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DTN Retail Fertilizer Trends
By Russ Quinn
Wednesday, July 24, 2024 4:56AM CDT

OMAHA (DTN) -- Average retail prices for most fertilizers continued to decline in the third week of July 2024, according to sellers surveyed by DTN. But for the first time in five weeks, no fertilizer price saw a significant move, which DTN designates as 5% or more.

Prices for seven of the eight major fertilizers were slightly lower than last month. DAP had an average price of $756 per ton, MAP $821/ton, potash $503/ton, urea $506/ton, anhydrous $696/ton, UAN28 $339/ton and UAN32 $377/ton.

The price of one fertilizer, 10-34-0, was unchanged from last month. The starter fertilizer's price remained at $642/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.55/lb.N, anhydrous $0.42/lb.N, UAN28 $0.61/lb.N and UAN32 $0.59/lb.N.

In a Rabobank report titled "Tightening the Corn Belt: How U.S. Farmers Adjust Input Spending When Commodity Prices Fall," economists take a closer look at how U.S. corn farmers respond with their inputs in a lower-margin environment. Clear patterns emerge in the different input categories, according to the report.

Fertilizer expenditures show quite a bit of elasticity. Lower fertilizer prices generally shoulder the bulk of changes in expenditures, but farmers may also adjust volumes by making withdraws in their farm's fertility bank.

The report said the factor affecting fertilizer volumes is affordability. This is a function of both grain and fertilizer prices, which tend to move in tandem but are also affected by many independent factors, according to Rabobank.

"For the years ahead, affordability will improve, but a drop in U.S. corn acreage means total fertilizer use will be flat," the report stated.

All fertilizers except one are lower compared to one year ago. MAP is 1% more expensive looking back to last year. Anhydrous is 2% less expensive, DAP is 6% lower, 10-34-0 is 11% less expensive, UAN28 is 12% lower, urea is 15% lower, potash is 17% less expensive and UAN32 is 18% lower in price 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.com subscribers can access the full DTN Fertilizer Index, which includes state averages, here: https://www.mydtn.com/….

In last week's column, we looked at retail fertilizer prices six months ago compared to now to see if any new trends could be seen. You can read about it here: https://www.dtnpf.com/….

DRY
Date Range DAP MAP POTASH UREA
July 17-21 2023 807 812 608 596
Aug 14-18 2023 745 762 558 573
Sep 11-15 2023 710 742 500 554
Oct 9-13 2023 711 794 506 575
Nov 6-10 2023 714 802 509 573
Dec 4-8 2023 713 820 516 543
Jan 1-5 2024 725 812 513 534
Jan 29-Feb 2 2024 735 809 509 527
Feb 26-Mar 1 2024 756 812 505 536
Mar 25-29 2024 779 827 513 576
Apr 22-26 2024 781 830 513 585
May 20-24 2024 783 829 509 555
Jun 17-21 2024 778 827 507 510
Jul 15-19 2024 756 821 503 506
LIQUID
Date Range 10-34-0 ANHYD UAN28 UAN32
July 17-21 2023 717 713 385 457
Aug 14-18 2023 705 630 359 399
Sep 11-15 2023 600 696 353 389
Oct 9-13 2023 613 804 356 418
Nov 6-10 2023 613 830 360 415
Dec 4-8 2023 595 847 340 409
Jan 1-5 2024 599 789 336 394
Jan 29-Feb 2 2024 610 770 334 390
Feb 26-Mar 1 2024 615 769 341 394
Mar 25-29 2024 632 794 360 404
Apr 22-26 2024 641 794 364 418
May 20-24 2024 642 781 359 418
Jun 17-21 2024 642 705 350 389
Jul 15-19 2024 642 696 339 377

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

Follow him on social platform X @RussQuinnDTN


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