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Blog by Keith Good, University of Illinois

Emiko Terazono reported yesterday at The Financial Times Online that, "Fertiliser prices are breaking new records as supplies from Russia, the leading exporter, has dwindled, adding further to fears over food security.

“Fertiliser prices hit record on Russia supply concerns,” by Emiko Terazono. The Financial Times (March 21, 2022).

"Russia's export ban this month - including key crop nutrients containing nitrogen, potash and phosphates - has sent prices soaring, while farmers were already facing high fertiliser costs because of sanctions on Belarus, a leading potash producer and export restrictions by China."

Terazono stated that, "The fertiliser index from CRU, a consultancy, has risen 30 per cent since the start of the year, and is now higher than the levels reached during the food and energy crisis when prices jumped in 2008."

In a broader look at increasing agricultural productions costs, Laura Reiley reported in today's Washington Post that, "[Illinois farmer Richard Guebert's] fertilizer cost was $510 a ton last year, he said. This year, it's $1,508."

The Post article pointed out that, "Jed Bower farms corn and soy in southwest Ohio. He is hoping to start planting this year's crops the second week in April, but he's nervous not just about the prices of the chemicals he needs, but also about their availability."

“The Oil Price Rally Is Bad. The Diesel Crisis Is Far Worse,” by Javier Blas. Bloomberg Opinion (March 14, 2022).

To view the complete report, click here.

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