2024 Third Quarter Fertilizer Prices Across Ohio 

By: Clint Schroeder, Eric Richer, Amanda Bennett, OSU Extension

Click here for PDF version of the article

Results from a quarterly survey of retail fertilizer prices in the state of Ohio revealed fertilizer prices were slightly lower than the July national averages reported by Progressive Farmer for the second consecutive quarter – DTN (Quinn, 2024). The survey was completed by 17 retailers, representing 11 counties, who do business in the state of Ohio. Respondents were asked to quote spot prices as of the first day of the quarter (July 1st) based on sale type indicated. This is part of a larger study conducted by OSU Extension to better understand local fertilizer prices, which began in December 2023.

In summary, survey participants reported the average price of all fertilizers was lower in Ohio compared to the national prices, with Potash ($456/ton in Ohio versus $506/ton nationally) and 28% UAN ($309/ton in Ohio compared to $345/ton nationally) offering the largest discounts (Quinn, 2024).

The chart below (Table 1.) is the summary of the survey responses. The responses (n) are the number of survey responses for each product. The minimum and maximum values reflect the minimum and maximum values reported in the survey. The average is the simple average of all survey responses for each product rounded to the nearest dollar. We recognize that many factors influence a company’s spot price for fertilizer including but not limited to availability, geography, volume, cost of freight, competition, regulation, etc.

Table 1. Third Quarter 2024 Ohio Fertilizer Prices

Product Responses

(n)

Sale Type Min

$/ton

Max

$/ton

Avg

$/ton

Anhydrous ammonia 82-0-0 7 FOB Plant $625 $775 $702
UAN 28-0-0 14 Direct to Farm $258 $365 $309
Urea 46-0-0 11 FOB Plant $432 $565 $503
MAP 11-52-0 12 FOB Plant $737 $1136 $808
DAP18-46-0 6 FOB Plant $667 $790 $736
APP 10-34-0 8 Direct to Farm $550 $645 $599
Potash 0-0-60 14 FOB Plant $390 $515 $456
Ammonium Sulfate 21-0-0-24 11 FOB Plant $455 $581 $512
Ammonium Thio-Sulfate 12-0-0-26 9 FOB Plant $327 $430 $378

 

When compared to results from the previous quarter’s survey, prices for nitrogen products saw a modest decrease in price while phosphates were mixed with MAP increasing while DAP and 10-34-0 were lower. Potash prices decreased for the second consecutive quarter, coming in $34/ton lower than in the first quarterly report. Conversely, Sulfates were mixed with Ammonium Sulfate prices increasing again to $581/ton, which is $63/ton higher than at the beginning of 2024. Ammonium Thio-Sulfate price had a slight decrease of $7/ton. If you are a retailer interested in participating in this study, please contact Amanda Bennett at bennett.709@osu.edu.

Resources

Bennett, A., Richer, E., & Schroeder, C. (2024). 2024 First Quarter Fertilizer Prices Across Ohio. Ohio Ag Manager Blog. https://u.osu.edu/ohioagmanager/2024/01/17/first-quarter-2024-fertilizer-prices-across-ohio/

Bennett, A., Richer, E., & Schroeder, C. (2024). 2024 Second Quarter Fertilizer Prices Across Ohio. Ohio Ag Manager Blog. https://u.osu.edu/ohioagmanager/2024/04/15/2024-second-quarter-fertilizer-prices-across-ohio/

Quinn, R. 2024. DTN Retail Fertilizer Trends. DTN Progressive Farmer. Accessed online July 10, 2024 at https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/07/10/anhydrous-urea-lead-retail-prices

Thinking of Grain Market from Field: Updated 2024 Planting Estimates and Market Outlook

By: Dr. Seungki Lee, Department of Agricultural, Environmental, and Development Economics,  The Ohio State University

Click here to access a PDF of this report

 

Highlights 

  • Despite relatively hot and dry conditions, new crop growth is plain sailing.
  • Corn acreage is estimated to be larger than expected.
  • US grain stocks for both corn and soybeans are the highest post-Covid.
  • Ohio on-farm soybean stock is 64% higher than in 2023.

Introduction

Summer is a busy season for grain producers, leaving little time to analyze the market and strategize sales plans. Nevertheless, the first week of July is a good time to take a “10,000-foot view” of the market, as the USDA releases several important reports by the end of June. In this article, we will discuss grain market outlook by reviewing the USDA new crop planting estimates, WASDE report, and grain stocks report.

National Crop Progress

In the short run, weather will be the key of the 2024/25 market fundamentals. So, let us begin with checking the national crop conditions. According to the USDA’s Weekly National Agricultural Summary, released on July 2, 11% of US corn had reached the silking stage by June 30 and 20% of US soybean had reached the blooming stage. These progress rates are about 5% ahead of their historical averages. USDA also noted that 67% of the nation’s corn and soybean acreages are rated in good to excellent condition, which is more than 15% above the previous year. Thus far, many regions are experiencing a relatively good growing season. However, the eastern Corn Belt region, including Ohio and Indiana, has recently observed increased dryness, which requires close monitoring of potential drought.

No Excitement in June WASDE

As we approach the end of the 23/24 market year, the USDA did not make significant changes in its June WASDE report, at least for corn and soybeans. There was no change in corn numbers and only a minor adjustment in soybean use, with a decrease of 10 million bushels in the 23/24 crush use. Overall, the June WASDE report was quieter compared to other months. In contrast, the USDA acreage report offered surprises to the market.

Corn Acreage Large than Expected

In the March Prospective Plantings report, the USDA projected a 5% decrease in corn acreage (90.0 mil. acres) and a 3% increase in soybean acreage (86.5 mil. acres) compared to 2023. These projections significantly influenced market expectations for price fundamentals over the past three months.

Table 1  June WASDE summary for corn and soybean

Corn Soybean
Marketing Year (Sep-Aug) 23/24 24/25 23/24 24/25
Area Planted (mil. acres) 94.6 91.5* 83.6 86.1*
Yield (bu/a) 177.3 181.0 50.6 52.0
Production 15,342 14,860 4,165 4,450
Total Supply 16,727 16,907 4,454 4,815
    Feed & Residual 5,700 5,750
    Ethanol 5,450 5,450
    Crush 2,290 2,425
Domestic Use 12,555 12,605 2,404 2,535
Exports 2,150 2,200 1,700 1,825
Total Use 14,705 14,805 4,104 4,360
Ending Stocks 2,022 2,102 350 455
Price ($/bu) 4.65 4.40 12.55 11.20

Note: Unless explicitly denoted, the default unit of all numbers is a million bushels. 24/25 Area Planted (asterisked) was updated based on the USDA Acreage report.

However, as shown in Figure 1, the corn acreage prediction was considerably revised on June 28, reporting only a 3% decrease from 2023 (91.5 mil. acres). This revision implies that approximately 271.5 million bushels of additional corn will be supplied in the fall, exceeding the market’s expectations from March. In contrast, soybean acreage was slightly adjusted down but still remains 3% above 2023 levels (86.1 million acres), which might be bullish but not significantly so.

The market seems to be slowly reflecting these estimates, as 3.36 million of the 91.5 million acres of corn were still “to be planted” when the USDA conducted the survey. Therefore, there is room for additional revisions. Regardless, my opinion is that corn fundamentals will likely remain weak for the next few months due to the unusually high stocks carried over from the 23/24 market year.

 High Stocks Will Keep Challenging Farmers

On June 28, the USDA released the Grain Stocks report, providing another benchmark for assessing the supply-demand balance. The third quarter grain stocks for both corn and soybeans were the highest among the post-COVID years (see Figure 2). The high corn stock resulted from the large harvest in 2023, while the high soybean stock was partly due to sluggish exports. The 5-year average for soybean exports is about 2 billion bushels, whereas only 1.7 billion bushels were exported in 23/24. Consequently, on-farm storage for corn and soybeans is reported to be 37% and 44% higher, respectively, than in 2023. In Ohio, on-farm stocks for corn and soybeans are 21.7% and 62.5% higher, respectively, than in 2023.

Given the high stocks that are straining storage capacity, if the new crop is harvested without any issues, many farmers could face a slide in cash prices. Therefore, a proactive risk-management marketing strategy will be essential.

Figure 1  Planted acreage update (updated on June 28, 2024)

Figure 2  Grain Stocks (updated on June 28, 2024)

 

 

2024 Ohio Farm Custom Rates Released

By: Barry Ward (Leader, Production Business Management, Ohio State University Extension, Agriculture and Natural Resources), Eric Richer (Field Specialist, Farm Management, Ohio State University Extension, Agriculture and Natural Resources), John Barker (Extension Educator, Agriculture/Amos Program, Ohio State University Extension Knox County) and Amanda Bennett (Extension Educator, Agriculture & Natural Resources, Ohio State University Extension Miami County)

Farming is a complex business and many Ohio farmers utilize outside assistance for specific farm-related work. This option is appealing for tasks requiring specialized equipment or technical expertise. Often, having someone else with specialized tools perform tasks is more cost effective and saves time. Farm work completed by others is often referred to as “custom farm work” or more simply, “custom work”. A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider.

Custom rates increased for the majority of field operations in 2024 as compared to surveyed rates in 2022 but the increases did vary by operation. Examples include an increase of 6% for Planting Corn (30 Inch Rows with Fertilizer Application), 5.6% for Harvesting Corn (Combine, Grain Cart, Haul Local to Farm), 21% for Spraying (Self-Propelled Sprayer, Crop Protection Chemicals) and 24% for Field Cultivator.

New field operations in this year’s survey and summary include drone/UAV application and cover crop seeding.

Ohio Farm Custom Rates

Click here for PDF of the 2024 Ohio Farm Custom Rates

The “Ohio Farm Custom Rates 2024” publication reports custom rates based on a statewide survey of 333 farmers, custom operators, farm managers, and landowners conducted in 2024. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc., and labor for the operation.

Some custom rates published in this study vary widely, possibly influenced by:

  • Type or size of equipment used (e.g. 20-shank chisel plow versus a 9-shank)
  • Size and shape of fields
  • Condition of the crop (for harvesting operations)
  • Skill level of labor
  • Amount of labor needed in relation to the equipment capabilities
  • Cost margin differences for full-time custom operators compared to farmers supplementing current income

Some custom rates reflect discounted rates as the parties involved have family or community relationships. Discounted rates may also occur when the custom work provider is attempting to strengthen a relationship to help secure the custom farmed land in a future purchase, cash rental or other rental agreement. Some providers charge differently because they are simply attempting to spread their fixed costs over more acreage to decrease fixed costs per acre and are willing to forgo complete cost recovery.

Charges may be added if the custom provider considers a job abnormal such as distance from the operator’s base location, difficulty of terrain, amount of product or labor involved with the operation, or other special requirements of the custom work customer.

The data from this survey are intended to show a representative farming industry cost for specified machines and operations in Ohio. As a custom farm work provider, the average rates reported in this publication may not cover your total costs for performing the custom service. As a customer, you may not be able to hire a custom service for the average rate published in this factsheet.

It is recommended that you calculate your own costs carefully before determining the custom rate to charge or pay. It may be helpful to compare the custom rates reported in this fact sheet with machinery costs calculated by economic engineering models available online. The following resources are available to help you calculate and consider the total costs of performing a given machinery operation.

  • Farm Machinery Cost Estimates, available by searching University of Minnesota.
  • Illinois Farm Management Handbook, available by searching University of Illinois farmdoc.
  • Estimating Farm Machinery Costs, available by searching Iowa State University agriculture decision maker and machinery management.

Volatility in diesel price may sometimes cause concern for custom rate providers that seek to cover all or most of the costs associated with custom farm operations. The approximate price of diesel fuel during the survey period (January – April 2024) ranged from $3.20 – $3.50 per gallon for off-road (farm) usage. As a custom farm work provider, if you feel that your rate doesn’t capture your full costs due to fuel price increases you might consider a custom rate increase or fuel surcharge based on the increase in fuel costs.

The complete “Ohio Farm Custom Rates 2024” publication is available online at the Farm Office website: https://farmoffice.osu.edu/farm-management/custom-rates-and-machinery-cost

Planning for Future of Farm Workshop to be held in Cortland, Ohio

The OSU Extension offices in northeast Ohio invite you to participate in a Planning for the Future of Your Farm workshop on August 22, 2024 from 9:00 a.m. to 4:00 p.m. at the Trumbull County Extension office in Cortland, Ohio. This workshop is designed to help farm families learn strategies and tools to successfully create a succession and estate plan that helps you transfer your farm’s ownership, management, and assets to the next generation. Learn how to have the crucial conversations about the future of your farm.

Click here for registration flyer

Workshop topics include: Developing Goals for Estate and Succession; Planning for the Transition of Control; Planning for the Unexpected; Communication and Conflict Management; Legal Tools and Strategies; Developing Your Team; Getting Your Affairs in Order; and Selecting an Attorney.

Our teaching team will help answer the following questions and much more!

  • Who should we leave the farm to?
  • How do we prepare the next generation to manage the farm in the future?
  • How can we overcome family communication issues?
  • How do we value sweat equity?
  • What is the difference between a will and trust?
  • Will I lose my farm to estate taxes or to the nursing home?
  • What do we need to do to be better prepared to meet with an attorney and other professionals?
  • What resources does OSU Extension have to assist us as we develop our plan?

Event sponsors include OSU Extension – Ashtabula, Trumbull & Geauga Counties, Farm Financial Management & Policy Institute and the Hertzer Family Trust. The featured speakers will be David Marrison (OSU Extension Field Specialist, Farm Management), Robert Moore (Attorney, OSU Agricultural and Resource Law Program) and Lee Beers (OSU Extension Educator, Agriculture and Natural Resource)

The registration fee is $25 per person which includes lunch, refreshments, and course materials. Registration deadline is August 16, 2024. This program is made possible at a discounted rate due to the generous support from the Hertzer Family Trust.

More information can be obtained by contacting Lee Beers at the Trumbull County Extension office at 330-638-6738 or via email at beers.66@osu.edu.

Fungicides Use in a Lower Price Environment

by: Carl Zulauf, Ohio State University, Gary Schnitkey and Nick Paulson, University of Illinois at Urbana-Champaign, and Eric Richer, Ohio State University; April 2024

Originally Published at:

Zulauf, C., G. Schnitkey, N. Paulson and E. Richer. “Fungicides Use in a Lower Price Environment.” farmdoc daily (14):83, Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, May 1, 2024.  https://farmdocdaily.illinois.edu/2024/05/fungicides-use-in-a-lower-price-environment.html

Click here for PDF of this article

The advisability of applying fungicides may change this year with lower corn and soybean prices and given recent increases in spending on pesticides (farmdoc daily, April 30, 2024).  While the cost of applying fungicides is known, their application introduces two uncertainties:  1) the yield response from using fungicides, and 2) the additional drying cost associated with higher moisture due to fungicide use.  These issues are explored in this paper.  Overall, average yield responses from fungicide yield trials do not suggest that fungicide use is economical at likely commodity price levels for this year.

Yield Response to Cover Application Costs:  Fungicides need to increase yield enough to at least cover material and application costs.  This increase also depends on the price of the crop.  Using a $40/acre material and application cost based on likely 2024 prices, corn yield needs to increase by 5.8 bushels when corn price is $6.95, close to the 2021 harvest price.  At a $4.25 price, near current cash forward bids for 2024 harvest; yield needs to increase 9.4 bushels (see Figure 1).  For soybeans, an increase of 3.6 bushels per acre is needed at today’s cash forward bid of $11.00.  The yield increase needed to cover only the material cost ($25) is also presented in Figure 1.

Uncertain Yield Response:  Studies find a positive but highly variable corn and soybean yield response to the use of fungicides.  Paul, et al. reported an overall average corn yield response of +3.7 to +6.2 bushels per acre that varied across four fungicide products.  Kandel, et al. reported an overall average soybean yield response of +1.6 bushels per acre.  These average yield responses are below break-even yield responses at current crop prices.

Both of these studies are meta (i.e. summary) analyses of a large number of individual studies:  212 corn studies and 240 soybean studies.  Individual studies found yield responses that ranged from negative to large positive.

Other consistent findings from field trials include a higher yield response

  1. the more severe the fungal infection (if infection is low, average response is smaller but still positive),
  2. the less resistant the seed variety, and
  3. the higher is precipitation.

While statistically important, fungal infection, variety resistance, and precipitation explain only a small share of the variation in yield response, implying much more is unknown than known.

Uncertain Cost – Drying:  An unknown cost when applying fungicides is drying cost.  This potential cost arises because fungicides keep the crop greener longer, thus extending its reproductive fill period.  The importance of drying cost is magnified because the entire crop is impacted and because drying costs are not trivial.  Each one percentage point increase in moisture above the no-drying maximum increases corn and soybean drying cost by $20 to $25 per acre (see Figure 2).  Figure 2 is derived using commercial drying charges during the 2023 harvest in North Central, Ohio, but with the percent shrink (i.e. reduction) applied to a crop’s bushels for excess moisture valued at $4.25 for corn and $11.00 for soybeans.  To summarize, the bushels needed to cover the total cost from using fungicides can increase notably if fungicides increase moisture at harvest above the no-drying maximum.

 

Other Costs:  Each added bushel needs to be harvested and transported.  Using the Ohio State University custom rates for 2022 (Ward, Barker, and Richer), harvest cost is $38.60 per acre for corn, or $0.19 per bushel at a 200 bushel yield, and $37.10 per acre for soybeans, or $0.62 per bushel at a 60 bushel yield.  Harvest costs include charges for the combine, grain cart, and on-farm transport.  Transport cost from the farm to market is $0.18 per bushel based on hauling 27 miles one way.  While small, these two costs add up and should not be ignored.  For example, if fungicides increase yield 10 bushels, added corn harvest and transport cost total $3.74 per acre, not far from the value of one bushel at current 2024 cash forward bids.

Discussion

Current cash forward bids of $4.25 for corn and $11.00 for soybeans require yield responses of 9.6 bushels for corn and 3.6 bushels for soybeans to cover a $40 per acre cost of commercial fungicide application plus the cost of harvesting and transporting the increased bushels.

Average yield response from agronomic small plot trials are generally less than these yield increases.

Yield response is generally larger when fungal infection is high and seed is more susceptible.  These findings underpin the common recommendation to practice integrated disease management including crop scouting and cultivar selection.

Yield response to using fungicides is highly variable.  Individual field trials find negative, zero, and very large yield responses.  This variability favors larger farms.  Larger farms have more fields to capture the highly variable but on average positive fungicide yield response.

A major unknown when using fungicides is its impact on moisture at harvest.  Drying costs are expensive.  It takes only a few years of higher moisture due to fungicides to materially raise the bushels needed to cover the total cost incurred by applying fungicides.  On the other hand, Tenuta and Hooker (2009) and Mahoney et al. (2015) found that using fungicides improved corn stalk quality and reduced lodging, which can produce savings by reducing harvest yield loss or allowing later harvest at lower moisture.  The farm management implication is that harvest conditions can materially impact returns to using fungicides.

References

Kandel, Y.R., C. Hunt, K. Ames, N. Arneson, C.A. Bradley, E. Byamukama, A. Byrne, M.I. Chilvers, L.J. Giesler, J. Halvorson, ,D. C. Hooker, N.M. Kleczewski, D.K. Malvick, S. Markell, B. Potter, W. Pedersen, D.L. Smith, A.U. Tenuta, D.E.P. Telenko, K.A. Wise, and D.S. Mueller.  2021.  Meta-Analysis of Soybean Yield Response to Foliar Fungicides Evaluated from 2005 to 2018 in the United States and Canada.  Plant Disease. Volume 105, pages 1382-1389.

Mahoney, K.J., Klapwyk, J.H., Stewart, G.A., Jay, W.S., Hooker, D.C., 2015. Agronomic management strategies to reduce the yield loss associated with spring harvested corn in Ontario. Am. J. Plant Sci. 6(02) (372). http://dx.doi.org/10.4236/ ajps.2015.62043.

Paul, P.A., L.V. Madden, C.A. Bradley, A.E. Robertson, G.P. Munkvold, G. Shaner, K.A. Wise, D.K. Malvick, T.W.Allen , A. Grybauskas, P. Vincelli, and P. Esker.  2011.  Meta-analysis of yield response of hybrid field corn to foliar fungicides in the U.S. Corn Belt.  Phytopathology.  Volume 101 (Issue 9), pages 1122-1132. http://dx.doi.org/10.1094/ PHYTO-03-11-0091.

Paulson, N., C. Zulauf, and G. Schnitkey.  April 30, 2024.  Trends in Input Costs for Corn and Soybean Production in Illinois.  farmdoc daily (14):82.  Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign.  http://www.farmdoc.illinois.edu/

Tenuta, A., Hooker, D., 2009. Lodging (stalk rot) and corn fungicides. Crop Pest Ont. 14 (11), 1e5. Online publication. http://journals1.scholarsportal.info/pdf/ 12032204/v14i0011/1_lracf.xml

Ward, B., F. J. Barker, and E. Richer.  2022.  Ohio Farm Custom Rates 2022. Ohio State University Extension.   https://farmoffice.osu.edu/farm-management/custom-rates-and-machinery-costs

 

OSU Extension Awarded 2024 Extension Risk Management Grant

The North Central Extension Risk Management Education Center recently announced that OSU Extension was selected as a grant recipients for the 2024 NCERME Competitive Grants Program for a project titled “Reducing Farm Transition Risk Through the Use of The Farm and Resource Management Spreadsheet (FARMS)”

The goal of this $75,058 project is to help Ohio farmer to better manage risk through the use of the newly develop farm transition and estate planning spreadsheet. The FARMS project is being led by David Marrison, Interim Director for the Farm Financial Management and Policy Institute and Robert Moore, Director of the Ohio Farm Resolution Services.

This grant is supported by USDA/NIFA under Award Number 2023-70027-40444.

 

 

Farm Credit Mid-America Condition and Performance

By:  Rae Ju, a Ph.D. student, Charles Smith, an undergraduate student, and Ani L. Katchova, Professor and Farm Income Enhancement Chair in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University.

Click here to access the pdf version of the report.

  • Farm Credit Mid-America (FCMA) is an important agricultural credit institution in the Farm Credit System, providing agricultural loans, insurance, and leasing to the agricultural sector.
  • FCMA’s total loan portfolio consisted of several types of loans: 62.9% of real estate mortgage loans, followed by 17.4% of production and intermediate loans and 12.2% of agribusiness loans in 2022.
  • FCMA’s total percentage of risk loans fell from 1.66% in 2017 to 0.81% in 2022.
  • FCMA’s net interest income continuously increased, reaching $615 million in 2022, aligning with an upward trend in net income that reached $457 million in 2022.
  • FCMA’s net interest margin remained relatively stable, remaining at 2.2% from 2018 to 2020, with a slight decline to 2.1% in 2021 and remained the same in 2022.

Ohio Farmland Trends and Preservation

By:  Xiaoyi Fang and Zhining Sun, Ph.D. students and Ani L. Katchova, Professor and Farm Income Enhancement Chair in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University and Rabail Chandio, an Assistant Professor and Extension Economist in the Department of Economics at Iowa State University.

Click here to access the pdf version of the report.

  • 95% of farmland is dedicated to cropland in Ohio.
  • Cropland values in Ohio have had an upward trend, and increased by 9% in 2023, while the number of acres operated has declined over the years.
  • 85% of the total rented farmland in Ohio was owned by non-operator landlords in 2014.
  • Ohio’s operator landlords received $174.39 million in rent in 2014. Non-operator landlords received $844.62 million in rent, or 82.9% of the total rent paid in 2014.
  • 9% of Ohio’s farmland is held by individuals aged 55 and over, suggesting a significant transfer of land to the next generation is expected in the future.
  • Ohio Department of Agriculture’s Farmland Preservation Office has offered several programs to help preserve Ohio farmland.

 

Foreign Investments in Ohio Farmland

By:  Vishavdeep Sharma, a Ph.D. student in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University, Rabail Chandio, an Assistant Professor in the Department of Economics at Iowa State University, and Ani L. Katchova, a Professor and Farm Income Enhancement Chair in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University.

Click here to access the pdf version of the report.

In recent years, Ohio has experienced a significant increase in foreign investments in farmland resulting in 529,269 acres being held by foreign investors in 2022, contributing to the national trend of increasing foreign ownership of US farmland with 43,418,141 acres held by foreign investors in 2022.

The proportion of foreign held to privately held farmland was 2.7% in Ohio, 2.2% in the Midwest, and 3.4% in the US in 2022.

The Agricultural Foreign Investment Disclosure Act (AFIDA) is a federal law that requires foreign investors to disclose transactions of US farmland. Ohio’s legislation, named “Save our Farmland and Protect our National Security Act,” additionally maintains a registry of individuals and organizations prohibited from acquiring farmland in the state of Ohio.

In Ohio, Canada (14.9%) and Germany (14.6%) lead foreign investments in farmland. The largest proportion of foreign held farmland is by Canadian investors at 32.1% of the total foreign held farmland in the US, and at 26.5% of the total foreign held farmland in the Midwest.

 

2024 Second Quarter Fertilizer Prices Across Ohio

Authors: Amanda Bennett, Eric Richer, Clint Schroeder, OSU Extension

Click here to access a PDF version of this article

Results from a quarterly survey of retail fertilizer prices in the state of Ohio revealed fertilizer prices were slightly lower than national averages reported by Progressive Farmer – DTN (Quinn, 2024). The survey was completed by 32 retailers, representing 19 counties, who do business in the state of Ohio. Respondents were asked to quote spot prices as of the first day of the quarter (April 1st) based on sale type indicated. This is part of a larger study conducted by OSU Extension to better understand local fertilizer prices, which began in December 2023.

In summary, survey participants reported the average price of all fertilizers was lower in Ohio compared to the national prices, except for DAP (18-46-0) at $785/ton in Ohio versus $780/ton nationally, (Quinn, 2024).

The chart below (Table 1.) is the summary of the survey responses. The responses (n) are the number of survey responses for each product. The minimum and maximum values reflect the minimum and maximum values reported in the survey. The average is the simple average of all survey responses for each product rounded to the nearest dollar. We recognize that many factors influence a company’s spot price for fertilizer including but not limited to availability, geography, volume, cost of freight, competition, regulation, etc.

Table 1. Second Quarter 2024 Ohio Fertilizer Prices

 

 

Product Responses (n) Sale Type Min

$/ton

Max

$/ton

Avg

$/ton

Anhydrous ammonia 82-0-0 15 FOB Plant $707 $870 $785
UAN 28-0-0 19 Direct to Farm $309 $600 $348
Urea 46-0-0 17 FOB Plant $522 $680 $561
MAP 11-52-0 19 FOB Plant $745 $1079 $795
DAP18-46-0 9 FOB Plant $760 $830 $785
APP 10-34-0 20 Direct to Farm $553 $680 $602
Potash 0-0-60 20 FOB Plant $432 $512 $472
Ammonium Sulfate 21-0-0-24 18 FOB Plant $430 $585 $479
Ammonium Thio-Sulfate 12-0-0-26 13 FOB Plant $325 $448 $385
Poultry Litter 9 Delivered & applied, <25 miles $45 $72 $55

When compared to results from the previous quarter’s survey, prices for fertilizers saw a modest increase, with only anhydrous ammonia, MAP and potash showing a slight decrease. DAP and urea saw the most increase in price from the previous quarter with DAP up $50/ton and urea up $59/ton. This increase equates to an increase in price of 9% for both DAP and urea. Only ammonium thio-sulfate remained unchanged.

Quarter 2 survey data included nine responses to questions about poultry litter, delivered and applied within a 25-mile radius of the facility. Prices ranged from $45-72/ton with an average of $55/ton reported. If you are a retailer interested in participating in this study, please contact Amanda Bennett at bennett.709@osu.edu.

Resources

Bennett, A., Richer, E., & Schroeder, C. (2024). 2024 First Quarter Fertilizer Prices Across Ohio. Ohio Ag Manager Blog.

https://u.osu.edu/ohioagmanager/2024/01/17/first-quarter-2024-fertilizer-prices-across-ohio/

Quinn, R. 2024. DTN Retail Fertilizer Trends. DTN Progressive Farmer. Accessed online April 11, 2024 at https://www.dtnpf.com/agriculture/web/ag/crops/article/2024/04/10/uan28-leads-fertilizer-prices-higher