U.S. Fertilizer Prices Soar as Storms Roil Industry Hub
- Added costs come as farmers already see thinner margins
- Price hikes for chemicals could add to global food inflation
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Hurricane Ida struck the heart of the U.S. fertilizer industry, and now Storm Nicholas threatens even more damage in the Gulf of Mexico, potentially driving up the cost to produce food.
The storm, classified as a tropical depression, is lashing the U.S. Gulf Coast with torrential rain that could last for days, knocking out power and unleashing floods just two weeks after Hurricane Ida. The region is the U.S.’s main trading hub for fertilizers, and home to the world’s biggest nitrogen complex.