Central Florida:
DAP trucks loading from Central Florida were posted at $540/st FOB, unchanged from last week. MAP trucks were reported at $615/st FOB, also steady from the prior report.
US Gulf:
NOLA DAP barges lifted to $525-$545/st FOB, up $5-$10/st from the week-ago $520-$535/st FOB range. MAP barges softened, however, to $615-$645/st FOB from last week’s $615-$653/st FOB.
US Exports:
Sources reported an export DAP sale at $570/mt FOB, a $20/mt increase from the last reported price.
Eastern Cornbelt:
DAP was steady at $585-$600/st FOB in the Eastern Cornbelt, with the low confirmed at Cincinnati. MAP was quoted at $685-$700/st FOB in the region, with the high reported at Ottawa, Ill.
DAP pricing edged up to $580-$590/st FOB in Western Cornbelt, with the low at St. Louis and the high reported at Caruthersville. MAP was pegged at $680-$690/st FOB in the region, with the St. Louis market noted at the $680-$685/st FOB level.
Southern Plains:
DAP firmed to $590-$600/st FOB in the Southern Plains, with the low confirmed at Catoosa/Inola and the high at Houston. MAP was quoted at $690-$700/st FOB, with both the high and low reported at Catoosa/Inola during the week.
South Central:
DAP pricing firmed slightly to $585-$590/st FOB terminals in the South Central region.
Southeast:
MAP postings from Nutrien were steady at $625/st FOB Aurora, N.C., and White Springs, Fla.
China:
Sources reported a DAP sale from a Chinese supplier to Pakistan at $596/mt CFR, for a netback to China of $570-$575/mt FOB. This matches earlier estimates following an Indian purchase from PhosAgro at $595/mt CFR.
Phosphate producers approached the government seeking permission to ship out 1 million mt of DAP in the fourth quarter, sources said. The move came as prices for DAP continue to show strength. Traders speculate that $600/mt FOB could soon be achieved.
For now, there are reports that DAP exports are being restricted by the customs inspection process, and not from limitations in production.
January-August DAP exports firmed 51% year-over-year, according to Trade Data Monitor, to 3.3 million mt from 2.2 million mt, with India taking 2 million mt. August exports fell 37%, however, to 329,000 mt from 518,000 mt shipped in August 2022.
MAP exports totaled 1.5 million mt in January-August, a 13% increase from the year-ago 1.3 million mt. Brazil took 576,000 mt, followed by Argentina with 229,000 mt. August MAP exports were 322,000 mt, more than double the 157,000 mt recorded in August 2022.
India:
Sources reported a $595/mt CFR DAP sale into India from PhosAgro. The Indian market’s continued strength has traders speculating that $600/mt CFR could be hit by the end of the month.
The latest price, said one trader, fits with calculations based on an Indian buyer’s recent $985/mt CFR phos acid deal with JPMC and Nutrien. The estimated price of DAP from this phos acid price is right around $595/mt ex-plant, he said.
Brazil:
Limited availability outweighed low seasonal demand, lifting Brazil MAP import prices to $530-$540/mt CFR. New offers were reported at $550/mt CFR. Players attributed the supply issues to a lack of availability from multiple producers, while rising feedstock prices and reports of phosphate rock problems at China have added to the upward pressure.
Several Rondonopolis suppliers increased MAP prices during the week, bringing the market to $650-$660/mt FOB ex-warehouse, slightly above the previous $645-$660/mt FOB. With no significant demand anticipated for the next corn safrinha season, sources expect prices to decline after deliveries for the 2023/24 soybean season are completed.