Nola DAP prices this afternoon jumped by 12pc from yesterday amid higher sales as the market reacts to global supply uncertainty stemming from the Russian invasion of Ukraine.
A barge for second-half March shipment traded at $865/st fob Nola, up from February trade at $770/st fob yesterday, while offers were heard as high as $900/st fob late in the day. An additional March barge was bid at $825/st fob Nola this afternoon.
Buyers and sellers alike were mixed on the near-term price trajectory of Nola DAP and MAP as global market participants await clarity on possible impacts to trade flows, as the conflict between Russia and Ukraine — and subsequent political responses from the US and Europe — evolves. Sources this week agreed it is too late in the season to book additional cargoes from any origin for arrival before the upcoming spring application period, making a significant supply crunch directly connected to the conflict unlikely — especially after the US halted most Russian phosphate shipments with import duties imposed in 2020.
