Nitrogen Fertilizer Prices Shatter Records as Anhydrous Hits $1,113 Per Ton
MT. JULIET, Tenn. (DTN) — The average retail price of anhydrous set a record this week at $1,113/ton after increasing 38% from last month. The seven other major fertilizers tracked by DTN for the first week of November saw increases ranging from 9% to 36% as supply disruptions push prices to new highs. DTN considers a monthly price change of 5% or more to be significant.
DTN began collecting fertilizer price bids in 2008 as expanding corn acreage pushed up demand for fertilizer, taking prices with it. DTN reported anhydrous’ highest price during the first week of November that year, at $1,043/ton. And while the nitrogen fertilizer is the most expensive of the eight DTN monitors today, it wasn’t back then. That honor went to 10-34-0, which cost $1,250/ton. MAP was close behind at $1,079/ton. This year, high prices are more related to supply chain issues and worries about shortages than increased demand. The entire fertilizer complex is seeing higher prices, but the largest movers this month are nitrogen products.
The average price of UAN28 is 36% higher than last month at $545/ton. UAN32 is 32% more expensive at $604/ton, while urea is up 26% at $820/ton. All are new records for DTN’s database. Potash and DAP prices are 11% higher than last month, at $750/ton and $814/ton, respectively. MAP costs an average of $900/ton, up 9%.
Unlike 2008, 10-34-0 is the laggard. While it’s up 10% from last month at $702/ton, it’s only 54% higher on the year, far less than the price gains seen in other fertilizers. Anhydrous is now 163% more expensive than in the first week of November 2021. UAN28 is 162% higher. UAN32 costs 144% more. Urea, 129%. Farmers are paying 127% more for potash, 88% more for MAP and 82% more for DAP.