The Russian invasion of Ukraine this week might globally affect the cost of farm fertilizers, which nearly quadrupled last year in price and still remains high.
This could be an opportunity for certain companies which could artificially inflate the prices to high extent, according to U.S. Secretary of Agriculture Tom Vilsack.
He further said, “That’s my biggest and deepest concern, and we’re obviously going to keep an eye on that.”
Russia has already begun to limit its fertilizer exports late last year and has recently imposed a two-month export moratorium on ammonium nitrate, a key fertilizer for corn.
Vilsack said that the supply shortages reinforce “the need for us to look at our own capacities domestically, and figure out ways in which we can be less reliant on outside forces.”
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
