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Bloomberg
The world’s biggest nitrogen fertiliser company may be increasing its market share in Latin America, one of the most important crop-producing regions, as supplies ebb from Russia.
Illinois-based CF Industries Holdings Inc is planning to increase its overseas shipments to regions plagued by fertiliser shortages, including Latin America, said Chief Executive Officer Tony Will. Brazil is the No. 1 soybean and the No. 2 corn exporter globally.
“We seriously need to look at doing significant exports to Latin America to make up for the deficit that used to be sourced out of Russia,†Will said in an interview the week before a planned trip to the region.
There are fears of global fertiliser shortages, which could hurt harvests and add to food inflation that’s threatening to push millions of people into hunger. Some European companies have cut output of nitrogen fertiliser due to pricey natural gas, an ingredient.
Potential sanctions on Russia, a big, low-cost shipper of fertiliser, could also halt trade flows.