Most Fertilizer Prices Continue to Move Lower First Week of February

OMAHA (DTN) — Average retail fertilizer prices continued to be mostly lower in the first week of February 2024, according to sellers surveyed by DTN.

For the sixth straight week, prices for six of the eight major fertilizers were lower than last month, while prices for the remaining two fertilizers were slightly higher.

For the second week in a row, no fertilizer price was up or down substantially like we have seen in recent weeks. DTN designates a significant move as anything 5% or more.

Prices for six fertilizers were just slightly lower than last month. MAP had an average price of $809 per ton, potash $509/ton, urea $527/ton, anhydrous $770/ton, UAN28 $334/ton and UAN32 $390/ton.

Meanwhile, prices for two fertilizers were just slightly higher than last month. DAP had an average price of $735/ton and 10-34-0 $610/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.57/lb.N, anhydrous $0.47/lb.N, UAN28 $0.60/lb.N and UAN32 $0.61/lb.N.

High fertilizer costs are causing some farmers to protest around the world. Hundreds of angry farmers took to the streets of Bulgaria’s capital, Sofia, on Monday, according to Dow Jones.

Farmers are complaining about what they call “the total failure” of the government to meet the mounting challenges of the agricultural sector, Dow Jones reported. Bulgarian farmers called for Agriculture Minister Kiril Vatev to step down for not keeping his promises to ease the burden on farmers.

Like their colleagues elsewhere in Europe, Bulgarian farmers are frustrated with European Union (EU) regulations, the hardships stemming from the surge in fertilizer and energy costs because of Russia’s war in Ukraine, the increasing imports of farm products that are flooding local markets, and the undercutting of prices.

Ventsislav Varbanov, who chairs the Association of Agricultural Producers, complained that the government is adding more undue burdens, instead of seeking some relief for the farmers.

“Let me remind you that our interests were not protected neither as the Ukrainian goods flooded us, nor had we budget guarantees for the losses we suffered because of the war in Ukraine,” he told Dow Jones, referring to cheaper ag products exported from Ukraine.

All fertilizers except one are now lower by double digits compared to one year ago. MAP is 6% lower, DAP is 13% less expensive, 10-34-0 is 19% lower, urea is 25% less expensive, potash is 28% lower, UAN32 is 33% less expensive, UAN28 is 36% lower and anhydrous is 37% 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/agriculture/web/ag/markets/fuels-fertilizers#!/fertilizers.

By looking back six months in the DTN retail fertilizer data, we found different fertilizers had different price movements. You can read about it here: https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/01/30/six-fertilizers-lead-prices-lower.

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

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