Central Florida:
Central Florida DAP prices were flat at $590/st FOB, sources said, unmoved from last week. MAP trucks continued at $630/st FOB. North Florida MAP postings prices were stable at $640/st FOB, with players reporting strong demand.
US Gulf:
NOLA DAP barges lifted 2.6% for the week, to $580-$615/st FOB from last week’s $575-$590/st FOB. DAP prices have closed the gap with MAP barges in recent weeks, which at times boasted a premium of more than $100/st to DAP in 2023.
MAP prices firmed $5/st at the bottom of the range, to $625-$630/st FOB from the week-ago $620-$630/st FOB.
US Imports:
DAP imports were down 84.5% in November, to 9,551 st from 61,703 st in November 2022. Imports moved up 123.8% in July-November, however, to 713,179 st from last year’s 318,619 st. July-November imports from Saudi Arabia were steady at 454,703 st, while tons shipping from Jordan totaled 119,543 st. Australia added 80,372 st.
MAP/Other imports were up 18.9% in July-November, rising to 452,985 st from 381,110 st in the prior year. November imports were 69.0% lower, however, to 28,448 st from the year-ago 91,788 st. Tunisia sent 128,632 st for the fertilizer year-to-date, while Mexico moved into second place with 112,262 st. Saudi Arabia added 103,061 st and Australia sent 81,991 st.
US Exports:
DAP and MAP exports from the US Gulf were noted at $570/mt FOB for the last reported deals, unchanged from the prior report.
November DAP exports lifted 67.1%, to 65,112 st from the year-ago 38,957 st. July-November exports moved down 40.1%, however, to 204,901 st from 342,285 st in the prior year. US DAP sellers sent 81,605 st to Peru in July-November, ahead of 31,964 st to Uruguay and 22,375 st to Mexico. Canada took 20,541 st.
MAP/Other exports softened 4.5% in July-November, to 730,994 st from the year-ago 765,777 st. November cargoes were counted at 173,441 st, however, a 20.5% increase from the 143,883 st reported one year earlier. Canada received 583,453 st in July-November, topping 38,272 st to Australia and 33,463 st to Mexico.
Eastern Cornbelt:
DAP continued to strengthen, firming to a broad $635-$670/st FOB range in the Eastern Cornbelt, up from the previous high of $650/st FOB. MAP was up as well, to $680-$695/st FOB. The latest Cincinnati offers were quoted at $650-$670/st FOB for DAP and $685-$695/st FOB for MAP.
DAP firmed to $635-$650/st FOB in the Western Cornbelt, with the St. Louis market pegged in the $635-$640/st FOB range. MAP was quoted at $660-$690/st FOB in the region, with the high in Iowa and the low confirmed at St. Louis.
Southern Plains:
DAP prices jumped to $630-$660/st FOB in the Southern Plains for what sources described as tight supply, with the Catoosa/Inola market pegged at the $650-$660/st FOB level, up from the previous $635-$645/st FOB range. MAP was quoted at $680-$690/st FOB in the region, up $10/st from last report, with the low reported at Catoosa/Inola.
South Central:
DAP prices continued to strengthen at river warehouses. The latest offers in the South Central regional were reported at $635-$650/st FOB, depending on location, up from the prior $620-$640/st FOB range.
Southeast:
Nutrien’s latest MAP posting included $640/st FOB at Aurora, N.C., and White Springs, Fla.
China:
There is currently no export market for Chinese phosphates, sources said. Like urea, sources reported that DAP and MAP tons initially cleared for export are now being denied permission to be loaded to vessels.
The export restrictions have caused some concern for buyers in Latin America who depend on MAP deliveries to Pacific ports. Buying substitute stocks from Russia often means a long and expensive journey around the southern tips of either Africa or South America because of transit restrictions in the Panama Canal.
Many buyers in Latin America had depended on vessels from China to supply quantities of MAP, amsul, and urea. Now, vessels are only allowed to carry amsul out of the country, making freight costs much higher.
India:
Rumors of a $575-$585/mt CFR DAP sale into India by PhosAgro were quickly shot down. The deal would have provided some support for buyers looking to move prices down. However, with players firmly denying the sale, prices remained in the upper-$590s/mt CFR.
Brazil:
The landed MAP price in Brazil was reported at $550-$570/mt CFR, unchanged from last week.
Rondonópolis MAP prices shook off six weeks of stagnation, firming to $680-$695/mt FOB ex-warehouse from $680-$685/mt FOB at last report. Players noted low availability in the area as key suppliers are restricting volumes.
Despite the increase, demand remains limited due to slow purchasing for the corn season. Interest for the 2024/25 soybean crop is not expected until the second and third quarters of the year.
MAP imports in Brazil moved up 28% in 2023, according to Trade Data Monitor, to 5.2 million mt from the 4.1 million mt received in 2022. Russia accounted for 47% of the import market with 2.4 million mt, while Morocco sent 1.6 million mt and Saudi Arabia added 837,000 mt.
December imports were 389,000 mt, a 66% increase from 234,000 mt in December 2022. Russia sent 250,000 mt, followed by Morocco with 100,000 mt.