Central Florida: Below-average temperatures continued in the Northeast, while a significant storm system pounded the Southeast with heavy rainfall.
Sales of truck-loaded DAP, quoted at $465/st FOB, resumed after a week off, and Mosaic’s posted phosphate prices were static at $460/st FOB for DAP and $480/st FOB for MAP.
Rail transit was spotty at best, with delays of up to three weeks not uncommon for shipments out of Florida. Sources said the logistics uncertainties weighed heavily on the market, as buyers were hesitant to pull the trigger on product that might be delayed beyond the spring application season.
The Central Florida phosphate market was unchanged at $460-$465/st FOB, based on limited transactions and Mosaic’s posted price. MAP was quoted $5-$15/st FOB over DAP, although no transaction were reported.
U.S. Gulf: Uncertain loading times were a pervading theme on the river. A dearth of loaded-and-moving barges prompted a slowdown in transactions, though sellers lucky enough to have a barge in hand reaped big premiums over those promising future load dates.
Moving barge transactions of up to $500/st FOB for DAP were quoted, while load dates for later in April were reported as low as $480/st FOB.
Looming imports also suppressed market activity for the week, sources said. A pair of Moroccan vessels, the Fassa and the LMZ Phoebe, were said to be en route. The cargo of the first vessel, which was scheduled in port as soon as April 12, had been “nearly or completely” sold prior to arrival at a reported $485/st FOB offer level, while the other was estimated at two weeks away. A third ship, the Britain Bay, was sitting at the loading dock in Morocco, and may be the vessel rumored to have been canceled during the previous reporting period.
Adding to the phosphate landscape was the appearance of DAP barges marketed by Interoceanic, said to be offering Mississippi Phosphate Co.’s newly reconverted DAP product domestically.
Sources indicated that while uncertain load dates were still causing headaches, towing pickup times had begun to lessen on the river and logistics hurdles were slowly clearing.
Conditions for northern transit were said to be improving, and the first tow to Twin Cities terminals was expected to depart St. Louis, Mo., soon and arrive on April 25. Overall, the upper river was expected to open 10-14 days later than last year.
Repairs to the main chamber of the Melvin Price Lock on the upper Mississippi River caused transit delays of 7-14 hours last week. Rock pinnacle removal at Thebes, Ill., responsible for considerable delays in recent months, was officially halted for the season, with work set to resume in December.
Transit on the Illinois River will be closed from May 20-21 at the LaGrange Lock, and daylight travel on the Ohio River was prohibited in the Jefferson/Louisville area from April 10-12 due to an air show.
A scheduled repair on the Newt Graham Lock will close the Arkansas River from May 12-20, and the Ozark-Taylor Lock will be closed during daylight hours from May 12-20.
The lower Mississippi will be closed during daylight hours on Monday through Friday until April 15 at Spanish Moss, and delays of 17-20 hours were reported at the New Orleans-area Industrial Lock.
Despite the difficulties, river transit was still much preferred to rail, where delays as great as six weeks were reported in some northern locations.
Corn and soybean futures were up from the previous week, while wheat contracts were down.
May 2014 corn contracts were $5.0125/bushel, up from the previous week’s $5.00/bushel, while July 2014 corn firmed to $5.0725/bushel from the prior week’s $5.0525/bushel. December 2014 corn was also up at $5.05/bushel, compared with $5.015/bushel