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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Dr. Faith Parum discusses fertilizer market conditions, Farm Bureau’s new strategic fertilizer report, and policy options to strengthen the U.S. fertilizer supply chain.
A University of Illinois study points to industry consolidation as a key driver of fertilizer prices.
The USDA deputy secretary encouraged producers to engage with lawmakers and federal officials during a visit to Michigan.
Rollins acknowledged that supplemental assistance and bridge payments are helping farmers stay afloat, but said the industry needs broader reforms.
