Today: Tuesday, 6 December 2022 year

US authorities presented how the verdict against Russia turned out

US authorities presented how the verdict against Russia turned out

Due to the restrictions of Russian fertilizers and oil, in the first place, the impact falls on American farmers and agriculture.

By decree of US President Joe Biden, $250 million will be allocated to stimulate the domestic fertilizer market. But given the nuances of synthetic fertilizer, these funds are unlikely to bring immediate benefits.

By the time America lifted restrictions on Russian fertilizers, it had already done harm to and material damage to US farming.

“The latest U.S. fertilizer price index — the weighted average price of natural phosphate rock, phosphorus, potassium and nitrogen — was $254.97, more than double its 2021 level.

Federation of American Farmers Senior Economist Veronica Nye says that “chemicals and fertilizers make up the largest share of on-farm expenses,” about 18% of the average farm’s total budget. At the same time, U.S. fertilizer import opportunities are rapidly drying up, and local industry officials doubt that domestic production will be able to increase quickly enough to overcome the deficit.