Urea

U.S. Gulf: The granular urea market continued to span a broad range last week, trading as low as $285/st FOB and as high as $305/st FOB.

One player said the lows were achieved early in the week and the market walked its way back up. However, bears say that any strength will not hold as Chinese imports are due in October.

Prills continue to show strength, and were still called $330-$335/st FOB.

Eastern Cornbelt: Sources continued to quote the low end of the granular urea market at $335-$340/st FOB Cincinnati, Ohio. The upper end of the regional range was pegged at $345-$355/st FOB, depending on location.

Western Cornbelt: The granular urea market was pegged at $335-$355/st FOB in the Western Cornbelt, with the low FOB St. Louis, Mo.

Northern Plains: Granular urea pricing FOB the Twin Cities had reportedly fallen to $330-$335/st FOB, down some $20/st from last report. Urea pricing in the Dakotas was down as well, with the dealer market pegged at $367/st FOB Carven, S.D., and $367-$392/st DEL in North Dakota, depending on location.

Great Lakes: Granular urea prices in the Great Lakes region were down from last report. The low end of the range was reported at the $345/st FOB level in southern Wisconsin, while Michigan contacts pegged the common dealer market in the $375-$385/st FOB range last week.

Northeast: Granular urea remained in a broad range at $345-$375/st FOB, with the low FOB East Liverpool, Ohio, and the upper end reported in the Philadelphia market.

Sources continued to report very favorable crop conditions in the Northeast, thanks to nearly ideal growing conditions this summer. Although temperatures have been below normal for much of the summer, well-timed rains have contributed to what one Pennsylvania contact described as “the best corn crop I’ve seen in 21 years.”

That assessment was supported by USDA’s weekly crop report, which placed fully 89 percent of Pennsylvania corn acreage in the good or excellent categories as of Aug. 25.

Pakistan: Keytrade came in with the lowest offer in a Japanese Aid tender to import US$21worth of urea.

Generally this type of tender is by invitation only and is based on the value of the aid grant rather than specific tonnage. Based on its offer, Keytrade will supply about 70,000 mt to Pakistan.

The tally for the tender follows.

Sources expect the tons to come from China.

According to Engro Corp., the domestic urea industry in Pakistan staged a strong comeback during the first six months of 2013, with a 13 percent increase in sales over last year due to better gas availability and lower imports. Urea prices als