Fertilizer Prices Drop as Hormuz Opening Brings Farmers Relief

Fertilizer prices were dropping sharply Friday after Iran said the Strait of Hormuz was open, bringing relief to farmers even as they still face delays in deliveries.

Prices for urea, the most commonly used form of nitrogen, fell about 18% to $640 per ton in New Orleans, down from a peak earlier this week of $780, according to Bloomberg Green Markets. That’s also after fertilizer’s costs this week hit a record relative to corn, the most widely grown US crop.