Retailers tracked by DTN for the fourth week of March 2024 show all eight major fertilizer prices are higher compared to last month. This marks the second time all fertilizers have been higher this winter/early spring.
Two fertilizers continue to be up a considerable amount. DTN designates a significant move as anything 5% or more.
Urea was 8% more expensive compared to last month and had an average price of $576/ton. UAN28 was 5% higher in price looking back a month and had an average price of $360/ton.
The remaining six fertilizers were slightly more expensive compared to last month. DAP had an average price of $779/ton, MAP $827/ton, potash $513/ton, 10-34-0 $632/ton, anhydrous $794/ton and UAN32 $404/ton.
On a price per pound of nitrogen basis, the average urea price was at $0.63/lb.N, anhydrous $0.48/lb.N, UAN28 $0.64/lb.N and UAN32 $0.63/lb.N.
Fertilizer analysts believe there could be some UAN supply disruptions this spring with the Francis Scott Key Bridge collapse in Baltimore. This, in turn, could lead to higher prices. DTN wrote about this subject last week.
The Port of Baltimore handles about 10% of the annual UAN imports to the United States, mostly from Russia, according to Chris Lawson, head of fertilizer for consulting firm CRU. Few other nutrients are imported to Baltimore Harbor, he said.
Josh Linville, Director of Fertilizer for StoneX Group Inc., said how long the port is closed will have a large effect on what happens to the UAN market.
If investigators take a long time and leave the port closed, this could lead to some UAN shortages and higher prices. If they streamline the process and open up the port soon, then there could be little impact on the UAN market, he said.
No one really knows at this time, Linville said.
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