Nitrogen fertilizer supplies appear favorable going into 2024. Prices have moved lower this year and supplies have become more accessible to the market. Due to these factors, the future of supplies and costs appears stable, even as demand is slated to increase. However, geopolitical headwinds could throw a big wrench in the positive forecast, as with any input market.

The ongoing war in the Middle East, natural gas prices, crop prices and spring weather could influence both supply, shipping and affordability. The International Fertilizer Association says consumption is expected to recover by 4% in 2023 to 192.5 million metric tons. This comes after the record-breaking use in 2020 of 200.2 million metric tons.

Read more on the fertilizer market here.