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Senator Josh Hawley (R-MO) has formally accused CF Industries Holdings and other major fertilizer companies of price gouging American farmers, sending a nine-question letter to CF Industries CEO Christopher Bohn demanding answers. The move comes after urea fertilizer prices surged approximately 32% in just 12 days following supply disruptions tied to the Iran conflict.
Hawley, who chairs the Senate Subcommittee on Crime and Counterterrorism, pointed to price data showing urea jumping from around $516 to as high as $683 per metric ton within that period. Missouri retailers reportedly saw urea climb $140 per ton, with NH3 and UAN each rising $100 per ton over two weeks. "Sure looks to me like the giant fertilizer companies are price gouging farmers," Hawley posted on X, warning that price gouging is illegal and that congressional investigations could follow.
The timing is particularly damaging for American agriculture. The price spike hits during peak spring planting season, when nitrogen fertilizer demand is highest across corn, cotton, and wheat crops. The North America fertilizer price index recently topped $810 per short ton, surpassing its previous 2025 peak. Despite the political backlash, fertilizer stocks surged — CF Industries jumped over 13%, Mosaic gained nearly 8%, and Nutrien rose close to 6% on Thursday.
The accusations arrive as the Department of Justice is already investigating whether CF Industries, Nutrien, Mosaic, Koch Industries, and Yara International coordinated pricing strategies. Industry concentration remains a central concern, with four companies controlling roughly 75% of the nitrogen market. CF Industries faces a March 27 deadline to respond to Hawley's detailed questions covering pricing changes, competitor communications, and internal margin data. The American Farm Bureau is also set to testify before the Senate Agriculture Committee, amplifying pressure on the industry heading into the critical spring planting months.
