DTN Retail Fertilizer Trends

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/….

Dry
Date Range	DAP	MAP	POTASH	UREA
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
June 19-23 2023	825	827	618	619
July 17-21 2023	807	812	608	596
Aug 14-18 2023	745	762	558	573
Sep 11-15 2023	710	742	500	554
Oct 9-13 2023	711	794	506	575
Nov 6-10 2023	714	802	509	573
Liquid
Date Range	10-34-0	ANHYD	UAN28	UAN32
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
June 19-23 2023	734	755	402	471
July 17-21 2023	717	713	385	457
Aug 14-18 2023	705	630	359	399
Sep 11-15 2023	600	696	353	389
Oct 9-13 2023	613	804	356	418
Nov 6-10 2023	613	830	360	415

Russ Quinn can be reached at Russ.Quinn@dtn.com

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