OMAHA (DTN) -- The streak is broken.
A majority of retail fertilizer prices are lower compared to last month, according to prices tracked by DTN for the last week of May 2022. This is the first time since the third week of November 2020 that most fertilizers are lower.
Six fertilizers' prices were lower compared to last month, but as we have seen in recent weeks, none were down a substantial amount. DTN designates a significant move as anything 5% or more.
DAP had an average price of $1,056/ton, MAP $1,079/ton, potash $880/ton, urea $979/ton, 10-34-0 $905/ton and anhydrous $1,529/ton.
Two fertilizers were slightly more expensive compared to last month. UAN28 had an average price of $633/ton and UAN32 $731/ton (all-time high price).
On a price per pound of nitrogen basis, the average urea price was at $1.06/lb.N, anhydrous $0.93/lb.N, UAN28 $1.13/lb.N and UAN32 $1.14/lb.N.
It only took one year, six months and 20 days for the majority of fertilizer prices to finally be lower. And it only took me about an hour and seven notebooks to find this data.
As I flipped through my notebooks, looking for pages where I would write how many fertilizers' prices were up or down each week, I noticed how many weeks all eight fertilizers were higher and zero fertilizers were lower. Each week, there were large increases through the entire winter of 2020/2021 and into that spring.
You don't have to be a fertilizer analyst to recognize that nearly 19 consecutive months of higher fertilizer prices is like a rocket. I thought it would be interesting to compare fertilizer prices from the third week of November 2020 to prices for the fifth week of May 2022.
Let's start with the nitrogen fertilizers.
Anhydrous was $422/ton in November of 2020. This week it is at $1,529/ton. Urea was at $358/ton back then, and now it is $979/ton.
UAN28 was at $207/ton, and now it is at $633/ton; UAN32 was at $249/ton, and now it is $731/ton. Some of the nitrogen fertilizers are now three times more expensive.
Are you not depressed enough? What about phosphorus fertilizers?
DAP's average price in November 2020 was $455/ton while this past week it was $1,056/ton. MAP was $488/ton, now it is $1079/ton. These fertilizers have more than doubled in the last year and a half.
And finally, what about potash and 10-34-0?
The price in November of 2020 for potash was at $336/ton and in the last week of May 2022 the price is $880/ton. 10-34-0 was at $455/ton, and now it is $905/ton.
In November of 2020, I don't think anyone thought it would take nearly 19 months for the majority of fertilizers to be lower once again compared to the previous month. I know I didn't.
Most fertilizers continue to be considerably higher in prices than one year earlier.
10-34-0 is 46% more expensive, MAP is 52% higher, DAP is 62% more expensive, UAN28 is 75% higher, UAN32 is 77% more expensive, urea is 87% is higher, potash is 99% higher and anhydrous is 113% more expensive compared to last year.
DTN gathers fertilizer price bids from agriculture retailers each week to compile the DTN Fertilizer Index. DTN first began reporting data in November 2008.
Dow Jones reported grain prices are expected to remain elevated and this, in turn, will help to support fertilizer prices. You can read it here: https://www.dtnpf.com/….
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|May 30-Jun 3 2022||905||1529||633||731|
Russ Quinn can be reached at Russ.Quinn@dtn.com
Follow him on Twitter @RussQuinnDTN
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