OMAHA (DTN) -- Average retail prices for all eight major fertilizers were down again the second full week of August 2023, according to sellers surveyed by DTN.
Prices for six of the eight major fertilizers saw a significant drop, which DTN designates as anything 5% or more.
Leading the way lower was UAN32. The nitrogen fertilizer was 13% lower compared to last month and had an average price of $399 per ton. This is the first time since the first week of May 2021 that UAN32's price has been under $400 per ton. That week, the average price was also $399/ton.
Also, anhydrous was double digits lower -- down 12% compared to last month. The nitrogen fertilizer had an average price of $630/ton.
Both DAP and potash were 8% lower compared to last month. DAP had an average price of $745/ton while potash was $558/ton.
UAN28 was 7% less expensive than last month with an average price of $359/ton. MAP was 6% lower compared to last month and had an average price of $762/ton.
Two fertilizers were just slightly lower compared to the prior month. Urea had an average price of $573/ton while 10-34-0 was $705/ton.
On a price per pound of nitrogen basis, the average urea price was $0.62/lb.N, anhydrous $0.38/lb.N, UAN28 $0.64/lb.N and UAN32 $0.62/lb.N.
Canadian-based fertilizer company Nutrien reported a 20% drop in sales for its second quarter and a profit of $3.6 billion, Dow Jones reported earlier this month. Because of this, the company says that in order to cut costs, it is pausing its plans to ramp up its annual potash production capacity to 18 million metric tons (mmt) and several other projects it had in the works.
The planned production increase was a result of higher fertilizer prices following Russia's invasion of Ukraine last year. Other global supply chain issues also pushed the company to increase fertilizer production.
"Nutrien's results have been impacted by unprecedented volatility in global crop input markets over the last 18 months," said Nutrien CEO Ken Seitz.
All fertilizers are now lower by double digits compared to one year ago: 10-34-0 by 20%, DAP 24%, MAP 26%, urea 29%, potash 37%, UAN28 38%, UAN32 41%, and anhydrous by 53%.
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/….
Retail fertilizer prices are significantly lower compared to a year earlier, according to an in-depth look at the DTN retail fertilizer price dataset. You can read about it here: https://www.dtnpf.com/….
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Russ Quinn can be reached at Russ.Quinn@dtn.com
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