But this time, disruptions could be even more severe. The NDSU Center for Agricultural Policy and Trade Studies noted in its latest report that the Persian Gulf accounts for a larger share of the global fertilizer trade than Russia. Moreover, farmers were able to offset some increased input costs as a result of a spike in grain prices because of the disruptions in the Black Sea region, the world’s breadbasket. Because Iran is not a major grain producer, grain crop prices will likely remain low, giving farmers few options to recoup costs.
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