Average retail fertilizer prices were evenly mixed for the last full week of February, according to sellers surveyed by DTN.
For the first time in more than a year, prices for four fertilizers were slightly lower, while prices for the other four were slightly higher compared to a year ago. DTN designates a significant move as anything 5% or more.
Four fertilizers were slightly lower from a month ago. DAP had an average price of $874 per ton, MAP $934/ton, urea $885/ton and anhydrous $1,488 (all-time high price).
The remaining four fertilizer were slightly higher in price compared to last month. Potash had an average price of $815/ton, 10-34-0 $837/ton, UAN28 $602/ton and UAN32 $703/ton (all-time high price).
On a price per pound of nitrogen basis, the average urea price was at $0.96/lb.N, anhydrous $0.91/lb.N, UAN28 $1.08/lb.N and UAN32 $1.10/lb.N.
Dow Jones news service reported last week that demand for fertilizers through 2022 is expected to be driven by strong agricultural commodity prices, according to the Mosaic Company.
The fertilizer company said growers will try to maximize yields in the next growing season.
Global phosphate demand is high with supply issues remaining.
“China’s domestic phosphate industry is undergoing significant change as production is diverted from export markets toward domestic industrial and agricultural demand, a secular trend that could outlast the current short-term export ban,” Mosaic told Dow Jones.
Sanctions against Belarus, a major supplier of potash, could have an impact on global potash supply in 2022. The company expects the market to remain very tight this year.
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The global fertilizer market is also being affected by continuing supply chain constraints and issues related to the COVID-19 pandemic, Mosaic said.
Most fertilizer prices continue to be considerably higher than one year earlier.
MAP is now 41% more expensive, DAP is 45% higher, 10-34-0 is 57% more expensive, urea is 91% higher, potash is 100% more expensive, UAN32 is 139% higher, UAN28 is 141% more expensive and anhydrous is 174% higher compared to last year.
DTN surveys more than 300 retailers, gathering roughly 1,700 fertilizer price bids, to compile the DTN Fertilizer Index each week. In addition to national averages, MyDTN subscribers can access the full DTN Fertilizer Index, which includes state averages, here.
A Kansas State University agricultural economist takes a closer look at some of the issues to why fertilizer prices are climbing higher. You can read it here.
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Russ Quinn can be reached at firstname.lastname@example.org
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