Monitoring Fertilizer Input Prices in Ohio
Agricultural Economics & Community Development
Amanda Bennett
Ext. Educ., ANR
Ohio State University Extension
Troy
Abstract
The Quarterly Fertilizer Survey and Report is a new initiative OSU Extension began in December 2023. Researchers from Ohio State’s Farm Financial Management and Policy Institute (FFMPI) began surveying fertilizer retailers and crop consultants in Ohio 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 quickly and in a way that is 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.
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.
A total of 32 retailers, representing 19 counites in Ohio, responded to the survey throughout each quarter of the year. They were asked to report the spot prices for the 10 common fertilizer products as of the first day of the quarter. The responses were then analyzed and reported on a $/ton basis reporting minimum, maximum and average prices.
As more research is captured, trend analysis will be conducted for the future benefit of producers, retailers, and economist.
Authors: Amanda Bennett, Eric Richer, Clint Schroeder
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Amanda Bennett Extension Educator, The Ohio State University, Ohio, 45373-3239
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Eric Richer Field Specialist, The Ohio State University, Ohio, 43545-1660
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Clint Schroeder Program Manager, The Ohio State University, Ohio, 45875