Russia decided to suspend fertilizer exports. This decision has huge implications for world grain prices, which have already reacted strongly to the uncertainty surrounding the war in Ukraine. Additional tension was added by Putin's statement, which stated that Russia's allied countries had expressed a similar view regarding fertilizer exports. It is worth remembering that Belarus is responsible for almost half of the world's potassium exports. Pessimism may also be added by the poor soil moisture in the Old Continent and the poor forecasts for the next two weeks. Companies producing fertilizers reacted strongly to the ban on the export of fertilizers. Nutrien (NTR.US), CF Industries (CF.US) and Mosaic (MOS.US) jumped more than 6% today.
Soil moisture in Europe. Source: NASA
Mosaic (MOS.US) stock rose sharply following Putin's announcement, however gains were quickly erased as it seems that many investors expected such a move from the Kremlin. Source: xStation5
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