DTN Retail Fertilizer Trends

DATE: 02/22/2018

By Russ Quinn
DTN Staff Reporter

OMAHA (DTN) -- Average retail fertilizer prices continued to inch higher the second week of February 2018, according to retailers surveyed by DTN.

After several weeks of one fertilizer -- potash -- being slightly lower, prices for all eight major fertilizers were higher compared to a month earlier, though none were up by a significant amount.

DAP had an average price of $457 per ton, MAP $495/ton, potash $345/ton, urea $357/ton, 10-34-0 $415/ton, anhydrous $492/ton, UAN28 $230/ton and UAN32 $264/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.39/lb.N, anhydrous $0.30/lb.N, UAN28 $0.41/lb.N and UAN32 $0.41/lb.N.

Fertilizer manufacturers are seeing swings in profits thanks to changes to U.S. tax laws as well as improving sales and prices, according to Dow Jones news service.

CF Industries posted earnings of $465 million in the fourth quarter of 2017, up from a $320 million loss last year, Dow Jones reported recently. The company's performance included a one-time benefit from the nation's new tax law to the tune of $491 million.

Despite the positive quarter for the company, more consolidation is expected to come in the fertilizer sector in the near future, according to CF Industries CEO Tony Will, Dow Jones reported.

"Ongoing consolidation is inevitable," Will said during CF's fourth quarter earnings call, according to Dow Jones.

Will also said the company is working toward a "sustainable amount of leverage, and at that point, it will be open to deals, including companies outside the U.S.

CF will target places it can operate "in ways that are in keeping with our culture and the strict interpretation of the law," he said, according to Dow Jones.

Four fertilizers are now higher compared to last year with prices pushing higher in recent months. Anhydrous is 1% higher, potash is 4% higher, DAP is 6% higher and MAP is 10% higher than last year.

The remaining four fertilizers are still lower in price compared to last year. Urea is 1% less expensive, while both UAN28 and UAN32 are 4% lower, and 10-34-0 is 6% less expensive than last year.

DTN collects roughly 1,700 retail fertilizer bids from 310 retailer locations weekly. Not all fertilizer prices change each week. Prices are subject to change at any time.

DTN Pro Grains subscribers can find current retail fertilizer price in the DTN Fertilizer Index on the Fertilizer page under Farm Business.

Retail fertilizer charts dating back to 2010 are available in the DTN fertilizer segment. The charts included cost of N/lb., DAP, MAP, potash, urea, 10-34-0, anhydrous, UAN28 and UAN32.

DTN's average of retail fertilizer prices from a month earlier ($ per ton):

DRY
Date Range DAP MAP POTASH UREA
Feb 13-17 2017 432 450 332 357
Mar 13-17 2017 443 462 337 360
Apr 10-13 2017 437 466 338 353
May 8-12 2017 437 466 340 351
Jun 5-9 2017 438 469 339 338
Jul 3-7 2017 436 467 339 325
Jul 31-Aug 4 2017 434 463 339 311
Aug 28-Sept 1 2017 433 457 338 303
Sep 15-29 2017 432 453 348 321
Oct 23-27 2017 431 453 347 325
Nov 20-24 2017 435 460 342 338
Dec 18-22 2017 445 485 344 348
Jan 15-19 2018 456 491 345 355
Feb 12-16 2018 457 495 345 357
LIQUID
Date Range 10-34-0 ANHYD UAN28 UAN32
Feb 13-17 2017 440 491 240 276
Mar 13-17 2017 441 507 247 280
Apr 10-13 2017 441 505 247 280
May 8-12 2017 437 508 247 280
Jun 5-9 2017 435 503 246 278
Jul 3-7 2017 432 462 236 268
Jul 31-Aug 4 2017 426 418 227 262
Aug 28-Sept 1 2017 418 417 215 248
Sep 15-29 2017 413 396 208 243
Oct 23-27 2017 407 393 205 262
Nov 20-24 2017 403 410 216 272
Dec 18-22 2017 405 461 218 254
Jan 15-19 2018 407 485 226 260
Feb 12-16 2018 415 492 230 264

Russ Quinn can be reached at russ.quinn@dtn.com

Follow Russ Quinn on Twitter @RussQuinnDTN

(BAS/AG)

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