Politics and infrastructure, not just here in the U.S. but around the globe, can make a difference in the prices you see for fertilizer. Corey Rosenbusch joins us, he’s the president and CEO of The Fertilizer Institute. He says the good news is that fertilizer won’t make as much of a dent in your wallet as it did last year.
“I think it’s probably appropriate to say that we’re heading into a more normal market period,” Rosenbusch says.
However, he expects strong demand to continue driven by factors such as regulations and the continued war in Ukraine.
“I’ve talked to some fertilizer companies that said they’ve had one of their best fall applications they’ve ever had, and I think that will continue in the spring,” he says. “With strong demand, that means prices will continue to be strong, but they’re not going to be crazy… like we saw two years ago.”
Supply and transportation of nitrogen, phosphorus, and potash also play a role in prices.
One of the key things that The Fertilizer Institute is looking for in the Farm Bill is tools to help with market volatility. Rosenbusch says the U.S. imports 93 percent of its potash, and the fertilizer industry wants to strengthen domestic supply so it’s not relying so much on imports.
“We’ve asked to be included in the Farm Bill designation of potash and phosphate as a critical mineral,” he says. “What that will do is help a company better mine and process those minerals for farmers to use.”
