Farmers Forum staff
SASKATOON — The global fertilizer supply crunch could extend “well beyond this year” amid continuing sanctions on Russia and Belarus, according to Nutrien Ltd, while a new Royal Bank of Canada analysis predicts an overall worsening of general supply-chain issues across the economy due to shipping bottlenecks.
As reported in the Financial Post, Saskatoon-based Nutrien also plans to significantly increase output of nitrogen and potash next year to help fill the fertilizer shortfall in the wake of Russia’s invasion of Ukraine. Nutrien is the world’s largest producer of potash and third-largest producer of nitrogen.
Meanwhile, an RBC report reveals that global port congestion is getting worse. The report found that one-fifth of the world’s container ships are currently stuck waiting at congested ports.
Figures released May 3 from the U.S. Institute for Supply Management reveals that manufacturers must wait an average 100 days to receive production materials, the longest wait time among records that dated back to 1987. For capital expenditures, wait times are now 173 days.