The International Fertilizer Industry Association stated that the price of agricultural products continues to be high, driving the global agricultural producers to increase their investment in crop farming, which will drive the rising demand for fertilizers. Global fertilizer consumption in 2011-12 crop year is expected to reach 178.3 million tons, a record high. The growth rate was 3% year-on-year, which was lower than the 6.2% of the 2010-11 crop year.
Although prices of some agricultural products in the international market have recently declined, they are still at a fairly high level with historical standards. For example, the current price of wheat is 30% lower than the peak of a year ago, but it is still 80% higher than the average of the past five years. The soaring agricultural product prices drove the agricultural economy to prosper. The US Department of Agriculture expects that US agricultural income will reach 100 billion U.S. dollars for the first time in 2011, and the net added value that agriculture will create for the U.S. economy will reach the highest level since 1974.
Due to the strong performance of agricultural fundamentals, the world's major fertilizer producers are full of confidence in future demand. The main uncertainties in the near future have been the economic crisis in developed countries caused by the European debt crisis, which has weighed on fertilizer prices. According to the statistics of the Dutch cooperative bank, the price of urea and diammonium phosphate in the fourth quarter of 2011 decreased by 26% and 21% respectively, while that of potash rose by 4%.
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