Fertilizer through Hormuz dropped to zero. There are no cargoes of fertilizers crossing the strait in September or October. Before the war, about 20% of the nitrogen fertilizer traded in the world went through it, Dashan Yomi reports. The Gulf also supplies about half of the sulfur traded in the world. Hear me out: urea is not the problem. China increased its nitrogen exports by about 47% and the US by about 60%. By the end of August, urea had returned to its January price, according to IFPRI data. Sulfur is the problem. It has more than doubled, to over $1,000 per ton, and phosphate has increased by 25-30%. You need sulfur to make phosphate fertilizer. Mosaic has put two Louisiana plants out of business, and India's fertilizer subsidy proposal may exceed 3 trillion rupees, compared to the budgeted 1.71 trillion. Oil found other ways out of the Gulf. Sulfur does not.

Fertilizer through Hormuz dropped to zero. There are no cargoes of fertilizers crossing the strait in September or October. Before the war, about 20% of the nitrogen fertilizer traded in the world went through it, Dashan Yomi reports. The Gulf also supplies about half of the sulfur traded in the world. Hear me out: urea is not the problem. China increased its nitrogen exports by about 47% and the US by about 60%. By the end of August, urea had returned to its January price, according to IFPRI data. Sulfur is the problem. It has more than doubled, to over $1,000 per ton, and phosphate has increased by 25-30%. You need sulfur to make phosphate fertilizer. Mosaic has put two Louisiana plants out of business, and India's fertilizer subsidy proposal may exceed 3 trillion rupees, compared to the budgeted 1.71 trillion. Oil found other ways out of the Gulf. Sulfur does not.