According to the Food and Agriculture Organization of the United Nations (FAO), world food prices have risen precipitously in recent years, reaching a new 10-year high last October. Forecasts indicate that this trend, at least in the short term, is not going to slow down.
According to experts, this is mainly due to the fact that the prices of nitrogen fertilizers in the international market have been at their highest level for more than a decade and are at least 80% older now that in 2020.
For their part, Russia, China and Turkey, which are the main producers of fertilizers, have decided to limit exports to cope with the domestic rise in food prices.
Farmers use nitrogen to increase the production of corn, canola, wheat, and other crops, applying it before the planting season. However, due to the current high prices, farmers have been forced to delay their purchase until spring, which could result in decreased food production and, consequently, an increase in prices.
Daren Coppock, executive director of the American Agricultural Retailers Association, assures us that “there will be a lot of people who will wait and see”, but that “if everyone is fighting in the spring to have enough [fertilizante nitrogenado], someone’s corn will not be covered“.
According to Matt Conacher, fertilizer manager at Canadian wholesaler Federated Cooperatives Limited, waiting until spring to buy the product could disappoint some farmers. âMy advice is, if you can get your fertilizer now, You do itâ, SubrayÃ³ Conacher.
For its part, CF Industries, one of the world’s leading nitrogen fertilizer producers, warns that strong international demand for the product can last at least until 2023.
Disclaimer: This article is generated from the feed and not edited by our team.