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DTN- Fertilizer Prices “Continued Their Decline”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue their decline, according to sellers tracked by DTN for the third week of June 2023. This trend has been in place for more than six months now.

“DTN Retail Fertilizer Trends,” by Russ Quinn. DTN- Progressive Farmer (June 28, 2023).

Quinn explained that, “All eight of the major fertilizers were lower in price compared to last month. Two fertilizers were noticeably less expensive. DTN designates a significant move as anything 5% or more.

UAN32 was 8% less expensive compared to the prior month. The nitrogen fertilizer had an average price was $471/ton. Anhydrous was 5% lower looking back to last month with an average price of $755/ton.

“The remaining six fertilizers were slightly lower compared to last month. DAP had an average price of $825/ton, MAP $827/ton, potash $618/ton, urea $619/ton, 10-34-0 $734/ton and UAN28 $402/ton.”

Illinois Production Cost Report. USDA- Agricultural Marketing Service (June 30, 2023).

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 22% less expensive, potash is 30% lower, urea is 31% less expensive, UAN32 is 34% lower, UAN28 is 35% less expensive and anhydrous is 50% lower compared to a year prior.”

Iowa Production Cost Summary. USDA- Agricultural Marketing Service (June 27, 2023).

Meanwhile, in its monthly Agricultural Prices report on Friday, the USDA’s National Agricultural Statistics Service (NASS) indicated that, “Fertilizer: The index for May, at 117.4, is down 4.1 percent from April and 26 percent from May a year ago. Since April, prices are lower for nitrogen, mixed fertilizer, and potash & phosphate.”

Agricultural Prices. USDA-National Agricultural Statistics Service (June 30, 2023).

The NASS report added that, “Chemicals: The May index, at 149.6, is down 0.4 percent from April and 10 percent from last May.

Fuels: At 87.1, the May index is down 5.9 percent from April and 30 percent from May 2022. Compared with April, prices are lower for LP gas, diesel, and gasoline.”

Also last week, in its weekly Grain Transportation Report, the USDA’s Agricultural Marketing Service stated that, “For the week ending June 26, the U.S. average diesel fuel price decreased 1.4 cents from the previous week to $3.801 per gallon, 198.2 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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