Fertilizer Shortages Due to Russia-Ukraine Tension May Hit U.S. Growing Season
Expensive fertilizer means higher production costs for farmers growing food
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More price hikes for fertilizer are on the horizon as the Russia-Ukraine crisis adds to fears of global shortages, stoking concerns about rising food costs.
Russia is a low-cost, high-volume global producer for all major fertilizers, and it’s the world’s second-largest producer after Canada of potash, a key nutrient used on major commodity crops and produce. The tension in the region as well as sanctions on Russia could hurt trade flows. U.S.-based Mosaic Co., a major fertilizer producer, warned of potash shortages in a call with analysts Wednesday.