OMAHA (DTN) -- Average retail prices for all eight major fertilizers were lower again the first week of August 2017, continuing a trend that has lasted for the past several weeks, according to fertilizer retailers surveyed by DTN.
Only one fertilizer had a significant price drop compared to a month earlier. Anhydrous showed another large decrease in price, down 10% compared to last month. The nitrogen fertilizer had an average price of $418 per ton.
The remaining seven fertilizers had lower prices compared to last month, but none of these fertilizers were down significantly. DAP had an average price of $434/ton, MAP $463/ton, potash $339/ton, urea $311/ton, 10-34-0 $426/ton, UAN28 $227/ton and UAN32 $262/ton.
On a price per pound of nitrogen basis, the average urea price was at $0.34/lb.N, anhydrous $0.25/lb.N, UAN28 $0.40/lb.N and UAN32 $0.41/lb.N.
Despite falling prices, like many farmers, Quentin Bowen has yet to purchase his fertilizer needs for the 2018 growing season. However, the Falls City, Nebraska, farmer told DTN he is thinking about prepaying for half of his anhydrous needs when his local retailer sets a price.
"The norm for us has always been to prepay our nitrogen needs, but the last three years we haven't because we felt the price was too high to lock in, and we would let the nitrogen decision ride longer into the spring," Bowen said. "The current price ranges around here (this year) sounds more reasonable than in the past couple years, so we are talking about it."
Bowen added that a lot of factors have to work themselves out before he makes a decision on buying fertilizer. First and foremost, more rains for his crops are a must on his southeastern Nebraska farm.
"We have missed quite a few big ones in the past two to three weeks," he said. "We are living on 0.20-inch to 0.30-inch showers, and that is stretching thin."
All retail fertilizers are lower compared to a year earlier. Five of the eight major fertilizers are double digits lower.
Anhydrous is now 24% lower from a year ago while 10-34-0 is 22% less expensive, UAN32 is 15% lower and both urea and UAN28 are 11% less expensive. DAP is 6% lower, MAP is 5% less expensive while potash is 2% lower.
DTN collects roughly 1,700 retail fertilizer bids from 310 retailer locations weekly. Not all fertilizer prices change each week. Prices are subject to change at any time.
DTN Pro Grains subscribers can find current retail fertilizer price in the DTN Fertilizer Index on the Fertilizer page under Farm Business.
Retail fertilizer charts dating back to 2010 are available in the DTN fertilizer segment. The charts included cost of N/lb., DAP, MAP, potash, urea, 10-34-0, anhydrous, UAN28 and UAN32.
DTN's average of retail fertilizer prices from a month earlier ($ per ton):
|Aug 1-5 2016||459||488||346||349|
|Aug 29-Sept 2 2016||449||464||327||326|
|Sept 26-30 2016||440||458||317||322|
|Oct 24-28 2016||436||451||313||317|
|Nov 21-25 2016||436||445||316||328|
|Dec 19-23 2016||432||437||321||336|
|Jan 16-20 2017||430||443||324||346|
|Feb 13-17 2017||432||450||332||357|
|Mar 13-17 2017||443||462||337||360|
|Apr 10-13 2017||437||466||338||353|
|May 8-12 2017||437||466||340||351|
|Jun 5-9 2017||438||469||339||338|
|Jul 3-7 2017||436||467||339||325|
|Jul 31-Aug 4 2017||434||463||339||311|
|Aug 1-5 2016||548||552||254||307|
|Aug 29-Sept 2 2016||493||509||233||275|
|Sept 26-30 2016||465||486||223||271|
|Oct 24-28 2016||452||472||224||262|
|Nov 21-25 2016||445||465||218||256|
|Dec 19-23 2016||442||468||217||255|
|Jan 16-20 2017||437||478||235||267|
|Feb 13-17 2017||440||491||240||276|
|Mar 13-17 2017||441||507||247||280|
|Apr 10-13 2017||441||505||247||280|
|May 8-12 2017||437||508||247||280|
|Jun 5-9 2017||435||503||246||278|
|Jul 3-7 2017||432||462||236||268|
|Jul 31-Aug 4 2017||426||418||227||262|
Russ Quinn can be reached at firstname.lastname@example.org
Follow Russ Quinn on Twitter @RussQuinnDTN
© Copyright 2017 DTN/The Progressive Farmer. All rights reserved.