Energy and fertilizer prices soar, U.S. farmers face cost pressures

Fertilizer and energy prices have risen sharply, putting cost pressures on American agriculture. The Strait of Hormuz accounts for one-fifth of global oil transportation and about one-third of the world's seaborne fertilizer trade. About 35% of America's fertilizer supply relies on imports, including phosphate and nitrogen fertilizers from the Middle East. This planting season, affected by the situation in the Middle East, domestic prices for energy and fertilizer in the US have risen significantly, adding to the woes of American farmers who were already suffering from the tariff policies of the Trump administration and depressed agricultural product prices. (CCTV)