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Rabobank warns that the effective closure of the Strait of Hormuz affects 30% of global urea exports, 27% of ammonia, 24% of phosphates, and 48% of sulfur. The article states that rising urea prices are adding up to $35 per acre to U.S. corn costs and mentions the suspension of MFN duties in Europe as a relief measure with limited impact on supply.
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Armed_Conflict Geopolitics Value_chains Food_Inflation

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