Russia’s invasion of Ukraine has prompted several Western countries to impose harsh sanctions on Russia, including import embargoes on major Russian products. This has caused fertilizer prices to skyrocket because Russia is a leading low-cost exporter of most crop nutrients.
Furthermore, as supply chain bottlenecks worsen because of the war, food prices are also rising. The Green Markets North American Fertilizer Index rose 16% on March 11 to hit a record high. Amid the surging fertilizer prices, which could hurt the domestic agriculture industry, the U.S. Department of Agriculture announced a $250 million investment plan to boost the domestic fertilizer industry.
