After reaching historic highs in 2022, prices for major fertilizers have trended consistently lower since then. Farmdoc Daily from the University of Illinois says supply and demand fundamentals, as well as some resolution of the ongoing impacts of the Russia-Ukraine conflict, were contributing factors.
Fertilizer prices peaked during the second quarter of 2022, when anhydrous ammonia reached $1,635 per ton in June 2022. It has since declined by almost 47 percent to $870 per ton on July 27. Urea and liquid nitrogen, at $497 per ton and $536 per ton on July 27, have dropped over 50 percent and almost 22 percent, respectively, from their highs reached in 2022.
DAP prices have fallen by 20 percent from more than $1,000 per ton in June 2022 to $822 per ton on July 27. Potash prices have fallen over 35 percent to $558 a ton from a peak of $865 in April 2022.
(From the National Association of Farm Broadcasters)