Fertilizer Prices Remain at Historically Highs Entering Spring Planting Season

Fertilizer still consumes an unusually large share of crop value.

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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.

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Overall, the report suggests a shift toward more comfortable supply levels, with demand emerging as a key factor to watch in the months ahead.

Tony St. James joined the RFD-TV talent team in August 2024, bringing a wealth of experience and a fresh perspective to RFD-TV and Rural Radio Channel 147 Sirius XM. In addition to his role as Market Specialist (collaborating with Scott “The Cow Guy” Shellady to provide radio and TV audiences with the latest updates on ag commodity markets), he hosts “Rural America Live” and serves as talent for trade shows.

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