The World Bank is projecting continued declines in fertilizer costs through 2024. The bank’s latest commodity markets forecast says, “Following an expected 37 percent decrease in 2023, the fertilizer price index is projected to fall by 7 percent in 2024 as supply disruptions gradually ease and energy input prices fall, but the index will remain at high levels.”
To view its Commodity Market Forecasts report click here.
The fertilizer index dropped 18% in 2022, but it’s still well above the pre-pandemic level. DAP prices are forecast down 24.9% this year, while potassium chloride (potash) prices are expected to decline 45%.
Prices for grains and other ag commodities are expected to decline 7% this year and likely fall again in 2024.