US Gulf:
NOLA potash continued to be reported at a low of $310-$315/st FOB for confirmed trades, though sources also reported new business at a high of $317-$325/st FOB during the week. Offers were quoted as high as $330-$335/st FOB, but no business was reported at that level.
US Imports:
June potash imports were 886,256 st, off 4.4% from the year-ago 926,899 st. July-June volumes softened 8.9%, to 12.01 million st from the prior 13.18 million st. July-June imports from Canada were reported at 10.49 million st. Russia sent 1.10 million st, and Israel added 309,833 st.
US Exports:
June potash exports were 64,161 st, an 82.5% decrease from the year-ago 367,502 st. Exports softened to 3.29 million st in July-June, off 18.6% from 4.04 million st in the prior July-June. US exports to Brazil totaled 1.18 million for the fertilizer year, followed by 483,254 st to China and 381,923 st to South Korea.
Potash was quoted at $380-$400/st FOB in the Eastern Cornbelt, with the low reported at Cincinnati and other river terminals in the region.
Western Cornbelt:
The potash market was reported in the $365-$390/st FOB range in the Western Cornbelt, with the low confirmed at St. Louis.
Southern Plains:
Potash was quoted at $365-$390/st FOB Catoosa/Inola, with the Houston market pegged at the $380/st FOB level.
Intrepid updated its potash prices following a recent fill program, with new postings FOB Carlsbad, N.M., reported at $445/st for 60% white granular and $453/st for 62% white standard. The company’s new list prices at Moab/Wendover, Utah, included $435/st FOB for 60% white standard and $440/st for 60% white granular.
South Central:
Potash was pegged at $365-$390/st FOB in the South Central region, with sources describing a “flat” market.
Southeast:
Potash slipped to $335-$350/st FOB Wilmington, with reports of rail-DEL Canadian tons at the $385-$390/st level in the Southeast.
Brazil:
Prices widened to $330-$360/mt CFR from $345-$360/mt CFR at last report. While most of the market was reportedly focused toward the top of the range, players noted limited availability at the low side of the spread.
Business at Rondonopolis narrowed to $480-$505/mt FOB ex-warehouse during the week, although offers for the 2024-2025 crop continued to be heard at $530/mt FOB. Growing demand for the corn safrinha lifted the low end by $10/mt, while high inventory levels pressured the top of the range.
Trade Data Monitor reported January-July potash imports at 7.1 million mt, a 15% decline from the year-ago 8.4 million mt. July imports totaled 1.2 million mt, off from 1.6 million mt received in July 2022. Russia supplied 367,000 mt, Canada sent 366,000 mt, and Belarus added 150,000 mt.
India:
Reports were circulating of a renegotiated potash deal between India and Uralkali at the $319/mt CFR level, down from the $422/mt contract concluded in April. The price adjustment was not confirmed, however.