Senator Josh Hawley pressed CF Industries Holdings Inc. for answers on Thursday, alleging that the company and other leading fertilizer producers may have taken advantage of supply disruptions tied to the Iran conflict to raise prices. Hawley, who chairs the Senate Subcommittee on Crime and Counterterrorism, put forward a nine-question letter to CF Industries CEO Christopher Bohn after wholesale urea prices surged 32% over a 12-day span.
In his communication, Hawley cited a movement in urea prices from about $516 per metric ton to as much as $683 within that 12-day window. He also referenced reporting from AgWeb that a Missouri retailer logged a two-week rise of $140 per ton for urea, $100 per ton for ammonia (NH3), and $100 per ton for urea-ammonium nitrate (UAN).
On social media, Hawley framed the price moves as potentially unlawful. "Sure looks to me like the giant fertilizer companies are price gouging farmers," he wrote on X. "Which drives farmers out of business and the price of food way up. Somebody needs to explain to them price gouging is illegal. So either stop or be investigated."
The accusations landed as shares of leading fertilizer firms climbed. CF Industries stock rose 13.21% to $136.00 on Thursday, The Mosaic Company gained 7.58% to $31.36, and Nutrien Ltd increased 5.84% to $83.94.
Why timing matters
Hawley’s letter came as U.S. farmers were entering a critical planting window. He stressed that the spike coincides with the period when a substantial share of nitrogen applications occur: about 50% of nitrogen is typically applied to corn, 28% to cotton, and 42% to spring wheat. Hawley pointed to the North America fertilizer price index, which he said topped $810 per short ton as of March 9, surpassing a prior peak of $776.85 recorded in August 2025, according to Farm Progress.
"American farmers cannot absorb another price shock," Hawley wrote to Bohn. "If your company is using this conflict as a pretext to raise prices beyond what market conditions justify, Congress will not ignore it."
Supply routes and industry concentration
Hawley referenced data from The Fertilizer Institute noting that nearly half of global urea exports originate from countries west of the Strait of Hormuz and transit the waterway, but he argued the recent price moves exceed the level of disruption experienced by U.S. farmers. He noted that wholesale urea prices widened from a $460-480 per short ton range the week of Feb. 27 to $520-620 the following week after the conflict began.
The senator’s letter and public comments arrive against a backdrop of regulatory scrutiny. The Department of Justice has been investigating whether CF Industries, Nutrien, Mosaic, Koch Industries, and Yara International coordinated to raise prices, according to reporting cited by Farm Progress. The fertilizer market is described as highly concentrated, with four firms controlling roughly 75% of the global nitrogen market and two firms supplying nearly 100% of U.S. potash.
USDA undersecretary Luke Lindberg was quoted in a Politico interview warning that any segment of the fertilizer supply chain that attempts to "price-gouge American farmers and ranchers" would not be tolerated.
What Hawley requested
CF Industries has until March 27 to provide detailed responses to Hawley’s questions. The senator asked for a breakdown of specific price changes by date, product, geography, and percentage since Feb. 28. He also requested documentation of cost increases that would justify each price change, including feedstock and freight cost inputs.
Additional items on the list include any communications with competitors regarding prices or market conditions since Feb. 28; quarterly gross margins and operating margins for 2024, 2025, and year-to-date 2026; and any internal pricing strategies or documents that reference competitors or "price leadership." The company was also instructed to preserve all documents and communications regarding fertilizer pricing from Jan. 1, 2025, to the present.
Forward context and ongoing oversight
The scrutiny is set to continue in the weeks ahead. The American Farm Bureau Federation president, Zippy Duvall, is scheduled to testify before the Senate Agriculture Committee on Tuesday, March 16, to represent farmers’ perspectives on the fertilizer situation. Meanwhile, the DOJ antitrust inquiry remains active as the intense planting season progresses through May.
Summary
Senator Hawley has formally challenged CF Industries over rapid urea price increases that coincided with supply disruptions related to the Iran conflict. He has demanded extensive documentation and explanations by March 27, while the fertilizer sector faces parallel regulatory and political scrutiny as farmers head into a critical application period.
Key points
- Wholesale urea prices rose from about $516 to $683 per metric ton in a 12-day span, a roughly 32% increase.
- Senator Hawley sent a nine-question letter to CF Industries CEO Christopher Bohn and requested a response by March 27, along with preservation of related documents dating back to Jan. 1, 2025.
- Fertilizer stocks rallied on the news, with CF Industries up 13.21%, Mosaic up 7.58%, and Nutrien up 5.84%.
Risks and uncertainties
- Regulatory risk - an ongoing DOJ antitrust investigation into whether major fertilizer firms coordinated price increases could lead to legal or enforcement actions affecting the sector.
- Market disruption risk - sharp fertilizer price moves during the spring planting season could strain farm input budgets and influence planting decisions, with knock-on effects for agricultural commodity markets.
- Supply-versus-price dynamics - while supply routes through the Strait of Hormuz are a factor, Hawley asserts that recent price increases appear to outpace the actual supply disruptions impacting U.S. farmers.