US Gulf:
Another drop in upriver terminal prices pressured UAN barge indications lower. Although no new NOLA business was confirmed, sources quoted the market at $235-$255/st ($7.34-$7.97/unit) FOB, down from last week’s $250-$260/st ($7.81-$8.13/unit) FOB range, with the low reflecting indications late in the week based on falling river terminal prices.
US Imports:
UAN imports for July-March fell 22.1% year-over-year, to 1.69 million st from 2.17 million st. March imports were 206,562 st, down 28.8% from 290,062 st in the year-ago period. Russia sent 946,745 st for July-March, while Canada shipped 347,614 st, ahead of 336,065 st from Trinidad and Tobago.
US Exports:
UAN exports fell 28.9% in July-March, to 1.39 million st from the year-ago 1.96 million st. March cargoes were counted at 56,223 st, a 53.1% decrease from the 119,891 st reported one year earlier. France purchased 375,889 st of US product in July-March, Australia took 337,767 st, and Argentina received 210,302 st.
Eastern Cornbelt:
After last week’s $20/st downward correction, sources said UAN-32 terminal prices fell again this week, to $270/st ($8.44/unit) FOB Mount Vernon, Ind., $275/st ($8.59/unit) FOB Cincinnati, and down to $285-$290/st ($8.91-$9.06/unit) FOB spot Illinois River terminals.
The UAN-28 market was pegged at $240.63-$253.75/st ($8.59-$9.06/unit) FOB in the Eastern Cornbelt, depending on location and timing, with the higher numbers confirmed early in the week.
Western Cornbelt:
Another drop in UAN-32 prices pushed the prompt market down to $270-$290/st ($8.44-$9.06/unit) FOB in the Western Cornbelt, below the prior week’s $290-$320/st ($9.06-$10.00/unit) FOB range, with the low confirmed both at Port Neal, Iowa, and St. Louis.
Northern Plains:
The UAN market out of terminals in Minnesota was pegged at $310/st ($9.69/unit) FOB for UAN-32 and $270/st ($9.64/unit) FOB for UAN-28, though supply was described as tight. Delivered UAN-28 offers in North Dakota remained at a high of $325/st ($11.61/unit) for tons from Canada.
Northeast:
The latest UAN-32 offers were quoted at $310-$320/st ($9.69-$10.00/unit) FOB port terminals in the Northeast, with the Fairless Hills market reported at the $315/st /st ($9.84/unit) FOB level, give or take. UAN-32 pricing out of inland terminals in upstate New York remained at $365/st ($11.41/unit) FOB in early May.
Eastern Canada:
UAN-28 pricing in Eastern Canada remained at C$420-$460/mt (C$15.00-$16.43/unit) FOB in early May. The UAN-32 market in Ontario was steady as well at the C$480/mt (C$15.00/unit) FOB level.
France:
No further prompt UAN demand was reported this week at Rouen. New-season offers at €215/mt FCA appear to have found some traction, while indicative prompt interest for trucks was reported just shy of €230/mt FCA, resulting in a range of €215-€230/mt FCA for the week. The gap between old and new prices is expected to converge by the end of the month.