Global strife is impacting fertilizer supplies. “Ukraine made an attack on major Russian nitrogen production facilities,” said StoneX Vice President of Fertilizer Josh Linville. “Qatar sits in the Persian Gulf, near Iran. Iran, of course, their production is offline because of the attacks back and forth. China normally exports 5 million to 5.5 million tons per year, but last year they only exported 262,000 tons.” The fall phosphate and potash markets are also a worry. “Phosphate, if you look at where prices are today in the Gulf, and you compare that against where December ’26 corn is, this is the worst relationship between those two products we’ve ever seen for June. These ratios surpass what we saw back in 2008, and that’s going to be a very hard thing for the farmer to swallow.”
