MarketPR
Steve Moore, the economist and commentator, argues that geopolitical supply shocks — not domestic manufacturer misconduct — are the transmission mechanism behind rising American food prices.
Fertilizer inputs including sulfur, ammonia, and phosphate rock are caught between the Russia-Ukraine war and a paralyzed Strait of Hormuz, and Moore's analysis calls on Washington to fix supply rather than hunt for corporate scapegoats.
Russia's Output Collapse Is the First Domino Russia produced 7.5 million metric tons of sulfur last year, making it the world's third-largest producer — a function of its oil-refining capacity, since sulfur is a byproduct of that process.
Ukrainian drone strikes on Russian oil and fertilizer infrastructure have sharply curtailed that output. Russia's ammonia exports have since fallen to roughly 80% below pre-war levels.
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