Retail fertilizer prices in the first week of February 2026 were evenly mixed across major nutrients, with urea posting a 5% month-over-month increase to $596 per ton, while several liquid nitrogen products moved slightly lower. The shift matters for U.S. crop producers as fertilizer remains one of the largest input costs ahead of spring planting, directly affecting margins, yields and crop insurance decisions in a volatile commodity price environment.

Four fertilizers moved modestly higher compared to January, while four declined slightly. Urea was the only product registering what would be considered a significant move, crossing the 5% threshold month over month.

Among dry products, DAP averaged $851 per ton, MAP $879 per ton, and potash $488 per ton in early February. While these products did not show major monthly swings, they remain substantially higher compared to one year ago.

Year-over-year comparisons reveal persistent cost pressure:

• 10-34-0: up 5%

• MAP: up 9%

• Potash: up 12%

• DAP: up 14%

• Urea: up 14%

• Anhydrous: up 16%

• UAN32: up 20%

• UAN28: up 23%

These increases underscore how fertilizer continues to account for a significant share of total production expenses for corn, soybean and wheat growers. With 2026 commodity prices offering narrower margins than in recent peak cycles, producers are closely monitoring nutrient application strategies, precision agriculture adoption and soil health management to control costs without sacrificing yields.

On the liquid side, 10-34-0 averaged $665 per ton, anhydrous ammonia $860, UAN28 $410 and UAN32 $464. While slightly softer month over month, these prices remain historically elevated relative to pre-2021 averages.

On a per-pound-of-nitrogen basis:

• Urea: $0.65/lb.N

• Anhydrous: $0.52/lb.N

• UAN28: $0.73/lb.N

• UAN32: $0.73/lb.N

Anhydrous continues to offer the lowest cost per pound of nitrogen, though logistics, storage infrastructure and application timing influence regional decisions.

Policy Pressure Builds Over Fertilizer Market Concentration

The fertilizer pricing environment is also drawing increased scrutiny in Washington. Two major corn producer organizations have formally requested updates from the U.S. Department of Justice regarding potential antitrust investigations into fertilizer market concentration.

The fertilizer pricing environment is also drawing increased scrutiny in Washington. Two major corn producer organizations have formally requested updates from the U.S. Department of Justice regarding potential antitrust investigations into fertilizer market concentration.

Grower groups argue that sustained high input costs - especially fertilizer - are straining working capital and threatening long-term farm viability. Fertilizer costs often represent one of the largest line items in row-crop budgets, alongside seed and machinery expenses.

As debate continues around the next farm bill framework, industry stakeholders are watching whether fertilizer market transparency, supply chain resilience and competition policy will become part of broader agricultural policy discussions.

Market Outlook for Spring 2026

With planting season approaching, retailers and co-ops report steady booking activity. Weather patterns, global natural gas markets and geopolitical developments remain key variables influencing nitrogen pricing.

Producers are weighing:

• Prepay strategies

• Split nitrogen applications

• Variable-rate technology

• Alternative nutrient sources

• Working capital management under tighter credit conditions

The combination of elevated input costs and mixed fertilizer pricing trends reinforces the need for strategic nutrient planning in 2026.

Retail Fertilizer Price Table

Dry Fertilizers

Liquid Fertilizers