NASHVILLE, Tenn. (RFD News) — The European Union will temporarily suspend duties on key nitrogen-based fertilizers for one year as global supply concerns continue growing following the conflict involving Iran.
EU leaders say the move is intended to help ease pressure on farmers after disruptions tied to the Strait of Hormuz closure helped push fertilizer prices higher.
Officials also warn global planting conditions are already facing added strain, including reduced wheat planting in Australia and growing concerns surrounding rice supplies across parts of Asia.
The tariff suspension will not apply to fertilizer imports from Russia or Belarus.
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Cotton margins improved slightly, even as fertilizer and fuel costs rose due to the Strait of Hormuz disruption linked to the Iran war.
