The blockade of the Strait of Hormuz has taken 800,000 metric tons per month of fertilizers off the market, with an impact spreading to various countries, according to RaboResearch, the research arm of Rabobank. In the region, 30% of global urea exports, 27% of ammonia, 24% of phosphates, and 48% of sulfur are transported by sea. The shutdown generates a supply shock that cannot be fully compensated, according to Bruno Fonseca, senior analyst of agricultural inputs at RaboResearch. "India is even entering the market with new tenders to buy 2.5 million tons of urea. This may help push prices up in the short term, because the delivery deadline for all fertilizers is short. Africa, although a good producer in the north, may also suffer in other regions, as they are not major producers. Therefore, in all regions we cover, we have a negative outlook on fertilizers," said Fonseca. He notes that the disruption in the supply of fertilizers is spreading to the energy market worldwide, with ...