By Nicholas G. Miller

Shares of U.S. fertilizer companies fell Wednesday after the U.S. and Iran agreed to a ceasefire that could free up fertilizer shipments from the Middle East.

CF Industries sank 11%, Intrepid Potash slipped 5.9%. Mosaic fell 4.2%.

The Middle East fighting had cut off a large portion of the world's supply of ammonia, urea, sulfur and phosphates. It also blocked roughly 20% of the supply of liquefied natural gas, upon which fertilizer makers in Europe and elsewhere rely.

That led fertilizer prices to surge. It also drove investors to bet that American fertilizer makers would take market share from Middle East producers and expand their profit margins thanks to access to cheaper natural gas than overseas competitors.

But President Trump said Tuesday he agreed to suspend attacks on Iran for two weeks subject to the immediate reopening of the Strait of Hormuz, potentially allowing fertilizer shipments to resume.

Write to Nicholas G. Miller at nicholas.miller@wsj.com.

(END) Dow Jones Newswires

April 08, 2026 09:00 ET (13:00 GMT)

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