Mostly Lower Fertilizer Prices Continue

OMAHA (DTN) — According to retail fertilizer prices tracked by DTN for the third week of May 2024, prices continue mostly lower. This was the third week in a row that most fertilizer prices were lower compared to last month.

As has been the case for two weeks in a row now, just one fertilizer changed an ample amount in either direction. DTN designates a significant move as anything 5% or more.

Urea was 5% lower in price compared to last month. The nitrogen fertilizer had an average price of $555/ton.

Five other fertilizers were slightly less expensive compared to last month. MAP had an average price of $829/ton, potash $509/ton, anhydrous $781/ton, UAN28 $359/ton and UAN32 $418/ton.

Two fertilizers were slightly higher in price compared to last month, but neither was up a substantial amount. DAP had an average price of $783/ton and 10-34-0 was at $642/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.60/lb.N, anhydrous $0.48/lb.N, UAN28 $0.64/lb.N and UAN32 $0.65/lb.N.

In the May 22 StoneX Media Fertilizer Update, Josh Linville, StoneX vice-president — fertilizer, wrote North America nitrogen demand continues to suffer due to wet field conditions. Near-constant rains have kept farmers out of the fields and away from planters.

This situation, in turn, will delay sidedressing nitrogen demand as well.

“This has allowed nitrogen, which had been tightly supplied, more time to produce more tonnage domestically, import more tonnage from the international market and move product to where it needs to be when demand returns,” Linville wrote.

All of these items have improved the nitrogen supply situation whereas before there were some questions about supply, he wrote.

All fertilizers are lower compared to one year ago. MAP is 1% lower, anhydrous is 2% less expensive, DAP is 6% lower, urea is 11% less expensive, 10-34-0 is 13% lower, UAN28 is 14% less expensive, UAN32 is 18% lower and potash is 19% 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 post from the University of Minnesota Extension takes a closer look at if farmers overspend for fertilizer. You can read about it here: https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/05/22/urea-leads-majority-fertilizer-lower.

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

Follow him on social platform X @RussQuinnDTN.