Tracy Alloway

For fertilizer at the moment, they are trading at a huge discount to what normally comes out of the Middle East.

So U.S.

fertilizer is really cheap at the moment compared to everything else available in the world.

Again, because most of the supply has been cut off because of the Iran situation.

So a lot of those food producers are going to start coming to

the US for their fertilizer needs.

And there's actually a Reuters story out today talking about US fertilizer companies selling more internationally.

So even if the US has its own supply of fertilizer that is maybe keeping US farmers somewhat insulated from what's happening in the Middle East right now, that doesn't mean that prices aren't going to increase in the future as we see other countries scrambling to get supplies.

One other interesting thing here,

I got to say, I find all the corporate behavior in this particular environment really fascinating.

There's a big U.S.

fertilizer producer called CF Industries, and they actually put out a statement talking about everything they're trying to do in the context of this fertilizer crisis.

And one of the things they explicitly said was, we are going to give up

the ability to sell a bunch of U.S.

fertilizer at a huge, huge premium to international customers.

We're going to keep it all at home for U.S.

farmers.

So there's an element of politics that's coming into here.

Well, we can talk about the exact motivations.

I'm sure they'll win like a bunch of fans from some U.S.