On Int'l paper, Mar Brazil found value y'day either side of $415 (trade level from day prior). Nola urea saw Mar paper tick up slightly to $405. Mkts framed:
AG
Feb $410//$425
Mar $408//$417
Apr $380//$400
cfr Brazil
Feb $410//$430
Mar $410//$417 – traded $417, $412
Apr $390//$410
Jun $365//$385
Jul-Aug $370//$382
Egypt
Feb $452//$464
Mar $435//$450
Apr $410//$445
Nola
Phys: Feb traded $393. Lh Feb $395, $396. Mar $399
Paper:
Feb $385//$395
Mar $403/$407 – traded $405
Apr $392//$400
May $360//$372
Jun $332//$355
UAN Nola
Feb $253//$265
Mar $260//$275
May $270//$285
Apr $275//$290
Q2 $270//$283
DAP Nola
Phys: Lh Feb- Fh Mar traded $592
Feb $582//$595
Mar $588//$595
Q2 $550//$585
Also, Cinis / SOP apparently the third cargo was off spec. Not sure what they did with it. Van iperen about to receive 4th shipment any day now – so you might get call from Jarvis !
The latest urea production:
– Lordegan: 0%
– Kermanshah: 0%
– Khorasan: 0%
– MIS: 0%
– Shiraz : 0%
– Pardis’s Line 1 & 3 are working with full capacity so PPC is producing with 70%.
Feb 5 (Reuters) – Chicago Board of Trade soybean futures dropped on Wednesday on news of beneficial rainfall in dry areas of Argentina, with more rains expected later this month.
CBOT March soybeans SH25 settled down 18 cents to $10.57 a bushel.
CBOT March soymeal SMH25 ended $5.70 lower to $308.30 per short ton and March soyoil BOH25 fell 0.67 cent to 45.09 cents per pound.
Rain on Tuesday and Wednesday brought much-needed relief to crops in Argentina's central farming region, especially to soybeans, after high temperatures and little moisture in January, the Rosario grains exchange said.
The arid climate in recent weeks led to repeated cuts to harvest forecasts. The Buenos Aires grains exchange currently estimates 49.6 million metric tons of soybeans and 49 million tons of corn in the 2024/25 harvest.
Uncertainty about demand from top global soy buyer China hangs over the market after Beijing announced limited retaliatory tariffs on U.S. goods on Tuesday.
Rabobank on Wednesday joined several agribusiness consultancies in predicting that Brazil will harvest a record soybean crop in 2024/25, saying that output of the oilseed should total 170 million metric tons this season.
Dear,
This is Kun from ChinaFert. Happy Chinese New Year. China now is back to work. If you have any inquiry kindly let me know. Below are the newest price
Weekly FOB prices
Ammonium Sulfate (Capro grade):FOB $152(Bulk)-Tianjin Port or River Port
Ammonium Sulfate (Mixed grade Compacted Granular):FOB $163(Bulk)-Tianjin Port
Ammonium Sulfate (Capro grade Compacted Granular):FOB $170(Bulk)-Tianjin Port
Potassium Sulfate (SOP) Powder: FOB $575 (Break Bulk)-Tianjin Port
Potassium Sulfate (SOP) Granular: FOB $580 (Break Bulk)-Tianjin Port
Calcium Nitrate Granular: FOB $175(Container/Break Bulk)-Tianjin Port
Automotive Urea: Please ask for quotation
Freight Rate Reference (Break Bulk)
Sao Francisco do Sul, Brazil: $90/mt
Pecem, Brazil: $60/mt
Callao, Peru: $58/mt
Guayaquil, Ecuador: $58/mt
Manzanillo, Mexico: $55-60/mt
Valparaiso, Chile: $80/mt
Durban, South Africa: $48/mt
Freight Rate Reference (Container)
Santos/Paranagua, Brazil: $100-120/mt
Financial Options: we can offer credit terms of 30-120 days for long-term stable clients. The interest rate will around 6% (annualized)
Upcoming Conference we will attend:
IFA-Monaco,2025 (May12th-14th,2025)
Best Regards,
Tender February 5th 2025
PIM Prill Urea
OE : usd 427.5
Known Bid so far
Pls keep in our internal
– Liven USD 438 for 6k
– Samsung USD 435 for 6k
– Hexagon USD high 410
– Heartychem USD low 400
– Aditya Birla USD mid 410
– Indevco USD
– Oracle regret
– Camelot regret
– Ameropa regret
– Golden Barley
– Koch regret
Disclaimer : Above list is not final result, only based from shared information between bidder
Morning. With Phys reports trending higher, paper values followed suit y'day, and ticked up further. Mkts framed:
AG
Feb $410//$430
Mar $415//$422 – traded $412, $419/20
Apr $380//$400 – traded $385, $395
cfr Brazil
Feb $412//$430
Mar $420//$425 – traded $415
Apr $395//$415
Jul-Aug $370//$382
(Jul traded $375)
Egypt
Feb $452//$465 – traded $458/$60
Mar $440//$450 – traded $435, $440, $442
Apr $415//$445
Nola
Phys: Feb traded $392-$397, LH Feb $396, Mar $395-$400
Paper:
Feb $385//$392 – traded $392
Mar $397/$405
Apr $392//$397 – traded $395
May $360//$367 – traded $360
Jun $332//$350
UAN Nola
Feb $253//$265
Mar $260//$275
May $270//$285
Apr $275//$285 – traded $280
Q2 $270//$283
DAP Nola
Feb $577//$585
Mar $583//$595
Q2 $545//$585
Feb 4 (Reuters) – Global grains trader Archer-Daniels-Midland ADM.N is slashing costs and cutting staff to weather a commodity downturn made more challenging by uncertainty about U.S. biofuels policies and a brewing trade war, the company said on Tuesday.
ADM's difficulties follow an accounting scandal last year that forced the company to twice revise financial statements and triggered an ongoing federal investigation.
ADM on Tuesday posted its weakest fourth-quarter profit in six years and forecast what could be a third-straight annual earnings drop in 2025.
ADM said it is eliminating up to 700 jobs and aiming to cut up to $750 million in costs in the next three to five years, joining agribusiness rival Cargill in tightening its belt.
CEO Juan Luciano said it was difficult to predict how ADM's global trading business would fare if President Donald Trump's orders to raise tariffs on Canada, Mexico and China spark broad retaliation from the top three buyers of U.S. farm goods.
China launched limited tariffs on Tuesday in retaliation against sweeping new U.S. levies on Chinese goods. Beijing's tariffs did not include crops.
Trump suspended the tariffs on Canadian and Mexican goods for one month.
"Tariffs imposed by the U.S. government tend to have a slightly positive benefit to us," Luciano said, adding "the issue is the retaliatory measures."
ADM is on a short list of grain-trading companies that can benefit from such trade turmoil, he said.
If an overseas buyer curbs its imports of U.S. farm products, ADM could still supply that market with crops from other countries such as Brazil, although such disruptions can dent trading margins.
ADM flexed its global grain origination and distribution footprint in 2018 when China slashed its U.S. soybean purchases, prompting the company to tap its Brazilian supply chain to supply that country.
Meanwhile, ADM and other crop processors were awaiting policy guidance from the Trump administration on the size and scope of tax credits for U.S. biofuels producers that could bolster oilseed crushing and biodiesel margins, Luciano said.
An ethanol pioneer and for years the top U.S. producer, ADM's massive corn- and soybean-processing facilities supply biofuels makers including Marathon.
LONDON (ICIS)—In Egypt, NCIC sold 5,000 tonnes of granular urea at $445/tonne FOB for February shipment.
Morning. On Int'l paper, March Brazil traded just shy of $410cfr, while bids on Mar AG/ Egypt slightly more elusive y'day following gains/activity seen last week. In Nola, Feb/Mar paper traded $390 to then have March break $400 mark late on.
AG
Feb $405//$415
Mar $400//$410
Apr $373//$390
Cfr Brazil
Feb $405//$420
Mar $400//$415 – traded $407.50
Apr $380//$395
Jul-Aug $365//$375
Egypt
Feb $440//$448
Mar $417//$435
Apr $395//$415
Nola
Phys: Feb traded $380, Feb 10-28th $383, Mar $390
Feb $385//$392 – traded $390
Mar $395/$405 – traded $390, $401
Apr $373//$385
May $355//$358 – traded $355
Jun $325//$340
UAN Nola
Feb $253//$265
Mar $260//$275
May $247//$255
Q2 $250//$266
DAP Nola
Feb $577//$585
Mar $580//$590
Q2 $545//$580
Feb 3 (Reuters) – The dollar index was lower on Monday after U.S. President Donald Trump paused new tariffs on Mexico for one month, after the country agreed to reinforce its northern border with 10,000 National Guard members to stem the flow of illegal drugs, Trump said.
Mexico and the U.S. will use the month-long suspension to engage in further negotiations, Trump said.
The delay boosted the Mexican peso MXN=. It was last up 1.25% against the dollar at 20.4196. Earlier, it fell to its lowest in nearly three years at 21.2882 per U.S. dollar.
Meanwhile, the dollar index =USD was down 0.5% at 108.96. It had touched a three-week high of 109.88 in early trading.
"This delay to Mexico plays into this idea that the tariffs are just a transactional tool," said Marc Chandler, chief market strategist at Bannockburn Global Forex.
As Trump promised last month, the U.S. over the weekend announced it would hit Canada and Mexico with 25% duties and China with a 10% levy starting on Tuesday, calling them necessary to curb immigration and narcotics trafficking.
Trump said on Monday he had spoken with Canadian Prime Minister Justin Trudeau and would do so again at 3 p.m. ET (2000 GMT). The tariffs on Canada and China remain poised to take effect on Tuesday, and Canada has announced retaliatory tariffs.
A senior Canadian official told a New York Times reporter that Ottawa is not optimistic that a similar reprieve is in the offing, the reporter said on X.
The Canadian dollar CAD=D3 rose to 1.4568 per U.S. dollar, after earlier falling to a level not seen since 2003.
China said it would challenge Trump's levies at the World Trade Organization.
The U.S. dollar was at 7.3254 yuan in the offshore market CNH=D3, having earlier pushed to a record high of 7.3765 yuan. Markets in China remain closed for the Lunar New Year and will resume trading on Wednesday.
The tariffs are widely expected to push up U.S. inflation, supporting the dollar by keeping U.S. interest rates higher for longer. Economists say the Republican president's plan would also slow global growth and drive prices higher for Americans.
"What it seems like the U.S. is trying to do is build its hegemonic power back and then force the rest of the world to pay for U.S. public goods, which is typically not how government works," said Mark McCormick, head of foreign exchange and emerging market strategy at TD Securities.
Markets pared expectations of rate cuts from the Federal Reserve in the wake of the tariff news, with futures pricing in just a 50% chance of two cuts this year 0#USDIRPR.
Canada's and Mexico's economies are at risk of recession once the tariffs are in place, some analysts say, while the euro zone economy faces further stagnation if tariffs kick in.
Trump said over the weekend that tariffs on the European Union would go ahead, but did not say when.
EU leaders at an informal summit in Brussels on Monday said Europe would be prepared to fight back if the U.S. imposes tariffs, but also called for reason and negotiation.
The euro EUR= plunged as much as 2.3% to $1.0125 – the lowest since November 2022 – as investors braced for tariffs on Europe from the Trump administration. The single currency was last down 0.73% against the dollar at $1.0286.
The Australian dollar AUD=D3 hit a five-year low on Monday, while the New Zealand dollar NZD=D3 fell to its lowest since October 2022. The two Antipodean currencies are often used as liquid proxies for the Chinese yuan. AUD/
Japan's yen JPY=EBS, conversely, was resilient, with the dollar sliding 0.24% against the yen to 154.845.
BitcoinBTC= rose back above the $100,000 level after earlier in the day hitting its weakest in nearly three weeks.
https://www.politico.com/news/2025/02/03/mexico-president-tariffs-00202059
LONDON (ICIS)–In Egypt, the following granular urea sales were concluded over the weekend:
Abu Qir sold 10,000 tonnes at 435 FOB for March loading
NCIC sold 5,000 tonnes each at 438 FOB and 440 FOB for February shipment
Alexfert sold 5,000 tonnes at 440 FOB for February shipment
MOPCO sold 5,000 tonnes at 440 FOB for February shipment
Morning. Paper mkts active last week as Urea values continued to climb. Feb/Mar Egypt phys sales $435-$440 reported over w'end – paper framed Fri close:
AG
Feb $407//$418
_[Feb traded $407 last week]_
Mar $405//$414
_[Mar traded $400-$412 last week]_
Apr $373//$388
Cfr Brazil
Feb $407//$425
Mar $405//$420
_[Mar traded $400-$410 last week]_
Apr $380//$395
Jul-Aug $365//$375
_[traded $375-$370 last week]_
Egypt
Feb $440//$445
_[Feb traded $420-$444 last week]_
Mar $425//$435
_[Mar traded $430 last week]_
Apr $395//$415
_[Apr traded $405 last week]_
Nola
Phys: Feb traded $372-$382 Fri
Feb $383//$390
Mar $385/$395
Apr $373//$385
May $345//$354 – traded $345 (500st)
Jun $325//$340
Option: Mar $400 Call – traded $8
UAN Nola
Feb $253//$265
Mar $260//$275
May $247//$255
Q2 $250//$266
DAP Nola
Feb $577//$585
Mar $580//$590
Q2 $545//$580
GM
Iranian producers announced $377/mt officially this week.
The latest urea production:
– Lordegan: 0%
– Kermanshah: 0%
– Khorasan: 0%
– MIS: 0%
– Shiraz : Prilled line 500,000 Mt/y resumed from this week but the production for this line cannot export due the domestic consumption.SPC’s granular line is down completely.
– Pardis’s Line 1 & 3 are working with full capacity so PPS is producing with 70%.