US NOLA: UAN steady despite continued supply surplus

摘要

UAN-32 barge indications remains as low as $120/st FOB New Orleans this week, despite overwhelming market consensus of oversupply. Suppliers are hoping to hold their ground at the current level until the top-dress season emerges for corn this spring across various inland markets. There is some likelihood this could occur, according to domestic traders. They point out there is little if any significant space left at the distributor or retail levels that could be won by a further domestic price cut.