Fertilizer Prices Rocket to All Time High, page-4

The biggest losers in all of this won't be farmers or fert producers. The biggest issue will be third world food security and famine. As farmers budget fert tonnage on a risk vs reward ratio at these prices inevitably a lot of farmers will lower their phosphorus and nitrogen usage. This will lead to lower yields and lower grain stocks worldwide which can't be restocked overnight. The other option is to switch cereals and canola to legume and pulse crops which are less fert intensive crops to grow. Personally I think the effects of these record prices for fert will be felt in various ways for a couple of years to come.