7 Fertilizer Prices Continue Higher During First Week of November

OMAHA (DTN) — Average retail prices of most fertilizers continued to move higher during the first week of November 2024, according to sellers surveyed by DTN.

Prices for seven of the eight major fertilizers were up from last month, while the price of the eighth was down slightly. But once again, no fertilizer had a significant price increase or decrease, which DTN designates as anything 5% or more.

The seven fertilizers with slightly higher prices were DAP, which had an average price of $739 per ton, MAP $810/ton, urea $496/ton, 10-34-0 $607/ton, anhydrous $711/ton, UAN28 $322/ton and UAN32 $364/ton.

The one fertilizer that was slightly less expensive than last month was potash, which had an average price of $444/ton.

On a price per pound of nitrogen basis, the average urea price was $0.54/lb.N, anhydrous $0.43/lb.N, UAN28 $0.58/lb.N and UAN32 $0.57/lb.N.

Typical corn and soybean commercial farms in the upper Midwest will likely see financial losses for both 2024 and 2025, according to a recent article by DTN Ag Policy Editor Chris Clayton (https://www.dtnpf.com/agriculture/web/ag/news/business-inputs/article/2024/11/13/financial-strain-midwest-farms).

The Center for Farm Financial Management at the University of Minnesota highlighted the state of farm finances as the American Bankers Association kicked off its annual Agricultural Bankers Conference this week in Milwaukee, Wisconsin. Reports from 3,100 farms project a -$24,000 average net farm income for 2024 and, looking ahead, project an average net farm income of -$12,000 for 2025.

The one bit of good news came in the corn projections, as even though the farms showed negative returns, expenses, including fertilizer, are projected to be lower.

“Per-acre expenses came in at $955 an acre, down from $1,017 per acre in 2023,” Clayton wrote. “The big difference was an $82 drop in fertilizer costs per acre from year-to-year.”

Prices for all except two fertilizers are lower compared to one year ago. MAP is 1% higher while DAP is 4% more expensive than last year.

The remaining six fertilizers are lower. 10-34-0 is 10% lower, UAN28 is 11% less expensive, both potash and UAN32 are 13% lower, and both urea and anhydrous are now 14% lower compared to last year.

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/agriculture/web/ag/markets/fuels-fertilizers#!/fertilizers.

Another work stoppage at Canadian West Coast ports could have a negative impact on fertilizer prices, especially potash. You can read about it here: https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/11/06/majority-retail-fertilizer-prices.  

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

Follow him on social platform X @RussQuinnDTN