Hormuz Disruption Threatens Global Agri Markets, Warns Goldman Sachs

• Goldman Sachs report highlights Strait of Hormuz disruption risks for global agricultural markets.
• Disruption could constrain fertilizer flows, especially nitrogen, impacting 60% of global fertilizer use.
• Nitrogen fertilizer prices have already surged by 40% since the conflict began, affecting input costs.
• Over a quarter of global nitrogen fertilizer trade and 20% of LNG transit the Strait, raising production costs.
• Reduced grain supply from yield losses and acreage shifts pose a bigger risk than just food inflation.