Central Florida:
Central Florida DAP trucks were reported at a flat
$575/st FOB, rising from last week’s $550-$575/st FOB, while truck-loaded MAP
continued at $610/st FOB.
North Florida MAP demand has been strong, with sales volumes reported in line
with player expectations. Posted prices increased to $640/st FOB for tons
loading from White Springs, Fla., a $15/st rise from $625/st FOB at last
report.
US Gulf:
Sources reported prices rising on the NOLA phosphate market, despite a quiet week of trading. DAP barges moved 2% higher, to $560-$575/st FOB from the week-ago $545-$570/st FOB, while MAP prices gained $5/st, firming to $605-$620/st FOB.
US Imports:
DAP imports were up 173.9% in July-October, rising to 703,628 st from 256,916 st in the prior year. October imports moved 221.2% higher, to 219,045 st from the year-ago 68,199 st. July-October imports from Saudi Arabia stood at 454,703 st, while tons shipping from Jordan totaled 119,543 st. Australia added 80,372 st.
MAP/Other imports rose 46.7% in July-October, to 424,537 st from the prior-year 289,322 st. Imports were up 7.4% in October, to 137,137 st from the year-ago 127,673 st. Tunisia sent 128,632 st for the fertilizer year-to-date, ahead of 103,061 st from Saudi Arabia and 85,433 st from Mexico. Australia shipped 81,991 st.
US Exports:
No changes were reported on the US Gulf DAP and MAP export markets, leaving prices at $570/mt FOB for the latest trades.
DAP exports for October stood at 15,926 st, down 59.1% from the year-ago 38,957 st. July-October exports totaled 139,789 st, falling 53.9% from last year’s 303,328 st. US sellers sent 51,291 st of DAP to Peru in July-October, ahead of 22,375 st to Mexico and 20,941 st to Uruguay.
October MAP/Other exports lifted 2.2%, to 156,167 st from the year-ago 152,841 st. July-October exports moved down 10.3%, however, to 557,553 st from 621,894 st in the prior year. Canada received 429,729 st of US MAP in July-October, topping 38,272 st to Australia and 32,651 st to Mexico.
Eastern Cornbelt:
DAP firmed to a broad $610-$635/st FOB range in the Eastern Cornbelt on continued reports of tight supply and strengthening NOLA barge values, up from last week’s $610-$625/st FOB range, with the high confirmed at Cincinnati. MAP remained at $675-$690/st FOB in the region, with the Cincinnati market pegged at the $680-$685/st FOB level.
Michigan phosphate pricing in mid-December included DAP at $665/st DEL, and MAP at $680-$690/st FOB and $715-$720/st DEL.
DAP firmed again, to $610-$630/st FOB in the Western Cornbelt, up from last week’s $600-$620/st FOB range, with the low reported at St. Louis. MAP pricing fell to $660-$690/st FOB range in the region, with the St. Louis market quoted at $660-$675/st FOB at mid-month.
Southern Plains:
DAP prices jumped to $620-$645/st FOB in the Southern Plains for any available tons, up from the previous $600-$610/st range, with both the high and low reported at Catoosa/Inola. Sources said DAP was “hard to find” in mid-December, with some suppliers referencing prices based on January-February barge arrivals.
MAP dropped to $670-$680/st FOB in the region.
South Central:
DAP prices in the South Central region strengthened to $600-$630/st FOB, up from $590-$610/st FOB in late November, with the high confirmed in Arkansas and the low reported by Kentucky sources out of spot Ohio River terminals. The Memphis, Tenn., DAP market jumped to $625-$630/st FOB for the latest offers, up from $600-$610/st FOB at last report.
Southeast:
Nutrien raised its MAP posting to $640/st FOB at Aurora, N.C., and White Springs, Fla., up from the previous $625/st FOB level.
China:
Small amounts of DAP have reportedly cleared the customs process and are now available for export. Sources put the estimated price at $575-$585/mt FOB.
DAP and MAP will likely represent the bulk of the 5 million mt of fertilizers allowed to ship from China in 2024, sources speculated. The potential netbacks for phosphates are better than for nitrogen fertilizers such as urea, one trader said, giving the DAP/MAP producers an edge.
India:
Government representatives pressured DAP buyers during last week’s meeting of the Fertilizer Association of India to step up and start securing tons, sources reported. The buyers pushed back, noting that due to the government’s cutback on DAP subsidies, the breakeven import price is close to $500/mt CFR. Unfortunately for buyers, the current price is reported at $610-$620/mt CFR.
When asked by the importing companies if the government is ready to cover the $100/mt difference, government officials reportedly promised that buyers would be protected, but gave no commitments to ease the companies’ concerns.
India’s current DAP reserves were reported at 1.7 million mt, sources said, a dangerously low level ahead of the upcoming application season. One trader described the low inventories as the government’s reason for leaning on state-owned companies to increase their DAP imports, regardless of the cost.
Companies reportedly want to wait until February before making commitments to import DAP, one source said. By that time, said the source, the 2024/25 budget will have been released, and firms will have a better idea of the support they might receive from the government if global prices do not decline.
Brazil:
MAP imports fell slightly, to $550-$565 from the week-ago $560-$570/mt CFR. Transactions for delivery in the third quarter of 2024 were reported around the $540/mt CFR mark.
Rondonópolis MAP trades continued in the $680-$685/mt FOB ex-warehouse range, despite attempts by sellers to raise prices to $700/mt FOB or more. Demand remains weak, due both to limited purchases for the corn safrinha and low interest for the region’s 2024/25 soybean harvest.