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All Fertilizer Prices Lower Again

By Russ Quinn

crop

Retail fertilizer prices continue their march lower, according to prices tracked by DTN for the third full week of February 2023. This trend has been with us since before the beginning of the New Year.

All eight of the major fertilizer prices are once again lower compared to last month. Five of the eight fertilizers had a substantial price decline. DTN designates a significant move as anything 5% or more.

Leading the way lower was UAN32 and UAN28 once again. UAN32 was 12% lower compared to last month while UAN28 was 10% less expensive. UAN32 had an average price of $554/ton while UAN28 was at $470/ton.

Anhydrous was 9% lower looking back a month prior. The nitrogen fertilizer's average price was $1,124/ton.

Both potash and urea were 6% less expensive compared to the month prior. Potash had an average price of $673/ton and urea was $666/ton.

The remaining three fertilizers were all just slightly lower compared to the prior month. DAP had an average price of $836/ton, MAP $834/ton and 10-34-0 $741/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.72/lb.N, anhydrous $0.69/lb.N, UAN28 $0.84/lb.N and UAN32 $0.86/lb.N.

The Fertilizer Institute (TFI) President and CEO Corey Rosenbusch, testified before the House Committee on Agriculture hearing "Uncertainty, Inflation, Regulations: Challenges for American Agriculture" on Tuesday, according to a TFI press release (https://www.tfi.org/…).

Much of Rosenbusch's testimony focused on the fact that fertilizer is a globally traded commodity subject to international pressures and geopolitical events.

"Domestic production of fertilizer accounts for only 7% of global production and 90% of all fertilizer usage happens outside of the United States," Rosenbusch said. "Geopolitical events have been the biggest disrupter to fertilizer markets in recent years."

These geopolitical events include sanctions on Belarus, which supplies 20% of the world's potash supply; China, which is a major exporter of fertilizers, but last year imposed restrictions on fertilizer exports; and Russia, which has historically provided 20% of global fertilizer supplies as the world's largest fertilizer exporter.

Rosenbusch offered solutions Congress could act on to improve domestic fertilizer production and supply.

"Regulatory certainty is perhaps the most significant area Congress could help," he said.

Global fertilizer supply shortages seen in 2022 will likely persist into 2023. You can read it here: https://www.dtnpf.com/….

Dry
Date RangeDAPMAPPOTASHUREA
Feb 21-25 2022874934815885
Mar 21-25 202210141018850976
Apr 18-22 2022105010798791012
May 16-20 202210591083878993
Jun 13-Jun 17 202210461074879961
Jul 11-15 202210301052885861
Aug 8-12 20229821032881812
Sep 5-9 20229521009878800
Oct 3-7 2022934997869826
Oct 31-Nov 4 2022930981857826
Nov 28-Dec 2 2022926960831795
Dec 26-Dec 30 2022885891765751
Jan 23-Jan 27 2023855865714708
Feb 20-Feb 24 2023836834673666

 

 

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