Farmers deliver standing ovation to FTC’s investigation into the fertilizer industry
MCKINNEY, Texas (May 29, 2026) – The Federal Trade Commission has launched a long-awaited and highly-anticipated investigation into the fertilizer industry’s pricing practices and market concentration, Chairman Andrew Ferguson announced yesterday at a gathering of farmers from across 18 states, including Minnesota, on a North Texas farm.
“I’m announcing that, on my order, the commission some time ago commenced a major industry-wide investigation into the precipitous rise of fertilizer prices in this country, which has affected so many of our nation’s farmers, including everyone in this room, including the issuance of compulsory process,” Chairman Ferguson said. “USDA data has shown the single largest increase in input costs of farmers across the United States since 2020 has come from fertilizer… These continued price increases are not something our nation, much less our farmers, can continue to ignore.”
The announcement drew an immediate response from the farm leaders who organized the event and who took time out during the middle of planting season to deliver a unified message to Chairman Ferguson.
“For too long, we’ve been squeezed by rising fertilizer prices while fertilizer companies in the increasingly consolidated industry rake in record profits,” Minnesota Corn Growers Association President Wes Beck said. “It’s an unsustainable situation—one that forces family farmers to make extremely difficult choices each season. We can’t continue to go on like this, and that’s why we’re so encouraged by FTC’s announcement. Transparency, competition, and fair pricing practices are critical for getting us out of this dire situation.”
“It’s high time for significant changes in the fertilizer industry, and that’s why we’re so encouraged by Chairman Ferguson’s announcement,” MCGA First Vice President Todd Wentzel said. “There’s a real sense of urgency for significant action in farm country, especially as the economic outlook remains so uncertain. We’re hopeful this is the first of many steps Congress and the administration take to restore balance in the fertilizer market.”
The event — “Fed Up: Fertilizer Cartel Profits off Farmers’ Backs and Your Grocery Bill” — took aim at the crushing input costs set by Mosaic, Nutrien, CF Industries and Koch. Those costs have driven family farms to the breaking point, with bankruptcies climbing to record numbers, as fertilizer shareholder profits hit record highs. To paint a picture with numbers, fertilizer prices rose more than 150% since 2020, far outpacing inflation, while net farm income fell 31% from its 2022 peak.
The increasingly consolidated fertilizer industry has pointed to factors beyond its control as reasons for the price spikes. But while some volatility could be expected in an uncertain global marketplace, farmer-leaders have rightly questioned why fertilizer company profits have increased even as their input prices have risen.
As South Dakota Corn Growers Association said at a U.S. Senate Agriculture Hearing earlier this month: “When my input price goes up, my profit margin shrinks.”Following the Chairman’s keynote, farmers from across the country joined an on-stage panel before a crowd of more than 100 agricultural leaders and producers who traveled from multiple states to attend. Farmers shared firsthand accounts of how rising fertilizer costs and concentrated market power are squeezing family operations and urged the FTC to take aggressive action to protect American agriculture from further decline.
“We appreciate the opportunity to share the on-the-ground reality farmers are experiencing,” Lance Lillibridge, an Iowa farmer and former president of the state’s corn association, said. “We’re grateful that Chairman Ferguson and the FTC came to Texas, listened to our farmers, and took action. Now we need that investigation to follow the evidence wherever it leads.”
The FTC reiterated its commitment to maintaining the confidentiality of its sources in its investigative process, with the chairman citing the Commission’s launch of a confidentiality commitment on its website last week. Ferguson encouraged those with information that would be helpful in its investigation to come forward to the FTC, with the confidence of the Commission’s protection.
You can read more about MCGA’s grassroots advocacy to increase fertilizer price transparency and increase competition within the industry here.
Background:
By Chapter 12 bankruptcy filings (2025, year-over-year change):
- Arkansas: 33 filings (+100%) — most in the state in the 21st century
- Georgia: 27 filings (+145%)
- Iowa: 18 filings (+220%)
- Midwest region: 121 total filings (led all regions)
- Southeast region: 105 total filings (second highest)
- 839 farms filed for bankruptcy in the last four years — and that’s just the ones who made it to court. The U.S. lost 35,000 farms in that same period.
Sources: AFBF Chapter 12 data; USDA NASS Farms & Land in Farms; USDA ERS Farm Labor
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The Fed Up event was made possible by Alabama Soybean & Corn Association, Colorado Corn Promotion Council, Georgia Corn Growers Association, Illinois Corn Marketing Board, Iowa Corn Growers Association, Kansas Corn Growers Association, Michigan Corn Growers Association, Minnesota Corn Growers Association, Missouri Corn Growers Association, Ohio Corn & Wheat, South Carolina Corn Association, South Dakota Corn Utilization Council. Farmers from across multiple commodities and 18 states attended the event.
