Central Florida: Hot on the heels of Winter Storm Nika, Winter Storm Pax rolled through the Southeast in the early part of the week and was predicted to turn north by Thursday night.
Pax dumped 3-5 inches of snow on parts of the Carolinas and southern Virginia, while snowfall totals of up to 8-12 inches were reported in northern Virginia, West Virginia, and Maryland. Alabama and Georgia received a blast of snow, rain, and sleet, leaving thousands without power.
The storm was expected to continue northward overnight Thursday and into the weekend, bringing a wintry mix along the coast from Washington D.C. to Boston, while inland areas braced for an anticipated 6-18 inches of snow.
Parts of Florida received nearly 3 inches of rain for the week along Pax’s southern periphery, and localized daily totals reportedly broached the 1-inch mark. The rains were welcome, topping off the water table ahead of a planting season slated to begin in late February or March.
Demand in the Central Florida phosphate market remained mostly flat. The recent trend of limited truck sales into the state continued however, and those were snapped up at a reported price of $480/st FOB.
Central Florida DAP jumped to $480/st FOB on limited sales, an increase from the previous range of $430-$460/st FOB. Mosaic’s posted price for Central Florida DAP was $430/st FOB.
The premium for MAP was expected to follow NOLA’s lead at $5-$10/st FOB over DAP.
U.S. Gulf: Trading on the river took off last week. Transactions kicked off at $463/st FOB for DAP on Monday and rose to $490/st FOB by Thursday. Swirling rumors of a $495/st FOB transaction went unconfirmed, but a pair of online DAP barge auctions for February/March loading went unsold at $495/st and $492/st FOB Thursday. Paper trades were quoted as high as $494/st FOB.
MAP drew no reported interest, and its premium over DAP was said to fall as low as $5/st FOB. Some sources expected that trend to continue, and speculated that DAP could flip and command a premium over MAP in the near-term.
Sources pointed to a host of potential factors for the price explosion – Mississippi Phosphates’ switch to MAP production and the perceived curtailment of phosphates by producers, for example – but rumors of missed or delayed shipments from OCP were generally agreed to have been a prime motivator for the activity, as dealers suddenly had to scramble to fill their bins from other sources.
Blame for the delayed shipments was mostly placed on weather-related issues, but a source with knowledge of the North African market said the problems were just getting started and could be expected to continue for some time.
Ice-related delays on the upper Mississippi River were reported in the form of lock closures in Wisconsin, Illinois, and Missouri, and delays of 4-6 hours at the Melvin Price lock, north of St. Louis, Mo., were announced through Jun. 1 as the main lock chamber is repaired. Rock removal at Thebes was still underway and is expected to continue as long as river levels at Cape Girardeau, Mo., are below the 10-foot mark.
Towing restrictions were in place on the Ohio River thanks to ice buildup in the Pittsburgh area, and ice couplings were advised for the first time in 20 years.
In the New Orleans area, delays were reported in the Gulf due to low temperatures and fog, but conditions were expected to improve over the weekend.
A 4 p.m. Feb. 13 view of the futures market saw corn prices down, but soybeans and wheat were on the rise.
March 2014 corn contracts were $4.405/bushel, down from the previous week’s $4.43/bushel, and May 2014 corn was $4.465/bushel, a decrease from $4.485/bushel in the last reporting period. December 2014 corn was also pointed south at $4.5625/bushel, trailing its previous price of $4.58