Extreme weather, plant shutdowns and government sanctions have hit the market
Most people do not give fertiliser a second thought — except maybe when driving through a particularly fragrant agricultural area. But with prices for some synthetic nutrients at their highest levels since the financial crisis, it could mean weaker harvests and bigger grocery bills next year, just as the world’s supply chains start to recover from the pandemic.
Some are holding out before buying for the next growing season in hopes costs come down — a risk, she said, since prices could continue to rise. The logistics companies that transport fertiliser are also facing labour shortages and price increases, adding to costs. The National Development and Reform Commission has vowed to crack down on urea hoarding and price gouging to maintain market stability, but prices have still been soaring: urea futures on the Zhengzhou Commodity Exchange have powered to a fresh record amid high prices for coal — the primary feedstock for nitrogen fertilisers in China — and concerns over tight supplies.
Smaller maize crops could mean elevated feed costs for dairy and other animal farmers, ultimately translating to higher prices for consumers buying meat such as beef and chicken. Maize — its high-fructose syrup, that is — is also a major ingredient in sodas, juice and other processed food consumed by many households.
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