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Lower Fertilizer Prices Persist

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the second full week of March 2023 continue to show lower levels. This trend has been in place for two and a half months.

All eight of the major fertilizer prices are once again lower compared to last month. Five of the eight fertilizers had a substantial price decline. DTN designates a significant move as anything 5% or more.

“DTN Retail Fertilizer Trends,” by Russ Quinn. DTN- Progressive Farmer (March 22, 2023).

Leading the way lower was anhydrous. The nitrogen fertilizer was 13% lower compared to last month and had an average price of $1,059/ton.”

Illinois Production Cost Report. USDA- Agricultural Marketing Service (March 23, 2023).

Quinn explained that, “UAN28 was 11% less expensive looking back a month and had an average price of $428/ton. UAN32 was 9% lower compared to a month earlier and had an average price of $521/ton.

Urea was 7% less expensive compared to the previous month with an average price of $638/ton. Potash was 5% lower compared to last month with an average price of $655/ton.”

Iowa Production Cost Summary. USDA- Agricultural Marketing Service (March 21, 2023).

The DTN article added that, “All fertilizers are now double digits lower compared to one year ago. DAP is 15% less expensive, 10-34-0 is 16% lower, MAP is 18% less expensive, potash is 22% lower, UAN32 is 26% less expensive, anhydrous and UAN28 are both 30% lower and urea is 33% less expensive compared to a year prior.”

Also last week, the USDA’s Agricultural Marketing Service indicated in its weekly Grain Transportation Report on Thursday that, “For the week ending March 20, the U.S. average diesel fuel price decreased 6.2 cents from the previous week to $4.185 per gallon, 94.9 cents below the same week last year.”

Keith Good Photo

Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.

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