Fertilizer prices are soaring as Russia continues its invasion of Ukraine — and food prices could be next.
Workers load potassium fertilizer imported from Belarus at a port in China's Shandong province on March 9. Tang Ke/Future Publishing via Getty Imageshave soared in recent weeks as Russia’s invasion of Ukraine further exacerbated global supply chain disruptions.
Fertilizer is a key component in food production, meaning farmers are poised to face higher costs likely leading to further increases in food prices.Thursday.Fertilizer accounts for 11% of the variable cash costs for U.S. farmers, according to a Wells Fargo Investment Institute report provided to Axios.Russia suspended fertilizer exports earlier this month.
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