- Agriculture Powerhouse Brazil Could Be Severely Impacted By Russia’s Freeze On Fertilizer
by Tyler Durden, https://www.zerohedge.com/
There’s no question in our minds a global food crisis is emerging. The last example is Russia’s freeze on fertilizer exports will complicate agricultural production in Brazil. Fertilizer costs before Russia invaded Ukraine were already high. The invasion made everything worse as Moscow’s protectionism has crimped exports of the nutrients critical for growing all sorts of farm goods.
No other nation in the world relies on foreign fertilizer than Brazil. According to Bloomberg, the South American country imports more than 85% of its fertilizer demand. Russia is its top supplier, and Belarus provides 28% of the total.
“Restraining fertilizer consumption may hurt crop yields, boost inflation and threaten food security,” Brazilian Agriculture Minister Tereza Cristina said this week.