Fertilizer prices are expected to remain higher for the rest of the year, says provincial market analyst Ryan Furtas.
After edging below $500 a tonne in November, nitrogen was up by $85 in the April/May period thanks to strong demand, higher natural gas prices, and some supply chain issues.
It was a similar story for phosphate: more demand, higher raw material costs and higher ocean freight rates, but the jump from November to May was $200/tonne (to around $880/ tonne).
“Even though prices of fertilizers have increased, thankfully supply shortages were not an issue in Alberta,” said Furtas.
Analysts expect prices to remain high throughout 2021 because of demand, including acreage expansion, and high commodity prices.