OMAHA (DTN) -- Retail fertilizer prices continued to be mostly lower for the second week of July 2022, according to sellers surveyed by DTN. This lower push has now been around for seven weeks in a row.
Once again, all but one of the eight major fertilizers are lower compared to last month, with only one fertilizer down considerably. DTN designates a significant move as anything 5% or more.
Urea was 10% lower compared to last month. The nitrogen fertilizer had an average price of $861 per ton.
DAP had an average price of $1,030/ton, MAP $1,052/ton, 10-34-0 $904/ton, anhydrous $1,449/ton, UAN28 $606/ton and UAN28 $701/ton.
One fertilizer was just slightly more expensive compared to last month. Potash had an average price of $885/ton.
On a price per pound of nitrogen basis, the average urea price was at $0.94/lb.N, anhydrous $0.88/lb.N, UAN28 $1.08/lb.N and UAN32 $1.09/lb.N.
DTN recently asked the following poll question: "With retail fertilizer prices falling in recent weeks, what best describes your fertilizer-buying plans this summer?" Choice 1 was "I have already purchased some of my fertilizer needs." Choice 2 was "I may purchase fertilizer within the next month or so." Choice 3 was "I may purchase fertilizer in a couple of months." Choice 4 was "I usually purchase fertilizer at the end of the year." Choice 5 was "I will not be purchasing fertilizer anytime soon."
With 183 total responses, "I will not be purchasing fertilizer anytime soon" was the most common answer with 37% of the vote. A distant second was "I may purchase fertilizer in a couple of months" at 24%.
Choice 4 -- "I usually purchase fertilizer at the end of the year" -- was next with 17%, followed by "I have already purchase some of my fertilizer needs" at 11% and "I may purchase fertilizer within the next month or so" at 10%.
While fertilizer prices have retreated some over the last month or so, retail prices remain at fairly high levels. This fact is obviously still affecting farmers' buying decisions and their want/need to purchase fertilizer.
If prices continue to go lower over the next month or two, this may have some effect on farmers wanting to buy fertilizer. This, combined with a fall fertilizer application season rapidly approaching, might change a few plans.
Most fertilizers prices continue to be considerably higher than one year earlier.
MAP is 44% more expensive, 10-34-0 is 45% higher, DAP is 49% more expensive, urea is 57% higher, UAN28 is 64% more expensive, UAN32 is 68% higher, potash is 77% more expensive and anhydrous is 100% higher 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.
Falling grain prices have pushed fertilizer, which in turn has dragged fertilizer companies' stock prices lower. You can read more about it here: https://www.dtnpf.com/….
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Russ Quinn can be reached at Russ.Quinn@dtn.com
Follow him on Twitter @RussQuinnDTN
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