25 June 2013 21:24 [Source: ICIS news]
HOUSTON (ICIS)--The July Tampa ammonia price has been settled at $525/tonne (€399/tonne) CFR, fertilizer producer Yara confirmed on Tuesday, a decline of $40/tonne from June.
While no details on the customer or quantity were revealed, the new contract would represent a 7.1% drop from the June $565/tonne CFR price. Recent market sentiment had expected a smaller decline.
Now that the corn crop is planted, the focus of the domestic market has turned to the completion of fertilizing and whether any additional opportunity remains for additional ammonia applications.
As of late the market sentiment has raised doubts of any chance for any substantial movements of ammonia until the summer refill gets underway and the question is now how soon that demand will step into the market and begin making purchases.
The confirmation is lower than anticipated as it had recently been expressed that producers were estimating that the next round of contracts would be finalized in a range of $535-540/tonne CFR.
In May Yara agreed to the sale of approximately 50,000 tonnes to Mosaic for $565/tonne CFR for June loading, down $22/tonne from Tampa May price of $587/tonne CFR.
($1 = €0.76)
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