Nitrogen fertilizer prices are racing back up again.
After dropping nearly 40 percent, StoneX says prices are climbing back up toward the highs we saw last spring, right at the time producers are preparing for their 2023 crop needs. Some farmers are reporting $1,400 per ton right now, which is double the price tag from last fall. The increase comes as the industry avoided a potential rail disaster, but the deal between rail unions and companies is still awaiting final approval.
However, not all fertilizers are going up in price. Five of the major options declined from a month ago but none by more than 5 percent. In the latest DTN update, DAP is now averaging $952 per ton, potash is sitting at $877 per ton, and UAN 32 is right at $665 per ton.
All fertilizers continue to be considerably higher on the year with MAP up 30 percent, urea up 41 percent, and anhydrous a staggering 80 percent more expensive than last year.
