Fertilizer Costs Are Rising Again — And Prairie Margins Can’t Absorb It Easily

Fertilizer prices are climbing again heading into spring 2026, and the combination of higher input costs and softening commodity prices is squeezing grain and oilseed margins across the Prairies. Urea prices have surged more than 48% above year-ago levels in North American benchmark markets as of mid-April. Anhydrous ammonia is running about 40% higher year-over-year. DAP and MAP, the dominant phosphate sources in Prairie cropping systems, are also elevated. The cost structure producers locked in over the past two seasons no longer reflects where the market is today.