DTN- Fertilizer Prices “Continued the Trend of Moving Lower”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the second week of June 2023 continued the trend of moving lower compared to a month ago. This trend has been in place since the beginning of 2023.

“Six of the eight major fertilizers were less expensive compared to last month. Only two fertilizers were considerably less expensive. DTN designates a significant move as anything 5% or more.

“Anhydrous was 13% lower compared to the prior month, and the nitrogen fertilizer had an average price of $781 per ton. UAN32 was 8% less expensive than last month with an average price of $476/ton.”

Quinn explained that, “Four other fertilizers were slightly lower compared to last month. DAP had an average price of $823/ton, potash $621/ton, 10-34-0 $737/ton and UAN28 $406/ton.

“Just two fertilizers were slightly more expensive compared to a month ago. MAP had an average price of $823/ton, while urea was at $624/ton.”

The DTN article added that, “All fertilizers are now lower by double digits compared to one year ago. 10-34-0 is 19% less expensive, DAP is 21% lower, MAP is 23% less expensive, potash is 29% lower, both urea and UAN32 are 35% less expensive, UAN28 is 36% lower and anhydrous is 49% lower compared to a year prior.”

Elsewhere, in its weekly Grain Transportation Report on Thursday, the USDA’s Agricultural Marketing Service stated that, “For the week ending June 19, the U.S. average diesel fuel price rose 2.1 cents from the previous week to $3.815 per gallon—199.5 cents below the same week last year. Diesel prices rose in 7 of the 10 regions, with the biggest increase of 4.3 cents occurring in the Gulf Coast region. Following a 1.8-cents increase for the week ending April 17, diesel prices have continuously declined.

“The current price rise marks only the fifth time this year that prices have risen. According to the Energy Information Administration’s (EIA), June Short Term Energy Outlook, retail diesel prices are expected to average $3.95 per gallon in 2023 and $3.82 per gallon in 2024, down from $5.02 per gallon in 2022.”