February saw the crucial rebalancing of the nitrogen fertilizer price spread. After sharp decreases in urea prices in recent months made dry bulk nitrogen much more affordable, urea ammonium nitrate (UAN) and ammonia offers from U.S. sellers were also brought much lower.
After 2022 saw record-high fertilizer prices, lower prices are being seen in 2023. However, still-elevated fertilizer prices will have an effect on farmers, especially those in poor nations across the world.
Retail fertilizer prices continue their march lower, according to prices tracked by DTN for the third full week of February 2023. This trend has been with us since before the beginning of the New Year.
All eight of the major fertilizers had lower prices compared to last month, but only two fertilizers, UAN28 and UAN32, were down a sizeable amount. DTN designates a significant move as anything 5% or more.
Once again, seven of the eight major fertilizers prices are less expensive compared to last month. Four of the eight major fertilizers were considerably lower looking back a month. DTN designates a sizeable move as anything 5% or more.