Average retail prices for all eight major fertilizers were down again the second full week of August 2023, according to sellers surveyed by DTN.
Prices for six of the eight major fertilizers saw a significant drop, which DTN designates as anything 5% or more.
Leading the way lower was UAN32. The nitrogen fertilizer was 13% lower compared to last month and had an average price of $399 per ton. This is the first time since the first week of May 2021 that UAN32's price has been under $400 per ton. That week, the average price was also $399/ton.
Also, anhydrous was double digits lower -- down 12% compared to last month. The nitrogen fertilizer had an average price of $630/ton.
Both DAP and potash were 8% lower compared to last month. DAP had an average price of $745/ton while potash was $558/ton.
UAN28 was 7% less expensive than last month with an average price of $359/ton. MAP was 6% lower compared to last month and had an average price of $762/ton.
Two fertilizers were just slightly lower compared to the prior month. Urea had an average price of $573/ton while 10-34-0 was $705/ton.
On a price per pound of nitrogen basis, the average urea price was $0.62/lb.N, anhydrous $0.38/lb.N, UAN28 $0.64/lb.N and UAN32 $0.62/lb.N.
Canadian-based fertilizer company Nutrien reported a 20% drop in sales for its second quarter and a profit of $3.6 billion, Dow Jones reported earlier this month. Because of this, the company says that in order to cut costs, it is pausing its plans to ramp up its annual potash production capacity to 18 million metric tons (mmt) and several other projects it had in the works.
Source: iowacorn.org
Photo Credit: gettyimages-darcymaulsby
Categories: Iowa, Crops