Fertilizer Outlook: Is History Repeating Itself?

When geopolitics meets fertilizer markets, things tend to get bumpy for fertilizers. Over the past couple of years, that is exactly what has happened, with tensions peaking after the invasion of Ukraine.

Price movements during these past months have borne a resemblance to those of certain periods in the past. So, history repeats itself, or history rhymes. That becomes more evident when we explore historical trends in the affordability index over time. Although fertilizer consumption has suffered in 2022, a look back at the past reveals that a recovery in fertilizer consumption is possible in some regions in 2023, with prices lowering and commodity prices at historically good levels.