Central Florida: The Central Florida phosphate market was called slightly lower last week, based on DAP truck sales valued in a range of $440-$445/st FOB. MAP trucks were quoted at $450-$465/st FOB.
Rail-loaded product was generally priced at a $5/st discount to material shipped by truck, sources said, though no rail transactions were reported for the week.
DAP sold on the Central Florida market fell to $440-$445/st FOB, down from the previous week’s range of $445-$450/st FOB. MAP was also lower at $450-$465/st FOB, down from $465-$470/st FOB the week before.
U.S. Gulf: The NOLA barge market held flat last week, at once buoyed by increased fieldwork and hampered by ample terminal inventories.
“Fieldwork has started,” said one trader, “but there’s plenty of product out there and no price movement.” Terminal operators have waited so long for the planting season to get underway, many were simply happy to keep selling at current prices rather than risk denting demand with a price raise, he added.
Due to the relatively late start of corn planting, end-users have reportedly stuck with small-batch purchases so as not to be left with unused product at the end of the season. “It’s just a bunch of single trucks out of the warehouse right now,” one market player said. “No one wants to be stuck with extra material they can’t use.”
The slow terminals sales also translated to reduced trading volume at NOLA, it was argued. “Any refilling at this point will be buying one barge instead of five,” said one trader. “So it’s the kind of buying that isn’t really going to raise the price.”
Nearby DAP barges were quoted at $410/st FOB on the high end, though most confirmed trades were reported closer to $405/st FOB. Barges positioned upriver were called $410-$420/st FOB, and DAP paper for June and July moved up to $405-$410/st FOB from the previous week’s $400-$402/st FOB, with at least one sale claimed at $415/st FOB.
The NOLA DAP market was called $405-$410/st FOB, unchanged from the previous week. MAP was $410-$420/st FOB for the week, although some believed offers at the low end of the range had dried up as of April 30.
Eastern Cornbelt: DAP was steady at $460-$470/st FOB in the Eastern Cornbelt, with the low at Cincinnati, Ohio. MAP was $5-$15/st higher than DAP, depending on location.
10-34-0 remained at $580-$600/st FOB in the region for the last tons sold, but inventories remained all but tapped out in the Eastern Cornbelt.
Agrium’s May 1 postings for rail-DEL phos acid remained at April pricing levels of $1,200/ton of P2O5 in Wisconsin, and $1,235/ton of P2O5 in Michigan.
Western Cornbelt: Sales of phosphates and potash in the Western Cornbelt had reportedly slowed as regional growers focused heavily on planting activity in late April.
DAP and MAP pricing was slipping as a result. Sources pegged the DAP market at $455-$465/st FOB regional warehouses in the Western Cornbelt, down $5-$10/st from last report. MAP was pegged in the $460-$470/st FOB range in the region.
Although sources continued to report the last done 10-34-0 business at the $590/st FOB level or higher in the region, all were in agreement that there were no tons available last week. “I can’t find any 10-34-0 to buy at any price,” said one contact.
Agrium’s May 1 phos acid postings remained at April pricing levels of $1,200/ton of P2O5 for rail-DEL SPA and MGA in Iowa, Nebraska, Wisconsin, and Wyoming.
Southern Plains: The DAP market was quoted at $450-$460/st FOB Catoosa, down another $10/st from last report. “It’s called liquidation,&rdquo