OMAHA (DTN) -- A new month but an old trend continues. Retail fertilizer sellers tracked by DTN for the first full week of June 2023 show the vast majority of prices are still lower compared to a month ago.
Seven of the eight major fertilizers were less expensive than last month. Only three fertilizers were noticeably cheaper. DTN designates a significant move as anything 5% or more.
Anhydrous was 14% lower compared to the prior month, and the nitrogen fertilizer had an average price was $787/ton. UAN32 was 8% less expensive than last month with an average price of $478/ton, while urea was 6% lower with an average price of $622/ton.
Four other fertilizers were slightly lower compared to last month. DAP had an average price of $822/ton, potash $618/ton, 10-34-0 $739/ton and UAN28 $411/ton.
Just one fertilizer was slightly more expensive compared to a month ago. MAP had an average price of $832/ton.
On a price per pound of nitrogen basis, the average urea price was at $0.68/lb.N, anhydrous $0.48/lb.N, UAN28 $0.73/lb.N and UAN32 $0.75/lb.N.
During 2023, retail fertilizer prices have continuously declined. With the exception of one week, every week in the calendar year has seen more fertilizers with lower prices than with higher prices.
Since the first of the year was about the time fertilizers began to decline significantly, I thought it would be interesting to see how much prices have dropped in the last six months or so.
The most obvious decline in retail fertilizer prices during this time would be anhydrous.
The first week of January 2023, the nitrogen fertilizer had an average price of $1,302/ton. With an average price of $787/ton the first week of June, the nitrogen fertilizer has seen the price fall $515/ton during the year, the largest decline of the eight major fertilizers.
Another four had triple-digit price declines, but nothing like anhydrous. -- UAN32 had a drop of $195/ton ($673/ton first week Jan. 2023 to $478/ton first week of June 2023)
-- UAN28 $162/ton ($573/ton to $411/ton)
-- Potash $134/ton ($752/ton to $618/ton)
-- Urea $117/ton ($739/ton to $622/ton)
The remaining three fertilizers had just slight price declines during 2023.
-- DAP fell $54/ton ($876/ton to $822/ton)
-- MAP $47/ton ($879/ton to $832/ton)
-- 10-34-0 $15/ton ($754/ton to $739/ton)
The good news is retail fertilizer prices have pulled back considerably during 2023.
The bad news is prices have not declined enough to return to before fall 2021 levels, when various global supply issues started prices on a year-and-a-half long march higher.
All fertilizers are now lower by double digits compared to one year ago. 10-34-0 is 18% less expensive, DAP is 22% lower, MAP is 23% less expensive, potash is 30% lower, both UAN28 and UAN32 are 35% less expensive, urea is 36% lower and anhydrous is 48% lower compared to a year prior.
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/….
The Purdue University/CME Ag Barometer fell to its weakest reading since 2022, thanks to lower commodity prices. You can read it here: https://www.dtnpf.com/….
|Jun 6-Jun 10 2022||1057||1077||880||977|
|Jul 4-8 2022||1038||1053||885||866|
|Aug 1-5 2022||1003||1036||883||812|
|Aug 29-Sep 2 2022||952||1022||877||804|
|Sep 26-30 2022||947||1005||874||812|
|Oct 24-28 2022||930||986||862||827|
|Nov 21-25 2022||927||972||841||802|
|Dec 19-Dec 23 2022||890||909||790||757|
|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|
|Jun 6-Jun 10 2022||905||1518||633||731|
|Jul 4-8 2022||904||1466||609||702|
|Aug 1-5 2022||892||1387||592||679|
|Aug 29-Sep 2 2022||866||1364||576||671|
|Sep 26-30 2022||861||1380||581||670|
|Oct 24-28 2022||759||1422||580||678|
|Nov 21-25 2022||753||1419||583||681|
|Dec 19-Dec 23 2022||751||1360||578||681|
|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|
Russ Quinn can be reached at Russ.Quinn@dtn.com
Follow him on Twitter @RussQuinnDTN
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