U.S. Gulf: The most recent large trades and offers were put in the $218-$230/st ($6.81-$7.19/unit) FOB range, though sources conceded last week that finding new quotes was hard to do as many were awaiting word on official fill numbers from domestic producers. Predictions of those numbers were anywhere from $220-$240/st FOB. July/August was reportedly being offered in the mid-$240s/st FOB last week.
While some were holding firm to higher price ideas at NOLA, $270/st FOB or thereabouts, others said that inland prices are starting to fall as the season wanes.
Some argued that price ideas are lower due to large exports being made by CF, which has reportedly made one export to Eastern Canada and is eyeing two to France and possibly one to Argentina. Current pricing in France is €178- €182/mt 30 percent FCA (see Green Markets website). Depending on who you talk to, that should net back to NOLA anywhere from $180-$200/st FOB. As a result, some argued that NOLA barge pricing should reflect CF export numbers, or at least come close.
At the same time that CF is exporting a large quantity of UAN, at least one large player is bringing in Chinese product in the near term.
April imports were off 40 percent, to 281,339 st from the year-ago 471,325 st. July-April imports were off 24 percent, to 2.48 million st from 3.26 million st.
Eastern Cornbelt: Sources reported lower UAN pricing in the Eastern Cornbelt last week. The Cincinnati market had reportedly dropped to $305/st ($9.53/unit) FOB for UAN-32 and $270/st ($9.64/unit) FOB for UAN-28. The upper end of the UAN-28 market was pegged at $280-$285/st ($10.00-$10.18/unit) FOB inland terminals in Ohio and Indiana.
Western Cornbelt: The UAN-32 market was tagged at $325-$330/st ($10.16-$10.31/unit) FOB in the Missouri market last week, with the low end of the regional range quoted by Iowa sources at the $310/st ($9.69/unit) level out of production points on a spot basis.
Sources reported steady demand for corn sidedressing last week, but one Iowa source said the big push would be over by the weekend. “The crop looks great,” he added. “It is a vast improvement over the last two years.”
Southern Plains: UAN-32 pricing in the Southern Plains was down from last report. Sources quoted the regional market at $280-$290/st ($8.75-$9.06/unit) FOB production points in Oklahoma, down some $10-$20/st from May pricing levels. The market out of Gulf Coast terminals in Texas was tagged at $285/st ($8.91/unit) FOB.
South Central: UAN-32 had reportedly slipped to $295-$310/st ($9.22-$9.69/unit) FOB terminals in the South Central region, down another $15/st from last report, with the low end of the range reported in Memphis. “Some of the UAN is losing acres in the Mid-South market on corn because the crop is getting too tall,” said one regional contact last week.
Southeast: The UAN-32 market had reportedly slipped to $275-$281/st ($8.59-$8.78/unit) FOB port terminals in the Southeast, down roughly $10/st from the previous week and some $20/st below late May pricing levels.
Sources continued to report movement for sidedressing and ahead of soybean planters, but the pace was slowing down.