Russia is reportedly the world's second largest producer and exporter of fertilizer. An input for which U.S. farmers are already paying much more than a year ago. Now, with the Russian invasion of Ukraine, what will that do to fertilizer prices and supplies?

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"I don't think its particularly helpful to project what might happen," noted USDA head Tom Vilsack. "I think we have to get a better understanding of what sanctions are going to be in place, what the responses to those sanctions, what disruptions, if any, occur as a result of the sanctions."

Ag Secretary added he sincerely hopes, "...that no company out there, whether its fertilizer, or any other supply that may be impacted by this, will take unfair advantage of this situation, that they don't use this situation as an excuse for doing something which isn't necessarily justified by supply and demand."

Vilsack said he's encouraged by the announcement Thursday by the Iowa Attorney General's Office of a market study to be done to get at all of the factors behind higher fertilizer prices.

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