Central Florida: DAP railcars continued to draw limited interest in the Central Florida market, with sources putting the market in a range of $430-$440/st FOB. Offers of truck-loaded DAP, pegged in previous weeks around the $465/st FOB level, have effectively dried up.
Sources said the corn season was finished in most regions served by the market, though some soybean crops remained to be planted.
The price of DAP in Central Florida softened to a range of $430-$440/st FOB from the $440-$465/st FOB listed in the previous reporting period. MAP transactions remained scarce, and were estimated to command an additional $20/st FOB over DAP.
U.S. Gulf: Prices for DAP held firm on the NOLA barge market. Sources reported a slowdown in the overall volume of nearby phosphates trades, but continued demand from what remains of the spring corn and soybean season, coupled with summer fill buying, conspired to support prices.
Some sources also attributed the ongoing domestic price strength in part to high international levels. Many were bullish on phosphate prices, with some predicting a slow, steady climb into the $450s/st FOB based on competition from international buyers.
Current DAP barge levels were reported in the $435-$440/st FOB range based on actual transactions, an increase from $430-$440/st FOB the previous week. MAP was said to command a $15-$20/st FOB premium to DAP.
Sources saw an early week bump in the DAP price, with one or two barges trading above $440/st FOB – possibly as high as $442/st FOB – though sources claimed the barge’s river positions had more to do with the price than actual market conditions. By Thursday, some sources said the bottom of the DAP market had firmed to around $437-$438/st FOB. “I don’t think you can buy below that,” said one contact.
Prices for July, August, and September DAP were called $438-$445/st FOB, with summer MAP commanding $452-$458/st FOB, though sources admitted that buyers were hard to find at the moment. Traders kept a close eye on the price of corn futures, as the commodities markets were thought to affect summer fill activity and pricing.
Nearly 100 percent of the U.S. corn crop was planted as of June 8, according to USDA, with 92 percent of the crop emerged by that date. Soybeans were ahead of schedule, with 87 percent of the U.S. crop planted by June 8, ahead of the 81 percent five-year average. Soybean emergence was estimated at 71 percent, 9 percent higher than the 62 percent average.
A 4 p.m. look at the futures market on June 12 saw corn and wheat prices falling, while soybean contracts were mixed.
July 2014 corn was posted at $4.44/bushel, down from the previous week’s $4.49/bushel. Corn for September 2014 was $4.40/bushel, down from $4.4425/bushel the prior week, while contracts for December 2014 corn were at $4.4375/bushel, also lower than $4.4725/bushel the week before.
Soybean prices for July 2014 were $14.1525/bushel, lower than the $14.605/bushel seen in the previous week. August 2014 soybeans were pegged at $13.6025/bushel, down from $14.0025/bushel the previous week, but November 2014 beans were up slightly at $12.1225/bushel from the prior week’s $12.105/bushel.
July 2014 wheat punched in at $5.8525/bushel, down from $6.0575/bushel the previous week, while September 2014 wheat contracts traded at $5.97/bushel, down from $6.1625/bushel the week before. Wheat for July 2015 was $6.55/bushel, down from $6.715/bushel a week earlier.
As for commercial barge traffic, the usual NOLA-area delays were present for the week. High-water restrictions and congestion at Bayou Sorrel Lock prompted delays of 4-6 hours, and heavy traffic at Industrial Lock between East Canal and New Orleans, La. created delays of 12-14 hours. Wait times of 2-4 hours were seen at