Central Florida:
DAP loading from Central Florida was posted at $470/st FOB, unchanged from the prior week. MAP trucks were offered at $500/st FOB, also steady from recent weeks. North Florida MAP postings remained at $600/st FOB, sources said.
US Gulf:
Following a slow start to the week, sources reported NOLA DAP and MAP barge prices heating up toward the end of the July 14-20 trading period.
On the heels of early-week trading noted at a $445/st FOB low, DAP barges firmed to a high of $470/st FOB on July 20 for tons loading now through September, sources said, a sharp jump from the week-ago $445/st FOB ceiling. Offers quoted at $475/st FOB had yet to find a buyer on July 20, sources said.
MAP buyers scrambled to make purchases as well, driving the market from $480/st FOB early in the week to a high of $520-$530/st FOB on July 20, up $20-$60/st from last week’s $460-$470/st FOB range.
Players generally attributed the increase to low stocks in the US market. The speedy rise in pricing, described as a response to sentiments quickly turning “very hot” and “very bullish” during the week, led many sellers to reassess their positions late in the week. “Most have pulled offers,” said one trader on July 20.
US Exports:
Export prices continued at $470/mt FOB on reports of limited third-quarter availability. The price was said to reflect available netbacks on recent business out of the inland Brazil market.
Eastern Cornbelt:
DAP and MAP prices were moving up in the Eastern Cornbelt, fueled by firming NOLA barge values and tightening supply. DAP moved to $520-$530/st FOB Cincinnati and other regional warehouses, up from last week’s $505-$520/st range.
MAP strengthened even more, to $540-$580/st FOB from last week’s $530-$550/st, with both the high and low reported at Cincinnati as the week progressed.
Western Cornbelt:
DAP was pegged at $495-$525/st FOB in the Western Cornbelt, with the lower end of the range confirmed at St. Louis. MAP pricing firmed to $520-$565/st FOB in the region, up $15/st from last week’s high, with both the high and low reported at St. Louis during the week.
Southern Plains:
DAP was quoted at $515/st FOB Houston and $510-$530/st FOB Catoosa/Inola, with the higher end confirmed late in the week. MAP pricing moved to $535-$560/st FOB Catoosa/Inola and a solid $545/st FOB Houston, with some suggesting that additional near-term increases are likely based on rapidly strengthening NOLA MAP prices.
South Central:
DAP prices firmed to a broad $520-$580/st FOB in the South Central region, depending on location and timing, with the high reported later in the week following a rise in NOLA barge prices.
Southeast:
MAP postings from Nutrien were steady at the $600/st level FOB Aurora, N.C., and White Springs, Fla.
Western US:
MAP prices moved up in California and the Pacific Northwest during the week. MAP pricing in California firmed to $640/st FOB or DEL, up from $625/mt, while MAP in the Pacific Northwest moved to $620-$630/st FOB or DEL, up from $600-$610/st at last report.
China:
Sources said the export price for DAP moved to $420-$430/mt FOB on recent sales to India. The softer prices came as domestic demand tightened to just a few small bids, leaving most of the DAP production available for export.
DAP export availability remains limited, however, as producers are unsure about shifting government policy. Rumors suggest the government may make it easier for producers to ship their DAP while domestic demand is low. No official statements have been made, however, and export inspectors seem uninterested in moving any faster with their paperwork.
MAP inventory in Chinese warehouses is at its lowest point in years. Chinese media reported only 26,000 mt ready for export as of last week.
India:
Earlier reports of a 50,000 mt DAP purchase by CIL at or near $435/mt CFR put estimated netbacks to China in the upper-$420s/mt FOB. This week, however, sources said the price was more likely $420-$430/mt CFR, for a sub-$420s/mt FOB netback to China.
For discussion purposes, sources said the lack of confirmed sub-$430/mt CFR deals left the public price at $430-$435/mt CFR. Lower prices are expected, however, as Indian buyers continue to pressure DAP suppliers and play them against each other.
Brazil:
MAP jumped $15-$20/mt from last week’s price, to $470-$475/mt CFR. Sources attributed the increase to limited availability in the Brazilian market.
Prices moved up in Rondonopolis to $595-$630/mt FOB ex-warehouse, as limited tons were sought by buyers for their soybean crops. Some buyers stepped up purchases following reports that upcoming rains could cause logistics problems, potentially delaying deliveries.
Argentina:
January-May MAP imports in Argentina totaled 134,000 mt, Trade Data Monitor reported, off 47% from the year-ago 254,000 mt. May MAP imports were 30,000 mt, down from 156,000 mt in May 2022. Morocco supplied 68% of the May market, sending 20,000 mt.