– NOLA UREA. Ideas remain flat to firm for nearby months with June and July trading and settling up a $1. Traders beginning to show greater appetite to take on paper length as demand in physical market begins to pick up, and as AG paper prices increase. Meantime Q3 sellers maintaining firmer beliefs and holding out for firmer values.
– NOLA UAN. After being framed up $160//$168 earlier in the day, the NOV contract traded at $166. The tone for Q4 NOLA UAN paper has turn slightly bullish on the backs of a firmer NOLA UREA market (i.e. stronger overall “N” market).
– NOLA DAP. NOLA DAP was quiet today for the most part – ranges are unchanged.
– INTERNATIONAL. International paper was active today for both the Egypt and AG paper markets. In the AG market, prices were firmer for both July and August trading at $298 for both the Aug and Sept contracts at 5kt/piece. The Egypt market wasn’t as firmer trading $295 for the July contract and $293 for the August contract. Overall the international urea market sentiment is up basis higher physical prices (e.g. July Egypt physical trading around $295) and rumors that the next India tender is imminent.