Farmers turn to soybeans over corn as fertilizer prices spike – By Tori Richards (Washington Examiner) / April 03, 2022
For just the third time in recorded history, farmers will be planting more soybeans than corn as they grapple with the rising cost of fertilizer — a cost that will almost certainly be passed on to consumers.
Russia previously accounted for 15% of U.S. fertilizer imports.
“We have heard that some farmers have balked at buying at the high prices and have not filled their needs, hoping prices will go down,” Nebraska farmer John Dittrich, who grows both corn and soybeans, told MarketWatch.
Prices for some types of fertilizer cost a record $1,520 per ton, an increase of 127% this year. Corn is up 4%, at nearly $7.67 per bushel. As a result, 4 million fewer acres of corn will be planted, while soybean crops will increase by the same amount, MarketWatch reported.
