In this episode of AgWatchers, we speak with Mark Been from Marnco, our first fertiliser industry guest in more than 300 episodes.

The conversation starts with the immediate question facing growers: what is really happening in the fertiliser market? While urea supply concerns have eased after Australia moved early to secure product, Mark argues that the market is far from settled. Prices have fallen from their peak, India’s tenders have shown product is still available, and recent rain has helped validate earlier buying decisions. But beneath the surface, the fertiliser trade remains exposed to volatility, limited transparency and high-risk physical trading.

A major part of the discussion focuses on the federal government’s fuel and fertiliser security facility, and whether underwriting selected importers has created an uneven playing field. Mark explains why importers outside the scheme are concerned about price-risk support, market distortion and the long-term impact on competition. The team also discusses whether the facility acts like a subsidy, how it affects existing inventory, and whether a more open, case-by-case approach would have been fairer.

The episode then turns to the next pressure point: phosphate. Mark warns that while the urea story has attracted most of the headlines, phosphate supply is becoming increasingly tight due to restrictions from key suppliers, Gulf shipping issues and broader supply chain constraints. For growers, the message is not to panic, but to recognise that fertiliser markets are complex, opaque and difficult to time. As Mark puts it, trying to pick the bottom of the fertiliser market is usually a dangerous game.