OMAHA (DTN) -- Retail fertilizer retailers tracked by DTN for the first week of November 2023 report mixed prices to begin the month. Five fertilizers were slightly higher compared to last month while the remaining three were down a bit.
For the first time in several months, no fertilizer was up or down a considerable amount. DTN designates a significant move as anything 5% or more.
Five fertilizers were just slightly higher than a month ago. DAP had an average price of $714/ton, MAP $802/ton, potash $509/ton, anhydrous $830/ton and UAN28 $360/ton.
Three fertilizers were just slightly lower in price compared to last month. Urea had an average price of $573/ton, 10-34-0 $613/ton and UAN32 $415/ton.
On a price per pound of nitrogen basis, the average urea price was at $0.62/lb.N, anhydrous $0.51/lb.N, UAN28 $0.64/lb.N and UAN32 $0.65/lb.N.
Australia-based BHP recently announced it will spend $6.4 billion (Canadian dollars) for stage two to increase production of their Jansen potash mine east of Saskatoon, Saskatchewan, Canada, according to CBC News. The investments will make it one of the largest potash mines in the world.
"This is an important milestone that underscores our confidence in potash and marks the next phase of the company's growth in Canada," BHP CEO Mike Henry said. "We believe Jansen will deliver long-term value for shareholders and the local community and will position BHP as one of the leaders in the global potash industry."
The company spent $7.5 billion (Canadian) for stage one, which began in August 2021. The construction of this phase is 32% completed and is on schedule for production to begin in 2026.
BHP said construction for stage two is expected to take six years to complete. Production from this phase of construction is expected to begin in 2029.
All fertilizer prices are now lower by double digits compared to one year ago. MAP is 18% lower, 10-34-0 is 19% less expensive, DAP is 23% lower, urea is 29% less expensive, UAN28 is 38% lower, UAN32 is 39% less expensive, potash is 40% lower and anhydrous is 42% less expensive 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 global fertilizer market appears to be less volatile in 2023 compared to 2022, according to a recent report from RaboResearch. You can read about it here: https://www.dtnpf.com/….
|Nov 7-11 2022||931||980||853||812|
|Dec 5-Dec 9 2022||920||950||819||784|
|Jan 2-Jan 6 2023||876||879||752||739|
|Jan 30-Feb 3 2023||847||862||704||698|
|Feb 27-Mar 3 2023||827||827||666||648|
|Mar 27-31 2023||818||810||644||626|
|Apr 24-28 2023||827||804||624||595|
|May 22-26 2023||834||832||624||623|
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|Oct 9-13 2023||711||794||506||575|
|Nov 6-10 2023||714||802||509||573|
|Nov 7-11 2022||758||1434||582||680|
|Dec 5-Dec 9 2022||751||1415||581||681|
|Jan 2-Jan 6 2023||754||1302||573||673|
|Jan 30-Feb 3 2023||754||1223||518||583|
|Feb 27-Mar 3 2023||741||1077||444||525|
|Mar 27-31 2023||741||1026||428||513|
|Apr 24-28 2023||740||928||426||508|
|May 22-26 2023||739||798||419||509|
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Russ Quinn can be reached at Russ.Quinn@dtn.com
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