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DTN Retail Fertilizer Trends
By Russ Quinn
Wednesday, April 10, 2024 8:26AM CDT

OMAHA (DTN) -- Average retail fertilizer prices continued to slowly climb the first week of April 2024, according to sellers surveyed by DTN. For the second consecutive week, prices for all eight major fertilizers were up from a month ago.

Despite the increases across the board, the price of only one fertilizer jumped significantly, which DTN designates as anything 5% or more. UAN28 was 5% higher than a month ago, with an average retail price of $362 per ton.

The remaining seven fertilizers were slightly more expensive compared to last month. DAP had an average price of $780 per ton, MAP $828/ton, potash $514/ton, urea $577/ton, 10-34-0 $633/ton, anhydrous $794/ton and UAN32 $405/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.63/lb.N, anhydrous $0.48/lb.N, UAN28 $0.65/lb.N and UAN32 $0.63/lb.N.

USDA's Economic Research Service (ERS) recently published a report detailing the significance of fertilizer costs in corn production, according to an article from fertilizerdaily.com (https://www.fertilizerdaily.com/…). Fertilizer represents the largest variable expense, according to the report.

USDA ERS reported the average fertilizer cost from 2006 to 2021 was approximately $125 per acre, without adjusting for inflation. This figure saw a sharp increase beginning in 2022, reaching $225.78 per acre, before declining to an estimated $186.73 per acre in 2023.

"This trend indicates a significant 89% increase in costs from 2021 to 2022, followed by a 17% decrease from 2022 to 2023," according to the article.

Fertilizer expenses made up about 22% of the total per-acre corn production cost from 2006 to 2016. This percentage dropped to an average of 17% from 2017 to 2021, as fertilizer prices were historically low.

However, the increase in prices in 2022 elevated fertilizer costs to 24% of total costs, though this number was lower than the peak, which was seen at 26% in 2008.

Most fertilizer prices are lower compared to one year ago, but one is now slightly higher. The price of MAP is 2% compared to a year.

Prices for the remaining fertilizers are lower. DAP is 5% less expensive, urea is 8% lower, 10-34-0 is 15% less expensive, UAN28 is 14% lower, potash and UAN32 are 20% less expensive, and anhydrous is 21% lower compared to a year ago.

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/….

Fertilizer analysts believe there could be some UAN supply disruptions this spring with the Francis Scott Key bridge collapse in Baltimore. You can read about it here: https://www.dtnpf.com/….

DRY
Date Range DAP MAP POTASH UREA
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
June 26-30 2023 825 829 620 616
July 24-28 2023 795 791 594 581
Aug 21-25 2023 735 764 557 575
Sep 18-22 2023 702 757 501 566
Oct 16-20 2023 709 791 504 574
Nov 13-27 2023 717 811 511 574
Dec 11-15 2023 713 819 517 540
Jan 8-12 2024 726 807 510 526
Feb 5-9 2024 736 809 508 528
Mar 4-8 2024 760 816 505 564
Apr 1-5 2024 780 828 514 577
LIQUID
Date Range 10-34-0 ANHYD UAN28 UAN32
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
June 26-30 2023 731 753 396 468
July 24-28 2023 715 691 383 442
Aug 21-25 2023 698 622 355 399
Sep 18-22 2023 610 763 352 405
Oct 16-20 2023 612 809 356 418
Nov 13-27 2023 613 843 361 415
Dec 11-15 2023 595 851 339 409
Jan 8-12 2024 600 776 336 391
Feb 5-9 2024 610 773 335 390
Mar 4-8 2024 622 788 344 396
Apr 1-5 2024 633 794 362 405

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

Follow him on social platform X @RussQuinnDTN.


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