Central Florida:
With the NOLA phosphate markets on the rise for the week, Central Florida truck sellers were in the process of evaluating offer levels. With no updated postings reported, DAP and MAP loaded to trucks from Central Florida locations continued at the week-ago $785/st FOB level.
North Florida MAP trucks were also steady at $780/st FOB for the week.
U.S. Gulf:
NOLA phosphate barges were seen jumping higher for a second consecutive trading period, driven in part by improving weather conditions and a possible early return to spring navigation on the upper Mississippi River.
Players noted DAP barges at a $740/st FOB early-week low, up from the prior week’s $715/st FOB. Pricing was heard lifting to as high as $770/st FOB by Feb. 17.
MAP barges loading from NOLA were reported at a $750/st FOB bottom, up from $740/st FOB last week. Keeping pace with DAP, sources put the top of the MAP market at $770/st FOB, above the week-ago $755/st FOB high.
Nearby NOLA DAP pricing was quoted in the $740-$770/st FOB range for the period, increasing from $715-$745/st FOB at last report. MAP barges were pegged at $750-$770/st FOB, sources indicated, rising from $740-$755/st FOB.
U.S. Exports:
Mosaic reported the sale of 10,000 mt of DAP and 5,000 mt of MAP from the U.S. Gulf during the week. The tons, destined into a single market in Latin America, carried $850-$858/mt FOB pricing, with loading slated for first-half March.
An additional small-lot DAP cargo, reported selling into northern Latin America at an $835/mt FOB price point, fell below the Green Markets minimum volume to merit inclusion in the current-week range.
The U.S. Gulf DAP and MAP export markets were seen moving higher based on applicable reported sales, to $850-$858/mt FOB from $810/mt FOB in the prior report.
Eastern Cornbelt:
DAP and MAP pricing continued to climb during the week. The DAP market was quoted at $775-$795/st FOB in the Eastern Cornbelt, up from the prior week’s $765-$780/st range, depending on location and timing, with the higher numbers reported as the week progressed.
MAP was pegged at $785-$800/st FOB in the region, up from $775-$795/st last week.
The Cincinnati DAP market was pegged at $780-$795/st FOB during the week, with the market described as “solidly” at the upper end of that range by Feb. 17. MAP pricing at Cincinnati firmed from a low of $785/st to a firm $800/st FOB as the week progressed. Michigan sources pegged the MAP market at the $860/st level FOB Toledo.
Western Cornbelt:
DAP prices strengthened again during the week, firming to $775-$785/st FOB in the Western Cornbelt, up from the prior week’s $765-$770/st, with the low confirmed at St. Louis. MAP was quoted at $790-$800/st FOB/st FOB in the region, with St. Louis pricing pegged at $790-$795/st FOB as the week progressed.
The Catoosa/Inola market jumped to $780-$785/st FOB for DAP and $795-$805/st FOB for MAP, sources said, up from the previous week’s $765-$770/st FOB and $775-$785/st FOB, respectively.
Northern Plains:
DAP pricing firmed to $785-$790/st FOB St. Paul, with MAP pegged solidly in the $800-$810/st FOB range at that location. Those levels were up from the previous week’s $765-$775/st FOB for DAP and $780-$790/st for MAP.
Delivered MAP offers in central and western North Dakota were pegged at $880-$890/st from shipping points in the Western U.S.
Northeast:
Phosphate prices in the Northeast reportedly jumped to $800-$830/st FOB for MAP, up $5-$15/st, with the low reported at Belle Vernon, Pa., and the high at Lancaster. The DAP range was pegged at $790-$810/st FOB in the region, depending on location, up from $780-$790/st FOB at last report.
Eastern Canada:
The MAP market was pegged at C$1,160-$1,200/mt FOB in Eastern Canada, down C$20/mt at the high end of the range. DAP remained at C$1,180/mt FOB Montreal, unchanged from last report.
Saudi Arabia:
Recent Saudi Arabia phosphate pricing continued to be quoted in the $890-$905/mt FOB range, unchanged from one week earlier.
China:
Sources said reports that China would be withholding 1 million mt of urea for a summer program applies to phosphates. The government reportedly is anxious to make sure the DAP needs for farmers are well covered with inexpensive product before allowing too many exports.
The end of the phosphate application season is currently seeing a buildup of product at portside warehouses. According to a Bloomberg analysis, there are 320,000 mt of DAP waiting to be loaded on vessels. Last year, the peak availability in the warehouses was about 360,000 mt.
More tons are being authorized for export under existing contracts. Sources said no new deals have been done for product. Most of the cargo being allowed out is heading to India, which has several contracts for regular deliveries directly from Chinese DAP producers.
Recent Indian business from other sources showed delivered prices at $915-$925/mt CFR. Calculating that rate back to China gives an export equivalent price of $895-$900/mt FOB. This level represents a slight retreat in pricing from most of last year.
India:
No new deals were reported this week. Traders said a clearer picture is emerging of the DAP tons purchased earlier this month. Sources said the estimated price into India is now a bit tighter at $915-$925/mt CFR.
Demand for DAP continues, but sources said aggressive buying in December and January helped bring in enough DAP to ease the demand. Sources said buyers will continue to scout around for more tons as the big firms look to receive product from their contracts with Chinese producers.
Brazil:
Regional demand for MAP for the next season is putting pressure on the current price. For now, however, the price remains stable at $850-$920/mt CFR.
Inland, buyers are looking more to the 2022/23 season than for any immediate needs. Sellers see the demand and keeping asking for a higher price, and are reportedly getting it. Source pegged the Rondonopolis price at $965-$1,020/mt FOB ex-warehouse.