Central Florida: Phosphate movement remained light to nonexistent in Central Florida last week. Rumors persisted that producers were out of stock and orders were declining through March, although the claim was denied by one major producer. With corn and produce planting due to commence in Florida sometime in February or March, business was expected to pick up soon.
Persistent dry patches in the Northeast were aided by precipitation in recent weeks, according to the U.S. Drought Monitor, and the region was drought-free as of Thursday for the first time in weeks. Dry conditions continued in the Southeast, however, with drought conditions in the Carolinas and south-central Florida largely unchanged from the previous reporting period.
No phosphate sales were in found in Central Florida last week, though the DAP price range rose slightly to $400-$415/st FOB based on Mosaic’s posted price of $415/st FOB. The previous price range was $400-$410/st FOB.
Central Florida MAP continued to command a $20/st FOB premium over DAP.
U.S. Gulf: DAP trading on the river cooled last week after a meteoric rise in the previous reporting period. Many sources reported a phosphate hangover of sorts. Trading slowed considerably, and dealers dug in to wait for end-users to recover from sticker shock.
Terminal sales were sluggish, with reports of some sales occurring at levels below current replacement costs.
News of easing sanctions in Iran further deflated the phosphate market as downward price corrections for urea depressed interest, one source said.
Prompt trading was muted, though trades with a February delivery date were reported in a range of $435-$445/st FOB.
Rock removal continued to delay traffic on the upper Mississippi River last week. The work was expected to continue as long as levels at Cape Girardeau, Mo., remained below the 10-foot mark. Major delays were also reported between St. Louis and the Illinois River due to ice.
The 4 p.m. snapshot of the futures market on Jan. 23 saw corn prices mixed, while soybean and wheat prices were down. Although corn stocks were high following the large 2013 harvest, increased demand was reported from livestock and ethanol producers.
Corn for March 2014 was $4.29/bushel, up from $4.28/bushel the previous week, while the May 2014 corn price fell slightly to $4.3525/bushel from the previous week’s $4.355/bushel. Trading of December 2014 corn contracts checked in at $4.4925/bushel, down from the previous week’s $4.5225/bushel.
The March 2014 soybean price was $12.77/bushel, falling considerably from $13.15/bushel a week earlier. Soybeans for May 2014 were put at $12.625/bushel, also down from the previous week’s $12.9625/bushel, while soybeans for November 2014 were posted at $11.0875/bushel, lower than the $11.2225/bushel a week earlier.
Wheat for March 2014 was put at $5.70/bushel, down from the previous week’s $5.7275/bushel. Wheat for May 2014 was also down at $5.7625/bushel, compared with the prior week’s $5.7975/bushel.
Though the NOLA DAP barge market cooled to a near standstill last week, the price range rose to $435-$445/st FOB based on limited transactions, up from the previous range of $385-$442/st FOB. MAP barges were reported at a $15-20/st FOB premium to DAP, although no new sales were found.
Eastern Cornbelt: DAP in the Eastern Cornbelt had reportedly firmed to $475-$480/st FOB, up some $20-$30/st from last report, with the low reported out of the Cincinnati market for immediate shipment. MAP was trading at a $15-$20/st premium to DAP, depending on location and supplier.
10-34-0 pricing was steady at $445-$455/st FOB in the region.
Western Cornbelt: DAP pricing had reportedly moved to a firm $470-$480/st FOB regional warehouses