Retail Fertilizer Prices Show Only Minor Changes at Beginning of July 2023

OMAHA (DTN) -- Most average retail fertilizer prices continued to move lower the first week of July 2023, though price changes for all fertilizers were only minor, according to sellers surveyed by DTN.

As was the case last week, prices for six of the eight major fertilizers were lower compared to a month ago. But unlike in recent weeks, none of the six were down considerably. DTN designates a significant move as anything 5% or more. MAP had an average price of $827 per ton, urea $615/ton, 10-34-0 $730/ton, anhydrous $752/ton, UAN28 $396/ton and UAN32 $466/ton.

The remaining two fertilizers were slightly more expensive compared to last month. DAP had an average price of $824/ton, while potash was at $619/ton.

On a price per pound of nitrogen basis, the average urea price was $0.67/lb.N, anhydrous $0.46/lb.N, UAN28 $0.71/lb.N and UAN32 $0.73/lb.N.

Striking workers at the Port of Vancouver have forced a large fertilizer company to curtail some fertilizer production. Nutrien has had to limit export capacity of potash fertilizer due to the strike, Dow Jones reported Tuesday.

According to the Canadian fertilizer company, it has limited production at the Cory potash mine in Saskatoon due to lower export capacity through Canpotex's Neptune terminal. The strike, along with a Portland terminal outage and lower potash prices than previously anticipated, have forced Nutrien to adjust earnings before interest, taxes, depreciation, and amortization to fall below the bottom end of its previous guidance for 2023.

So far, the strikes have only affected Nutrien's Saskatoon mine, but the company said a prolonged strike could also affect other potash mines in the province.

Thousands of unionized workers of the International Longshore and Warehouse Union are currently on strike at the Port of Vancouver. The strike began July 1 and is in part over concerns that automation could affect jobs at critical import and export hubs in Canada.

All fertilizers are now lower by double digits compared to one year ago. 10-34-0 is 19% less expensive, both DAP and MAP are 21% lower, urea is 29% less expensive, potash is 30% lower, UAN32 is 34% less expensive, UAN28 is 35% lower and anhydrous is 49% less expensive compared to a year prior.

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/….

A new fertilizer manufacturing facility is set to be built near Maitland, Ontario, Canada. You can read about it here: https://www.dtnpf.com/….

Russ Quinn can be reached at [email protected]

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