the Hilton Anatole in Dallas, Texas. TFI said it will be a safe and responsible in-person event. Registration opens Feb. 1. TFI recently announced it would be moving the event from February in California (GM Jan. 8, p. 28).

Awards Given Due to Morocco-Israel Deal

News, News Briefs

President Donald Trump and Morocco’s King Mohammed VI exchanged major awards prior to Trump’s Jan. 20 departure from office. On Friday, Jan. 15, Trump received Morocco’s highest award, the Order of Muhammad, which is only given to heads of state. It was a gift from King Mohammed VI and was presented to Trump by Morocco’s Ambassador to the U.S., Princess Lalla Joumala Alaoui, in a private Oval Office ceremony, a senior administration official told Reuters.

The award was given for the administration’s advancement of the deal to normalize relations between Morocco and Israel. (GM Dec. 11, 2020). The deal also included U.S. recognition of Morocco’s sovereignty over the disputed territory of Western Sahara. White House Senior Adviser Jared Kushner and Middle East Envoy Avi Berkowitz were recognized with other awards.

In the past five months, the U.S. also brokered deals between Israel and United Arab Emirates, Bahrain, and Sudan.

Trump awarded King Mohammed VI with the Legion of Merit, degree of Chief Commander, with Ambassador Alaoui accepting. “His vision and personal courage – including his decision to resume ties with the State of Israel – have positively reshaped the landscape of the Middle East and North Africa and ushered in a new era of security and prosperity for both our countries and the world,” according to a statement issued by the White House.

There is speculation that President Joe Biden may leave the deal in place, or at least not make a quick decision to change it.

New Administration Welcomed by TFI, ARA, Other Trade Groups

Featured, News, U.S.

The Fertilizer Institute (TFI), the Agricultural Retailers Association (ARA), and other trade groups representing industry and agriculture on Jan. 20 issued statements congratulating President Joe Biden on his inauguration and expressing optimism about working with the new administration.

“President Biden’s long history of public service in Washington, D.C., his extensive list of accomplishments, and his long-standing relationships across party lines provide us with optimism as we work together to address the many challenges faced by the American people and our communities, including the ongoing COVID-19 pandemic, environmental stewardship, the safety and security of our workforce and communities, energy, fair and free trade, infrastructure, and innovation,” said TFI President and CEO Corey Rosenbusch.

“We look forward to working with the administration on issues critical to ag retailers, their farmer customers, and communities,” said ARA President and CEO Daren Coppock. “The Biden transition team worked diligently to be inclusive of ag retailers from day one, and for that we are grateful. We appreciate the engagement we have already had with the leadership of the incoming administration and look forward to continuing those relationships for a bright future for American agriculture.”

American Chemistry Council (ACC) President and CEO Chris Jahn said the ACC welcomed the inauguration of President Biden and Vice President Kamala Harris “as the culmination of a fair, transparent, and secure democratic election.” Jahn, who previously served as TFI President and CEO, said the U.S. chemical and plastics industry pledges to work with “Democrats, Republicans, NGOs, and Americans of all political stripes” to find common ground on pressing global challenges such as climate change and the COVID-19 pandemic.

“The next four years promise to be transformative, and U.S. chemical and plastic resin manufacturers intend to lead by example,” Jahn said. “Instead of disagreement and discord, ACC and its members look forward to forging new relations that enable our industry to continue to innovate and create American jobs. Where there has been inequality, we intend to double down on our values to help support policies, programs, and people that enable the continued contributions of chemistry to our society through diversity, inclusiveness and respect.”

The ACC issued a separate statement praising Biden’s executive decision during his first day in office to rejoin the Paris Climate Agreement. “In order for the opportunities afforded by the Paris Agreement to be fully realized, the administration, Congress, and the private sector must work together to develop and implement a national, comprehensive, market-based system to drive emissions reductions,” the organization said.

“Virtually every low-carbon electricity, energy efficiency, and transportation technology is made possible by the chemical industry, including solar panels, wind turbines, electric and high-efficiency vehicles, energy-efficient building products, low-emissions fuels, and advanced batteries,” ACC continued. “Climate change is a global challenge that requires long-term commitment and action by every segment of society. ACC members stand ready to play a constructive role in the development of climate solutions that will support a healthy, thriving nation for generations to come.”

The National Corn Growers Association (NCGA) also offered its congratulations, and sent a letter to Biden outlining key opportunities for corn growers and agriculture over the next four years, including efforts to transition the nation’s fuel supply to a higher-octane, low carbon fuel.

“NCGA and corn growers across the country are looking forward to being a part of efforts to address climate change, one of the Biden-Harris Administration’s top policy priorities,” said NCGA President John Linder. “Higher-octane fuels, most effectively achieved by blending more low carbon ethanol, would unlock increased gains in vehicle efficiency, equating to more miles per gallon, and an even further reduction in greenhouse gas emissions.”

NCGA said expanding overseas markets for U.S. corn and corn products is also a top priority. “We are confident your vast experience in the foreign policy arena will serve the U.S. well in our ability to expand upon our global competitiveness,” the organization said.

Valley Ag Acquires Saddle Mountain Supply

Featured, News, Pacific N.W.

Valley Agronomics LLC, Nampa, Idaho, announced that it has acquired Saddle Mountain Supply Co., an ag retail business in central Washington that operates four agronomy centers serving growers of wheat, alfalfa, corn, potatoes, peas, dry edible beans, triticale, onions, hops, and tree fruits in the Columbia Basin and surrounding areas.

“Our acquisition of Saddle Mountain Supply complements our overall cooperative offerings, so now we can provide farm inputs and services to additional areas within the Pacific Northwest,” Dave Holtom, Valley Ag CEO, told the Capital Press. “This investment represents an important strategic opportunity for Valley Ag to join and act as a part of growers’ operations in Washington. The acquisition also adds to our capacity and geographic presence to further support growing success for our customers.”

Valley Ag offers agronomy, grain handling, seed cleaning, and precision ag products and services from approximately 27 locations in Idaho, Utah, Washington, and Oregon. The company was formed in 2006 as a joint venture between Valley Wide Cooperative and Winfield Solutions LLC. It expanded with the purchase of Arco Feed and Grain in 2015, and again in 2016 through a joint venture with Wilco-Winfield in Mt. Angel, Ore. (GM Nov. 11, 2016).

Valley Ag also formed a partnership with Ag West Supply in Rickreall, Ore., in 2017, and completed the construction of a $12 million fertilizer distribution and retail center west of Pocatello, Idaho, that same year (GM Jan. 13, 2017).

ARA Partners with Farmobile on Fleet Optimization

News, News Briefs

The Agricultural Retailers Association (ARA) on Jan. 21 announced that it is working with ARA member company Farmobile, a farm data company based in Overland Park, Kan., to help ag retailers better manage and get more revenue from their commercial applicator and tender truck fleets.

ARA said the partnership with Farmobile aims to improve data collection on ag retail fleets, giving retailers real-time logistics across applicators and tender trucks on a single screen. The data collected and reports generated allow ag retailers to identify top-performing machines and calculate cost snapshots in a timely manner, thereby reducing expenses and improving efficiencies

“At ARA, we’re fully committed to helping ag retailers increase their profitability and agility in a rapidly changing market,” said ARA President and CEO Daren Coppock. “So many industries, like transportation, have been able to effectively leverage data to refine logistics, and with it, improve profitability. We’re excited to be working with Farmobile and others on efforts like these to help members leverage new data technologies for the benefit of their fleet operations.”

As part of the partnership, ARA said it is offering a limited-time, members-only exclusive package that includes data collection and LIVE logistics as well as performance and profitability fleet data analysis through Farmobile Services+ for Ag Retail Fleet. Now through March 31, 2021, ARA members can get special pricing on the combination of data technology and Services+ premium consulting services.

“ARA has been at the forefront of identifying the trends that are most important to the future success of agricultural retailers,” said Farmobile CEO Jason Tatge. “We’re thrilled to be able to be one of the organizations working with them to help retailers realize the full value of agronomic and machine data as a powerful management, logistics and performance tool.”

Ammonia

Ammonia, Black Sea, China, Eastern Cornbelt, Great Lakes, India, Market Watch, Middle East, Northern Plains, Northwestern Europe, Southeast Asia, Tampa, U.S. Gulf, Western Cornbelt

U.S. Gulf/Tampa:

Tampa ammonia continued to be called $270/mt DEL for January, with sellers anxious to see a price increase for February.

Some suggested that a $30/mt uptick might be warranted. They cited continued strength in the phosphate market, tight supplies, and recent international outages, although the Tringen I plant was reported to have returned to production Jan. 8 in Trinidad. It had been down since Dec. 1 due to gas curtailments, with other major producers in the country also having some degree of gas curtailments.

In the U.S., Louisiana’s Waggaman plant was scheduled for a major turnaround this month.

Eastern Cornbelt:

Sources continued to report prompt ammonia at $380-$390/st FOB Eastern Cornbelt terminals, with spring prepay offers pegged at $415-$425/st FOB, depending on location.

Western Cornbelt:

The ammonia market remained at $370-$380/st FOB for limited prompt tons in Iowa and Nebraska, with spring prepay offers ranging from $400-$420/st FOB in the region, depending on location. Pricing in Oklahoma had reportedly firmed, however, to $310/st FOB Pryor for prompt tons, with the Verdigris market tagged at $320/st FOB for prompt and $350/st FOB for prepay.

Northern Plains:

Prepay ammonia offers ranged from $420/st in Minnesota to $445/st FOB Grand Forks, N.D., and $475/st FOB Velva, N.D., with delivered tons pegged at $485-$495/st in North Dakota. Prompt ammonia was pegged at $390-$400/st FOB in the Northern Plains.

Great Lakes:

Michigan sources pegged the ammonia market at $360-$430/st FOB Courtright, Ont., with the low for prompt tons and the high for spring prepay. Other terminal pricing included Huntington, Ind., at $380/st FOB for prompt and $430/st FOB for prepay, and Lima, Ohio, at $360/st FOB for prompt and $425/st FOB for prepay.

Black Sea:

The lack of export material has not stopped people from speculating what the Black Sea ammonia price would be if tons were available for sale.

Sources noted that most of the ammonia in the area is being used for domestic needs or to cover existing contracts. Even with the dearth of product for export, sources pointed to a rapid rise into the $230s/mt FOB in the past few weeks as evidence that higher prices should be posted for the area.

One trader said if any tons were available, they would be offered at or near $250/mt FOB. Others agreed that any new deals would most likely be in the $240s/mt FOB, with every possibility of hitting $250/mt FOB.

However, this past week showed no spot deals and no evidence that spot material will be available soon. In the absence of new business, any price in the $240s/mt FOB is speculation.

Middle East:

Tight ammonia supplies in the Middle East are forcing producers to reject any spot deal bids. As a result, no new pricing has been set in the area.

Northwest Europe:

The tight situation in Yuzhnyy and new deals out of Baltic ports are pushing up the ammonia price in Northwest Europe. Sources now peg the high end of the range at $320/mt C&F, with the low end closer to $300/mt C&F.

Upward pressure comes as plants in Europe are closing and as the Baltic price rises.

Sources said OCI bought a spot cargo at $275/mt FOB, which pushed up the Northwest Europe price. One trader said that price could end up being the higher end of the February price once talks get serious next week.

There is speculation that while $275/mt FOB could easily be the high end of the range, the low end may be closer to $250/mt FOB. A lot will depend on whether the new price makes it affordable to re-open some plants in Europe, and thereby ease pressure on importing material.

Southeast Asia:

Product remains tight in Southeast Asia. South Korea, one of the main buyers in the region, has had to go as far as Yuzhnyy and the Caribbean to find tons, only to be turned away with each inquiry.

South Korean imports for 2020 were down about 11 percent, to 1.2 million mt from 1.4 million mt in 2019. December 2020 imports were down almost 40 percent. Overall, each quarter of 2020 showed fewer imports than the corresponding quarter in 2019. For example, the last quarter of 2020 showed 292,000 mt imported against 313,000 mt during the same period in 2019. Similarly, the second half of 2020 showed 606,000 mt of imports against 696,000 mt in 2019.

Sources said the drop in imports could be the result of industrial slowdowns related to the COVID pandemic. However, one trader said buying interest seems to be stepping up in South Korea and Taiwan, putting more pressure on the demand side of the buying equation.

China:

Ammonia imports in China for 2020 were up about 100,000 mt from 2019, according to Trade Data Monitor, with 1.2 million mt imported in 2020 against about 1.1 million mt in 2019. The big jump came in the second half of the year, as July-December 2020 imports totaled 629,000 mt against 550,000 mt during the same months in 2019. First semester import numbers between 2019 and 2020 were about the same.

India:

Sources are waiting for another FACT ammonia tender to be called soon. The buyer usually calls a tender in the middle of a month to secure the tonnage it needs two months hence. The FACT tenders offer the industry a touchstone for where the Indian ammonia market is headed.

Urea

Black Sea, Brazil, China, Eastern Cornbelt, Great Lakes, India, Indonesia, Market Watch, Middle East, Northeast, Northern Plains, South Korea, U.S. Gulf, Urea, Western Cornbelt

U.S. Gulf:

NOLA granular urea barge trades for January were quoted in the $311-$320/st FOB range, up from the week-ago $275-$312/st FOB. February was reported to have traded at $328/st FOB. Sources said a retreat in crop prices caused the urea market to trade sideways for a while during the week, but pricing had returned to an upward trajectory by the end of the week.

Eastern Cornbelt:

Urea prices reportedly firmed to $355-$370/st FOB in the Eastern Cornbelt, up another $20/st from the prior week, with the low confirmed out of spot Illinois, Mississippi, and Ohio River terminals and the upper end FOB East Dubuque, Ill., for January-February tons.

Western Cornbelt:

Urea prices continued to edge up in the Western Cornbelt, fueled by a steadily firming NOLA barge market. The market was quoted at $355-$365/st FOB St. Louis, Mo., and Catoosa/Inola, Okla., while Iowa sources pegged urea pricing at $370/st FOB Camanche and $370-$375/st FOB Port Neal at midweek.

Northern Plains:

Urea pricing FOB St. Paul, Minn., was quoted firmly at the $370-$380/st FOB level at midweek, with some speculating that the market could edge closer to the $400/st FOB level before the week was out. Delivered urea was pegged at $380-$390/st for prompt tons in North Dakota, up $60/st or more from late December, with Q2 offers quoted at $395-$405/st DEL.

Great Lakes:

Urea prices were quoted at $370-$375/st FOB in Wisconsin and out of terminals in Burns Harbor, Ind., Toledo, Ohio, and Maumee, Ohio. The market FOB Michigan terminals had reportedly firmed to the $390-$395/st FOB range, up roughly $90/st from early December pricing levels.

Northeast:

The urea market was reported at $365/st FOB Fairless Hills, Pa., for January/February tons, up $10-$20/st from last report and a full $70-$80/st higher than late December pricing. Fairless pricing for March-April and Q2 tons was pegged at the $375/st FOB level.

China: Sources said the country is slowing down in anticipation of the Golden Week associated with the Lunar New Year that begins on Feb. 12. Sources said people are clearing out any holdings they have of product now instead of waiting until after the celebrations.

The domestic demand for urea is beginning to slow down. Sources said following the Lunar New Year holiday, local demand will be sporadic and limited, leaving only the export market. Some sources are nervous about holding onto tons that might be too expensive for export, and are now reportedly selling off their tons.

Traders said even though no export deals were done recently, the export-equivalent price is pegged just a bit above $310/mt FOB. That translates back to a domestic price of around $300/mt FOB ex-factory. Producers had been pushing higher prices to local buyers through last week. Some local demand has eased off as local warehouses fill up.

Producers are facing a number of issues that are pushing higher prices. Many have had to shut down because operating costs are rising more rapidly than urea prices. Natural gas in many areas is also being diverted to home-heating use away from industrial plants. This move is affecting all companies, not just the fertilizer plants.

Regional shutdowns related to new COVID outbreaks are also affecting the shipping of product. Sources said in some areas the lockdowns are preventing workers from getting to work at the terminals and ports. For others, it means truck drivers are not being allowed to transit areas, thus limiting what material can be shipped.

Sources said many of these difficulties will ease in March, however. Warmer weather will release more natural gas to industries, and some COVID-related restrictions are expected to be lifted. If plants can return to operation and if the transportation infrastructure is not impaired too much, Chinese urea could become a factor in an Indian tender looking for March shipments.

Chinese urea exports for 2020 jumped about a half-million tons compared to 2019. Exports in 2020 were pegged at 5.6 million mt against 2019 exports of 4.9 million mt, according to Trade Data Monitor. The single largest buyer in 2020 was India, taking almost 3 million mt. The next closest buyer was South Korea at 554,000 mt.

Exports in the first half of 2020 were reported at 1.7 million mt and jumped to 3.7 million mt in the second half, replicating a ratio also seen in the previous two year. The first half usually shows dramatically fewer exports than the second half due to domestic demand that usually occurs in the first several months of the year, leaving fewer tons for export.

India:

Sources said a urea tender in India will need to be called soon. Traders cited government figures that showed current urea reserves at 480,000 mt, with an estimated deficit of 130,000 mt by the end of March. A tender, they said, needs to be called in early February at the latest to ensure arrival in late March to rebuild stocks.

One trader noted that the uprising of farmers against changes in payments for their crops may have delayed the calling of the tender. This issue, coupled with the organization of a national-wide vaccination program, has stretched the Indian government’s resources thin.

Sources said before a tender can be called, the government needs to assess where the tons will be most needed. If surveys show that more tons are needed in areas better served by East Coast ports, there will be an emphasis on securing Chinese product. That could mean holding off on a tender call until it is clear the urea will be available and can be shipped without difficulty.

If, however, areas better served by West Coast ports show the most need, the buyers will be dependent on Arab Gulf and some CIS material. Arab producers have been moving up their prices steadily and do not appear to be in any mood to lower them.Whatever way India goes, sources are unanimous that prices will be significantly higher than the previous tender.

Middle East: Urea deals out of the Arab Gulf have moved to $322-$325/mt FOB, with limited material available for spot deals.Sources reported a Fertiglobe sale of $322/mt FOB bound for Ethiopia this week. Another deal at $325/mt FOB was reported, but with an unnamed destination.

The paper market for February Arab Gulf material is solidly at $325/mt FOB, a level sources said has already been achieved. Offering further support to producers were reports of higher prices coming out of Egypt.

Helwan sold 10,000 mt at $350/mt FOB for March shipment, and Abu Qir sold another 15,000 mt for the same month at $345/mt FOB. All this occurred while the paper market was calling March prices in the low-$340s/mt FOB. Earlier deals had moved the February price into the low-$340s/mt FOB following a steady rise in prices.

Indonesia:

Kaltim and Gresik called tenders to close on Jan. 22. Both are looking at a reserve price of $315/mt FOB.Kaltim is offering 6,000-45,000 mt of granular urea for shipment in March and April. Gresik is offering 6,000-25,000 mt of prilled urea for shipment at the same time.

Because of the strength of the global urea market, sources said both companies might be able to achieve their reserve price for at least some of the material being offered.

Black Sea:

Sources reported a urea deal at $295/mt FOB, but with few details of the buyer or end user. The price, however, coincides with what sources have been saying the Yuzhnyy market needs to match up with the rest of the world.

The tonnage moving out of Yuzhnyy is limited, because the main demand is to build stockpiles within the CIS before offering for export. The domestic fill programs are expected to conclude by the end of February, meaning some tons might be available for March shipment to cover an award in the pending Indian tender.

The $295/mt FOB price is backed up by a sale of 10,000 mt at $325/mt FOB out of the Baltics. The Baltic sale was said to be done to fill out a contract. Sources said the price was too high and the quantity too low to be used to take a position for a future sale.

South Korea:

Urea imports for 2020 in South Korea were reported at 836,000 mt by Trade Data Monitor, against 2019 imports of 458,000 mt. The single largest supplier to South Korea was China, which shipped 552,000 mt in 2020. Imports totaled 518,000 mt during the first half of 2020 and 317,000 mt during the second half.

Brazil:

Urea prices at Paranagua moved up as traders appear to be taking positions against a further increase once India comes into the market with a tender. Prices are now quoted at $340-$350/mt CFR.Some of the demand for the tons purchased this week will not surface for a few months. Sources said the buying appears to be for the winter corn crop in June.

Even as prices go up at the ports, sources said urea prices are softening in Rondonopolis, with the latest deals quoted at $360-$380/mt FOB ex-warehouse. On the other hand, Sorriso is showing an increase, with sources quoting the market there at $445-$492/mt FOB ex-warehouse.

A better price for corn has shifted the barter ratio. Sources said the ratio is now 50 bags of corn for 1 mt of urea, down from 60 bags earlier this month.

Brazil Urea Prices
Terminal/City US$/mt FOB ex-warehouse
Week ending 01/15 Week Ending 01/22
Rondonopolis 380-400 360-380
Sorriso 390-434 445-492

UAN

Eastern Cornbelt, Great Lakes, Market Watch, Northeast, Northern Plains, U.S. Gulf, UAN, Western Cornbelt

U.S. Gulf:

NOLA UAN barge prices were hard to gauge, with the market quickly running up and most reports limited to forward business. The most recent business was quoted in the $148-$155/st ($4.63-$4.84/unit) FOB range, with price ideas for the next round of business put as high as $165/st FOB, if not higher.

Eastern Cornbelt:

UAN-32 pricing started the week at $190-$200/st ($5.94-$6.25/unit) FOB terminals in Illinois, Indiana, and Ohio, depending on location and time of delivery.

On Jan. 21, however, another posted increase from CF pushed reference prices up to $210/st ($6.56/unit) FOB Peru, Ill., $213/st ($6.66/unit) FOB Mount Vernon, Ind., and $215/st ($6.72/unit) FOB Cincinnati, Ohio. Other wholesale suppliers were reportedly offering March tons at $212/st ($6.63/unit) FOB Peru and April-June tons at $217/st ($6.78/unit) FOB LaSalle, Ill., as the week progressed.

“The markets have gone up very quickly, but customers continue to buy tons,” said one regional UAN contact.

Western Cornbelt:

The UAN-32 market was quoted at $193-$215/st ($6.03-$6.72/unit) FOB Western Cornbelt terminals, with the low confirmed early in the week at St. Louis and the upper end reported at Port Neal as of Jan. 20.

UAN-32 pricing in Oklahoma was also up, with new postings as of Jan. 20 quoted at $180/st ($5.63/unit) FOB Verdigris and $185/st ($5.78/unit) FOB Woodward.

Northern Plains:

The UAN-32 market reportedly surged at midweek to $245/st ($7.66/unit) FOB Winona, Minn., for tons shipped now through June, up roughly $20/st from the previous level, and a full $55/st higher than December pricing levels.

Great Lakes:

Wisconsin sources pegged the UAN-32 market at $225-$245/st ($7.03-$7.66/unit) FOB as the week progressed. Michigan terminal pricing for UAN-28 was quoted at $205-$224/st ($7.32-$8.00/unit) FOB at midweek, up some $40-$50/st from early December, with the low confirmed at Bay City for prompt tons and the high at Webberville for prompt or prepay.

Other spot quotes for UAN-28 in mid-January included $210/st ($7.50/unit) FOB Coldwater, Mich., for prompt; $213/st ($7.61/unit) FOB Burns Harbor, Ind., for prepay; $214/st ($7.64/unit) FOB Maumee for prompt or prepay; and $222/st ($7.93/unit) FOB Muskegon, Mich., for prompt or prepay.

Northeast:

UAN-32 pricing was quoted at $180-$185/st ($5.63-$5.78/unit) FOB Baltimore, Md., early in the week, up $20/st from early January, but sources said the market there firmed again to $190-$195/st ($5.94-$6.09/unit) FOB later in the week.

Out of terminals in upstate New York, the UAN-32 market was quoted at $245/st ($7.66/unit) FOB, up $30/st from last report.

Ammonium Nitrate

Ammonium Nitrate, France, Market Watch, U.S. Gulf, Western Cornbelt

U.S. Gulf:

NOLA ammonium nitrate barge prices remained in the $150-$160/st FOB range.

Western Cornbelt:

Ammonium nitrate pricing was pegged solidly in the $250-$260/st FOB in the Western Cornbelt, where available.

France:

Healthy demand and limited availability continued to drive up European nitrate prices. This week, Yara announced a new list price for February deliveries of its 33.5 percent ammonium nitrate (YaraBelaExtran) in France, raising the price to €290/mt bulk CPT, up €25/mt from its previous posting for February deliveries (GM Jan 15. p. 15). The supplier once again emphasized that only limited volume was available.