Fertilizer
Even with Russia removed from the global fertilizer market, it still doesn’t create worst-case scenario. StoneX Group says China could make the situation worse, as China and Russia account for 40% of global phosphate.
The U.S. is the second or third top importer for each of the three major components of fertilizer. Top producers of the major components of fertilizer include China, Russia, Canada, Morocco and Belarus.
The U.S. is “no where near” having 100% of the fertilizer products farmers need at planting, according to The Fertilizer Institute. Soil sampling and good nutrient stewardship principles are more important than ever.
When farmers use less fertilizer crops grow less food. That’s an iron law of agronomics. Now it combines with an iron law of economics: When farmers grow less food, the cost of feeding families spirals out of control.
Roughly 3,000 Canadian Pacific Railway Ltd. (CP Rail) workers voted 96.7% in favor of going on strike starting March 16 if a collective bargaining agreement is not penned. CP Rail halts would mean trouble for fertilizer.
Russia’s trade and industry ministry has recommended the country’s fertilizer producers temporarily halt exports, the ministry said Friday, in a sign that sanctions imposed could have a global impact.
Secretary Vilsack supports attorney generals search for answers. He says once the market studies are completed, “we may learn additional steps we can take.”
No matter where you travel across the country right now, farmers share similar concerns. The latest Ag Economy Barometer fell to its lowest reading since July 2020 as the input situation weighs outlooks.
Dept. of Commerce issued a preliminary determination this week showing urea nitrate from Russia and Trinidad and Tobago is being sold into the U.S. at less than fair value. The ruling could open the door for tariffs.
A fire at the Weaver Fertilizer Plant fertilizer in Winston-Salem, N.C. forced 6,500 local residents to evacuate. The fertilizer plant is home to 300 tons of ammonium nitrate, sparking fears of possible explosion.