DTN: “Fertilizer Prices Mostly Higher for First Time Since November”

DTN writer Russ Quinn reported last week that, “According to retail fertilizer prices tracked by DTN for the fourth week of May 2023, fertilizers are mostly higher. This is the first time since November of 2022 that more fertilizers were higher in price than lower compared to the prior month.”

Quinn noted that, “Urea was 5% higher compared to the prior month. The nitrogen fertilizer had an average price of $623/ton.

“Four other fertilizers were slightly more expensive looking back a month. DAP had an average price of $834/ton, MAP $832/ton, potash $624/ton and UAN32 $509/ton.

“Three fertilizers were lower compared to a month ago. One fertilizer, anhydrous, was 14% less expensive with an average price of $798/ton, or $130/ton less than last month.”

“Two fertilizers were just slightly less expensive compared to the prior month. 10-34-0 had an average price of $739/ton and UAN28 $419/ton,” the DTN article said.

Quinn 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%, UAN32 is 30% lower, UAN28 is 34% less expensive, urea is 37% less expensive and anhydrous is 48% lower compared to a year prior.”

In its June Market Monitor report, the Agricultural Market Information System (AMIS) indicated that, “Price trends of major fertilizer products were mixed in May.

“Ammonia and phosphate fertilizer prices showed an important decline following the lower post-planting demand in the Northern Hemisphere, while urea and potash prices increased.

“Overall, world markets remain well-supplied despite the several ongoing supply-side challenges.”

And in its monthly Agricultural Prices report last week, the USDA’s National Agricultural Statistics Service (NASS) indicated that, “Fertilizer: The index for April, at 122.2, is down 3.8 percent from March and 23 percent from April a year ago. Since March, lower prices for nitrogen and mixed fertilizer more than offset higher prices for potash & phosphate.”

The NASS report also noted that, “Fuels: At 92.6, the April index is down 0.3 percent from March and 22 percent from April 2022. Compared with March, prices are lower for diesel but higher for gasoline and LP gas.”

On Thursday, in its weekly Grain Transportation Report, the USDA’s Agricultural Marketing Service stated that, “For the week ending May 29, the U.S. average diesel fuel price decreased 2.8 cents from the previous week to $3.855 per gallon, 168.4 cents below the same week last year.”