Input costs are still a big issue for farmers, an issue that has been around for several years now. This year, fertilizer costs are expected to be around 40 percent of the budget for corn growers.
Researchers at the University of Illinois say that number is closer to 28 percent for soybean growers. Over the last quarter century, they found that the global fertilizer market has expanded, with countries like China, Russia, Canada, and the United States becoming major fertilizer suppliers.
Most of these, U.S. included, rely on imports to meet our own fertilizer needs. Market analysts say it is important for farmers to understand the structure of the fertilizer market, as well as the risks.
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Industry leaders say damage tied to the Strait of Hormuz conflict may continue impacting global fertilizer supplies long after shipping resumes.
European officials say the temporary move is aimed at easing pressure on farmers as conflict in the Middle East disrupts fertilizer markets.
Current estimates are already hovering around 80 weeks.
