
The World Bank reports its fertilizer price index rose more than 12 percent in Q1 2026 and reached its highest level since October 2022 by April. The increase was driven mainly by export disruptions from the Strait of Hormuz closure, with urea posting the largest gains.
Sharply higher fertilizer costs are likely to reduce farmer application rates and raise grain production costs, supporting upward pressure on feed prices.
After 76 past bullish report events, Urea moved a median 0.0% over 5 sessions (49% higher; middle half -2.2% to +2.9%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.