Central Florida:
Central Florida DAP trucks were steady at $550/st FOB for the week. Truck-loaded MAP was quoted at $580/st FOB, unchanged from the prior report.
U.S. Gulf:
DAP barges were noted at $545-$550/st FOB for prompt and loaded barges, drawing a premium as players hoped to squeak last-minute deliveries into the spring application window. Physical barges tagged for forward loading and well outside of spring availability were noted as low as $530/st FOB, ticking up from the week-ago $525/st FOB floor.
DAP paper and futures for the third and fourth quarters were heard spiking to $545/st FOB due to rising corn prices, although activity leveled off toward the second half of the week.
A flurry of physical sales for loading in the June-September period were reported in the $540-$545/st FOB range. Despite the timing, sellers declined to describe the business as part of a summer fill program.
Limited nearby MAP barge activity was observed for the week, with prompt barge offers noted at $560-$565/st FOB. Sources reported limited early-week trading at a $555/st FOB low. Barges loading in June-September were quoted at $565-$570/st FOB.
Nearby NOLA DAP barges were pegged in the $530-$550/st FOB range for the week, shifting from $528-$560/st FOB in the prior report. Nearby MAP barges followed a similar pattern, moving to $555-$565/st FOB from $535-$570/st FOB reported one week earlier.
U.S. Exports:
Limited availability kept the Gulf phosphate spot export market at the last-done $580/mt FOB level, which was achieved on a 7,000 mt DAP cargo sold into the Latin American markets.
Eastern Cornbelt:
DAP was steady at $600-$615/st FOB in the Eastern Cornbelt, depending on location, with the Cincinnati market pegged at $605-$610/st FOB in late April. MAP remained at $620-$635/st FOB in the region.
Western Cornbelt:
DAP pricing in the Western Cornbelt continued to firm on reports of tight supply. The market was quoted at $595-$605/st FOB, up another $10/st from last report, with the low reported at St. Louis. MAP remained at $610-$625/st FOB in the region, depending on location.
California:
The MAP market remained at $690/st FOB or DEL in California. “I think the market is topped out for now,” said one source.
Pacific Northwest:
MAP pricing remained at $677/st FOB Aurora; $680/st DEL in Washington, Oregon, and northern Idaho; $670/st DEL in southern Idaho and Utah; and $660/st DEL in Montana. While some sources claimed limited new offers down to $640/st DEL in late April, that level was not confirmed.
Western Canada:
The MAP market in Western Canada was unchanged at C$945-$955/mt FOB and $950-$960/mt DEL. “MAP supply is expected to be tight through spring,” said one source.
Saudi Arabia:
The Saudi Arabia DAP market was reported at $535-$545/mt FOB, compared with $530-$550/mt FOB the previous week.
India:
Demand for DAP is picking up in India, but sources said prices have slipped to the low-$560s/mt CFR. At the same time, tenders were issued to nail down minor quantities, which could be used as a basis for negotiations for larger tons.
RCF will close a DAP tender on May 6 for 56,000 mt of dark DAP to be delivered to an East Coast port, and 50,000 mt of white DAP for a West Coast delivery.
Another tender closes on May 4 for a total of 60,000 mt of DAP or MAP and 20,000 mt of TSP. The DAP/MAP purchases are broken into three shipments of 20,000 mt each. The first lot is to be shipped 30 days after the purchase order is issued. The second lot is slated for June, and the third lot of 20,000 mt is in August.
Sources said the country needs phosphates. The dramatic increase in the phos acid price last week, said sources, will make domestic production more difficult and put more emphasis on imports.
China:
Prices for DAP remain steady in the $530s/mt FOB. Sources said even as demand steps up in India and Pakistan, producers seem willing to make deals that hold the price steady to ensure sales.
Brazil:
Buyers are arguing that prices for MAP should be coming off as demand slackens, but the level remains at $605-$615/mt CFR at Paranagua. The range seems to include a slight discount for Chinese MAP compared to the Russian and Moroccan product.
Prices have come down about $5/mt in Rondonopolis, to $725-$747/mt FOB ex-warehouse. Sources said the difference is related more to currency and some supply and demand fluctuations rather than to a hard trend for lower prices.
The barter rate for 1 mt of MAP at Rondonopolis remains steady at 37 bags of soy. The rate in Southern Goias is put at 34.72 bags of soy or 47.5 bags of corn.