Earlier this week, the U.S. and Iran agreed to a two-week ceasefire, so what does that mean for fertilizer prices? Farm Progress said the deal does include a commitment from Iran to allow the reopening of the Strait of Hormuz (hor-MOOZ). However, that likely doesn’t mean fertilizer shipments immediately restart. A global analyst for the Independent Commodity Intelligence Services said the Strait’s limited reopening has taken some of the “immediate panic” out of the world fertilizer markets. However, shipping remains far from normal levels, and no one knows exactly how much fertilizer will move out of the Strait in the meantime. “Even with the Strait technically open,” Farm Progress reported, “cargoes may face delays and elevated war risk insurance, so normal trade resumption could take weeks or months.” A DTN fertilizer report said retail prices continue to spike, and in many cases by double-digits.
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