Farmers, at least those south of the border, won’t see any easing of fertilizer prices until after they’ve got a crop in the ground, according to a new report from CoBank, a major U.S. ag lender.
“Fertilizer prices are expected to remain elevated for at least the next six months and throughout the 2022 spring agronomy season,” it said, citing production slowdowns and high natural gas prices coupled with tight supplies and steady demand.
“The benchmark Green Markets North American Fertilizer Index has risen by 265 per cent since May 2020 and there is little reason to expect it to reverse any time soon,” CoBank said.
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Still, it doesn’t expect nitrogen-loving corn acres to fall because “demand for corn among U.S. ethanol producers is expected to remain strong given the current high fuel prices and record blending margins.”
