Central Florida:
DAP trucks loading from Central Florida were posted at $630/st FOB, unchanged from one week earlier. Truck-loaded MAP was also flat at $630/st FOB.
North Florida MAP trucks continued to be quoted at $630/st FOB, steady from the prior report.
US Gulf:
NOLA barge phosphate values remained largely flat for most of the week, although firmer pricing was reported toward the end of the March 24-30 trading period.
Nearby DAP barges traded even with the week-ago low at $600/st FOB, sources noted, while domestically-produced tons changed hands up to $610/st FOB through the early week. New domestic offers quoted firming to $615/st FOB during the week found buyers on March 30, sources said.
Players described limited MAP action up to $575/st FOB, even with the prior-week top. The price was achieved on a handful of domestic barge trades, after which offers for US-produced material lifted $5/st to $580/st FOB. On the low side, business was heard at $570/st FOB, above the week-ago $565/st FOB floor.
The NOLA DAP barge market was quoted at $600-$615/st FOB, up from $600-$610/st FOB reported last. Players noted MAP barges trading in a $570-$575/st FOB range, above $565-$575/st FOB at last check.
US Exports:
No new business was reported on the Gulf DAP and MAP export markets. Recent trading was quoted at $635/mt FOB, on par with last-heard offer levels.
Eastern Cornbelt:
DAP was unchanged at $670-$680/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati. MAP remained at $625-$650/st FOB, with the upper end out of inland warehouses and the low confirmed at both Cincinnati and Ottawa, Ill.
In the Great Lakes region, the latest MAP offers at Toledo were pegged at the $655/st FOB level.
Western Cornbelt:
DAP was steady at $665-$680/st FOB in the Western Cornbelt, with the St. Louis market quoted at $665-$675/st FOB. MAP remained at $615-$650/st FOB in the region, with St. Louis pricing reported in the $615-$625/st FOB range.
Northern Plains:
DAP remained at $680-$690/st FOB St. Paul. MAP was down significantly, however, falling to $625/st FOB St. Paul, well below the previous $665/st FOB level. No current delivered MAP pricing was confirmed in North Dakota, where truck availability was described as “tight” in late March.
Northeast:
The DAP market remained at $675-$690/st FOB in the Northeast, with the low confirmed at Fairless Hills and the high at East Liverpool. MAP was steady at $670/st FOB East Liverpool in late March, with delivered pricing at the $710/st level in Pennsylvania.
Eastern Canada:
New MAP offers in Eastern Canada were pegged in a broad range at C$995-$1,280/mt FOB, depending on location and supplier, down C$25/mt at the low end of the range. DAP was quoted at the C$1,010/mt FOB level in Montreal, unchanged from last report.
China:
Exports of DAP have been slow, but are expected to pick up in April and May. Sources said the country is in the tail-end of its main domestic DAP season.
The small amount of material moving out of China reportedly falls under deals cut directly between producers and large-scale buyers. Based on the latest Indian DAP purchases, the netback to China would be in the $560s/mt FOB, although sources stress there is no public business they can cite to back up that estimate.
India:
The week went well for Indian DAP buyers, starting with reports of a deal or two at $580-$590/mt CFR. By the end of the week, sources were reporting a 40,000 mt DAP purchase at $577-$578/mt CFR.
The most recent deal reportedly involved PhosAgro material being sold to NFL for April shipment. Traders noted that NFL is happy to promote a price in the $570s/mt CFR, while PhosAgro is reportedly telling people the price is both closer to $590/mt CFR and is for shipment after April.
Sources said that if the cargo is shipped in late April or early May, it could still be included in Kharif season planning. If it is shipped in late May, the cargo could easily be stored as part of the buffer stocks for the Rabi season.
So far. many buyers have been picking up only what they need. That could change after April 1, when the new fiscal year begins. Once the new budget and its associated subsidies are formally in place, buyers will feel more secure about their purchases.
Bangladesh:
Sources reported that 40,000 mt of DAP will be shipped from OCP/Morocco for Bangladesh Agricultural Development Corp. (BADC) at $610/mt CFR.
The cargo is reportedly part of a larger deal between the two countries calling for 520,000 mt to be shipped during the fiscal year ending on June 30.
Brazil:
The price of MAP came down slightly to $610-$625/mt CFR. Sources expect to see more downward pressure applied to future sales.
The Rondonopolis market narrowed to $730-$765/mt FOB ex-warehouse. Sources said the bulk of the deals were in the $750s/mt, but with some aggressive buyers pushing the $730/mt price. Large-scale buyers are said to have secured their MAP needs for the upcoming season. The only ones left to buy product are individual farmers who seem to be waiting and watching as the price slides further down.
Argentina:
Trade Data Monitor put January-February MAP imports at 12,000 mt, up from 1,000 mt reported through the first two months of 2022.
February MAP imports were 7,000 mt, up from 5 mt imported in February 2022. All of the tons originated from Morocco. The first quarter of the year is typically a slow period for imports.