DTN Retail Fertilizer Trends

OMAHA (DTN) -- Average retail fertilizer prices were evenly mixed for the fourth week of November 2023, according to sellers surveyed by DTN.

Prices for four of the eight major fertilizers were lower compared to last month, while prices for the remaining four fertilizers were slightly higher. DTN designates a significant move as anything 5% or more.

One fertilizer had a noteworthy price move compared to last month. UAN28 was down 5% from last month. The nitrogen fertilizer had an average price of $341 per ton.

The remaining three fertilizers were down just slightly. Urea had an average price of $552 per ton, 10-34-0 $595/ton and UAN32 $409/ton.

Four fertilizers were just slightly higher in price compared to last month. DAP had an average price of $715/ton, MAP $820/ton, potash $518/ton and anhydrous $847/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.60/lb.N, anhydrous $0.52/lb.N, UAN28 $0.61/lb.N and UAN32 $0.64/lb.N.

Agricultural producers' sentiment increased for the second consecutive month, according to the Purdue University/CME Group Ag Economy Index. The index rose 5 points to a reading of 115, a 12% increase compared to last year (https://ag.purdue.edu/…).

The Index of Current Conditions rose by 12 points to 113, while the Index of Future Expectation increased by 2 points to 116. The Farm Financial Performance Index also climbed in November to a reading of 95, which is up 3 points from October.

Top concerns for the upcoming year include higher input costs (32%), rising interest rates (26%) and lower crop and/or livestock prices (20%).

"Notably, there has been a shift in concern throughout the year, with fewer producers expressing worry over higher input costs compared to the beginning of the year," the report stated. "Instead, more producers are now concerned about rising interest rates and lower crop and livestock prices."

Input costs, including the price of fertilizers, have fallen throughout the year.

All fertilizers are now lower by double digits compared to one year ago. MAP is 15% lower, 10-34-0 is 21% less expensive, DAP is 23% lower, urea is 31% lower, potash is 38% lower, both anhydrous and UAN32 are 40% less expensive and UAN28 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 outlook for nitrogen fertilizer appears to be positive as we move into 2024. You can read more about that in the first story in DTN's annual Global Fertilizer Outlook series, "Global Nitrogen Fertilizer Supply, Demand Outlook Generally Favorable," here: https://www.dtnpf.com/….

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

Follow him on X, formerly known as Twitter, @RussQuinnDTN

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