The distribution of fertilizer components and grains has been disrupted by the conflict in Ukraine.
Global food prices are surging at the fastest pace ever as the war in Ukraine has disrupted crop supplies, piling up more inflationary pain on consumers and worsening a global hunger crisis. The agricultural commodity market has been an area to watch lately, given worries over the growing global food crisis and rising prices.
Russia and Belarus are two of the major producers of potash, a component of fertilizer, globally. Farmers everywhere are impacted. An enormous amount of the world's food is therefore detained or interrupted as a result of Russia's exports being prohibited by several nations and Ukraine's planting season being damaged by the war.
In addition to sanctions, the spike in energy prices has raised production and transportation costs of fertilizers, raising the possibility of a continued surge in food prices. Russia and its ally Belarus are also the world's major fertilizer exporters. Corn, wheat, and coffee are among the few agro-based commodities that staged a rally lately. Drought and lower crop condition ratings have boosted corn prices. Moreover, dry weather in key producing regions of Brazil led to hikes in coffee prices. This has hurt the development of coffee buds.
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