FTC Confirms Probe of Rising Fertilizer Prices

Bloomberg’s Josh Sisco reported that “the Federal Trade Commission recently launched an antitrust investigation into the rising costs of fertilizer in the US, the agency’s head said at an event in Texas on Thursday.”

“‘I’m announcing that, on my order, the commission some time ago commenced a major industrywide investigation into the precipitous rise of fertilizer prices in this country, which has affected so many of our nation’s farmers, including everyone in this room,’ FTC Chairman Andrew Ferguson said,” according to Sisco’s reporting. “‘USDA data has shown the single largest increase in input costs of farmers across the United States since 2020 has come from fertilizer.'”

“Ferguson made the announcement at an event outside of Dallas organized by the Texas Corn Producers, with corn farmers from around the country in attendance to air their grievances over the high cost of fertilizer,” Sisco reported. “Ferguson did not specify any companies by name that are under investigation.”

“In an effort to combat increasing inflation ahead of the midterm elections, the White House has focused on the rising costs faced by farmers and ranchers and soaring prices of key grocery staples,” Sisco reported. “Fertilizer prices — one of the largest costs borne by farmers — rose in the US earlier this year following attacks on Iran, which disrupted global trade flows for the critical crop nutrients.”

Progressive Farmer’s Chris Clayton reported that “while offering encouraging news to farmers, Ferguson and his staff also said they need hard evidence about industry practices, which includes gathering information from agricultural retailers about potential retaliatory practices.”

“‘We need evidence on the ground, people who are willing to provide it and people eventually who are willing to tell a judge and jury what the evidence is,’ Ferguson said,” according to Clayton’s reporting. “People downstream from the problem need to describe what is happening and be willing to talk to the FTC, he said. But Ferguson and others noted that that is often easier said than done. Antitrust cases are the hardest civil cases to try because of complicated numbers and complicated facts, he said.”

“‘You can’t win a case unless people are willing to say what is happening or what is about to happen,’ Ferguson said. He added, ‘There is no other way to win these cases. … We’re only as good as the evidence we find, and that’s why we need your help,'” Clayton reported. “Ferguson added that the FTC cannot afford to bring a case to court that it does not have strong evidence to get a win. ‘If we have to sue these guys, it’s going to be me and my little agency up against 10 (law) firms and $1 billion,’ he said.”

DOJ Also Investigating Fertilizer Industry

“The Justice Department also has criminal and civil investigations into potential collusion on price by several leading producers of commercial fertilizers, Bloomberg previously reported,” according to Sisco’s reporting.

Bloomberg’s Sisco and Ilena Peng reported in early March that “the companies whose conduct is under scrutiny include phosphate and potash suppliers Nutrien Ltd. and Mosaic Co., as well as CF Industries Holdings Inc., Koch Inc. and Norway’s Yara International ASA, said the people, who asked not to be identified discussing a confidential investigation. CF Industries, Koch, Yara and Nutrien control most of the nitrogen-based fertilizer sold in the US. The probe is examining companies’ pricing practices for possible civil and criminal antitrust violations, the people said.”

Potash Prices Fell Last Week for First Time in 14 Weeks

Progressive Farmer’s Russ Quinn reported that “fertilizer prices tracked by DTN for the third full week of May 2026 displayed a situation we have not seen since the second week in February — two of the nutrients’ prices moved lower. That is a run of 14 straight weeks of higher nutrient prices.”

“The two fertilizers slightly lower compared to last month were potash and UAN32. Potash had an average price of $494/ton and UAN32 $586/ton,” Quinn reported. “The remaining six fertilizers had slightly higher prices compared to a month earlier. DAP had an average price of $912/ton, MAP $953/ton, potash $494/ton, 10-34-0 $724/ton, anhydrous $1,118/ton and UAN28 $531/ton.”

Despite the decline this past week for potash and UAN32, “all eight fertilizers are now higher in price compared to one year earlier. Potash is 5% higher, 10-34-0 is 9% more expensive, DAP is 14% higher, MAP is 15% more expensive, UAN32 is 19% higher, urea is 27% higher, UAN28 is 28% more expensive and anhydrous is 44% higher looking back to last year.”