Most Retail Fertilizer Prices Slightly Higher for Fourth Week of February

OMAHA (DTN) — Average retail prices for most fertilizers were higher than last month during the fourth week of February 2024, but for the sixth consecutive week, no fertilizer price was up or down by a substantial amount, according to sellers surveyed by DTN.

Prices for six of the eight major fertilizers were higher compared to a month earlier, marking the third week in a row most prices rose. The remaining two fertilizers were lower looking back a month. DTN designates a significant move as anything 5% or more.

Of the six fertilizers higher in price, DAP had an average price of $756 per ton, MAP $812/ton, urea $536/ton, 10-34-0 $615/ton, UAN28 $341/ton and UAN32 $394/ton.

The remaining two fertilizers, meanwhile, were just slightly lower in price compared to last month. Potash had an average price of $505/ton, while anhydrous was at $769/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.58/lb.N, anhydrous $0.47/lb.N, UAN28 $0.61/lb.N and UAN32 $0.62/lb.N.

Construction of one fertilizer plant in North Dakota will move forward while a second project will not move forward, according to the North Dakota Monitor. The NextEra hydrogen-based fertilizer production plant east of Jamestown in Stutsman County will receive the full benefit of a $125 million state forgivable loan.

The North Dakota Industrial Commission in January approved a $50 million loan for NextEra Energy Resources Development and $75 million to Prairie Horizon Energy for a plant near Dickinson. Since Prairie Horizon has decided not to pursue the project, the full $125 million forgivable loan will now go to NextEra.

The Florida-based NextEra has built multiple wind energy projects in North Dakota and will use wind energy for its fertilizer production plant, making it a zero-carbon producer of fertilizer. The plant is projected to cost $1.3 billion.

Construction for the NextEra fertilizer plant is set to begin in 2025, finish construction in 2028 and be operational in 2028 or 2029. The project needs to be operational before the loan is forgiven.  

All fertilizers except two are now lower by double digits compared to one year ago. MAP is 2% lower, DAP is 9% less expensive, both 10-34-0 and urea are 17% lower, UAN28 is 23% less expensive, potash is 24% lower, UAN32 is 25% less expensive and anhydrous is 29% 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/agriculture/web/ag/markets/fuels-fertilizers#!/fertilizers.

A Kansas State University Extension specialist believes fertilizer prices are on a different trend in 2024 compared to 2023. You can read about it here: https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/02/28/fertilizer-prices-slightly-higher.

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

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

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

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