DTN Retail Fertilizer Trends

OMAHA (DTN) -- Retail fertilizer prices continue to hover around mostly steady, according to prices tracked by DTN for the third week of November 2022. This week six of the eight major fertilizers are lower while two are higher compared to a month earlier.

Of the six fertilizers, they were all just slightly lower compared to last month. DTN designates a significant move as anything 5% or more.

DAP had an average price of $927/ton, MAP $972/ton, potash $841/ton, urea $802/ton, 10-34-0 $753/ton and anhydrous $1,419/ton.

The remaining two fertilizers were slightly more expensive looking back to last month. UAN28 had an average price of $583/ton while UAN32 was at $681/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.87/lb.N, anhydrous $0.87/lb.N, UAN28 $1.04/lb.N and UAN32 $1.06/lb.N.

University of Nebraska-Lincoln (UNL) Extension updated its 2023 Nebraska Crop Production Budgets on Tuesday. Using prices from October 2022, the budgets reveal input prices continue to rise, according to the UNL news release.

The estimated average economic or total cost per bushel for 2023 corn production is expected to be at least 23% to 25% greater compared to 2022. Soybeans are estimated to be 13% to 19% higher with wheat production costs rising by 20% from 2022 to 2023.

Fuel, fertilizer, and field operations are the main drivers of the increases in production costs in 2023. Increases in rental rates and land ownership costs are also adding to crop production costs with the all-land average value in Nebraska rising 16% for the year ended Feb. 1, 2022.

UNL Extension prepares crop budgets annually. In addition to corn, soybean and wheat production, other crops with budgets include alfalfa, dry edible beans, grain sorghum, grass hay, millet, peas, sugar beets and sunflowers.

UNL crop budgets can be found at https://cap.unl.edu/….

Most fertilizers continue to be higher in price than one year earlier, although two are now slightly lower.

10-34-0 is now 1% lower while urea is 8% less expensive than one year ago. UAN28 is 1% higher, UAN32 is 3% more expensive, MAP is 6% higher, both potash and anhydrous are 9% more expensive and DAP is 12% higher compared to last year.

DTN gathers fertilizer price bids from agriculture retailers each week to compile the DTN Fertilizer Index. DTN first began reporting data in November 2008.

In addition to national averages, MyDTN subscribers can access the full DTN Fertilizer Index, which includes state averages, here: https://www.mydtn.com/….

Yara International is calling on European Union governments to take action to assure the supply of nitrogen for both, according to a Yara news release. You can read it here: https://www.dtnpf.com/….

Russ Quinn can be reached at [email protected]

Follow him on Twitter @RussQuinnDTN

(c) Copyright 2022 DTN, LLC. All rights reserved.