NASHVILLE, TENN. (RFD NEWS) — Input costs continue to pressure crop margins as fertilizer markets stay elevated ahead of planting, according to Josh Linville, vice president of fertilizer at StoneX.
Nitrogen markets remain volatile. A large Indian urea tender is pending while reports suggest Iranian nitrogen production may return after gas supply disruptions. Even limited Iranian exports influence global supply expectations. Despite quieter trading, prices remain historically high — urea, UAN, and anhydrous ammonia all rank the second-highest ever for this time of year, meaning farmers must commit unusually large bushel equivalents to secure product.
Phosphate markets also remain tight. China is still expected to stay out of export markets until at least August 2026, and high ammonia and sulfur costs are raising production expenses worldwide. The DAP-to-corn ratio improved slightly but remains near record-expensive levels.
Potash is comparatively stable and considered reasonably priced. Meanwhile, sulfur prices are surging amid tighter global supply and rising demand, lifting costs for phosphate- and sulfur-based fertilizers.
A Reuters report shows China has a soybean “glut,” finding stockpiles at Chinese ports are at record levels, with crushers there holding the most supplies since 2017.
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Lewie Pugh, with the Owner-Operator Independent Drivers Association, joined us on Monday’s Market Day Report to share his perspective on what the bill could mean for truckers.
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Here is a regional snapshot of harvest pace, crop conditions, logistics, and livestock economics across U.S. agriculture for the week of Monday, Nov. 10, 2025.
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