Urea, Anhydrous Lead Retail Fertilizer Prices Lower at End of May

OMAHA (DTN) — Most average retail fertilizer prices continued to be lower in the fourth week of May 2024, according to sellers surveyed by DTN. This was the fourth week in a row that most fertilizer prices were lower compared to last month.

For the first time in many months, prices for multiple fertilizers fell significantly, which DTN designates as anything 5% or more.

The price of urea was down 8% from last month. The nitrogen fertilizer had an average price of $537 per ton. Anhydrous also saw a significant price drop, down 5% from last month. The nitrogen fertilizer had an average price of $758 per ton.

Prices for five other fertilizers were down just slightly from last month. DAP had an average price of $781 per ton, MAP $828/ton, potash $508/ton, UAN28 $356/ton and UAN32 $406/ton.

The price of one fertilizer was slightly higher than a month ago: 10-34-0 had an average price of $642/ton.

On a price per pound of nitrogen basis, the average urea price was $0.58/lb.N, anhydrous $0.46/lb.N, UAN28 $0.64/lb.N and UAN32 $0.63/lb.N.

Corey Rosenbusch, president and CEO of The Fertilizer Institute (TFI), testified before the House Subcommittee on Energy and Mineral Resources on Tuesday in support of phosphate and potash, two of three macronutrients essential to agricultural productivity, according to a TFI news release.

The hearing focused on several bills related to critical minerals, including the bipartisan H.R. 8450, the Phosphate and Potash Protection Act of 2024. If enacted, the legislation would direct the United States Geological Survey (USGS) to conduct an immediate review to determine the need to add phosphate and potash to the Critical Minerals list.

“Half of all global crop yields can be attributed to fertilizer, but as the world population continues to grow, it is imperative that the sustainable production and use of fertilizers continues to prove the ability of growing more food without needing more land on which to grow it,” Rosenbusch testified.

Only 14 countries in the world produce potash, with Belarus and Russia comprising nearly 40% of global production. While the U.S. produces potash domestically, it imports roughly 95% of its needs. Regarding phosphate, 11 countries produce significant amounts with China accounting for over 40% of global production.

Prices of all fertilizers are lower compared to one year ago. The price of MAP is 1% lower, anhydrous is 4% less expensive, DAP is 5% lower, 10-34-0 is 13% lower, both urea and UAN28 are now 14% less expensive, UAN32 is 15% lower and potash is 18% 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.

Nitrogen demand in North America has been suffering this spring with the extreme wet field conditions as farmers attempt to plant their crops, according to StoneX Media Fertilizer Update. You can read about it here: https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/05/29/mostly-lower-fertilizer-prices.

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

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