Retail fertilizer prices have risen to record highs, starting in the Fall.
According to a DTN survey in November, 7 of 8 major fertilizer prices posted an average cost of $522 a ton in the fourth week of October. According to RFD-TV, a December report showed that recorded prices are starting to slow down some with just 3 out of the 8 major fertilizers moving slightly higher.
Anhydrous led the way, being up 16 percent from last month. 10-34-0 was up seven percent and urea was five percent more expensive compared to November.
Despite the steep rise in prices, University of Illinois Farm Policy News says that demand remains high. U of I Ag Economist Gary Schnitkey said in November that fertilizer costs will be about $100 per acre higher for corn and $50 higher for soybeans. Even given the large increase in corn fertilizer costs, corn is projected to be more profitable than soybeans at current 2022 fall delivery bids.
Bloomberg predicts that with the rising costs, it means that consumers will be paying more for food at the supermarket this year.