Farmers can breathe a sigh of relief knowing crop input prices have stabilized as the world adapts to global supply challenges.
That was the message as Farm Credit Canada provided its latest update on input prices for the 2024 crop year.
Fertilizer prices reached new highs in 2022 when the war in Ukraine threw a wrench in the machinery of global supply when it was already tight. For months, chaos reigned in the markets as a result of the conflict and related international sanctions against Russia and its ally, Belarus.
Natural gas prices skyrocketed as Russian supply choked off, leaving previous European customers scrambling to find new suppliers. Russia was previously Europe’s main supplier of natural gas, while both Russia and Belarus are important fertilizer exporters. With that supply off the table, global fertilizer demand surged.
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