Since 2013, the prices of natural gas, anhydrous ammonia, and corn have moved in close correlation. Beginning in 2021, the tightening of natural gas supplies has coincided with considerable price increases across all three commodities.

34 Fertilizer: Where Natural Gas and Agriculture Meet — figure 2
Fig. 2 of 3 · Chart 34 · Source: EPRINC
34 Fertilizer: Where Natural Gas and Agriculture Meet — figure 3
Fig. 3 of 3 · Chart 34 · Source: EPRINC

From the EPRINC Chart of the Week archive.