U.S. Gulf: Arguments were made last week that UAN barges were finally falling in line with granular urea prices. Some have been calling the market down for weeks, but with little or no business to justify their estimates of $300-$310/st ($9.38-$9.69/unit) FOB.
Last week they got a little more weight as CF was reported to have sold between 25,000-30,000 st into the export market, destined for Eastern Canada and Mexico. Sources said the exports are more evidence of a backlog of product at NOLA and on the river system. Based on the Canadian business, reportedly at $330/mt DEL, sources said the ocean-going barge would have easily had a $290-$295/st ($9.06-$9.22/unit) FOB NOLA price tag – if not lower.Others, citing smaller parcels of business, still called the market $300-$310/st ($9.38-$9.69/unit) FOB.
Some argue that NOLA UAN is in the midst of a traditional end-of-season dive and that prices will remain under pressure in the next round of trading.
Eastern Cornbelt: UAN-28 remained at $330-$350/st ($11.79-$12.50/unit) FOB in Ohio and Indiana, with the UAN-32 market quoted in the $380-$395/st ($11.88-$12.34/unit) FOB range in Illinois.
Western Cornbelt: UAN pricing in the Western Cornbelt was down from last report, but sources quoted a broad range in the region last week.
Some continued to indicate firm dealer pricing for UAN-32 in the $390-$400/st ($12.19-$12.50/unit) FOB range, but others reported significantly lower numbers. Sources quoted the Sioux City, Iowa, market at $360/st ($11.25/unit) FOB for May tons, with June pricing reportedly dropping to as low as $340-$350/st ($10.63-$10.94/unit) FOB.
Northern Plains: The UAN-28 market was reported at $340-$360/st ($12.14-$12.86/unit) FOB regional terminals, with the low FOB the Twin Cities and the upper end in North Dakota.
Delivered UAN-28 was quoted at $365-$375/st ($13.04-$13.39/unit) level in the Dakotas.
Northeast: The UAN-32 market had reportedly fallen to $339-$341/st ($10.59-$10.66/unit) FOB Baltimore, Md., on the low end, although reference prices from some suppliers remained at the $350/st (10.94/unit) level.
Out of terminals in upstate New York, UAN-32 was referenced at the $395/st ($12.34/unit) FOB level last week.
Eastern Canada: UAN supplies were described as very tight in Eastern Canada in mid-May. The UAN-28 market was pegged at $365-$375/mt ($13.04-$13.39/unit) FOB in Ontario, with UAN-32 quoted in the $417-$429/mt ($13.03-$13.41/unit) FOB range for spot tons in the region.