High fertiliser prices mean more soybeans for farmers – and greater reliance on China
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High fertiliser prices, initially triggered by the Russia-Ukraine war and exacerbated by recent conflict involving the US, Israel, and Iran disrupting the Strait of Hormuz, are significantly impacting American farmers. The Strait is a crucial route for global fertiliser trade. Farmers like Jeff Winton in upstate New York, who stopped planting corn in 2022 due to high fertiliser costs, now face even greater financial strain. The rising costs, coupled with other economic pressures, are leading to increased farmer bankruptcies and lower incomes. The disruption in fertiliser supply chains raises concerns about farmers' ability to afford necessary inputs, potentially influencing planting decisions and increasing reliance on alternative sources.
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AI-ExtractedBefore the Iran war began on February 28, the narrow gateway at the mouth of the Persian Gulf carried roughly half of the world’s urea.
The Strait of Hormuz carries about one-third of global seaborne fertiliser trade.
Russia and Belarus are leading suppliers of nitrogen, urea, and other key fertiliser nutrients.
High fertiliser prices are causing farmers to plant more soybeans.
Farmers across the country are scared.
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