DTN Retail Fertilizer Trends

OMAHA (DTN) -- After one week of mostly higher levels, retail fertilizer prices are again mostly lower, according to retail fertilizer prices tracked by DTN for the last week of May 2023.

Six of the eight major fertilizers are lower in price compared to last month. Only two fertilizers were substantially less expensive. DTN designates a significant move as anything 5% or more.

Anhydrous was 15% lower compared to the prior month and the nitrogen fertilizer had an average price was $791/ton. Urea was 6% lower looking back to last month with an average price of $622/ton.

Four other fertilizers were slightly lower compared to last month. DAP had an average price of $824/ton, potash $620/ton, 10-34-0 $739/ton, and UAN28 $413/ton.

Two fertilizers were slightly more expensive compared to a month ago. MAP had an average price of $832/ton and urea $622/ton.

On a price per pound of nitrogen basis, the average urea price was $0.68/lb.N, anhydrous $0.48/lb.N, UAN28 $0.74/lb.N and UAN32 $0.75/lb.N.

Last week, the Purdue University/CME Ag Economy Barometer fell to its weakest reading since July 2022. The barometer fell 19 points to a reading of 104 in the month of May, this was down from 123 in the April report (Purdue University-CME Group Ag Economy Barometer).

Weakness in crop prices has helped to push the index lower, according to the report. This month's survey was conducted from May 15-19, 2023.

When asked the question, "Looking ahead to next year, what are your biggest concerns for your farming operation?", you can see a dramatic jump from April to May with lower crop and/or livestock prices behind the answer. In April, just 17% of respondents had this response while in May it increased to 26%.

Not surprisingly, concerns about higher input prices have eased in recent months with retail fertilizer prices steadily declining.

In August 2022, over 50% of respondents said this was their biggest concern. By January 2023, the number fell to under 40%, and by the May report it was just 34%.

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%, both UAN28 and UAN32 are 35% lower, urea is 37% less expensive 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/….

A Singapore-based fertilizer manufacturer has asked its shareholders to approve a proposal to ban sales of its products in the Amazon rainforest, according to Dow Jones. You can read it here: https://www.dtnpf.com/….

Dry
Date Range	DAP	MAP	POTASH	UREA
May 30-Jun 3 2022	1056	1079	880	979
Jun 27-Jul 1 2022	1039	1053	885	867
Jul 25-20 2022	1005	1041	887	836
Aug 22-26 2022	972	1026	880	804
Sep 19-23 2022	950	1005	875	811
Oct 17-21 2022	930	986	863	826
Nov 14-18 2022	930	978	848	812
Dec 12-Dec 16 2022	902	939	807	779
Jan 9-Jan 13 2023	868	875	742	732
Feb 6-Feb 10 2023	840	857	694	693
Mar 6-Mar 10 2023	825	823	657	643
Apr 3-7 2023	818	809	642	625
May 1-5 2023	826	805	623	599
May 29-Jun 2 2023	824	832	620	622
Liquid
Date Range	10-34-0	ANHYD	UAN28	UAN32
May 30-Jun 3 2022	905	1529	633	731
Jun 27-Jul 1 2022	904	1466	611	702
Jul 25-20 2022	894	1431	596	693
Aug 22-26 2022	869	1331	575	676
Sep 19-23 2022	860	1376	578	670
Oct 17-21 2022	759	1419	576	678
Nov 14-18 2022	753	1415	584	681
Dec 12-Dec 16 2022	750	1415	579	682
Jan 9-Jan 13 2023	754	1245	563	650
Feb 6-Feb 10 2023	755	1220	499	579
Mar 6-Mar 10 2023	740	1059	436	522
Apr 3-7 2023	740	1002	423	507
May 1-5 2023	739	926	424	507
May 29-Jun 2 2023	739	791	413	478

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

Follow him on Twitter @RussQuinnDTN

(c) Copyright 2023 DTN, LLC. All rights reserved.