Anhydrous is now 6% lower compared to the previous month. The nitrogen fertilizer had an average price of $522 per ton the second week of August 2016. (DTN chart)

OMAHA (DTN) -- After months of only slight declines, average retail fertilizer prices finally appeared to be dropping substantially the second week of August 2016, according to fertilizer retailers surveyed by DTN. While all fertilizer prices were lower, the average prices of several fertilizers were significantly lower than a month earlier.

Anhydrous is now 6% lower compared to the previous month. The nitrogen fertilizer had an average price of $522 per ton. Both urea and UAN28 were 5% lower compared to the second week of July. Urea had an average price of $345/ton and UAN28 $249/ton.

The remaining five fertilizers were lower in price compared to the month earlier, but these moves were not significant. DAP had an average price of $453/ton, MAP $482/ton, potash $344/ton, 10-34-0 was at $528/ton and UAN28 $249/ton.

On a price per pound of nitrogen basis, the average urea price was at $0.38/lb.N, anhydrous $0.32/lb.N, UAN28 $0.44/lb.N and UAN32 $0.47/lb.N.

The significantly lower retail fertilizer prices are not a surprise, according to retailers. Most appear content to wait for the low in the market to occur before they release fall fill prices.

Rob Fritz, senior agronomist for Hefty Seeds based in Baltic, South Dakota, wrote in the Aug. 9 edition of the Fertilizer and Equipment Gazette email newsletter that fall fertilizer prices could be lower.