Price Movements

Iowa fertilizer prices began rising in 2021 and peaked during the summer of 2022 (Figure 1). Price peaks for each fertilizer were close to double their respective 2018-2020 average prices. Since the peak, prices have generally been trending down, though they still have not reached 2018-2020 levels.

Figure 1. Henry Hub Natural Gas and Iowa Fertilizer Prices

There are several reasons fertilizer...