Fertilizer prices to rise moderately in 2021 Although fertilizer prices have been resilient amid the pandemic, they have followed different paths. Phosphate and urea prices surged in the second of half of 2020 following losses earlier in the year, reflecting robust demand and higher input costs. Potash prices remain subdued due to oversupply. Fertilizer prices are projected to increase modestly by 3% in 2021, according to the October 2020 edition of the World Bank’s Commodity Markets Outlook. Phosphate DAP prices jumped 23% in 3rd quarter of 2020, supported by strong demand from key crop-growing regions. A depreciation of the Brazilian real led to higher domestic crop prices, which has driven demand. Early monsoon rains in India boosted the Kharif (summer or monsoons) plantings, while precipitation in Australia, after two seasons of drought, improved crop growing conditions. Similarly, favorable weather conditions in North America spurred fertilizer use, following three consecutive poor application seasons.