The inquiry is focusing on the pricing practices of some of the largest producers of crop nutrients, including Nutrien Ltd., Mosaic Co., CF Industries Holdings Inc., Koch Inc., and Norway-based Yara International ASA, according to Bloomberg. Sources said the companies dominate significant portions of the fertilizer market in the United States, particularly in nitrogen-based products.
Per Bloomberg, CF Industries, Koch, Yara and Nutrien collectively control the majority of nitrogen fertilizer sold across the country. Meanwhile, Nutrien and Mosaic are key suppliers of phosphate and potash fertilizers, both critical inputs for agricultural production.
People familiar with the investigation said authorities are examining whether the companies’ pricing strategies could amount to civil or criminal violations of US antitrust law. According to Bloomberg, the probe is still in its early stages and is being handled by the Justice Department’s antitrust division office in Chicago.
Officials have not accused the companies of wrongdoing, and the existence of an investigation does not necessarily mean charges or legal action will follow. Nutrien did not immediately respond to requests for comment, while CF Industries, Koch, Yara, and the Justice Department did not provide responses, according to Bloomberg. A spokesperson for the US Department of Agriculture referred inquiries to the Justice Department.
Read more: DOJ Antitrust Chief Flags Rising Concerns Over Competition in Agriculture
The scrutiny comes amid longstanding concerns about consolidation in the fertilizer industry. Only a small number of companies supply the majority of fertilizers used by American farmers, a concentration that has drawn attention from policymakers and agricultural groups. According to Bloomberg, officials have also been worried about elevated fertilizer prices following global disruptions, including the war in Ukraine.
Although prices for potash and phosphate fertilizers have declined from peaks seen last year—after surging during trade tensions linked to President Donald Trump’s trade policies—costs remain historically high. Bloomberg reported that new geopolitical risks, particularly escalating conflict in the Middle East, are again raising concerns about the stability of global fertilizer supply. Disruptions affecting shipping routes in the Gulf have already pushed up prices for urea, a nitrogen-based fertilizer widely used for crops such as corn.
Higher fertilizer costs have added pressure on US farmers, many of whom are already grappling with weak crop prices and shrinking export markets, according to Bloomberg.
Industry concentration figures cited by agricultural advocacy group Farm Action highlight the scale of the issue. Nutrien and Mosaic together account for roughly 90% of US production capacity for potash and phosphate fertilizers, while Nutrien, CF Industries, Koch, and Yara control about 82% of nitrogen fertilizer production, per Bloomberg.
The concentration has also drawn criticism from government officials. USDA Deputy Secretary Stephen Vaden recently accused Nutrien and Mosaic of working together to restrict supply and influence prices. Speaking in January at the National Agricultural Law Center, Vaden described the two companies as a “duopoly” and said the administration would “do everything it can” to ensure fertilizer remains affordable for farmers, according to Bloomberg.
Vaden also pointed to Canpotex Ltd., a Canadian export joint venture between Mosaic and Nutrien, as an example of coordination between the companies. He said the venture shows how the firms “collude to control prices up there.” While such a joint venture does not operate within the United States, Vaden argued that supply constraints by the companies are “driving up the price that farmers pay,” according to Bloomberg. It remains unclear whether those concerns are directly connected to the Justice Department’s current investigation.
Antitrust enforcement has intensified in several industries in recent years, particularly in technology, but agriculture has received comparatively less scrutiny despite rising consolidation. According to Bloomberg, just four companies control more than half of the beef, poultry, and pork processing in the United States, while another group of four companies dominates the market for soybean and corn seeds.
Efforts to increase competition in agricultural markets have gained momentum in Washington. In September, the Justice Department and the Agriculture Department signed an agreement aimed at strengthening oversight of competition in agriculture. About a month later, President Trump ordered a federal investigation into the meatpacking industry, blaming “majority foreign-owned” companies for rising beef prices, according to Bloomberg.
In December, Trump also directed the Justice Department and the Federal Trade Commission to examine the broader US food supply chain for potential price fixing and other anti-competitive practices affecting products such as meat, seeds and fertilizer, Bloomberg reported.
