Given the crop mix, the demand for nitrogen is expected to be high for the 2026 crop year. StoneX Vice President of Fertilizers Josh Linville expects farmers to lean into the cheapest route forward, which has been anhydrous ammonia on a price per pound of actual N basis. Internationally, global NH3 values are rising with tight supplies. On the nitrogen front, Linville thinks Russia may have painted itself into a corner. “Russia has lost access to some of the biggest demand points out there. Australia has refused to do business with them. Canada’s refused, and a lot of Europe has refused to do business as well. The U.S. is one of Russia’s last remaining large demand locations, and if the U.S. were to cut ties, then all of a sudden Russia doesn’t really have anywhere to go.”
