Retail Fertilizer Prices: Stable but Still Down

Retail fertilizer prices have shown stability with minimal changes during July 2023. Six out of the eight major fertilizers experienced slight declines in prices compared to the previous month, while the remaining two fertilizers saw marginal increases. However, these adjustments were not significant enough to impact the market substantially.

The average prices per ton for the declining fertilizers were as follows: MAP ($827), urea ($615), 10-34-0 ($730), anhydrous ($752), UAN28 ($396), and UAN32 ($466). On the other hand, DAP had an average price of $824 per ton, while potash was priced at $619 per ton.

In terms of the price per pound of nitrogen, the average costs were: urea ($0.67/lb.N), anhydrous ($0.46/lb.N), UAN28 ($0.71/lb.N), and UAN32 ($0.73/lb.N).

Labor strikes at the Port of Vancouver have impacted the fertilizer industry. Nutrien, a major fertilizer company, has been forced to curtail production due to limitations in potash fertilizer export capacity. The strikes, along with other factors such as a terminal outage and lower potash prices, have led Nutrien to adjust its earnings projections for 2023.

Comparing current prices to those from a year ago, all fertilizers have experienced double-digit decreases. The price reductions range from 19% for 10-34-0 to 49% for anhydrous. DAP and MAP both decreased by 21%, urea by 29%, potash by 30%, UAN32 by 34%, and UAN28 by 35%.

Monitoring and reporting retail fertilizer prices provide valuable insights for farmers and industry stakeholders in making informed decisions. It is crucial to stay updated on these market trends, as they shape the landscape of the retail fertilizer industry.

The upcoming construction of a new fertilizer manufacturing facility near Maitland, Ontario, Canada, holds promising prospects for enhancing production capabilities and meeting the evolving needs of the sector.

Farmers and industry stakeholders should stay informed about these market trends to effectively navigate the retail fertilizer industry.

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