Fertilizer Rally Is Coming for the Grain That Feeds Half the World

Rice, the staple food for half of humanity, is set to become more expensive because of a blistering rally in fertilizer prices.

Prices of the grain have been relatively stable in the past year unlike other agricultural commodities from corn to soy and meat, helping to limit more widespread food inflation. Still, the latest surge in fertilizers will raise costs for many farmers in Asia and risks pushing up rice prices in a region where the vast majority of the world’s supply is produced and consumed.