Fertilizer outlooks for 2024 appear more cost-effective than prices seen in 2023. Potash and phosphorus are slated to see lower prices and more demand from farmers around the world. However, the ongoing Russia-Ukraine war has impacted potash supplies. Additionally, the Middle East conflict has also affected global fertilizer availability.

Additionally, low water levels on major agricultural waterways such as the Mississippi River could negatively affect the U.S. The International Fertilizer Association says worldwide consumption of fertilizers is expected to recover by 4% this year to 192.5 million metric tons after a record level of 200.2 million metric tons were used in 2020.

Read more on global fertilizer prices and demand here.