Government Shutdown Impacts EPA, USDA; MFP Tariff Aid Payments Delayed

A partial government shutdown began on Dec. 22 after Congress and the White House failed to negotiate an agreement on how much money to allocate to President Trump’s border wall. Funding for about 25 percent of the federal government lapsed late on Dec. 21.

The shutdown was expected to extend into the new year after a brief pro forma House and Senate session on Dec. 27 failed to schedule any votes. Many lawmakers were preparing for the shutdown to last beyond Jan. 3, when Democrats take control of the House. Approximately 800,000 federal employees were reportedly furloughed or working without pay as the shutdown entered its second week.

Standard & Poor’s, the credit rating firm, estimated that the shutdown will slash the country’s gross domestic product by $1.2 billion for every week it continues.

The U.S. EPA on Dec. 27 alerted employees that it was about to run out of carryover funds that allowed the agency to continue working for several days after the shutdown. “In the event an appropriation is not passed by midnight Friday, December 28th, EPA will initiate orderly shutdown procedures,” Acting Administrator Andrew Wheeler wrote in an email obtained by Bloomberg Environment.

The EPA’s shutdown plan said more than 700 employees who are considered essential would be forced to work without pay, while more than 13,000 non-essential personnel would be furloughed.

The USDA on Dec. 21 issued a statement detailing which functions of the department would continue uninterrupted because they are related to law enforcement, the protection of life and property, or are financed through available funding such as mandatory appropriations, multi-year discretionary funding, or user fees.

USDA said 61 percent of its employees would either be exempted or excepted from shutdown activities during the first week, but that percentage would fall if the shutdown continues.

Some of USDA’s activities that will continue in the short-term include meat, poultry, and processed egg inspection services; grain and other commodity inspection, weighing, and grading services; inspections for import and export activities; maintenance of some research programs and research-related infrastructure, including the care of animals and plants; monthly Supplemental Nutrition Assistance Program (SNAP) benefits for January; Child Nutrition (CN) programs; conservation technical and financial assistance programs, including the Conservation Reserve Program, Environmental Quality Incentives Program, and easement program; trade mitigation purchases made by USDA’s Agricultural Marketing Service; agricultural export credit and other agricultural trade development and monitoring activities; and USDA’s Market News Service, which provides market information to the agricultural industry.

Most other domestic nutrition assistance programs, such as the Commodity Supplemental Food Program, WIC, and the Food Distribution Program on Indian Reservations, will continue to operate at the state and local level with any funding and commodity resources that are available, USDA said.

USDA also released a long list of activities that would not continue during the shutdown, including the provision of new rural development loans and grants for housing, community facilities, utilities, and businesses; all recreation sites across the U.S. National Forest System, unless they are operated by external parties under a recreational special use permit; new timber sales; most forest fuels reduction activities in and around communities; NASS statistics, World Agricultural Supply and Demand Estimates reports, and other agricultural economic and statistical reports and projections; Economic Research Service (ERS) Commodity Outlook Reports, Data Products, research reports, staff analysis, and projections; new research, education, and extension grants; and most departmental management, administrative, and oversight functions.

USDA said some farm payments would also be discontinued after the first week of the shutdown, including direct payments, market assistance loans, Market Facilitation Program (MFP) payments, and disaster assistance programs. Fertilizer industry sources noted that the delays would further impact year-end cash flow for growers already struggling with low crop prices.

Included in this list is the second round of some $12 billion in tariff aid payments under the MFP to farmers hurt by the trade war with China, with the majority of that aid package going to soybean growers. Farmers were able to apply for the first round of aid earlier this fall, and the second round was supposed to come in December. There are currently no plans to extend tariff aid to farmers in 2019.

“Payments will be made, but timing could be disrupted,” said USDA Under Secretary Bill Northey.

The administration had signaled earlier in December that the second round of tariff aid payments under the MFP could be delayed anyway, as trade negotiations continue between the U.S. and China. At the G-20 conference in Buenos Aries on Dec. 1, the U.S. and China agreed to halt any additional tariffs, as the two countries committed to a 90-day negotiation period. This announcement was followed by news of several large purchases of U.S. soybeans by China in mid-December.

Bloomberg reported in late December that there has been no recent news of fresh Chinese purchases of U.S. soybeans, however. Soybean futures in Chicago dropped over multiple trading sessions in late December, with corn futures also falling.

The government shutdown has hit other federal agencies hard as well, including Homeland Security and the Interior. According to Bloomberg Law, The Bureau of Land Management’s contingency plan calls for 6,930 of the agency’s 9,260 employees to be sent home in a shutdown, while the Fish and Wildlife Service’s shutdown plan furloughs about 7,000 of its 8,359 employees. The U.S. Geological Survey said that a shutdown would affect more than 99 percent of its 8,000-member workforce.

China Drops Fertilizer Export Duties

In a dramatic move, the Chinese government announced that it would not impose any special duties on exported fertilizers in 2019. International traders said the action could make all grades of fertilizer more attractive.

Last year MOP and SOP were hit with a flat-rate export duty of RMB600 (US$87/mt). Other potassium-based fertilizers were subject to a 30 percent duty before being loaded on a vessel.

Phosphate fertilizers, including DAP, were charged a 5 percent duty on export last year. Phosphate rock was hit with a 10 percent duty. The elimination of the export duties is expected to make more DAP and phos rock available to the global markets.

The big winner may be the NPK producers, said one international trader. The 2018 rate for NPK exports was a flat rate of RMB100/mt (US$14.54/mt). Without this added cost, more international buyers might shift their NPK buying demand from Vietnam, the Philippines, or Thailand to China.

The duty on imported fertilizers will remain at 1 percent of the landed value. The government did lower the value-added-tax on ammonia and sulfur to 16 percent, making it easier for DAP producers to get access to these important components for production. Other imported fertilizers will be hit with a 10 percent VAT, in addition to the import duty.

Ammonia and phos rock can be imported duty free and subject to only the VAT.

Southern FS Upgrades, Extends Position at Paducah Port

Southern FS, Marion, Ill., a part of the Growmark System, Bloomington, Ill., plans to both upgrade and extend its position at the Paducah-McCracken County Riverport Authority, where it has had a position for the past 15 years. The company has reached a 10-year lease agreement with the Port Authority, including an additional 10-year extension option, to construct a state-of-the-art fertilizer handling facility in its bulk terminal complex on the Ohio River.

Southern FS General Manager Alan Kirby said the facility will replace the one currently leased at the Riverport. “A Southern FS-owned facility will allow us to operate at a higher capacity and ensure continued supply of fertilizer products to local customers and others throughout the region,” he said.

Kirby noted that the new terminal is adjacent to a fertilizer solution terminal owned by Growmark. “This project is in a strategic location for us and supports our efforts to maintain reliable access to fertilizer for our customers. Proximity to a Growmark solution terminal provides synergies for our customers, as well,” he added.

Kirby said the current facility will remain operational until the new facility is complete, which is scheduled to be May 2019. New handling and blending equipment by Doyle Manufacturing, Palmyra, Mo., is expected to be added.

Southern FS, a full-service agriculture and energy supplier, operates in 34 counties across the states of Illinois, Kentucky, Tennessee, and Missouri. While the Southern FS core business has been in southern Illinois, the new facility is expected to enhance its reach into the other states.

“The signing of the agreement will continue to offer our region’s agricultural partners a well-established supply chain with Southern FS for our four-state region,” said Paducah-McCracken County Riverport Authority Executive Director Bill Miller. “We are excited to continue the relationship with Southern FS through this hybrid public-private venture.”

 

Oxbow Case Argued Before Delaware Supreme Court

Attorneys for Billionaire William (Bill) Koch argued before the Delaware Supreme Court on Dec. 19 that Chancery Court Judge Travis Laster misconstrued Delaware law in August (GM Aug. 10, p. 1) when he ruled that two private equity firms, Crestview Partners LLC and Load Line Capital LLC, both minority investors in Koch’s Oxbow Carbon LLC, West Palm Beach, Fla., could force the sale of Oxbow.

According to Bloomberg, attorney David Hennes said the “plain language” of the investment agreement barred such an exit sale, though Judge Laster ruled that the firms could demand the sale if the funds requested it. The judge also said Koch violated legal duties by dragging his feet in putting the company up for auction.

The investment firms and Koch traded several barbs throughout the litigation, with the firms alleging that Koch had mismanaged Oxbow funds by buying a personal jet, funding private school for his children, and expending huge amounts to fight the Oxbow sale. Koch alleged that the firms conspired with former Oxbow executives to promote the sale.

Bill Koch had to put up an $87.8 million bond in order to pursue the appeal (GM Sept. 28, 2018).

Moelis & Co., a New York-based investment bank, estimated Oxbow’s fair market value at $2.65 billion for the purposes of the sale, according to Bloomberg.

Over the years, Oxbow has been involved in several commodities, including fertilizer, sulfur, sulfuric acid, petroleum coke, coal, carbon, and gypsum. It bought the fertilizer and sulfur trading business of International Commodities Export Corp. (ICEC) in 2011 (GM Feb. 7, 2011; Nov. 29, 2010). However, it sold its Oxbow Fertilizer LLC unit to Oakley Fertilizer Inc., North Little Rock, Ark., in late 2017 (GM Nov. 3, 2017).

Bill Koch is the brother of David and Charles Koch of Koch Industries Inc., Wichita. Bill Koch is worth an estimated $4 billion, according to Bloomberg data.

 

India’s GSFC Increases Stake in Karnalyte

Junior potash and nitrogen company Karnalyte Resources Inc., Saskatoon, reported on Dec. 24 the closing of a rights offering that saw the sale of some 14,058,282 common shares for a total of C$2.3 million at $0.17 per share. It marks the additional investment by India’s Gujarat State Fertilizer and Chemicals Ltd. (GSFC) in Karnalyte.

GSFC acquired a total of 10,288,697 common shares in the offering and now holds 16,334,558 common shares, representing approximately 38.8 percent of the issued and outstanding common shares of the company. The total number of issued and outstanding common shares of the company upon completion of the rights offering is 42,174,847 common shares.

“I would like to thank all shareholders that participated in the rights offering and for their vote of confidence in our strategic plan to diversify our business into two fertilizer product lines – potash and nitrogen,” said Frank Wheatley, Karnalyte president. “We look forward to 2019 and proceeding with the development of Proteos Nitrogen and, if potash prices continue to improve, the development of Wynyard Potash.”

Karnalyte owns the construction-ready Wynyard Potash Project, with planned phase 1 production of 625,000 mt/y of granular potash, and two subsequent phases of 750,000 mt/y each, taking total production up to 2.125 million mt/y. It is also exploring the development of the Proteos Nitrogen Project, which is a proposed small-scale nitrogen fertilizer plant with a nameplate production capacity of approximately 700 mt/d of ammonia and approximately 1,200 mt/d of urea, and a target customer market of independent fertilizer wholesalers in Central Saskatchewan, with the U.S. Midwest seen as a secondary market.

Gensource Raises Funds

Junior miner Gensource Potash Corp., Saskatoon, reported on Dec. 4 that it completed the non-brokered private sale of 13,554,494 flow-through shares at a price of at C$0.12, for gross proceeds of $1,626,539.28. As part of the offering, certain officers of Gensource purchased an aggregate of 833,333 common shares. The company intends to use the gross proceeds to fund Canadian exploration expenses related to the company’s projects in Saskatchewan.

“We are pleased to be in a position to announce an over-subscribed private placement,” said Mike Ferguson, Gensource president and CEO. “The speed with which the placement was completed, in addition to the over-subscription, speaks to the foresightedness of our strong shareholder base. With project financing progressing well, we believe we are in a strong position entering 2019 to move ahead with Vanguard One project execution, while at the same time, beginning efforts to launch the second project in the Vanguard area. The ongoing and goal-orientated support, based on fundamental belief in the company’s business plan, of our shareholders is key to our ability to reach these key milestones.”

Equity Firm Denies Deal for Aussie Retailer

Odyssey Private Equity, Sydney, told Green Markets on Dec. 30 that it has no deal and there are no negotiations for it to buy a stake in privately-held Delta Agribusiness, an agricultural retailer with some 28 locations in New South Wales. Australia’s Financial Review had reported earlier that Odyssey was eyeing a minority stake in Delta Ag. Odyssey said the story was simply a rumor.

Odyssey manages $275 million and invests in mid-sized growth companies in Australia and New Zealand.

Delta, which has a full-service model, supplies multiple inputs, including fertilizer, with some 40 farm advisors. It employs 230 people and encompasses Lachlan Fertilizers Rural at Grenfell and Cowra. The company is owned by employees and board members.

The company reported A$4 million in profits on revenues of $200 million for the year ending June 30, 2018, according to the Financial Review, citing filings, with assets valued at $46.5 million.

Two Senior Belaruskali Executives Arrested

Two senior executives of Belarus potash producer Belaruskali, Soligorsk, were arrested on Dec. 27 on allegations of suspected bribery, Interfax and other new outlets have reported, citing the press office of Belarus’ interior ministry.

According to the report, citing the press office statement, the head of the department of investment management and construction support, as well as the Belaruskali deputy general director for construction, are suspected of taking bribes.

The Main Investigation Department of the Investigative Committee of Belarus has opened a criminal case against the Belaruskali officials.

Belaruskali could not be reached for comment by press time.

Uralkali Mine Back in Operation after Nine Workers Die in Fire; Criminal Probe Launched

Nine construction workers died following a fire at the Uralkali, Moscow, Solikamsk-3 underground potash mine in Russia’s Perm region on Dec. 22. The potash company said two teams of workers – 17 in total –were undertaking maintenance work in the mine, where operations had been suspended for the work to be carried out, when the fire broke out. The fire is reported to have started at 10:04 am (Moscow time) in shaft-4, which is under construction. Eight workers were quickly evacuated, but the fire cut off access to the other workers, who were in a different part of the mine and some 364 meters (1,200 feet) underground, according to Russian news agency reports.

It took firefighters more than 36 hours to extinguish the fire, according to reports. The reports cited the rescue headquarters as confirming on Dec. 23 that all nine bodies had been located, and seven had been recovered by that evening.

Uralkali reported on Dec. 24 that the emergency response measures at Solikamsk-3 had been completed and the mine had returned to normal operations. Some analysts had earlier speculated that it would take about two weeks for the mine to restart. The Perm Region declared Dec. 24 a day of mourning for the workers who had died. Uralkali said it will make a lump sum payment of RUB3 million (approximately $43,000) to the family of each victim.

Authorities are treating the incident as due to lax safety procedures, and a criminal probe of possible safety violations was launched on Dec. 23, according to a Bloomberg report, citing the country’s Investigative Committee, the state body that investigates major crimes. Four employees of the subcontractor in charge of the maintenance work at the mine have been detained, according to the report.

Uralkali said shaft-4 at Solikamsk-3 was transferred to a contractor organization in December 2017 to perform certain activities, with a requirement to follow all applicable occupational and industrial safety requirements.

Poor safety standards often have been to blame for a raft of accidents that have occurred at Russian mines. The last major mining accident happened in August 2017, when 17 workers died after the Mir diamond mine in Siberia owned by Alrosa flooded. In February 2016, 36 people died, including five rescue workers, in a coal mine collapse in Vorkuta, located just inside Russia’s Arctic Circle territory.

 

 

OCP Reiterates Expansion Plans, Commitment to Africa

OCP SA, Casablanca, on Dec. 22 reiterated its ambitious goals to secure 40 percent of the world’s fertilizer market by 2028, as well as its commitment to Africa.

The group plans to increase its production capacity targeted solely at meeting African fertilizer demand to 3 million mt/y from the existing 1 million mt/y, according to a Moroccan World News report, citing OCP’s General Director at the Jorf Lasfar site, Abderrahmane Igourzal. Igourzal was speaking at a press conference at the 21st Khouribga African Film Festival in Khouribga, some 110 km southeast of Casablanca.

OCP operates a 1 million mt/y DAP/MAP/NPK plant at its Jorf Lasfar Hub, whose output is targeted entirely for the African market. The plant, named the Africa Fertilizer Complex, was inaugurated in February 2016, and includes a sulfuric acid unit and a 450,000 mt/y phosphoric acid unit, as well as 200,000 mt of fertilizer storage capacity (GM Feb. 5, 2016).

The Africa Fertilizer Complex plant was the first of four more or less identical facilities that the producer has since inaugurated. The output of these latter plants is marketed globally.

OCP produces nearly 1 million mt/y of fertilizer dedicated to Africa, but since demand is higher than supply, other facilities will be created to fill the gap so that the group can produce 3 million mt/y for African countries, Igourzal said.

The Moroccan group’s publications and reports indicate that OCP sold a total of 2.503 million mt of fertilizers (much of these being NPK and NPS, but also DAP and small volumes of MAP and TSP) to African countries in 2017. The sales to Africa accounted for 30 percent of the producer’s total fertilizer sales in 2017, and represented a more than 50 percent increase on the 1.652 million mt of fertilizers it sold to the continent in 2016, according to its own data.

OCP in February 2016 established a new fully-owned subsidiary, OCP Africa, with the aim of helping to meet the challenge of creating structured, efficient, and sustainable agriculture on the continent of Africa (GM Feb. 26, 2016). The group has since established a number of joint ventures, many of them including plans for the development of production units in several sub-Saharan African countries, including Ethiopia (GM Nov. 23, 2016; Jan. 26, 2018), Nigeria (GM Nov. 18, 2016; Dec. 9, 2016; May 19, 2017; Aug. 3, 2018), and Rwanda (GM June 1, 2018). The producer has also talked of plans to open fertilizer blending units in Tanzania and the Ivory Coast (GM March 16, 2018).

In March 2018, OCP Vice President of Marketing Hicham Benkirane spoke of the group’s plans to add some 5 million mt/y of new fertilizer production capacity by 2021, and as much as 8 million mt/y from 2022 to 2027 (GM March 16, 2018). OCP currently has capacity to produce some 44 million mt/y of phosphate rock, or 31 percent of global market share, according to the group’s own data. It currently has some 12 million mt/y of fertilizer production capacity.

 

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