FLASH
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The world is facing a global fertilizer shortage due to the war in Iran, as about a third of the world's fertilizer trade flows through the strait.
US President Donald Trump has said he is monitoring fertilizer prices, while the war in Iran is effectively halting trade through the Strait of Hormuz.
“I am closely following fertilizer prices during our fight for freedom in Iran. The United States will not accept price gouging by the fertilizer monopoly! American farmers, we stand with you, ” Trump wrote on Truth Social Saturday morning.
Nearly 49 percent of global exports of urea, a widely used nitrogen fertilizer, could be affected by the war, the American Farm Bureau Federation warned in March. Urea prices have risen to $694.25, more than 50 percent higher since late February.
“ We are deeply concerned that inaction could lead to disruptions to the food supply chain not seen since 2022, when food price inflation reached its highest levels in 40 years ,” wrote Zippy Duvall, president of the AFBF, in a letter to Trump in early March.
Nitrogen fertilizer prices were already rising before the war. Additional financial pressure is mounting, on top of low crop prices and a growing number of farm bankruptcies following the Covid-19 pandemic.
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