– NOLA UREA. A lack of demand really limiting interest and paper, creating wide frames today on Urea paper. As of close of business only one trade was reported, at $256 for December. Limited barge trades to report today and this week, but a few at $246, $247, and a $251 were reported in the afternoon session.
– NOLA UAN. UAN swaps continues to see good order flow this week with focus continuing to be on the Aug and Q4. August traded once at $158 and was seen offered near there on the follow. On Q4 we continue to see bids near $160 with offers closer to $165.
– NOLA DAP. After the August paper contract traded at $310 yesterday for 4.5kt, sell interest is still seen on the follow near $310/$311 but bids have now pulled back closer to $305, not wanting to test how much sell volume could be there. After the myriad of barges that traded earlier in the week around $306 there hasn’t been much to report in the physical market. Overall the curve was a touch softer today from our viewpoint
– INTERNATIONAL. Sluggish markets, with international paper ideas largely sideways on all products. In the AG paper market, we saw more sellers start to step in today in the upper $280’s but were not willing to chase and thus ranges were unchanged as buyers weren’t motivated either. In the Brazil and Egypt markets we had a few numbers floating around today but none let to any tight ranges.