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Mullen recommends producers conduct soil tests every two to three years to determine potassium and phosphorus levels, then make an economic decision based on where fertilizer prices are headed if they can predict it.
"Fertilizer prices have dropped dramatically since last year, from $1,200 a ton to under $400 a ton for phosphorus and from $1,000 a ton to about half that now for potassium. For those farmers who skipped applications last fall, it was a very wise decision," said Mullen. "If soil tests are still high, then you probably still don't have to make an application and it's still a savings. For those whose soil tests are close to critical levels, don't assume you can get away with not making applications."
Mullen said that potassium and phosphorus are tricky to manage because they are not very mobile in the soil. Environmental conditions can lock up potassium specifically, making it unavailable to the plant.
"Adequate phosphorus for a corn/bean rotation is about 25-30 parts per million. Keep your phosphorus at that level and the risk of deficiencies is so negligible, you don't have to make applications," said Mullen. "Potassium is a completely different animal. You can have high potassium levels, but you can run into deficiencies because the plant can't take it up."
Mullen said that drought stress is the biggest factor that can lead to a potassium deficiency. If potassium deficiency is severe enough, a grower can lose 60 percent of the top-end yields.
Specialists recommend that growers supplement potassium or phosphorus when soil tests show low levels. When both are low simultaneously and farmers can only afford to supplement for one, research has shown that it's better to invest in potassium than phosphorus.
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