Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

U.N. pushes for global fertilizer price cut to avoid 'future crisis'

Commodities Oct 03, 2022 02:18PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A farmer spreads nitrogen fertilizer on his wheat field, in Inchy-en-Artois, France, May 19, 2022. REUTERS/Pascal Rossignol

By Emma Farge

GENEVA (Reuters) - The United Nations is pushing to cut the price of fertilizers to avoid a "future crisis" of availability, said a senior U.N. trade official who is involved in talks aimed at boosting the export of Russian fertilizers, including ammonia.

Russia's war in Ukraine has fueled a global food crisis and soaring fertilizer prices, according to the United Nations. Russia and Ukraine are key global exporters of grain, while Russia is also one of the largest exporters of fertilizers.

"If we are not able to bring fertilizer prices down, the crisis of affordability that we have today will be a crisis of availability tomorrow, and that is what we are working on right now," said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development (UNCTAD).

"To avert a future crisis we need to bring fertilizer prices down," she told reporters in Geneva.

Russia is one of the world's largest suppliers of potash, phosphate and nitrogen fertilisers - key crop and soil nutrients - producing 13% of the global total. Fertilizer exports from Russia fell by 7% in the first half of 2022.

Facilitating Russia's food and fertilizer exports is a central aspect of a package deal brokered by the U.N. and Turkey on July 22 that also restarted Ukraine's Black Sea grain and fertilizer shipments. Russia has criticized the deal, complaining that its exports were still hindered.

The deal included ammonia - a key ingredient in nitrate fertilizer. A pipeline transporting ammonia from Russia's Volga region to Ukraine's Black Sea port of Pivdennyi (Yuzhny) was shut down when Russia invaded Ukraine on Feb. 24.

The U.N. is now trying to broker a resumption of those ammonia exports.

But since talks started, Russia has moved to annex Ukraine's Donetsk, Luhansk, Kherson and Zaporizhzhia regions after holding what it called referendums – votes that were denounced by Kyiv and Western governments as illegal and coercive.

Grynspan declined to comment on the ammonia negotiations, describing the situation to Reuters as "too sensitive." She added that U.N. Secretary-General Antonio Guterres had tried to call her while she was in the news conference.

"We need to get it right and bring prices down," she said.

U.N. pushes for global fertilizer price cut to avoid 'future crisis'
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email