We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Privacy Terms and Cookie Policy
Shining Light on Farm & Food Policy for 20 Years.
Saturday, April 20, 2024
Brazil, a country that produces 42% of the world’s soybeans and 12% of its corn, is intrinsic to global food production, but all of that hinges on the South American nation’s ability to bring in billions of dollars’ worth of fertilizer from thousands of miles away. It’s a situation that Matt Simpson, CEO of the company Brazil Potash, said he wants to help change.
Strong global demand for agricultural commodities will put more pressure on limited phosphate and potash supplies and strengthen fertilizer prices in 2024, Mosaic CEO Joc O’Rourke said Wednesday.
The Commerce Department is sharply cutting its duty on Moroccan phosphate fertilizer products to just 2.12%, spurring optimism that imports will resume and provide American farmers with more supply options and better prices.
Prices for fertilizer products have been dropping for months from highs last year after many producers cut down on applications, but major manufacturers such as Mosaic and Nutrien see farmer demand rising amid bullish fundamentals.
The Moroccan phosphate giant OCP got a major boost to its effort to reenter the U.S. phosphate market at the U.S. Court of International Trade, but company executives say there may be more challenging legal battles ahead in a campaign that has fertilizer-dependent farmers on their side.
The Canadian Pacific Railway, an essential factor in delivering potash to the market in the U.S. and ports for shipment around the globe, will resume operation Tuesday after a deal was reached with striking union members.
The Canadian Pacific Railway – a key transportation route for fertilizer delivery to the U.S., Brazil and elsewhere - has shut down amid stalled labor negotiations between the railroad and the Teamsters Rail Conference Canada union.
The Canadian Pacific Railway, which plays a vital role in getting potash fertilizer to U.S. farmers, says it will lock out employees Sunday if an agreement isn’t reached with union leaders who have threatened to go on strike.
The U.S. Court of International Trade has agreed to take into consideration arguments by five major U.S. farm groups against a decision this year by the U.S. International Trade Commission to allow tariffs to be placed on phosphate fertilizer imports from Morocco and Russia.
The U.S. International Trade Commission ruled Thursday that U.S. phosphate fertilizer companies are “materially injured” by imports from Morocco and Russia, a decision that assures the Commerce Department will begin levying steep duties.
