US Gulf:

NOLA potash barges remained at $380-$400/st FOB for the last business, with midweek offers rumored at $265/st FOB but no confirmed trades at that level. The industry continues to await the launch of potash fill programs, now expected in early July.

Eastern Cornbelt:

Potash continued to fall, with terminal pricing pegged in the $395-$425/st FOB range in the Eastern Cornbelt, down from last week’s $420-$440/st FOB. The latest Cincinnati offers were confirmed at $405-$410/st FOB, below the last reported $420-$430/st FOB range.

Western Cornbelt:

Potash pricing dropped to $395-$425/st FOB in the Western Cornbelt, down from last week’s $400-$440/st FOB, with the low confirmed at St. Louis and the high in Iowa.

Southern Plains:

Potash fell to $415-$430/st FOB Catoosa/Inola and $450/st FOB Houston, down from the prior $430-$480/st FOB range.

South Central:

South Central potash pricing remained in the $440-$460/st FOB range in late June, with the high reported in Arkansas.

Southeast:

Potash pricing dropped to $425/st FOB Wilmington, down from the prior $440/st FOB level, with rail-DEL tons remaining at $465-$475/st in the Southeast for the last business.

India:

National Fertilizers Ltd. (NFL) issued a new tender for the supply of 100,000 mt of standard potash in two lots, after scrapping an earlier one for the same volume (GM June 16, p. 15).

The new tender closed on June 29. Some 50,000 mt of pink/red potash were required for east coast delivery and 50,000 mt of pink/red potash for west coast delivery. The tons were requested within 25 days from date of issue of LOI/PO, with the latest shipment by Aug. 8, one month later than under the June 10 tender.

Trade Data Monitor put January-April potash imports at 483,000 mt, down from 941,000 mt in the prior-year period. April imports fell 50%, to 124,000 mt from 245,000 mt in April 2022. Jordan supplied 51,000 mt, Israel sent 48,000 mt, and Canada added 25,000 mt.

China:

Sinofert Holdings, a unit of Sinochem Fertilizer Macao, has agreed to buy up to 132,000 mt of potash from Canpotex at $307/mt, for a total purchase price of $40.5 million, MT Newswires reported. The potash is likely to be shipped from Canada or the US to China between June and July, according to a June 28 filing.

Brazil:

The landed price edged up to $310-$330/mt CFR. While many believe the price floor was hit last week, others disagreed, pointing to large warehouse supplies and more still to come. The price rise, said some players, could be attributed to a temporary surge of demand that will reverse itself quickly, potentially leading to a deeper price drop.

Rondonopolis buyers saw prices increase to $425-$480/mt FOB ex-warehouse. The upward movement resulted from a number of buyers looking to cover immediate needs, some said. Farmers were described as watching the barter ratios for NPKs closely before deciding to move on potash purchases. There also appears to be a sense that prices will reverse, providing a better opportunity for buyers to grab some bargains in the near future.

Southeast Asia:     

Traders in the area said buyers seem to be pushing for prices closer to $300/mt CFR. However, there are reports that some talks are also centering on $325-$350/mt CFR.

Potash imports to Thailand fell 55% in January-May, Trade Data Monitor reported,to 184,000 mt from the year-ago 411,000 mt. May imports were 49,000 mt, off 69% from 157,000 mt in May 2022. The month’s main suppliers were Laos with 20,000 mt, Canada with 18,000 mt, and Jordan with 8,000 mt.