Strength is returning to the retail fertilizer market, according to prices tracked by DTN for the third week of March 2022.
All eight of the major fertilizers were higher compared to last month and four were considerably higher. DTN designates a significant move as anything 5% or more.
DAP was up 11% compared to last month with an average price of $970/ton.
Both MAP and urea were 7% more expensive. Urea was $954/ton, an all-time high in DTN’s price records, while MAP had an average price of $1,001/ton. The last time MAP was above the $1,000/ton level was the third week of November 2008 when the price was $1,039/ton. The all-time high price for MAP in the DTN dataset is $1,079/ton the first week of November 2008.
In addition, 10-34-0 is up 5% from last month. Starter fertilizer’s average price was $876/ton.
The remaining four fertilizers were slightly higher compared to last month. Potash had an average price of $843/ton, anhydrous $1,520/ton (all-time high price), UAN28 $610/ton (all-time high price) and UAN32 $706/ton (all-time high price).
On a price per pound of nitrogen basis, the average urea price was at $1.04/lb.N, anhydrous $0.93/lb.N, UAN28 $1.09/lb.N and UAN32 $1.10/lb.N.
Last week, USDA announced it would support additional fertilizer production to address the rising cost of nutrients. The government agency will put $250 million in a grant program to support new domestic fertilizer production.
In a press release from last week, The Fertilizer Institute (TFI) welcomed the initiatives to strengthen domestic fertilizer production.
It said the industry is more robust than it has been the last 20 years thanks to innovation, according to TFI.
“By enacting policies that encourage safe, abundant and affordable supplies of natural gas, which is the chief feedstock for nitrogen production, ensuring that permitting of production plants is streamlined and adding phosphate and potash to the Department of the Interior’s Critical Mineral list, policymakers can also support this vital industry,” the TIF press release stated.
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TFI said it looks forward to providing USDA with data during the public comment period.
Most fertilizers continue to be considerably higher in price than one year earlier.
MAP is now 45% more expensive, 10-34-0 is 47% higher, DAP is 58% more expensive, UAN28 is 84% higher, UAN32 is 89% more expensive, urea is 92% higher, potash is 99% is more expensive and anhydrous is 127% higher compared to last year.
DTN surveys more than 300 retailers 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.
USDA announced on Mar. 11 it will support fertilizer production to address the rising cost of nutrients. You can read it here.
The recent DTN Global Fertilizer Outlook series focused attention to what the world expectation could be in 2022. This series examined the supply and demand of nutrients globally as well as what direction fertilizer prices could go in the New Year.
Read the nitrogen outlook here.
Read the phosphorus outlook here.
Read the potash outlook here.
|Mar 15-19 2021||616||693||424||496|
|Apr 12-16 2021||624||702||432||509|
|May 10-14 2021||631||702||437||515|
|Jun 7-11 2021||656||717||450||527|
|Jul 5-9 2021||690||729||491||549|
|Aug 2-6 2021||695||755||557||556|
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|Feb 14-18 2022||874||935||815||891|
|Mar 14-18 2022||970||1001||843||954|
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|Mar 14-18 2022||876||1520||610||706|
Russ Quinn can be reached at firstname.lastname@example.org
Follow him on Twitter at @RussQuinnDTN