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Business Maverick: Europe’s Widening Fertilizer Crisis Threatens Food Supplies

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Europe’s fertilizer crunch tightened after Yara International ASA cut output in the face of soaring gas prices, putting more pressure on food supplies as a cost-of-living crisis intensifies.

If gas prices remain high and fertilizers costs increase into the new planting season, demand from farmers could fall, according to Michael Magdovitz, a crop analyst at Rabobank in London.

Yara said it’s cutting its ammonia utilization to about 35%, with the latest reductions bringing total curtailments to an equivalent of 3.1 million tons of ammonia and 4 million tons of finished products across its production system in Europe. Gas is the top input for most nitrogen fertilizer, including ammonia.

Oslo-based Yara said that, where possible, it will use its global sourcing and production system to optimize operations and meet customer demand, which includes using imported ammonia when feasible. It’s currently much cheaper to import ammonia into Europe than to make it there, according to CRU.

 

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