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Market study commissioned to better understand rising fertilizer prices
Ag Secretary Tom Vilsack says the USDA continues to monitor skyrocketing fertilizer prices.
“Making sure that farmers are not being taken advantage of.”
During a news conference during at the USDA’s Ag Outlook Forum, the Secretary said he was encouraged by an announcement from the Iowa Attorney General’s office that a market study has been commissioned to better understand the factors behind rising fertilizer prices. “I sincerely hope that no company out there whether it’s fertilizer or any other supply that may be impacted by this will take unfair advantage of this circumstance and situation,” he says. “Making sure they don’t use this situation as an excuse for doing something for which isn’t necessarily justified by supply and demand.”
Iowa Attorney General Tom Miller says the significant price increases warrant an analysis into the underlying causes. Miller sent letters to CEOs of major fertilizer manufacturers: Mosaic, Nutrien, CF Industries, Koch Industries, and OCI N.V. (the owner of Iowa Fertilizer Co). The letters request the manufacturers provide their reasons for the price increases.
According to data supplied by the USDA’s Agricultural Marketing Service, since January 2021, anhydrous ammonia has increased 315%. Urea has increased by 214%, liquid nitrogen by 290%, monoammonium phosphate (MAP) by 171%, and potash by 213%.
