Fertilizer prices were already elevated before hostilities broke out between the U.S. and Iran, but input prices have since reached even higher heights due to supply chain issues in the Strait of Hormuz. Corey Rosenbusch, President and CEO of the Fertilizer Institute, said fertilizer issues have taken on a life of their own.
About a third of the world’s urea, 20 percent of the phosphate, and more than half of the sulfur moves through the Strait of Hormuz, which has been effectively blocked by Iran since March 2nd. Rosenbusch said that, unfortunately, bringing those prices back down won’t be easy.
Rosenbusch added that it could take months or even years to return to normal production in that region.
