Fertilizer prices have declined by more than 40 percent since hitting record (nominal) highs last spring, especially due to recent drops in natural gas prices and fertilizer plants reopening in Europe. Though prices remain almost twice the level of two years ago, this development is welcome news for producers making input purchases this spring and should improve profitability margins for many crops. With the price decline most prominent for nitrogenous fertilizers, this could make nitrogen-intensive crops such as wheat and maize more attractive planting choices than they were last spring. Lower prices could also encourage higher application rates, particularly in developing countries where fertilizer use is relatively low and where recent high prices have further reduced application rates.