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Shining Light on Farm & Food Policy for 20 Years.
Friday, December 20, 2024
Strong global demand for agricultural commodities will put more pressure on limited phosphate and potash supplies and strengthen fertilizer prices in 2024, Mosaic CEO Joc O’Rourke said Wednesday.
Prices for potassium chloride, the most common form of potash fertilizer, dipped in the third quarter, but global demand is expected to climb in the coming years amid supply shortages, which will keep prices strong as companies around the globe invest in new production capacity.
The Canadian Pacific Railway, which plays a vital role in getting potash fertilizer to U.S. farmers, says it will lock out employees Sunday if an agreement isn’t reached with union leaders who have threatened to go on strike.
The Russian government's decision to suspend fertilizer exports will threaten supplies for farmers in the European Union, South America and Africa while eventually pushing up prices that U.S. farmers must pay, according to analysts.
The nearly week-long Russian invasion of Ukraine is threatening to restrict already tight global supplies of grain and fertilizer as Black Sea distribution hubs and supply lines shut down amid the chaos and violence that is only expected to worsen as Russian aggression intensifies and Western sanctions broaden.
The cost of fertilizer exploded in 2021 and farmers across the country are going to be hit even harder in 2022, according to a new study by Texas A&M University’s Agricultural and Food Policy Center.
The Biden administration is still planning to hit exports of potash fertilizer from Belarus with sanctions, but it won’t do so until the end of April. That will give farmers time to stock up on the input, according to the National Corn Growers Association.
