FTC opens formal industry-wide investigation into U.S. fertilizer pricing
The U.S. Federal Trade Commission has opened a formal industry-wide investigation into fertilizer pricing and market concentration, Chairman Andrew Ferguson told farmers at an event in Texas on May 28.
Ferguson announced the probe at a gathering organized by the Texas Corn Producers under the banner “Fed Up: Fertilizer Cartel Profits off Farmers’ Backs and Your Grocery Bill,” which drew growers representing 18 states, the group said in a statement.
Retail fertilizer prices have climbed more than 150% since 2020, far outpacing general inflation, while net farm income has fallen 31% from its peak. Chapter 12 bankruptcy filings by family farmers rose 46% to 315 in 2025, according to Farmer Mac, with grain and oilseed producers in the Midwest and Southeast up roughly 70% from 2024.
The investigation follows a Senate Agriculture Committee hearing at which Majority Leader John Thune pressed industry leaders on the sector’s competitive landscape, and runs alongside a federal strategy unveiled by Agriculture Secretary Brooke Rollins to expand domestic crop-nutrient production.
“We appreciate the opportunity to share the on-the-ground reality farmers are experiencing,” said Lance Lillibridge, an Iowa farmer who spoke at the event.
Ferguson did not name specific companies or set out a timeline, and major North American producers had not commented publicly. The next signals to watch are any civil investigative demands or document requests issued to producers.
Source: Agri-Pulse
What to Know About the FTC Fertilizer Investigation
FTC chairman Andrew Ferguson announced the probe personally. The Federal Trade Commission is the U.S. agency responsible for enforcing antitrust and consumer-protection law, giving it authority to examine pricing practices and market concentration across the fertilizer supply chain.
The agency is reviewing fertilizer pricing and market concentration. North American supply of nitrogen, phosphate and potash is dominated by a small number of large producers, a structure farm groups argue has allowed prices to stay elevated even after input costs eased.
Fertilizer prices have risen more than 150% since 2020 while net farm income has dropped 31% from its peak. Family-farmer bankruptcy filings rose 46% in 2025, intensifying political pressure on input costs ahead of a contested farm bill.
The probe follows a Senate Agriculture Committee hearing on fertilizer costs and competition, and complements a multi-agency strategy led by Agriculture Secretary Brooke Rollins to rebuild domestic production. Together they signal that fertilizer affordability has become a federal priority.
The FTC has not disclosed a timeline or named targets. Antitrust investigations of this type typically unfold over months or years and may lead to document demands, settlements, enforcement action, or no charges at all. No producers had responded publicly at the time of the announcement.
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