DTN Retail Fertilizer Trends

OMAHA (DTN) -- Retail fertilizer continues to shift lower, according to prices tracked by DTN for the first full week of April 2023. The trend has been in place since the beginning of the year.

Seven of the eight major fertilizer prices are lower compared to last month. DTN designates a significant move as anything 5% or more.

Anhydrous leads the way lower once again. The nitrogen fertilizer was 5% less expensive compared to last month and had an average price of $1,002/ton.

Six fertilizers were all just slightly lower compared to last month. DAP had an average price of $818/ton, MAP $809/ton, potash $642/ton, urea $625/ton, UAN28 $423/ton and UAN32 $507/ton.

One fertilizer was unchanged compared to last month. 10-34-0 had an average price of $740/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.68/lb.N, anhydrous $0.61/lb.N, UAN28 $0.75/lb.N and UAN32 $0.79/lb.N.

Fertilizer prices continue to weaken, but they may be near the bottom, according to a report from CoBank. Many market participants are now expecting an economic slowdown in the second half of the year.

Several factors are at play for the decline in fertilizer prices. Europe idled capacity in 2022 as countries built up natural gas reserves amid Russian supply disruptions. Overall consumption was down in both Europe and the U.S. as unseasonably warm weather reduced residential and commercial heating demand.

"With the futures curve forecasting higher natural gas prices by summer, we may be now nearing a low point for nitrogen prices in 2023," according to the report.

The entire report can be viewed at https://www.cobank.com/….

All fertilizers are now double digits lower compared to one year ago. 10-34-0 is 18% less expensive, DAP is 21% lower, MAP is 23% less expensive, potash is 27% lower, UAN32 is 31% less expensive, UAN28 is 33% lower, anhydrous is 35% less expensive and urea is 39% 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 Fertilizer Institute (TFI) President and CEO Corey Rosenbusch praised Congress for introducing the Advancing Cutting Edge Agriculture Act. You can read it here: https://www.dtnpf.com/….

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

Follow him on Twitter @RussQuinnDTN

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