The Foreign Agricultural Service of the United States Department of Agriculture released a report, which indicated that global fertilizer prices may remain elevated throughout 2022. Know more:
The Foreign Agricultural Service of the United States Department of Agriculture released a report, which indicated that global fertilizer prices may remain elevated throughout 2022. The USDA report, which was released on June 30, noted that fertilizer accounts for more than a third of the operating costs of an American farmer’s operating costs for corn and wheat. The Russian invasion of Ukraine, it said, will continue to compound shortage concerns.
The Philippines relies on other countries for most of its fertilizer needs. This makes the country vulnerable to restrictions imposed by exporters and geopolitical developments such as Russia’s attack on Ukraine. After Russia invaded Ukraine in February, local fertilizer prices rose faster, exacerbating the problems of farmers who also have to grapple with high oil prices.
Until the conflict in Eastern Europe ends, local planters would continue to see higher fertilizer prices. And this would make it more difficult for many smallholders, especially rice farmers, who have to take out onerous loans to bankroll their planting activities. What compounds the problem for the Philippines, a net food importer, is that its traditional sources of agricultural imports are also faced with the same dilemma.
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