By Gary Schnitkey, Krista Swanson, and Nick Paulson
Fertilizer prices have increased since fall 2020. These price increases lead to rising fertilizer costs for farms, with the timing of fertilizer purchases impacting the level of fertilizer costs associated with 2021 production. Overall, fertilizer cost increases are larger for corn than for soybeans. History would suggest that fertilizer price increases will persist until corn and soybean prices decline.