DTN Retail Fertilizer Trends

OMAHA (DTN) -- Average retail fertilizer prices continued to be mostly lower in the third week of January 2024, according to sellers surveyed by DTN.

For the fourth consecutive week, six of the eight major fertilizers were lower in price compared to last month while the remaining two fertilizers were slightly higher. DTN designates a significant move as anything 5% or more.

Only one fertilizer had a significant price change compared to last month. Anhydrous was down 5% compared to last month and had an average price of $770 per ton.

The remaining five fertilizers were down just slightly from the prior month. MAP had an average price of $810 per ton, potash $510/ton, urea $530/ton, UAN28 $334/ton and UAN32 $391/ton.

Two fertilizers, meanwhile, were just slightly higher in price compared to last month. DAP had an average price of $727/ton and 10-34-0 $601/ton.

On a price per pound of nitrogen basis, the average urea price was $0.58/lb.N, anhydrous $0.47/lb.N, UAN28 $0.60/lb.N and UAN32 $0.61/lb.N.

All fertilizers except one are now lower by double digits compared to one year ago. MAP is 6% lower, DAP is 15% less expensive, 10-34-0 is 20% lower, urea is 26% less expensive, potash is 29% lower and anhydrous, UAN28 and UAN32 are all 38% lower compared to a year prior.

USDA will invest $207 million in renewable energy and domestic fertilizer projects, according to a USDA news release. Many of the projects are being funded by President Joe Biden's Inflation Reduction Act.

The announcement was made on Monday by Agriculture Secretary Tom Vilsack at the 105th annual American Farm Bureau Federation convention in Salt Lake City, Utah.

USDA is awarding $207 million in 42 states for projects through the Rural Energy for America Program (REAP) and the Fertilizer Production Expansion Program (FPEP). Projects financed through FPEP include $50 million for seven projects in seven states.

"President Biden and USDA are ensuring farmers, ranchers and small businesses are not only a part of the clean energy economy, but directly benefitting from it," Secretary Vilsack said.

DTN did a deep dive into the previous FPEP announcement in March of 2023 (https://www.dtnpf.com/…). DTN's analysis showed eight USDA grants at this time will lead to very little expected fertilizer expansion.

A Saskatchewan-based company is creating a "living lab" to learn about using prairie biomass to generate heat for various industries, including potash mining. You can read about it here: https://www.dtnpf.com/….

DTN gathers fertilizer price bids from agriculture retailers each week to compile the DTN Fertilizer Index. DTN first began reporting data in November 2008.

In addition to national averages, MyDTN subscribers can access the full DTN Fertilizer Index, which includes state averages, here: https://www.mydtn.com/….

DRY
Date Range	DAP	MAP	POTASH	UREA
Jan 16-Jan 20 2023	859	865	721	712
Feb 13-Feb 17 2023	838	857	692	686
Mar 13-Mar 17 2023	825	821	655	638
Apr 10-14 2023	821	809	642	625
May 8-12 2023	828	826	627	664
June 5-9 2023	822	832	618	622
July 3-7 2023	824	827	619	615
July 31-Aug 4 2023	766	773	579	572
Aug 28-Sep 1 2023	730	736	518	563
Sep 25-29 2023	703	777	508	570
Oct 23-27 2023	713	799	507	574
Nov 20-24 2023	713	811	512	570
Dec 18-22 2023	721	815	517	537
Jan 15-19 2024	727	810	510	530
LIQUID
Date Range	10-34-0	ANHYD	UAN28	UAN32
Jan 16-Jan 20 2023	755	1238	536	634
Feb 13-Feb 17 2023	754	1213	483	572
Mar 13-Mar 17 2023	740	1059	428	521
Apr 10-14 2023	740	1003	427	507
May 8-12 2023	739	910	423	517
June 5-9 2023	739	787	411	478
July 3-7 2023	730	752	396	466
July 31-Aug 4 2023	713	638	378	411
Aug 28-Sep 1 2023	607	680	355	391
Sep 25-29 2023	610	767	353	413
Oct 23-27 2023	610	825	360	418
Nov 20-24 2023	583	833	338	402
Dec 18-22 2023	599	807	342	402
Jan 15-19 2024	601	770	334	391

Russ Quinn can be reached at Russ.Quinn@dtn.com

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