Input costs are still a big issue for farmers, an issue that has been around for several years now. This year, fertilizer costs are expected to be around 40 percent of the budget for corn growers.
Researchers at the University of Illinois say that number is closer to 28 percent for soybean growers. Over the last quarter century, they found that the global fertilizer market has expanded, with countries like China, Russia, Canada, and the United States becoming major fertilizer suppliers.
Most of these, U.S. included, rely on imports to meet our own fertilizer needs. Market analysts say it is important for farmers to understand the structure of the fertilizer market, as well as the risks.
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Seven of eight major fertilizer types remain more expensive than a year ago.
USDA says it is working to address farmer concerns and enforce antitrust laws.
Nitrogen prices could rise through spring before projected relief arrives next summer.
Farmers are cutting back on fertilizer and equipment spending as margins tighten.
