By Russ Quinn
All retail fertilizer prices were lower again in the third week of July 2023, according to sellers surveyed by DTN. This is the second straight week prices for all eight major fertilizers were down.
While all eight of the major fertilizers were lower, only one was down significantly, which DTN designates as anything 5% or more. Anhydrous was 6% lower compared to last month. The nitrogen fertilizer had an average price of $713 per ton.
The remaining seven fertilizers were just slightly less expensive compared to last month. DAP had an average price of $807 per ton, MAP $812/ton, potash $608/ton, urea $596/ton, 10-34-0 $717/ton, UAN28 $385/ton and UAN32 $457/ton.
Urea dropped below the $600-per-ton level for the first time since the third week of September 2021. The nitrogen fertilizer's price that week was $585 per ton.
On a price per pound of nitrogen basis, the average urea price was at $0.65/lb.N, anhydrous $0.44/lb.N, UAN28 $0.69/lb.N and UAN32 $0.71/lb.N.
Two weeks ago, we reported that striking workers at the Port of Vancouver forced Nutrien to limit the export capacity of a potash mine due to the strike. A prolonged strike could also affect other Nutrien potash mines. Workers went on strike July 1.
A Fertilizer Canada news release from July 14 stated the British Columbia Maritime Employers Association (BCMEA) and the International Longshore and Warehouse Union (ILWU) have come to a tentative agreement to end the strike at Canadian West Coast ports (https://fertilizercanada.ca/…). Karen Proud, president and CEO of Fertilizer Canada, said her organization appreciated the work from the Canadian federal government to end the strike and get goods, including fertilizer, flowing again.
"The strike underscores the importance of strengthening Canada's supply chains to prevent disruption to trade and protect Canada's reputation as a reliable and stable trading partner," Proud said.
All fertilizers are now lower by double digits compared to one year ago. DAP and 10-34-0 are both 20% less expensive, MAP is 22% lower, urea is 29% less expensive, potash is 31% lower, UAN32 is 34% less expensive, UAN28 is 36% lower and anhydrous is 50% less expensive compared to a year prior.
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