OMAHA (DTN) -- Retail fertilizer prices tracked by DTN for the second week of May 2022 continue to show mostly higher nutrient prices. But for the first time in many weeks, two different fertilizers were slightly lower.
The price of six fertilizers were more expensive, but none were up a substantial amount. DTN designates a significant move as anything 5% or more.
DAP had an average price of $1,059 per ton (all-time high), MAP $1,083/ton (all-time high), potash $881/ton, 10-34-0 $906/ton, UAN28 $634/ton (all-time high) and UAN32 $730/ton (all-time high).
Two fertilizers were slightly lower compared to last month, but neither hit the 5% threshold of significance. Urea was slightly less expensive compared to last month and had an average price of $1,000/ton, while anhydrous was at $1,529/ton.
On a price per pound of nitrogen basis, the average urea price was at $1.09/lb.N, anhydrous $0.93/lb.N, UAN28 $1.13/lb.N and UAN32 $1.14/lb.N.
The Fertilizer Institute (TFI) welcomed a recent announcement that USDA will be doubling its initial $250 million investment in domestic fertilizer production to $500 million, TFI said in a news release from last week.
Corey Rosenbusch, TFI president and CEO, said the U.S. has one of the most robust and competitive fertilizer industries in the world. It is one of only three countries to have at least 20 unique fertilizer producers.
"We look forward to working with USDA on how to most efficiently leverage those funds in a way that positively impacts farmers who rely on fertilizers to feed crops that feed the world," Rosenbusch said.
Additional improvements include expanded eligibility for the 590 grant program allowing agricultural retailers to be eligible for Natural Resource Conservation Service (NRCS) grants and Regional Conservation Partnerships Program (RCPP) funds, building a dedicated Environmental Quality Incentives Program (EQIP) initiative to support and encourage sustainable, climate-smart nutrient stewardship practice adoption and to increase the cost-share rate with NRCS to 75%.
"Food security is national security," he said. "We thank President (Joe) Biden for his focus on these critical issues and we will continue working with the administration to ensure U.S. farmers receive this necessary input and have the tools they need to promote the efficient and sustainable use of fertilizer."
Most fertilizers continue to be considerably higher in prices than one year earlier.
10-34-0 is 46% more expensive, MAP is 54% higher, DAP is 68% more expensive, UAN28 is 76% higher, UAN32 is 80% more expensive, urea is 94% is higher, potash is 102% higher and anhydrous is 114% more expensive 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 a recent Rabobank report, agricultural producers have seen increase fertilizer prices, and these increases will likely be staying around for a while. You can read it here: https://www.dtnpf.com/….