With reports suggesting that around two-thirds of Europe’s fertiliser production capacity has been halted due to soaring gas prices, it adds to a real sense of uncertainty about what farmers will have to pay in 2023 to secure supplies.

At present, CAN is trading around the £700/t mark, with compounds in the region of £750/t. It is impossible to give definitive advice on what farmers should do, but if there is cash available, it might be wise to hedge against even higher prices next spring by dipping into the market now and securing enough to grow a first cut in 2023.