(Bloomberg) -- The Federal Trade Commission recently launched an antitrust investigation into the rising costs of fertilizer in the US, the agency’s head said at an event in Texas on Thursday.
“I’m announcing that, on my order, the commission some time ago commenced a major industrywide investigation into the precipitous rise of fertilizer prices in this country, which has affected so many of our nation’s farmers, including everyone in this room,” FTC Chairman Andrew Ferguson said. “USDA data has shown the single largest increase in input costs of farmers across the United States since 2020 has come from fertilizer.”
Ferguson made the announcement at an event outside of Dallas organized by the Texas Corn Producers with corn farmers from around the country in attendance to air their grievances over the high cost of fertilizer. Ferguson did not specify any companies by name that are under investigation.
Fertilizer prices in the US rose earlier this year following attacks on Iran, which disrupted global trade flows for the critical crop nutrients. That helped deliver a profit windfall for some fertilizer companies, including CF Industries Holdings Inc. and Nutrien Ltd., though other producers like Mosaic Co. have struggled significantly as the chemical inputs it requires also become more expensive. The industry has long faced scrutiny, as just a few players control most of the country’s supply.
The Justice Department also has criminal and civil investigations into potential collusion on price by several leading producers of commercial fertilizers, Bloomberg previously reported.
The companies whose conduct is under scrutiny at the DOJ include phosphate and potash suppliers Nutrien and Mosaic, as well as CF Industries, Koch Inc. and Norway’s Yara International ASA, Bloomberg reported. CF Industries, Koch, Yara and Nutrien control most of the nitrogen-based fertilizer sold in the US.
Representatives for Mosaic, CF Industries, Koch and Nutrien didn’t immediately respond to requests for comment on Ferguson’s remarks. Yara didn’t immediately respond to a request for comment sent outside of normal business hours.
--With assistance from Ilena Peng.
More stories like this are available on bloomberg.com
©2026 Bloomberg L.P.
