With the commodity market struggling as prices continue to fall, there is some good news for farmers. Fertilizer prices are decreasing significantly since the second week of August, according to DTN/Progressive Farmer.
DTN surveyed several fertilizer retailers and results showed anhydrous fell 6 percent since July. Average price for the nitrogen fertilizer was $522 per ton. Urea and UAN28 both showed a 5 percent drop compared to this time last month. Urea had an average price of $345 per ton and UAN28 $249 per ton.
The other five fertilizers also showed slightly lower prices compared to the previous month. The average price for DAP was $453 per ton, and the average price for MAP was $482 per ton. Potash was $344 per ton, and 10-34-0 was at $528 per ton.
The drop in price didn’t come as a surprise to retailers.
“From all indicators, it looks like fertilizer will be lower and possibly much lower than last season,” Robert Fritz, senior agronomist for Hefty Seeds based in Baltic, South Dakota wrote in the Aug. 9 edition of the Fertilizer and Equipment Gazette email newsletter.
He said urea prices are already much lower than 2015, which will pressure the liquid nitrogen market to fall.
Current prices for phosphorus and potash seem to be flat, but Fritz said they could change when fall fill prices are released in the coming weeks.
The complete list of DTN’s average of retail prices month by month can be found here.