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Monitoring Fertilizer Input Prices as a Costly Input for Producers

Amanda Bennett, Eric Richer, and Clint Schroeder

Summary

The Quarterly Fertilizer Survey and Report is an initiative began in December 2023. Researchers from STATE’s Farm Financial Management and Policy Institute (FFMPI) began surveying fertilizer retailers and crop consultants to better understand local fertilizer prices. While many enterprise budgeting tools exist, the goal of this research was to give a finer resolution to the third highest input cost in production agriculture, fertilizer. Current information exists but is often monitored at the national level from the largest delivery ports. Therefore, there was a need for more localized data.
The report provides producers with a summary of local fertilizer prices for a given quarter of the year. It is designed to be very simple so that farmers could apply it in a way useful to their operation. Having another input pricing tool available to accurately estimate fertilizer costs can be mutually beneficial to producers, farm managers, and retailers alike as they look to manage input costs as part of production risk.
From the report, producers can focus on three pieces of information: 1) understand how Ohio fertilizer prices relate to the national averages; 2) gauge their own input costs and how it might relate to other parts of the state or nation; and 3) get an idea of other inputs they might use as a substitute for something more familiar, especially if the price points differ enough to warrant the change.
As research is captured, trend analysis will be conducted for the future benefit of producers, retailers, and economists.

Details

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