Sean Dengler.

With harvest around the corner, fertilizer decisions are possibly being made by farmers. With fertilizer in front of corn, nitrogen is being applied. Without access to ample supply of manure, synthetic nitrogen is needed. Who is the go to? CF Industries. According to Farm Action, CF Industries controls nearly 40% of the North American nitrogen fertilizer market. This market power helps them make money.

This is not about the dealers selling nitrogen, but the companies benefiting at the top. A common story from dealers this fall might be, “This Iran War is causing these prices to go up.” Prices going up is true. According to the USDA on August 21, 2026, the average price per ton of anhydrous ammonia was $1,025 and UAN32 was $616.25. Compared to August 22, 2025, anhydrous ammonia shot up over 30% while UAN 32 has risen over 25%. While the recent corn prices have risen to their highest point in over two years, compared to last year, the corn price has only grown by over 22%. This nice bump in prices is not enough.

CF Industries’ outsize influence allows them to dictate the market. According to Farm Action, a representative from IRM, a large fertilizer importer, testified in front of the International Trade Commission. This representative said, “We have been sitting on our hands for the last four weeks waiting for CF to come out because none of our customers will make a decision until they have a signal from CF on what they’re going to do. They’re concerned that if they make a decision, that CF will undercut their price, whatever it is.”

For CF Industries, this Iran War has been good for business. According to their Form 10-Q, which is the quarterly report filed to the Securities and Exchange Commission, CF Industries gross margin percentage for ammonia was 39.1% in the second quarter of 2026 versus 27.7% in 2025. For the CF Industries’ UAN segment which includes UAN 32, the gross margin in 2026 for the second quarter was 57.1% compared to 44.3% in 2025. With the Iran War beginning at the end of February, the cost of sales was almost equal for ammonia and less for UAN. This war appeared to let CF Industries take advantage of the market. When the net earnings are over 76% higher than they were last year, something is amiss and farmers are on the losing end of the deal.

When the American food system is left to the powers of consolidated power, Iowans get worse water, hollowed out rural communities, and explosive diarrhea. Time is now to return the power to the people and fight back against these consolidated interests. Americans have been in this position before, and we figured it out.

It takes enforcing antitrust laws, realizing big is not always better, and competition is needed to create a true free market. No one is coming to save us besides ourselves. When profits are the sole focus, a wacky system develops where a company takes advantage of a war to profit. Delivering prosperity means delivering competitive markets in rural, urban, and suburban areas – unencumbered by monopoly power – to all.

Sean Dengler is a writer, comedian, now-retired beginning farmer, and host of the Pandaring Talk podcast who grew up on a farm between Traer and Dysart. You can reach him at sean.h.dengler@gmail.com.