As of April 24, 2026, the global fertilizer market is registering its most significant price pressure since 2022 — and every major category is moving in the same direction. All eight major fertilizers are now more expensive than a year ago. Urea is leading the complex, up 49% year-on-year with a current retail average of $858 per tonne — 27% above last month alone. Anhydrous ammonia is up 43%, UAN32 up 29%, UAN28 up 37%, DAP up 15%, and MAP up 13%. No segment of the market is insulated.
Three forces are hitting simultaneously. The Strait of Hormuz blockade is the dominant factor — with nearly one-third of the world's seaborne fertilizer trade and 40% of global urea exports passing through this single chokepoint, the market is navigating its most severe supply disruption in years. China's active export restrictions are removing a critical alternative supply source at exactly the wrong moment. And spring planting demand across North America, Europe, India, and Brazil is peaking precisely as supply is at its tightest. For farmers heading into the current growing season, the input cost environment is as challenging as it has been in recent memory.
