‘It’s another blow’: Farmers deal with surging fertilizer prices ahead of seeding
BNN Bloomberg
Canadian farmers are dealing with skyrocketing fertilizer prices as the Middle East conflict between Iran, the United States and Israel continues.
But since Israel and the U.S. attacked Iran, the average price of urea fertilizer, which is widely used around the world, has skyrocketed, surging around 30 per cent over the last week.
Peters says the interruption in supply didn’t come as a huge surprise to him.
“We deal with geopolitical issues all the time with markets, be it pork, be it grain, and now fertilizer,” he said. “There’s always some disruption seeming to happen somewhere in the world that is changing our daily prices.”
Peters says he pre-purchased his fertilizer for this farming season back in the fall but is concerned about prices later this year when he has to buy fertilizer again.
“We’ll see what the market looks like in eight months,” he said.
Crude oil stayed above US$100 a barrel on Monday and Gulf countries reported more attacks by Iran as the war entered its third week, while share prices were mixed.
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.