Window: disclosures dated 2026-07-02 → 2026-10-02 · 24 of 27 audience companies filed.
# Headline
Across the 24 crop-inputs companies in coverage that filed between 2 July and 2 October 2026, sulphur was the dominant cost event: OCP Group (MA) reported first-half purchase prices of USD 508 per tonne against USD 177 a year earlier, and The Mosaic Company reported a 150% rise in average consumed sulphur prices in North America. Nitrogen and potash producers including CF Industries (US), Yara International, Nutrien and K+S reported higher realised prices, while Yara International and CF Industries (US) flagged sharply higher natural-gas costs and Middle East conflict disruption. Crop-protection sellers — American Vanguard (AMVAC), BASF, Corteva Agriscience and UPL — reported weather-driven volume declines in Europe, EMEA and Latin America.
# Forces
# Fertiliser benchmark prices at four-year highs
5 of 24 companies
Yara International reported in its 17 July half-year disclosure that EBITDA excluding special items rose 39% on higher fertiliser prices and stronger margins, despite lower deliveries. Nutrien, in disclosures dated 5 August, attributed first-half growth in net earnings and adjusted EBITDA to higher global fertiliser benchmarks, higher Retail earnings and record Potash sales volumes, while ICL Group (IL) the same day cited price increases across fertiliser, food and industrial markets. On the other side, Sinofert Holdings said on 25 August that international fertiliser prices at their highest level in nearly four years placed considerable pressure on domestic enterprises in raw- material supply and cost control, and OCP Group (MA) reported on 28 September that higher prices cut farmer affordability and drove a decline in global demand that hit its sales.
"The increase in fertilizer prices from $589 per tonne in the first half of 2025 to $715 per tonne in the first half of 2026 was driven by higher raw material costs, particularly sulfur prices."
— OCP Group (OCP), Financial Report, 2026-09-28
# Sulphur input cost
5 of 24 companies
OCP Group (MA)'s late-September reporting set out the scale of the move in sulphur, attributing it to tight global supply amid geopolitical disruption, and added that the exceptional cost increase could not be fully passed through into fertiliser prices because affordability limited what the market could absorb; it expects recovery of Kazakh supply and new sources to ease pressure, with conflict resolution the key driver. The Mosaic Company disclosed on 5 August that average consumed sulphur prices in North America rose 150%, significantly affecting production costs, and ICL Group (IL) the same day reported margin erosion in its Phosphate Solutions segment from higher sulphur prices. China BlueChemical said on 29 September that escalating Middle East tensions tightened global sulphur supply and raised production costs in its phosphorus fertiliser business, having noted on 19 August that the sulphur surge nonetheless supported the domestic fertiliser market; Sinofert Holdings described extreme sulphur price surges compressing phosphate-sector margins while saying its procurement arrangements secured phosphate supply.
"The increase in average purchase prices of sulfur from USD 177 per tonne in the first half of 2025 to USD 508 per tonne in the first half of 2026 was primarily driven by tight global supply conditions amid geopolitical disruptions."
— OCP Group (OCP), Financial Report, 2026-09-28
# Dry weather in Europe, EMEA and Central America
5 of 24 companies
Corteva Agriscience reported on 30 July that dry weather in EMEA hurt Crop Protection volume and contributed to a decline in that segment's net sales, and BASF said on 18 September that adverse weather in Europe reduced Agricultural Solutions sales volumes. UPL, in its 3 August investor presentation, attributed its crop-protection volume decline to unfavourable weather in Europe and pressure in Latin America, and said El Niño was delaying planting across major regions including India and Europe. American Vanguard (AMVAC) reported on 10 August that El Niño-driven drier-than-normal conditions in Central America delayed or suspended planting and cut product demand, while Sinofert Holdings pointed to alternating droughts, floods and heatwaves weakening farmers' willingness to invest in inputs.
"In Central America, demand for various products was reduced due to El Niño weather, which brought drier than normal conditions and delayed or suspended crop planting."
— American Vanguard (AMVAC) (AVD), 10-Q, 2026-08-10
# Urea price spike and the European season
4 of 24 companies
Yara International reported on 17 July that the war in the Middle East disrupted global energy and fertiliser markets and caused a sharp increase in urea prices at the end of the European buying season, delaying the start of the new Northern Hemisphere season. China BlueChemical said on 19 August that the urea market rose in the first quarter and fell back in the second as demand tapered and new capacity was released, with the price increase offsetting lower sales volume and higher costs to leave gross profit slightly higher. CF Industries (US) told investors on 5 August it expects steady Chinese urea exports from July through October 2026, dependent on government policy, domestic pricing and fall restocking demand. Chambal Fertilisers and Chemicals reported its quarter to 30 June 2026 on notified concession prices under the New Urea Policy 2015, adjusted for input-price escalation and energy norms.
"The war in the Middle East has led to significant disruptions in global energy and fertilizer markets, causing a sharp increase in urea prices and delaying the start of the new season in the Northern Hemisphere."
— Yara International (YAR.OL), Half-Year Report, 2026-07-17
# Potash tightness and Brazilian pricing
4 of 24 companies
K+S reported on 18 September that high market utilisation and limited supply supported further potash price increases during the second quarter of 2026. The Mosaic Company said on 4 August it expects potash market conditions to remain constructive through the remainder of 2026 on resilient North American demand and tightening inventories, and disclosed the completion of the Carlsbad, New Mexico facility sale in April 2026 as part of a focus on core Canadian potash assets. ICL Group (IL) reported potash affordability remaining relatively attractive versus other fertilisers and driving sales growth, while Sinofert Holdings described tight global supply producing strong price resilience in potash.
"High demand for potash met with limited supply in the first half of 2026 led to rising prices in most regions, particularly in Brazil."
— K+S (SDF.DE), Half-Year Report, 2026-09-18
# Global nitrogen supply balance
3 of 24 companies
CF Industries (US) reported on 5 August that a tight global nitrogen supply-demand balance, further tightened by supply disruptions related to the conflict with Iran, drove higher average selling prices in the first half of 2026 against the first half of 2025 and favourable adjusted EBITDA, while noting that lower nitrogen prices entering the second half are expected to support strong demand into 2027 in India, Southeast Asia and Brazil. Yara International reported that volatile nitrogen prices delayed off-season demand in the second quarter, with European and global market activity picking up in July, and that high margins supported return on invested capital despite lower deliveries. Sinofert Holdings said the nitrogen sector saw ample market supply and moderate price fluctuations under national supply-assurance and price-stabilisation policies.
"A tight global nitrogen supply-demand balance, further tightened by supply disruptions related to the conflict with Iran, drove higher average selling prices for nitrogen products in the first half of 2026 compared to the first half of 2025."
— CF Industries (CF), 8-K, 2026-08-05
# Destocking in fertiliser importing regions
3 of 24 companies
OCP Group (MA) reported on 29 September that destocking and seasonal factors drove a decline in fertiliser demand across key importing regions in the first half of 2026. In the same disclosure it said governments across several geographies are stepping up support for the farming sector, which it expects to bolster fertiliser demand.
"Destocking and seasonal factors contributed to the decline in fertilizer demand across key importing regions in the first half of 2026."
— OCP Group (OCP), Financial Report, 2026-09-29
# European natural-gas feedstock cost
3 of 24 companies
CF Industries (US) reported on 5 August that higher realised natural-gas costs, together with higher maintenance costs including the extended outage at the Yazoo City Complex, raised cost of sales in the first half of 2026 versus the first half of 2025, and said European gas prices had risen significantly on LNG supply uncertainty, persistent heat waves and storage below the five-year average. Yara International said on 17 July that its gas costs for the third and fourth quarters of 2026 are estimated to be significantly higher than a year earlier based on current forward markets. K+S stated that its financial guidance assumes €45/MWh for spot-procured European gas and an oil price below USD 100 per barrel.
"European natural gas prices have increased significantly due to liquefied natural gas supply uncertainty, persistent heat waves, and gas storage levels below the five-year average, which is expected to pressure marginal European nitrogen production."
— CF Industries (CF), 8-K, 2026-08-05
# Emerging — not yet in the taxonomy
- CF Industries (US) (8-K, 2026-08-05): The Blue Point project has reached a milestone with permits received in July, enabling construction to commence in August 2026.
- PJSC PhosAgro (Investor Filing, 2026-09-18): The Federal Law No. 425-FZ, adopted on 28 November 2025, increased the VAT rate from 20% to 22% starting 1 January 2026.
- Corteva Agriscience (8-K, 2026-09-10): The settlement payments made to North Carolina will be applied against the MOU cap in the amount of $210 million, reflecting the net present value of such payments.
Demeter Public Companies Briefing · 2026-10-02 · grounded in companies' own filing disclosures.
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