Fertilizer price probe opens as farm margins tighten

The Federal Trade Commission has opened an industrywide investigation into fertilizer prices after sharp increases during spring planting. Reuters reported that FTC Chairman Andrew Ferguson said the agency is using civil investigative demands to gather documents and testimony. The probe comes as growers face higher fertilizer and fuel costs, drought in parts of the Plains and another year of narrow margins. Reuters said urea prices have climbed 55% since shipping through the Strait of Hormuz was blocked, while another nitrogen fertilizer rose 33%, citing Kentucky Farm Bureau testimony. The USDA, cited by Reuters, said fertilizer has been the largest increase in farm input costs since 2020. The American Farm Bureau Federation reported in an April survey that many farmers could not afford all the fertilizer needed this season. Texas Corn Producers called the probe a step toward fairer markets for growers as planting decisions continue nationwide this spring.