Fertilizer Shock Escalates as New Supply Risks Emerge

The war in the Middle East has created major disruptions to global supplies of nitrogen-based crop nutrients. Now a potentially bigger threat is emerging in another important part of the fertilizer market.

The focus since the conflict began has been on urea, a key nitrogen fertilizer used on corn. Prices for the nutrient have surged as the war blocks shipments through the Strait of Hormuz, sending farmers scrambling to procure supplies. What’s been largely overlooked in the chaos is the risk to phosphate fertilizers — key for crops like soybeans, a cornerstone of food production.