Farmers stopped buying when prices shot up, but they have dropped now
Growers balked at purchasing crop nutrient when costs soared and now warehouses and ports are contending with bloated inventories. Picture: BLOOMBERG
Ultimately, prices soared so high that farmers halted buying — and now the market has flipped. Fertiliser 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.
The US government is even encouraging agricultural and shipping companies to buy and carry more Russian fertiliser.
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