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Fertilizer Prices Reach New Highs

In 2021, #Russia exported almost 20% of global #fertilizer supplies.

In addition to proposed sanctions, Russia urged domestic fertilizer producers to reduce exports .

“Natural gas is also a major input for making nitrogen fertilizer.”

Natural #gas markets will continue to experience higher volatility as #Europe continues to reduce its reliance on Russian #energy supplies.

Drought in Brazil

The war in #Ukraine and #drought in #Brazil significantly increased demand for US crops. The costs to ship #grains and #soybeans on the Mississippi River have reached an eight-year high.

Formula for inflation = higher fertilizer prices + higher prices for crops + higher transportation costs + the majority of prices increases passed to the consumer.

In the US, consumer spending represents nearly 70% of GDP.

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