U.S. farmers continue to feel the sting from the closure of the Strait of Hormuz. Center on Budget and Policy Priorities Chief Economist Gbenga Ajilore says the closure is pressuring fertilizer markets. “One of the inputs, especially with nitrogen fertilizer, is urea, and urea is transported through the Strait of Hormuz.” The timing isn’t great. “For some farmers, the question is how to make the existing fertilizer that they have stretch further, how to allocate our crops in terms of what’s the best way to do it,” said Ajilore. “They’ll figure it out, but it’s just going to lower profit margins.”
