All Posts from February 23, 2024

Ammonia

Ammonia, Eastern Cornbelt, Market Watch, Middle East, North Africa, Northwestern Europe, South Central, South Korea, Southeast Asia, Southern Plains, Tampa, U.S. Gulf, Western Cornbelt

US Gulf/Tampa:

The Tampa ammonia price for March was settled at $445/mt CFR, unchanged from the February contract. While lower natural gas prices have continued to pressure some international markets, the January polar vortex in the US reportedly resulted in the loss of up to 300,000 st of domestic production. 

Eastern Cornbelt:

No actual ammonia movement was confirmed in the Eastern Cornbelt during the week, but sources said the mild weather was tempting some locations to consider an early start to preplant applications. The increase in interest, along with some lost production during the January cold spell and the resulting delays in positioning tons, contributed to higher prices during the week.

“The big fall ammonia application and early start now is tugging on the system, trucks are out of position and a few terminals in the Eastern Cornbelt are without inventory,” said one regional contact. “There have been heavy ammonia exports the last two months and the cold weather knocked a few production plants offline in January in the Southern Plains.”

Prompt ammonia prices jumped to $575-$590/st FOB terminals in Illinois and Indiana, up from a recent low of $550/st FOB, while 2Q offers reportedly firmed to $590-$625/st FOB in the region, depending on location. Michigan sources continued to quote Courtright, Ont., offers at $535/st FOB for prompt and $610/st FOB for prepay, however.

Western Cornbelt:

With ammonia movement ramping up in western Missouri and just starting in Iowa, prompt prices moved up during the week, to $575/st FOB Nebraska and Iowa terminals from the prior week’s low of $550/st FOB. Spring prices were quoted at $600-$615/st FOB in the region, depending on location.

Southern Plains:

Stronger ammonia prices were reported in the Southern Plains in late February as near-term availability remains limited. The early application season has contributed to the tight market, but sources said the greater impact came from production hiccups and lost capacity caused by the mid-January polar vortex.

Prompt ammonia offers firmed to $540-$560/st FOB terminals and production points in the Southern Plains, up from the prior $460-$520/st FOB range, with the low reported at Woodward, Okla. Several production sites were either sold out or not offering tons in late February, however. Sources said no tons are currently being offered at Pryor or Verdigris, Okla.

South Central:

While truck pricing for ammonia remained at a low of $400-$410/st FOB Gulf Coast production points, inland terminal prices were starting to firm based on limited offers and tight supply. Sources quoted a broad range at $450-$550/st FOB for any available offers, with the high reported at Cherokee, Ala.

Middle East: 

Talks are underway for spot cargoes shipping from the Middle East in March-April, sources said. The deals should be closed in the next couple of weeks, just in time for Ramadan, when many offices cut back on staff or close entirely. Traders noted price expectations for the cargoes at a ceiling of $300/mt FOB.

The softening comes as ammonia prices are easing internationally and product reserves are building in producer storage facilities.

North Africa:

EuroChem sold a cargo of Indonesian ammonia to OCP/Morocco at a reported price of $410/mt CFR. Once the load is discharged, sources said the vessel will continue to the Baltic Sea under a new lease with EuroChem.

Northwest Europe:  

Rumors of a possible rollover in the Tampa ammonia price for March, combined with the reported EuroChem sale to OCP/Morocco, indicate that imported ammonia prices should be softening in Northwest Europe, area sources said.

No new spot deals were reported during the week, leaving the market at $460-$480/mt CFR. Industry watchers expect to see prices at $450/mt CFR and below for end-March arrivals, however.

Downward pressure continues to build from the recent illiquidity and a further reduction in natural gas prices, with the TTF slipping lower at midweek to €23/MWh, or around $7/mmbtu. As downstream demand remains muted ahead of what some fear may be a delayed spring season in Europe, importers are not motivated to purchase deepwater ammonia until CFR offers fall closer to domestic production costs.

After the vessel carrying Indonesian ammonia drops off its load to OCP/Morocco, sources said the ship will travel to the Baltic Sea, where EuroChem will most likely put the ship to work moving ammonia out of Russia’s makeshift terminal near St. Petersburg.

Southeast Asia:         

Sources reported widely variable pricing in the Southeast Asian spot ammonia market during the week. While players put the current price at $330-$350/mt FOB, a small deal from Indonesia to a regional buyer was pegged at $380/mt FOB. At the same time, the netback from a EuroChem sale of Indonesian product to Morocco was significantly lower, at $300/mt FOB.

South Korea:

South Korea remains a bellwether for trends in the market. While never a price mover, the prices and imports in the Korean peninsula help market watchers assess the state of the regional market, sources said.

South Korea imported 126,000 mt of ammonia in January, according to Trade Data Monitor,a 22% increase from the year-ago 103,000 mt. Saudi Arabia accounted for 57% of the month’s imports with 72,000 mt, followed by 54,000 mt from Indonesia.

Urea

Black Sea, Brazil, China, Eastern Cornbelt, India, Market Watch, Mediterranean, Middle East, South Central, Southeast, Southeast Asia, Southern Plains, U.S. Gulf, Urea, Western Cornbelt

US Gulf:

NOLA urea prices seesawed during the week, dipping to $330-$345/st FOB on Feb. 20 for March business but reportedly rebounded at midweek to $350-$355 FOB for March and $355-$360/st FOB for February trades. Prices moved up again on Feb. 22, climbing to a weekly high of $365-$366/st FOB for first-half March business.

Eastern Cornbelt:

Urea prices were quoted at $400-$410/st FOB Cincinnati, Ohio, and most Illinois River terminals, depending on supplier and time of shipment. In the Great Lakes region, the latest prompt urea offers were pegged at $430-$450/st FOB, depending on location.

Western Cornbelt:

Urea strengthened slightly to $400-$410/st FOB in the Western Cornbelt, up from the prior week’s low of $390/st FOB, with the St. Louis, Mo., market quoted firmly at the $400-$405/st FOB level.

Southern Plains:

Urea prices continued to firm in the Southern Plains as NOLA barge values remained volatile and topdress movement accelerated on wheat. The Catoosa/Inola, Okla., urea market was quoted at a solid $415-$420/st FOB during the week, up from the prior low of $410/st FOB. The high end of the regional market was pegged at the $420-$425/st FOB level in Texas.

South Central:

Urea prices in the South Central region continued to creep up on steadily strengthening NOLA barge values during the week.

The regional terminal market covered a wide range at $385-$415/st FOB, with the low reported at Convent, La., and the high at Little Rock, Ark. The Memphis, Tenn., urea market was pegged at a solid $410-$415/st FOB, up from $395-$400/st FOB at the start of the month.

Southeast:

Urea pricing continued to inch up in the Southeast, with the latest offers confirmed at $405-$410/st FOB Wilmington, N.C., and other port terminals, up from the prior low of $390/st FOB. In the Northeast, new offers FOB Fairless Hills, Pa., were confirmed at the $420/st FOB level for February-March tons.

Black Sea:

Prices moved up for prilled urea in the Black Sea. Sources now put the market at $310-$320/mt FOB.

India: 

Urea buyers in India are hoping that Chinese urea will soon be released for export. Sources said the Indian companies took the statement released by Chinese phosphate manufacturers that phosphate exports will begin on March 1 as an indication that restrictions on all Chinese fertilizers will soon be lifted. Unfortunately for India, said one trader, urea might not be permitted for export until late April or May.

Buyers in India are said to be delaying a tender call until circumstances dictate otherwise. The buying houses do not want to pressure the urea market before China begins exporting urea, sources said.

Without China participating in the global market, said one source, the market will be tight on supply at a time when India needs to make a large purchase. The extra demand, combined with limited available supply, would most likely reverse the international urea market’s current softening trend.

Southeast Asia:         

Pupuk Holdings closed a tender on Feb. 22 for 25,000-30,000 mt of granular urea shipping from Kaltim during the first half of March. Koch reportedly led seven participating companies with a $385/mt FOB bid, significantly raising the price in the area. Two additional companies submitted bids in the $380s/mt FOB, while the remaining bids were reported in the $340s/mt FOB.

The tender call came more quickly than sources had expected following Indonesia’s Feb. 14 national elections. When the ruling party won reelection with different leaders, however, Pupuk moved ahead with its tender plans.

By itself that tonnage is insignificant, though sources noted that Pupuk has previously sold additional tons in private deals at the tender price shortly following a tender settlement. 

The Petronas plant in Bintulu will remain down for an unspecified time. The plant was forced to close shortly after returning from a recent maintenance turnaround. Petronas’ Gurun plant also remains offline for scheduled maintenance. The remaining Petronas facilities and Brunei Fertilizer Ind. (BFI) are fulfilling orders in the region, though no spot material is available through March.

Reports also circulated that Malaysia’s Bintulu tripped after its return from a turnaround last week, while unconfirmed reports of a sale ex-Vietnam at $405/mt underlined once again the tight market.

January urea imports to South Korea firmed 30% year-over-year, Trade Data Monitor reported, lifting to 133,000 mt from 102,000 mt in January 2022.

Vietnam has begun to step up sales to buyers in South Korea, the data showed, sending 38,000 mt for the month. Vietnam is a relative newcomer to the South Korean urea market, and only began shipping product to South Korea in 2021. Qatar, Indonesia, and Saudi Arabia accounted for another 27,000-29,000 mt each during the month.

China’s restrictions on urea exports were evident in the import numbers. January receipts from China totaled just 6,000 mt, off from the 22,000 mt and 48,000 mt received in January 2022 and 2023, respectively.

Mediterranean:

Granular urea in the Mediterranean stagnated this week as buyer interest appears to have faded and a lack of liquidity dominated the market. No fresh CFR business was heard in Spain, which is reportedly getting some product cross-border from France, Italy, or Turkey, but traders said prices in nearby Romania are reflecting $430/mt CFR at best.

With no new business reported in the Mediterranean basin, the price was unchanged at $415-$435/mt CFR. The expectation is that any further business will occur at lower levels, especially given waning sentiment for fresh tons ex-Egypt.

Middle East: 

Urea deals were reportedly done at $375/mt FOB, followed by new bids falling to $365/mt FOB. While no details were available, the settled price and subsequent bids fit with players’ expectations of where the market is headed.

Egyptian producer MOPCO started the week with a 10,000 mt sale priced at $406/mt FOB, down $4/mt from the last-done business out of Egypt. Soon after the MOPCO deal was made public, NCIC reportedly closed a deal for 3,000 mt at the same price.

China:

A report that DAP will be made available for March export inspired hope in the market that a similar announcement would be forthcoming for urea exports. Sources said it is unlikely that urea will be approved for export before mid-April, however.

An announcement clarifying the export policy is expected on March 1. Rumors indicate that the process of clearing urea for export will begin in mid-April, with the first urea vessels expected to leave port in early May.

The early exports will likely be comprised of small lots sent to regional buyers, sources said. At best, said one trader, there will be 1-2 cargos of a suitable size for a buyer such as India.

Sources now estimate the price of prilled urea at $350-$360/mt FOB out of China, based on the current ex-factory price plus the cost of shipping the product to the ports for export. No new export deals have been done, however, leaving market watchers paying more attention to the factory price.

Brazil:

Brazil urea prices retracted 5.7%, to $370-$380/mt CFR from the previous $390-$400/mt CFR, with the bottom of the range reflecting tons originating from North Africa. Bidding was reported at $360-$365/mt CFR.

Rondonópolis offers softened $20/mt at the top of the range, to $495-$515/mt FOB ex-warehouse. Sources reported minimal business during the week due to high volatility and limited seasonal demand.

Growers continue to move forward with the region’s second corn season. Corn sowing in Mato Grosso state was 67.14% complete during the week, according to Brazil’s National Supply Co. (Conab), above the 56.65% recorded through the same period last year.

UAN

Eastern Cornbelt, France, South Central, Southeast, Southern Plains, U.S. Gulf, UAN, Western Cornbelt

US Gulf:

NOLA UAN remained at an untested $240-$245/st ($7.50-$7.66/unit) FOB based on upriver pricing, but sources said new NOLA business is imminent.

“We are seeing bid interest from UAN barge buyers this week as they prepare for spring application,” commented one source. “We expect a nice rally to come in UAN as it is tight.”

Eastern Cornbelt:

UAN-32 firmed to $290-$305/st ($9.06-$9.53/unit) FOB regional terminals, depending on location and time of shipment, with the low reported for prompt tons at Mount Vernon, Ind., and the high in Illinois. The Cincinnati market was pegged at $290/st ($9.06/unit) FOB for February-March and $295/st ($9.22/unit) FOB for April-May.

In the Great Lakes region, Michigan sources quoted the latest UAN-28 offers at $270-$282/st ($9.64-$10.07/unit) FOB for prompt tons and $278-$287/st ($9.93-$10.25/unit) FOB for April-May, depending on location.

Western Cornbelt:

UAN-32 was pegged at $280-$300/st ($8.75-$9.38/unit) FOB terminals in the Western Cornbelt, up roughly $10/st, depending on location. The St. Louis market reportedly nudged up to $290-$295/st ($9.06-$9.22/unit) FOB for prompt tons, with the higher number also reported at Caruthersville, Mo.

Southern Plains:

UAN-32 strengthened to $270-$290/st ($8.44-$9.06/unit) FOB terminals in the Southern Plains for limited prompt tons, up from the previous $260-$285/st ($8.13-$8.91/unit) FOB, with the low confirmed out of Gulf Coast terminals in Texas.

Sources said several locations were sold out for February-March. The Woodward market reportedly edged up to $275-$280/st ($8.59-$8.75/unit) FOB in late February.

South Central:

The UAN-32 market widened to $265-$290/st ($8.28-$9.06/unit) FOB terminals in the South Central region for prompt tons, with the low reported in Louisiana and Alabama and the high in Kentucky.

Southeast:

UAN-32 in the Southeast firmed to $270-$280/st ($8.44-$8.75/unit) FOB regional terminals in late February, up from the previous low of $265/st ($8.28/unit) FOB. Sources said most port terminals were at the $275/st ($8.59/unit) FOB level during the week.

France:

UAN prices at Rouen were flat during the week, with ample supply of Russian material continuing to hamper the price ambitions of Western European producers.

French farmers are reportedly well covered on UAN with just 10-15% of total needs to be purchased, but some just-in-time demand is still expected, particularly as the weather improves across Western Europe and the pace of applications picks up.

Ammonium Nitrate

Ammonium Nitrate, Market Watch, South Central, Southern Plains, Western Cornbelt

Western Cornbelt:

Ammonium nitrate reportedly firmed to a broad $310-$350/st FOB Missouri terminals, with the high confirmed at Caruthersville.

Southern Plains:

The latest ammonium nitrate offers firmed to $350/st FOB in Oklahoma, up $40/st from last report.

South Central:

The ammonium nitrate market strengthened to $310-$340/st FOB in the South Central region, up from the prior $250-$305/st FOB range, with the low reported at Yazoo City, Miss., and the high out of upriver terminals in Kentucky.

Ammonium Sulfate

Ammonium Sulfate, Brazil, China, Eastern Cornbelt, Market Watch, Northwestern Europe, South Central, South Korea, Southeast, Southern Plains, U.S. Gulf, Western Cornbelt

US Gulf:

The NOLA barge market for ammonium sulfate firmed to $290-$300/st FOB for new business, up from last week’s $275-$285/st FOB.

Eastern Cornbelt:

Granular ammonium sulfate prices continued to move up in the wake of higher producer postings. The market firmed to $330-$350/st FOB in the Eastern Cornbelt, up from last week’s $315-$345/st range, with the low reported at Cincinnati. Interoceanic’s (IOC) Feb. 13 list prices included $350/st FOB Ohio River terminals and $360/st FOB Illinois River terminals.

The latest granular ammonium sulfate offers in the Great Lakes region strengthened to $345-$355/st FOB, with the high confirmed out of multiple Michigan warehouses.

Western Cornbelt:

The granular ammonium sulfate market firmed to $320-$350/st FOB in the Western Cornbelt, up from the previous week’s $310-$330/st FOB, with the low confirmed at St. Louis. IOC’s Feb. 13 postings included $350/st FOB St. Louis and $360/st FOB Upper Mississippi River terminals.

Southern Plains:

Granular ammonium sulfate pricing strengthened to $325-$350/st FOB in the Southern Plains, up sharply from the prior $290-$315/st FOB range, with the low confirmed at Houston, Texas, and the high at Catoosa/Inola. Feb. 13 postings from IOC included $325/st FOB Houston, up $25/st from the company’s Jan. 31 list price.

South Central:

The ammonium sulfate market remained in a very broad range at $270-$350/st FOB in the South Central region, depending on grade and location, with the low confirmed in southern Mississippi and Alabama and the high in Arkansas.

Southeast:

The latest ammonium sulfate postings from AdvanSix at Hopewell, Va., effective Feb. 5, included $350/st FOB for granular, $330/st FOB for mid-grade, and $310/st FOB for standard. The new list prices reflect a $15/st increase for granular and a $25/st increase for mid-grade and standard from AdvanSix’s Dec. 18, 2023, postings.

Northwest Europe:

Standard ammonium sulfate continued to trade in small lots at the previous $170-$195/mt FOB range, with sales heard in Spain, France, and Ireland. One sale in the mid-€140s/mt FOB, equivalent to $156-$157/mt FOB, was rumored at the end of last week but could not be confirmed.

Some sources expressed concerns around a potential sulfur shortage, which could affect caprolactam and ammonium sulfate production, but such impacts have yet to be felt as the market shows good liquidity, albeit at stable prices.

China:

Nearly every amsul supplier showed higher prices coming out of China’s Lunar New Year holiday relative to pre-holiday levels.

Stronger demand from domestic NPK producers, increased interest from Southeast Asian buyers, and steady demand from Brazil have combined to lift the market, players said. Prices remained steady at $145-$150/mt FOB during the week, but sources expect the demand pressure to push prices higher going forward.

TCC was slated to conduct a selling tender this week. If the tender comes off as planned, players might get a clearer idea of where buyers and sellers think the market should be, sources said.

South Korea:

South Korea exported just 84 mt of ammonium sulfate in January, Trade Data Monitor reported, the country’s lowest January export total in five years, with the tons split evenly between Thailand and Malaysia. Recent January exports were reported in the 6,000-51,000 mt range.

Brazil:

Ammonium sulfate imports slid to $175-$180/mt CFR, losing $5/mt from the top of the range. Despite the decline, new offers were reported firming to $190/mt CFR – reflecting updated FOB values at China – though no sales were confirmed at that level.

Low seasonal demand for nitrogen fertilizers and the weakening CFR market began to impact pricing at Rondonópolis. Amsul was noted at $290-$305/mt FOB ex-warehouse, falling $10/mt from last week’s $300-$315/mt FOB.

DAP/MAP

Baltic Sea, Benelux, Brazil, Central Florida, China, DAP/MAP, Eastern Cornbelt, India, Market Watch, Morocco, South Central, Southeast, Southern Plains, U.S. Exports, U.S. Gulf, Western Cornbelt

Central Florida:

Central Florida DAP trucks were reported transacting at $630/st FOB, unchanged from last week, while MAP was steady at $655/st FOB. Sources continued to put North Florida MAP truck postings at $650/st FOB.

US Gulf:

NOLA DAP barges rallied 3.3% during the week, to $580-$610/st FOB from the week-ago $570-$582.50/st FOB. The range’s low side was set by trades concluding early in the week, players said, while prompt shipments and local product dominated the top end.

Trading for MAP barges was reported at $605-$625/st FOB, up $5-$10/st from last week’s $600-$615/st FOB, with prompt and local product garnering a premium.

US Exports:

With no new spot transactions reported, the US Gulf DAP and MAP export market continued at $570/mt FOB.

Eastern Cornbelt:

DAP prices moved up to $650-$670/st FOB in the Eastern Cornbelt, up from the prior $635-$655/st FOB range, with MAP quoted at $675-$695/st FOB. The Cincinnati market was pegged at $660-$670/st FOB for DAP and $675-$685/st FOB for MAP. Pricing in the Great Lakes region included MAP at $720-$730/st FOB Michigan warehouses for prompt tons.

Western Cornbelt:

DAP was up $5/st from last week, to $640-$655/st FOB in the Western Cornbelt, with MAP quoted at $670-$690/st FOB in the region. The higher end of both ranges was reported in Iowa, while the St. Louis market reportedly firmed to $640-$645/st FOB for DAP and $670-$680/st FOB for MAP.

Southern Plains:

DAP was reported at $650-$670/st FOB in the Southern Plains, up from the prior $640-$660/st FOB range, with the high reported at Houston. The Catoosa/Inola DAP market was pegged firmly in the $650-$660/st FOB range during the week. MAP remained at $680-$690/st FOB Catoosa/Inola, with the higher end of the range also reported at Houston.

South Central:

DAP prices were quoted at $640-$660/st FOB in the South Central region, with the low confirmed at Memphis and the high in Arkansas and Kentucky.

Southeast:

Nutrien’s MAP postings at Aurora, N.C., and White Springs, Fla., were unchanged at $650/st FOB in late February.

Morocco:

Moroccan netbacks from DAP sales into Europe and India remained unchanged, with more than 50,000 mt reportedly committed by OCP through March. Similarly, Tunisian producer GCT is understood to have achieved as high as $610/mt FOB on a 10,000 mt lot into Europe. With no updates on netbacks from India, the low end of the range remained at $550/mt FOB.

Benelux:

Sales of Russian material into Northwest Europe at €610/mt FCA brought the high end of the Benelux DAP range to $650/mt FCA, while business in Belgium and France at €605/mt FCA reflected the low end for the week. Reports of lower offers for Moroccan product at sub-€600/mt FCA could not be confirmed against an inquiry of 5,000 mt for prompt ship.

With snug supply and demand for spring application still ahead, market sources expected DAP prices to continue to edge higher, assuming farmers are not swayed by wet weather conditions or continued protests.

Baltic:

Baltic MAP values continue to reflect netbacks from Brazil and other Latin American markets, with prices reported in the $490-$505/mt FOB range. A 30,000 mt cargo of Russian MAP will load in March for shipment to Argentina and Uruguay.

China:

A statement issued at the beginning of the week by the China Phosphate Fertilizer Association indicated that phosphate products would be made available for export in March. Industry watchers cautioned that nothing has been confirmed by the government, however. An official statement is expected next week following a meeting between China’s primary phosphate producers and the government.

The meeting is expected to indicate that the clearance process for DAP and MAP can begin on March 1. In addition, sources said the meeting may also set quotas for export. Rumors indicate the government will allow 1 million mt of phosphates to be exported this year, though the amount will be adjusted depending on domestic prices and needs.

According to Trade Data Monitor, China exported 4.4 million mt of DAP and 1.5 million mt of MAP in April-December 2023.

The relatively small export allotment under discussion could prevent the sale of large cargoes. So far, sources estimate that one 25,000 mt export cargo – covering an award in the latest Nepal tender – might receive approval in March. Additional March sales are expected to total less than 10,000 mt and be mostly limited to containers.

A reported 100,000 mt of phosphates, primarily consisting of DAP, are currently awaiting export inspection and approval at the ports. If the announced March 1 date is confirmed, sources said the inspectors can get to work to process the product for export, and many of the tons reportedly have potential buyers already lined up. The paperwork to clear the product will require up to two weeks to complete.

One trader raised the question of the status of the DAP and MAP sitting in the warehouses for export. Much of the material was slated for shipment before the restrictions were put in place, leaving the holders to declare force majeure after the exports were blocked. Now, with the restrictions soon to be lifted, some are asking whether the material must go to those who initially purchased the product or if the tonnage is able to be sold on the open market.

Due to the market’s lack of export deals, traders have relied on a number of methods to calculate the price of DAP from China.

By working back from India, sources put the China-equivalent netback around $580/mt FOB. Others looked to the ex-plant price, currently sitting at $530-$560/mt, to reach an estimated export price of $575-$580/mt FOB. Finally, sources also considered the recent tender award issued from Nepal to Sun International. In that case, the estimates were put at $570-$575/mt FOB, leaving a $570-$580/mt FOB range for exports out of China.

India: 

Earlier purchases from Morocco and Saudi Arabia reported at $595/mt CFR remain the benchmark for prices in India.

Buyers in India were reportedly excited to hear that China might resume DAP exports on March 1. However, the tonnage expected to be made available is unlikely to include volumes large enough to be useful to Indian buyers. Most of the initial DAP exports are projected to be released in small lots, sources said, with the largest totaling no more than 25,000 mt.

Brazil:

Landed MAP prices firmed during the week, to $560/mt CFR from the prior $550-$560/mt CFR. Citing a short market, sellers are attempting to push prices to $580/mt CFR, though material of Russian origin continues to transact at lower levels.

While product of reported Russian origin continued to be priced at $665-$680/mt FOB ex-warehouse at Rondonópolis, other suppliers were successful in lifting the market to $700/mt FOB.

With exchange rates reaching historic levels due to falling grain prices in the physical market, buyers have been unable to plan MAP purchases for the 2024/25 soybean season. The weak commodities prices may push farmers toward fertilizer products carrying a lower phosphate content, such as SSP.

TSP

Brazil, Eastern Cornbelt, Market Watch, South Central, Triple Superphosphate, U.S. Gulf, Western Cornbelt

US Gulf:

NOLA TSP barges continued in the $445-$460/st FOB range, sources said.

Eastern Cornbelt:

TSP pricing remained at $520-$535/st FOB in the Eastern Cornbelt, depending on location.

Western Cornbelt:

TSP was unchanged at $505-$535/st FOB in the Western Cornbelt, with the low confirmed at St. Louis and Caruthersville.

South Central:

TSP was quoted at $505-$525/st FOB in the South Central region, with the low reported at Memphis and the high in Arkansas.

Brazil:

Imported TSP prices slipped by $5/mt at the bottom of the range, to $420-$435/mt CFR from $425-$435/mt CFR.

Most Rondonópolis business tracked in the $530-$540/mt FOB ex-warehouse range, narrowing from the prior $520-$545/mt FOB, though players continued to note a handful of $560-$570/mt FOB offers.

SSP

Brazil, Market Watch, Phosphate, SSP

Brazil:

The Brazil SSP 19-21 market was stable at $190-$210/mt CFR. SSP 19-21 prices at Rondonópolis edged up to $325-$345/mt FOB ex-warehouse on increased demand, while sources flagged SSP-19 offered with special conditions at an out-of-market $290/mt FOB. SSP-23 volumes continued at $360-$375/mt FOB ex-warehouse.

Ammonium Polyphosphate

Ammonium Polyphosphate, Eastern Cornbelt, Market Watch, Southern Plains, Western Cornbelt

Eastern Cornbelt:

10-34-0 was unchanged at $525-$545/st FOB in the Eastern Cornbelt, with the low for prompt tons and the high for prepay.

Western Cornbelt:

10-34-0 was steady at $520-$550/st FOB in the Western Cornbelt, depending on location and time of shipment, with the high reported in Iowa.

Southern Plains:

10-34-0 remained at $515-$535/st FOB in the Southern Plains, with the 11-37-0 market quoted in a broad range at $535-$575/st FOB, depending on location.

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