Urea

U.S. Gulf: Granular prompt barges continued to edge down last week, with the most recent business now called in the $242-$249/st FOB range. February was reported at $254-$256/st FOB. Prills remained at $255-$263/st FOB.

September urea imports were up 1 percent, to 866,972 st from the year-ago 853,972 st. July-September imports were up 2 percent, to 1.97 million st from 1.94 million st.

Eastern Cornbelt: Granular urea pricing in the Eastern Cornbelt was tagged at $290-$300/st FOB most regional terminals last week.

Western Cornbelt: Sources quoted the granular urea market at $300-$310/st FOB most terminals in the Western Cornbelt.

Southern Plains: The granular urea market was quoted at $280-$290/st FOB in the Southern Plains, down another $5-$10/st from last report, with the low reported out of Catoosa, Okla., and described as “easy to find this week.”

Timely rains in recent weeks have produced favorable field conditions for fall fieldwork, but sources continued to report minimal activity. “Farmers are shopping everything to save a nickel,” said one contact. “Margins continue to narrow.”

South Central: The granular urea market was quoted in a broad range at $290-$310/st FOB in the South Central region, with the low reported out of spot Louisiana river locations. The dealer market FOB Memphis and Arkansas River terminals was generally pegged in the $300-$310/st FOB range last week.

Southeast: The granular urea market remained at $320-$325/st FOB most port terminals in the Southeast, with rail-DEL tons pegged at the $335/st level in the Carolinas.

India: The STC tender that closed Oct, 30 provided a much-needed positive push in the urea market. Even though prices were $5-$6/mt higher than the MMTC tender, STC is slated to take about 150,000 tons more.

All told, just under 3 million tons were offered by 26 companies at prices that reflected the higher netback expectations of Chinese producers and a slightly stronger global market.