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“The Summer Of Starvation”: Soaring Fertilizer Prices Unleash Chaos, Hunger Worldwide

“The Summer Of Starvation”: Soaring Fertilizer Prices Unleash Chaos, Hunger Worldwide

One of the most pernicious consequences – if primarily for the anti-Russia west – resulting from the Ukraine war, has been the unprecedented spike in fertilizer prices which among other things, has sparked a historic surge in food prices and collapse in supply chains around the globe, as we discussed in these articles published over the past few months:

Fast forwarding to today, when we have some good, some bad and some pretty terrible news. The good news it that fertilizer prices have eased modestly from all time highs, as the following chart of Tampa Ammonia CFR spot prices shows.

The bad news is that the the price hasn’t dropped nearly enough: according to Bloomberg, the glut of fertilizers piling up at the biggest Brazilian ports signals that the price of the nutrients has to drop further before farmers start buying.

In Paranagua, private warehouses reached their maximum storage capacity of 3.5 million tons, Luiz Teixeira da Silva, Paranagua’s operations director told Bloomberg. A terminal operated by VLI Logistics, one of the two at Santos port that store fertilizers, is also full, according to people with knowledge of the matter who asked not to be named as the information isn’t public.

As noted above, the price of fertilizers across the globe has exploded to unprecedented levels, and Brazil has been no exception.

…click on the above link to read the rest of the article…

Europe’s gas price surge is about to hit you in the belly

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With the price of fertilizer increasing, food prices will follow | Chandan Khanna/AFP via Getty Images

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LUXEMBOURG — It’s not just your heating bill that risks going up thanks to Europe’s energy crisis; EU ministers are now warning that the power price surge means your food will be more expensive in the coming months too.

At a meeting of European farm ministers in Luxembourg on Monday and Tuesday, there was consensus that the sky-high price of natural gas is ramping up the cost of fertilizers, and that this increase is likely to land squarely on consumers’ plates. Natural gas is the key feedstock for the production of some of the most common artificial fertilizers, such as urea and ammonium nitrate, which farmers rely on to keep up Europe’s crop yields.

“The increase of energy prices: This is the main reason for the increase in fertilizer prices, and of course it can impact food prices in the future, of course this is the risk,” EU Agriculture Commissioner Janusz Wojciechowski said on Monday during the EU Council meeting, where ministers from the 27 member countries gathered.

EU farm ministers discussed a document circulated by the Polish government — obtained by POLITICO — which predicted that the fertilizer crisis will trigger “social unrest” across the entire European Union unless policymakers halt the soaring cost of natural gas. Warsaw blamed its traditional enemy Russia for the price surge, alleging the export giant Gazprom was restricting supply. (The Russian company says it’s fulfilling the terms of its export contracts with EU countries.)

…click on the above link to read the rest of the article…

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