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Balanced Reporting. Trusted Insights.
Saturday, April 12, 2025
Prices for fertilizer products have been dropping for months from highs last year after many producers cut down on applications, but major manufacturers such as Mosaic and Nutrien see farmer demand rising amid bullish fundamentals.
Moscow seems intent on letting the Black Sea Grain Initiative expire this coming Monday, but the United Nations is equally resolved to preserve the deal and prevent food prices from rising in some of the poorest nations.
Russia’s threat to pull out of the Black Sea Grain Initiative continues to threaten global supplies of wheat and corn, but China would be one of the biggest losers would be China if that happens.
The United Nations was quick to applaud a deal struck in mid-May to keep the Black Sea Grain Initiative from imploding under Russian pressure, but about two weeks later Moscow is again blocking vessel access to Ukrainian ports amid talks to clear an obstacle to Russian ammonia exports.
Russia is once again raising doubts about the renewal of the Black Sea Grain Initiative and the long-term viability of the improbable wartime deal that is allowing Ukraine to supply much of the world with grain and keep food prices from skyrocketing in some of the poorest countries.
Leaders in the United Nations, Turkey and Russia are announcing that a deal has been reached to extend the Black Sea Grain Initiative for another 120 days beyond Nov. 19, when the original deal would have expired without a new agreement.
The U.S. fertilizer sector is doing well, buoyed by solid demand and strong commodity prices, but the industry is increasingly concerned about disruptions like low water levels in the Mississippi River and a potential rail strike, says Corey Rosenbusch, president and CEO of The Fertilizer Institute.
The United Nations, fresh off a scare from Russia’s threat to withdraw from the Black Sea Grain Initiative and 10 days from the extension deadline for the deal, is desperate to show Moscow that it’s serious about improving Russian fertilizer exports.
