McKinney, Texas – 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 on Thursday, May 28, 2026, at a gathering of farmers from across 18 states 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 in attendance.
“Chairman Ferguson made clear what Ohio farmers have been saying for years — the fertilizer market is broken, and it is costing farm families real money,” Ohio Corn & Wheat Growers Association President Eric Tipton said. “When a handful of companies can drive up one of our most important input costs while farm income falls, farmers and consumers both pay the price. The FTC’s investigation is a necessary step toward restoring fairness, transparency and competition to 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.
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.
“Fertilizer prices are not just numbers on a page. They affect our farms, our families, and the decisions we make every season,” commented John Settlemyre, a Clinton County farmer. “Today, farmers shared what we are seeing firsthand, and now we need this investigation to follow the facts and bring accountability to the market that farm families depend on. We appreciate Chairman Ferguson and the FTC for listening and taking this issue seriously.”
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.
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
Photos from the event are available, featuring Ohio farmers who took part.
