Rabo Bank: Fertilizer prices fall, farmers' struggles remain
Rabo Bank indicates that global fertilizer prices have declined after reaching record levels following the outbreak of the war between the United States and Iran. However, farmers continue to suffer due to rising costs and narrow profit margins. The crisis is primarily driven by the soaring prices of phosphates and sulfur, with prices still at historic highs. Half of the sulfur exports in the Middle East are affected by the war and the disruptions in shipping flows, which have been halved. It is expected that phosphate costs will remain high until July 2024, despite the limited impact of the resumption of Chinese exports in restoring market balance. Nonetheless, global inventories remain high, providing a relatively flexible buffer for the market in facing shocks.
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