Fertilizer prices, supply improve to start 2023
The head of The Fertilizer Institute says there’s been substantial relief for fertilizer prices ahead of the 2023 planting season.
Corey Rosenbusch tells Brownfield, “Some products even went down about half of what they were last fall.”
But, he says, global stocks are at an 8 year low. “We have a lot of ag retailers that are sitting on some inventory from last winter that is really high priced right now at time when prices are softening. We hope that we don’t get to a situation where they have to write off a bunch of inventory as well.”
As for supply, Rosenbusch says Russia had record year for exports. “Even though they control 20 percent of the potash and Belarus has another 20 percent of the global potash supply, those trade flows shifted and they found their way to where supply was solid.”
Nitrogen and urea ammonium nitrate prices declined in February and reduced natural gas prices in Europe, a feed stock that is used to produce nitrogen, also dropped.