![]() ![]() Morgan Stanley expects grain prices to remain above last year's levels until 2023. Soybean futures were also slightly lower. Corn futures prices are up nearly 30% year-to-date and inched downward Wednesday on the Chicago Board of Trade. They rose about 4% Tuesday on worries about Ukraine but also on worse-than-expected U.S. Wheat futures for July were down slightly Wednesday. ![]() "Not only is the issue lack of availability and affordability of nutrients and inputs, but Russia and Ukraine have historically exported about 30% of the global wheat trade and 20% of global corn trade." He added that there are stocks of those commodities that are not getting out to the market because the Black Sea is closed. "We are absolutely facing a problem of catastrophic proportion here," said Will. Just as the price of fertilizers has jumped, the price of agricultural commodities has also been soaring, amid fears of shortages. It's just a matter of trying to get them there as quickly as we can into the marketplace," he said. Will said CF Industries is running its plants around the clock, foregoing some maintenance and trying to expedite shipments to areas in need. He added that urea for delivery to the Middle East was trading at $268 per metric ton on the Chicago Board of Trade in early 2021 and was valued at $887.50 on Tuesday. ![]() ![]() For instance, Melek said potash traded in Vancouver was priced at about $210 per metric tons at the beginning of 2021, and it's now valued at $565. Some fertilizers have more than doubled in price. ![]()
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