Fertilizer Crisis Worse Than Goldman Forecasted, Sees Two Clear Winners

The U.S.-Iran conflict has entered its seventh week and is upending global energy supply chains as shipping through the Strait of Hormuz remains paralyzed.

In this note, we examine the latest on the global fertilizer disruption, in which Goldman analysts said it is of a "greater degree than we originally expected," with nitrogen markets bearing the brunt as urea prices soar and shortages ripple through global agricultural markets.