Sulfur Prices Soar, China Buys U.S. Soybeans Amid Global Grain Disruptions
Florida lawmakers are calling on the Trump administration to address rapidly increasing sulfur prices that threaten domestic phosphate fertilizer production. Rep. Scott Franklin and seven other Florida congressional members sent a letter to President Trump and Commerce Secretary Howard Lutnick, urging additional federal action.
The Tampa sulfur price has exceeded $1,100 per metric ton since May, up from the previous average of about $172 per long ton. This spike could lead to higher costs for fertilizer production in Florida, which is a major producer of phosphates.
On a more positive note, China's recent soybean purchases have provided a boost to American growers. Chinese buyers booked 14 to 15 cargoes for shipment from U.S. Gulf terminals between December and February, bringing China's U.S. soybean buying to nearly half of the 25 million metric tons Beijing committed to purchase annually through 2028.
Wheat futures remain volatile due to ongoing disruptions in Black Sea grain exports. The most-active contract traded around $7.39 a bushel after reaching a 3½-year high of $7.95 last week, with traders weighing continued disruptions against diplomatic efforts aimed at ending the Russia-Ukraine war.