Iran War Drives Up Fertilizer Prices, Hitting Farmers With Double Whammy
The war involving Iran is pushing up oil and gas prices, but the impact is spreading to global fertilizer markets. Expert Josh Linville says nitrogen supplies have tightened dramatically due to Strait of Hormuz disruptions. CoBank CEO Tom Halverson warns farmers face a "double whammy" of higher fuel and fertilizer costs during the critical planting season.
The war in Iran is pushing up oil and gas prices, but the impact is spreading far beyond energy markets. Chrystia Freeland highlights how farmers are facing a “double whammy” as both fuel and fertilizer costs surge at a critical moment in the planting season. Fertilizer expert Josh Linville says global nitrogen supplies have tightened dramatically due to disruptions in the Strait of Hormuz, while CoBank CEO Tom Halverson warns that farmers are already under pressure from weak crop prices and rising input costs. With fertilizer shortages threatening yields, the conflict could soon translate into higher food prices and renewed inflation around the world. (Source: Bloomberg)