On Thursday, Secretary of Agriculture Tom Vilsack warned suppliers to not take advantage of the Russian invasion of Ukraine by raising prices when U.S. farmers are already suffering from high fertilizer costs. Russia is a major producer and exporter of urea ammonium nitrate solutions (UAN).
In his statement, Vilsack said it was too early to know if international fertilizer trade will be disrupted by the invasion, but he “hoped that no (fertilizer) company out there … will take an unfair advantage of these circumstances.” USDA Chief Economist Seth Meyer said, depending on the duration and severity of the conflict, there could be impacts on both grain and fertilizer trade as Russia and Ukraine combined account for nearly a quarter of global grain exports.
