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Russia's trade and industry ministry has recommended that fertilizer producers temporarily halt exports, and urea barges traded as high as $795 per tonne in New Orleans on March 4. Analysts say the market had partly expected the move, but the halt will tighten a supply base that was already low on inventories.
US Agriculture Secretary Tom Vilsack had earlier warned suppliers not to exploit the war to inflate prices.
Trade in Russian fertilizer exports removes supply from an already tight market, lifting urea and other nutrient prices for US and global farmers. Higher input costs will feed through to feed grain and livestock production costs.
producer.comSean PrattMar 4, 2022After 129 past bullish policy events, Urea moved a median -0.1% over 5 sessions (47% higher; middle half -1.3% to +2.3%), and +1.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
