A bipartisan group of U.S. Senators introduced a bill that would require mandatory price reporting of fertilizer.
Bloomberg says the move is a bid for more market information after the war in Iran prompted the biggest rise in crop nutrient costs in years.
The bill, called the Fertilizer Transparency Act,” would offer market participants of all sizes with comparable levels of market information on fertilizer components.
“At a time when rising fertilizer costs and low commodity prices are continuing to erode farmers’ profitability, we should be increasing price transparency for farmers in the current market and increasing domestic fertilizer production and storage here at home,” said Senator Amy Klobuchar, the Ranking Member of the Senate Ag Committee.
Josh Linville of StoneX said Middle East Urea has jumped by the highest amount since the Strait of Hormuz closed three weeks ago, climbing $285, a 60% hike compared to the pre-war prices.
