Global Ag News for July 3.23

TOP HEADLINES

No More Ships Allowed in Black Sea Grain Deal Since June 26: UN

The United Nations notes with concern that no additional vessels have been allowed to join the Black Sea Grain Initiative since June 26, despite 29 applications submitted to the Joint Coordination Centre, Farhan Haq, a spokesman for the UN secretary-general, said at a daily news briefing.

• NOTE: The JCC is jointly staffed by Russia, Ukraine, Turkey and the UN and facilitates the grain deal
• Only 13 ships remain in the initiative, either loading at Ukrainian ports or en route to or from Istanbul
• The parties must ensure that additional vessels are allowed to sail the corridor, which serves as a “global lifeline for food security,” he says
• 2m tons of foodstuffs were exported via the corridor in June, “well below port capacity and industry demands”
• NOTE: The Black Sea grain deal is up for renewal July 17

FUTURES & WEATHER

Wheat prices overnight are up 1/4 in SRW, up 4 1/2 in HRW, up 6 1/2 in HRS; Corn is up 7; Soybeans up 43 1/4; Soymeal up $15.10; Soyoil up 0.99.

Markets finished last week with wheat prices down 91 3/4 in SRW, down 72 1/4 in HRW, down 60 1/2 in HRS; Corn is down 90 1/2; Soybeans up 58; Soymeal up $12.90; Soyoil up 3.31.

Year-To-Date nearby futures are down 20.3% in SRW, down 10.9% in HRW, down 14.6% in HRS; Corn is down 17.2%; Soybeans up 5.6%; Soymeal down 12.4%; Soyoil up 3.9%.

Chinese Ag futures (SEP 23) Soybeans up 103 yuan; Soymeal up 152; Soyoil up 298; Palm oil up 254; Corn down 8 — Malaysian palm oil prices overnight were up 196 ringgit (+5.17%) at 3985.

There were no changes in registrations. Registration total: 2,389 SRW Wheat contracts; 402 Oats; 0 Corn; 0 Soybeans; 1,036 Soyoil; 0 Soymeal; 97 HRW Wheat.

Preliminary changes in futures Open Interest as of June 30 were: SRW Wheat up 2,088 contracts, HRW Wheat down 2,056, Corn up 24,616, Soybeans down 3,902, Soymeal up 2,148, Soyoil up 11,141.

Northern Plains: Some isolated showers moved through over the weekend, but most areas have remained dry. A front moving through Monday and Tuesday will bring some areas of showers and thunderstorms. Some disturbances may bring showers to the region later this week, and especially this weekend with another system moving through. Overall, conditions are mostly favorable for developing crops.

Central/Southern Plains: A front moved through the region over the weekend, erasing the extreme heat that had stressed drier areas. The front also brought areas of much-needed rain to northern drought areas, as well as the west. The front has stalled and will remain active this week, as will another moving in from the north Tuesday and Wednesday. With a system also moving through Friday through the weekend, widespread showers and thunderstorms are forecast, favorable for developing corn and soybeans, but hampering wheat harvest.

Midwest: Widespread showers and thunderstorms moved across the southern half of the region, but missed Minnesota and Wisconsin. Michigan also saw some showers. Rains also came with more rounds of severe weather, but the benefit to soil moisture for much of the area in drought should be seen as a positive for crop development. Another front will swing through the region this week with scattered showers and thunderstorms, followed by another system moving through this weekend. Northern areas will see beneficial rains, though may not hit all locations. Drought reduction is likely in many areas on this week’s Drought Monitor update.

Delta: A front moved into the region this weekend, erasing the extreme heat of last week. Scattered showers and thunderstorms have also come with the front, beneficial for crop growth. The front will remain in the area this week and be reinforced by another late this week, which should continue periods of showers and thunderstorms through next week.

Canadian Prairies: A system brought consistent good rains to northern Alberta and Saskatchewan over the weekend, but the front to the system only produced isolated showers elsewhere and many areas were missed. Isolated showers may sweep through the region as the system pulls away Monday and Tuesday. Another front will bring some isolated showers late this week and weekend as well. Some limited areas will benefit while others will remain dry and unfavorable.

Europe: Scattered showers went through much of the continent over the weekend, favorable for developing crops. A trough across the north will keep the continent active with periods of showers this week and possibly next week as well. There may be some downtime between showers, but the pattern is overall favorable for most areas.

The player sheet for 6/30 had funds: net sellers of 6,000 contracts of SRW wheat, sellers of 26,000 corn, sellers of 21,000 soybeans, buyers of 7,000 soymeal, and  buyers of 14,500 soyoil.

TENDERS

• SOYBEAN PURCHASE: The U.S. Department of Agriculture confirmed private sales of 132,000 metric tons of U.S. soybeans to China for shipment in the 2023/24 marketing year.
• WHEAT PURCHASE: A group of South Korean flour mills bought around 50,000 metric tons of milling wheat to be sourced from the United States in an international tender on Friday
• CORN PURCHASE: The Korea Feed Association (KFA) Busan section in South Korea purchased about 66,000 metric tonnes of animal feed corn on Saturday in a private deal without issuing an international tender
• CORN PURCHASE: South Korea’s Major Feedmill Group (MFG) purchased an estimated 69,000 metric tons of animal feed corn expected to be sourced from South America or South Africa in an international tender on Friday
• CORN TENDER: South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 140,000 metric tonnes of animal feed corn to be sourced from optional origins
• CORN TENDER: Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 138,000 metric tonnes of animal feed corn to be sourced from optional origins
• SOYMEAL PURCHASE: Iranian state-owned animal feed importer SLAL is believed to have purchased around 120,000 metric tons of soymeal expected to be sourced from Brazil or Argentina in an international tender which closed on Wednesday.

PENDING TENDERS

• CORN TENDER: South Korea’s Major Feedmill Group (MFG) has issued an international tender to purchase up to 140,000 metric tonnes of animal feed corn to be sourced from optional origins
• RICE TENDER: The state purchasing agency in Mauritius has issued an international tender to buy 6,000 metric tons of long grain white rice sourced from optional origins, European traders said. The deadline for submission of price offers in the tender was June 26.
• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp. has issued an international tender to purchase an estimated 43,000 metric tonnes of rice

TODAY

CROP SURVEY: US Soybean Crush and Corn for Ethanol

The following is from a Bloomberg survey of five anlaysts.

• Soybean crush seen at 190.5m bu in May, a 5.3% rise from a year ago
• Crude and once-refined soybean-oil reserves at end of May seen at 2.455b lbs, up from 2.384b
• Corn used in ethanol production seen down 3.4% y/y to 431.3m bu
• The USDA is scheduled to release its May Fats and Oils report along with the Grain Crushings report on July 3 at 3pm

Russia’s Wheat-Export Tax to Rise to 2,610 Rubles/Ton: Interfax

Russia’s wheat-export duty will rise next week to 2,610 rubles a ton, from 2,473 rubles, Interfax reported, citing the agriculture ministry.

EU Cuts Soft-Wheat Crop Estimate by 2.6M Tons; Corn Declines

This year’s soft-wheat harvest is now seen at 128.9m tons, below a May estimate for 131.5m tons, the European Commission said in a report.

• Export estimate kept steady at 32m tons
• Barley crop estimate cut to 49.7m tons, versus 52m tons
• Corn crop estimate cut to 63.7m tons, versus 64.1m tons

EU weighs concession to Russian bank over Black Sea grain deal -FT

The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.

With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.

Russia last week said that it saw no reason to extend the grain deal beyond July 17 because the West had acted in an “outrageous” way over the agreement, though it assured poor countries that Russian grain exports would continue.

Moscow’s plan, proposed through U.N.-brokered talks, would let the bank unit handle payments related to grain exports, the paper said, citing unnamed sources.

The new unit would be allowed to use the SWIFT global financial messaging system, which was closed to the largest Russian banks after Russia’s invasion of Ukraine, it added.

Responding to the Financial Times report, Ukraine’s foreign ministry ambassador at large, Olha Trofimtseva, said the EU wanted “to somehow facilitate the grain deal”.

“On the one hand, any opportunities for agricultural exports are good. On the other hand, making concessions to a blackmailer means encouraging him to continue blackmailing,” she wrote on the Telegram messaging app.

“It is a well-known axiom: a blackmailer does not stop if you fulfil his demands. He just comes up with new demands.”

As two of the world’s top agricultural producers, Russia and Ukraine are major players in grain and oilseed markets ranging from wheat and barley to rapeseed and sunflower oil. Russia is also dominant in the fertiliser market.

Apart from the restoration of SWIFT access, Russia is also seeking resumption of supplies of farm machinery and parts as well as the removal of curbs on insurance and reinsurance.

Ukraine starts 2023/24 grain exports with tiny volumes – ministry

Grain exports from Ukraine in the first days of July, the first month of the new 2023/24 July-June season, amounted to 34,000 metric tons, half as much as in the same period in 2022, the agriculture ministry said on Monday.

The ministry said the volume in the new season so far included 9,000 tons of wheat and 25,000 tons of corn.

The exports for the whole 2022/23 season stood at almost 49 million tons, exceeding the previous season’s level of 48.4 million tons.

Most of the volume was shipped abroad from deep Black Sea ports under the deal brokered by the United Nations and Turkey last July to tackle a global food crisis worsened by Russia’s invasion of Ukraine and a blockade of Ukrainian ports.

Ukrainian officials have said Russia is in effect blocking Black Sea shipments, and that Kyiv must be ready to export grain almost exclusively via its Danube River ports.

EU Mulls Russia Bank Plan to Safeguard Black Sea Grain Deal: FT

The EU is reviewing a plan to allow a Russian bank under sanctions to create a subsidiary that would reconnect to the global financial network, the Financial Times reports, citing five unidentified people with knowledge of the discussions.

• Plan to help protect the Black Sea grain deal
  • Proposed by Russia through negotiations brokered by the UN
  • Would allow Russian Agricultural Bank to create a unit to handle payments related to grain exports
• It was discussed by EU leaders at the summit in Brussels last week
• The Kremlin and European Commission declined to comment to FT

Strategie Grains cuts EU rapeseed crop estimate after dry weather

Crop consultancy Strategie Grains has lowered its forecast for this year’s European Union rapeseed harvest by more than 600,000 metric tons after dry weather in the northern part of the bloc.

The French consultancy estimated production of rapeseed, the EU’s main oilseed crop, in 2023 at 19.8 million metric tons, down from 20.4 million tons previously but still about 400,000 tons above last year’s harvest.

“Persistent dry weather in the northern EU countries has affected the rapeseed yield potential,” it said in a report.

Its main reduction was for Germany, with its forecast dropping by 200,000 tons. Harvest prospects were still satisfactory to good in France and central and eastern EU countries, it said.

On the import front, Strategie Grains raised its forecast for purchases of Ukrainian rapeseed in 2023/24, given the high profitability of that origin in crushing lines, mainly in western EU countries and Baltic States.

However, it cut its estimate for EU imports of Ukrainian sunseed, citing a lower exportable surplus in the country.

“Of course, the future of the maritime corridor will be decisive for EU imports. If it is completely stopped, that would slow rapeseed importing as all agricultural raw materials will compete for the use of other exporting channels,” it noted.

Strategie Grains cut its outlook for this year’s EU sunflower seed crop by about 350,000 tons to 10.9 million tons, still 19% above last year.

The lower production estimates prompted Strategie Grains to cut its outlook for rapeseed and sunseed stocks at the end of June 2024 but balances remained in surplus, it said.

Argentina Drought Pushes Soy Crush to Lowest in 15 Yrs: Rosario

Processors “crushed” 6.4m metric tons in the first two months of the soy season, April and May, the fewest since 2008, the Rosario Board of Trade said in a weekly newsletter.

• That’s despite record imports by processors in the period of 2.6m tons and an FX benefit designed to spur farmer sales
• NOTE: Argentina Concludes Soy Harvest With Yields 45% Less Than Normal
• Forward sales of wheat that’s getting planted are the lowest in 7 years because of uncertainty about the weather and politics, and low prices
• Just 3% of forecast production has been sold vs. a recent historical average for this time of year of 15%

SOYBEAN/CEPEA: Firm demand boosts soy oil prices

Soy oil prices are moving up significantly in both international and domestic markets. Increases are attributed to expectations of firm demand from the biodiesel sector. Indonesia, a major palm oil exporter in global terms, has indicated this week a possible increase in the mandatory blend of biodiesel into diesel oil, which can change from 35% to 40%. It is worth mentioning that the government from Indonesia had already changed the mixture in February, from 30% to 35%.

In case this scenario is confirmed, the availability of palm oil from Indonesia to export may shrink. As a consequence, the global demand for soybean oil is likely to increase – these by-products are direct competitors.

As for supply, Argentina (the biggest world exporter of soy oil) may offer to the global market only 3.75 million tons of the soybean by-product this season, the lowest volume in 22 years, according to the USDA. The lowest supply, in turn, is related to the soybean crop failure, because of unfavorable weather conditions.

As a result, players expect a higher world demand for the by-product from the US and from Brazil. This can increase the dispute among domestic and international consumers, since the USDA estimates the local demands in both countries to hit records in the 2022/23 season.

Thus, the first contract (Jul/23) for soy oil at CME Group (Chicago Mercantile Exchange) rose 9.1% between June 22-29, to USD 0.6083/pound (USD 1,341.06/ton) on June 29, the highest nominal value since March 2, 2023.

In addition to international increases, prices in Brazil have been influenced by the fact that the industry in the South is indicating a possible biodiesel production increase, in order to meet the higher blend to diesel oil. The value of soy oil upped 5.6% from June 22-29, at BRL 5,026.68 per ton (in São Paulo city with 12% ICMS) on June 29.

SOYBEAN MEAL – Due to expectations of firm demand for soy oil, global and domestic prices of soybean meal have decreased over the last days. In Brazil, many purchasers are away from trades, claiming to have stocks for the next 15 days. On the average of the regions surveyed by Cepea, soymeal prices dropped 2.7% over the last seven days.

SOYBEANS – Prices are moving down in both the United States and in Brazil. In the domestic market, stocks are high. Because of the second corn crop harvest, cooperatives need to open room at warehouses.

Between June 22-29, the CEPEA/ESALQ Index Paraná decreased 0.9%, to BRL 128.56 (USD 26.47/bag) per 60-kg bag June 29. The ESALQ/BM&FBovespa Paranaguá (PR) Index dropped 2.8%, to BRL 135.67/bag (USD 27.94)/bag. On the average of the regions surveyed by Cepea, soybean prices moved down 0.6% in the wholesale market (deals between processors) and 1.2% in the over-the-counter market (paid to farmers).

CORN/CEPEA: Prices move down again; Index average is the lowest since May/19

After moving up for two weeks, both domestic and international corn prices resumed decreasing. In some regions surveyed by Cepea, such as Mogiana (SP), north of Paraná state and Dourados (Mato Grosso do Sul), average values in June are already the lowest of the year.

In Campinas (SP), the average of the ESALQ/BM&FBovespa Index this month (BRL 55.02 per 60-kilo bag) is the lowest, in real terms (IGP-DI May/23), since May 2019, when it was at BRL 53.07/bag. Comparing June 22-29, the decrease is 1.7%, to close at BRL 56.12 (USD 11.56)/60-kg bag on June 29. On the average of the regions surveyed by Cepea, corn prices dropped 1.1% in the wholesale market (deals between processors) and 3.5% in the over-the-counter market (paid to farmers).

The downward trend in Brazil is attributed to harvest advances of the second crop, which may be intensified in the second fortnight of July, although it is delayed compared to the previous season. Therefore, the demand is weak again, with purchasers closing deals only when needed.

PORTS – The international decrease has pressed down quotes at ports in Brazil this week. Only a few trades were closed, for July and August delivery. In Paranaguá (PR) and Santos (SP), quotations moved down 7.4% and 5%, respectively, from June 22-29, averaging BRL 58.81 and 61.41 per 60-kilo bag. Not even the 1.6% dollar increase has limited price drops.

According to data from Secex, in the partial of June (16 working days), Brazil shipped 632 thousand tons of corn, with a lower daily pace (-16%) compared to that in June/22, when exports totaled 989.3 thousand tons. Anec says that shipments may amount 1.45 million tons in June.

The second crop harvest reached 11% of the area until June 24, for a weekly advance of 5.7 percentage points, but a delay of 9.4 p.p. compared to the same period last crop. Only São Paulo state has not started the harvest yet.

Open market sale of cereals to continue till prices moderate

The government will continue to sell rice and wheat in the open market through weekly e-auctions from the Food Corporation of India’s surplus stocks till inflationary trend in cereals prices is arrested, a senior food ministry official said.

The corporation, which commenced weekly e-auction for wheat last week for the first time this fiscal, will be conducting the first e-auction for selling rice to bulk buyers on July 5.

In the initial phase, the government approved the selling of 1.5 million tonne (MT) of wheat and 1 MT of rice.

The Food Corporation of India (FCI) has kept Rs 3,100/quintal as base price for rice to be sold through e-auction.

Although the FCI has been selling its surplus wheat in the market during the January-March period, which is considered a ‘lean period’ annually, the corporation’s attempt to sell rice in the market hasn’t found many takers from bulk buyers or traders.

“Till the time prices are moderate, we will continue to sell foodgrains from the FCI’s stocks,” a food ministry official told FE. The official said current grain stocks are above the buffer and sufficient to carry out open market sales.

Also ReadBihar Govt discusses drought prepareadness, assures contingent measures will be taken if need arises

US Pork Production Falls 1.9% This Week, Beef Down: USDA

US federally inspected pork production falls to 496m pounds for the week ending July 1 from 506m in the previous week, according to USDA estimates published on the agency’s website.

• Hog slaughter down 1.7% from a week ago to 2.332m head
• Beef production down 0.9% from a week ago, cattle slaughter falls 0.8%
• For the year, beef production is 4.5% below last year’s level at this time, and pork is 0.4% above

India’s monsoon rains cover entire country, still lower than average

India’s annual monsoon covered the entire country on Sunday, six days earlier than usual, the state-run weather office said, but rain totals are 10% below average so far this season.

The monsoon, the lifeblood of India’s $3 trillion economy, delivers much needed water to farms and restocks reservoirs and aquifers. It also brings relief from the worst of the summer heat.

In a typical year, rains usually lash Kerala state, on India’s southwest coast, from around June 1 and move northwards to cover the entire country by July 8.

This year, the monsoon arrived on the coast of southern Kerala state on June 8, more than a week later than normal, and its progress was later stalled by severe cyclone Biparjoy.

However, the monsoon made quick progress this week and has now covered the entire country, the India Meteorological Department (IMD) said.

India received 10% below normal rainfall in June, but some states received as much as 60% lower rainfall than the normal.

But India is likely to receive an average amount of rain in July despite the likely emergence of the El Nino weather pattern, the IMD said on Friday.

Bountiful monsoon rains in July would ease concerns about the output of summer crops, promising higher incomes in the countryside where most Indians live. As almost half of the country’s farmland lacks irrigation, Indian farmers depend on the monsoon.

India set for average rains in July, crop planting to accelerate

India is likely to receive an average amount of rain in July despite the likely emergence of the El Nino weather pattern, a senior weather department official said, encouraging farmers to accelerate crop planting which has progressed slowly due to patchy rains in June.

The monsoon, vital for India’s $3 trillion economy, delivers nearly 70% of the rain needed to water its farms and refill reservoirs and aquifers. It also brings relief from the worst of searing summer heatwaves.

Most parts of the country would receive good rainfall in July, Mrutyunjay Mohapatra, director-general of the India Meteorological Department (IMD), told reporters.

“Rainfall in July could be 100 to 106% of the long period average,” he said.

July rainfall is crucial as it accounts for most of the precipitation for the four months’ long monsoon season.

This year, the country badly needs good rainfall in July as many pockets received below normal rainfall in June due to a delay in the onset of monsoon and its slow progress until the third week of June because of the formation of severe cyclone Biparjoy.

Monsoon progressed quickly this week, Mohapatra said.

In a typical year, rains usually lash Kerala state, on India’s southwest coast, from around June 1 and move northwards to cover the entire country by July 8.

India received 10% below normal rainfall in June, but some states received as much as 60% lower rainfall than the normal.

The IMD has forecast an average amount of rainfall for the entire four-month season despite the formation of an El Nino weather pattern.

A strong El Nino, marked by a warming of the surface of the sea in the Pacific Ocean, can cause severe drought in Southeast Asia, India and Australia.

Dry weather in some areas, downpour in others, prevent soybean sowing

New Delhi: Having been stopped by a delayed monsoon from sowing soybean crops, farmers in key soybean belts of Madhya Pradesh are now unable to cultivate crops due to excess rainfall.

Patchy rainfall, on the other hand, persists in Maharashtra, weighing on oilseed sowing. Weak prices of the kharif oilseeds, having gained support in the last one month, are expected to see an upward trend because of uneven distribution of monsoon and global factors.

India Meteorological Department declared the arrival of monsoon in Madhya Pradesh on 26 June. Since then, the state has been receiving heavy showers every day, which have submerged farmlands in Vidisha, Raisen, Indore, Seoni etc.

In Akola and Latur of Maharashtra, farmers are still waiting for rain. “Sowing has been delayed by 10-15 days. We could not start soybean sowing due to lack of monsoon rainfall, and now that monsoon has arrived about a week ago, it has been consistently down-pouring. Because of this, some of farmlands are submerged in water and some are in a condition that we cannot run tractors and prepare the seedbed,” said Abhishek Raghuwanshi, a soybean farmer based in Madhya Pradesh’s Vidisha district, whose 124-acres farm remains uncultivated.

In the week ended Wednesday, precipitation in the state was 85% above normal, while it received 180% above-normal rainfall on Thursday alone. Heavy rainfall in the past one week in Madhya Pradesh has turned the category into normal from deficient in June. With this, the state’s rainfall remains 8% higher than normal in the previous month. However, monsoon still lags in Maharashtra with 50% deficiency in the last month, according to IMD’s latest data. Uneven distribution of rainfall till 30 June has resulted in 25% less coverage of area under soybean crops than last year at 460,900 hectares across India. Farmers across Maharashtra have been able to cultivate only 800 hectares as against 83,800 hectares last year during the same period, as per the latest data on the agriculture ministry’s website.

Meanwhile, soybean prices have started increasing in the past one month in tandem with international prices. Lower production forecasts in the US amid a decline in soybean acreage and estimated lower stocks have pushed up international prices of the oilseed 16.5% to $572 a tonne, spot trade sources said. This has taken domestic prices up 1-3% to ₹5,000-5,600 a quintal in key markets of Madhya Pradesh and Maharashtra, the leading soybean growers with a share of 45% and 39%, respectively in India’s total production.

China’s deadly weather from heat to hailstorms take its toll

Torrential rain triggered flash floods in northern China killing one person and sweeping away two, state media reported on Monday, the latest victims of weeks of extreme weather that has brought misery to many and shows no sign of ending.

The heavy rain, heat and recent hail have been damaging infrastructure, crops and endangering livestock across the country. It has also been testing the patience of many of China’s 1.4 billion people and raising fears of climate change.

Rain in the Inner Mongolia region caused flash floods on Sunday killing one person and leaving two missing, state broadcaster CCTV reported.

Since Friday, rescue workers in various parts of southern China, including the southwestern province of Guizhou, have been moving people and livestock to safety from floods and landslides, the CGTN state media outlet reported.

Intense rain lashed parts of Yunnan province over the weekend, sweeping cars down streets that looked like rivers, media reported.

Mudslides in Sichuan province, also in the southwest, killed several people last week.

Northern China remains in the grip of unusually hot weather that set in earlier than normal and over larger areas, state media reported, citing the National Climate Center.

For weeks, weather forecasters have also warned of strong convective weather, which often brings thunderstorms.

Hailstorms on Saturday in Heilongjiang province in the northeast shattered windows, according to videos posted on social media.

The extreme weather comes as John Kerry, the U.S. climate envoy, is expected in China soon for talks.

US Fertilizer Prices Slide as Summer Fill Programs Continue

US inland fertilizer prices continue to be squeezed as farmers wrap up fieldwork, suppliers strive to empty bins and producers launch another round of summer fill programs. India’s first urea tender yielded less volume than expected, but inventory at 2.3x average could keep the world’s largest importer from frequent, large 2H tenders.

Summer Reset, Slow Demand Pressure Inland Prices

US fertilizer prices were flat to lower for most products in late June as demand wanes and buyers await the launch of additional summer fill programs. While New Orleans (NOLA) phosphates were up just slightly from the prior week, inland prices continued to drop, along with urea, urea ammonium nitrate (UAN), ammonium sulfate and potash. Two weeks after ammonia fill prices were published, an ammonium sulfate fill program in late June dropped prices $25-$50 a short ton (st) from spring levels, while Corn Belt potash fell another $5-$15/st at most terminals. Corn Belt phosphate prices were also down $10-$20/st, with much sharper drops reported in Southern US regions.

By contrast, Brazil prices were up for urea, ammonium sulfate, phosphates and potash in late June after months of decline, fueled by growing demand.

 

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