Fertilizer Stockpiles Swell as Farmers Shun High Prices, Easing Harvest Worries
Growers balked at purchasing crop nutrient when costs soared and now warehouses and ports are contending with bloated inventories
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The fertilizer shortage that threw the agricultural sector into disarray and pushed food costs higher globally may be fading.
Crops across the world are dependent on nutrients from Russia, one of the biggest exporters, and the invasion of Ukraine four months ago roiled markets for the crucial chemicals. Ultimately, prices soared so high that farmers halted buying — and now the market has flipped. Fertilizer supplies are piling up from Florida to South America. Ships are waiting to unload and companies are struggling to reduce stocks in ports and warehouses, according to people familiar with the matter.