While not wanting to pre-empt the inquiry's conclusion, Mr Heffernan said the submissions showed there was a discrepancy between fertiliser prices and costs.

“I think it’d be fair to say prices have been based on what market can bear rather than on the cost of production,” Mr Heffernan said.

“We’ve heard tales of grievance and received a number of submissions of commercial in confidence,” he said. “Farmers are sick of being price takers and not price makers.”

The price of fertiliser products has spiralled in the last year, with the majority going up by 100 to 200 per cent and some products rising as much as 400 per cent.

In a submission to the inquiry, the NSW Farmers Association said its members were concerned over the lack of price transparency in the market.

“The association often receives comments from members questioning how there can be fertiliser stock piled in sheds or on ships waiting to be unloaded yet the retailers do not have any available for sale or they cannot inform the customer of when it will be available or at what price,” the association’s submission stated.

The association also raised speculation over possible monopolistic behaviour from the dominant company Incitec Pivot, which controls more than 50 per cent of Australia’s agricultural plant nutrient needs and

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announced a 135 per cent increase in profits this year.

However, US fertiliser Mosaic told the inquiry the high fertiliser costs were being caused by a doubling in global demand and an increase in petroleum and gas costs required for the fertiliser production.

Mr Heffernan said the committee would wait for a report by the ACCC on possible uncompetitive practices in the fertiliser industry before reporting its findings in June.

The inquiry will also hold a public hearing in Canberra on Friday, May 16.

Although the closing date for submissions was April 3, Mr Heffernan said the committee was still allowing late submissions.