1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:08,320 --> 00:00:12,760 Speaker 2: The Iran war has disrupted supplies of fertilizer, sending prices 3 00:00:12,880 --> 00:00:15,520 Speaker 2: soaring and threatening global food production. 4 00:00:16,040 --> 00:00:19,480 Speaker 3: Export of fertilizer is being impacted from the region as 5 00:00:19,480 --> 00:00:22,480 Speaker 3: well as the price, so this is again translating into 6 00:00:22,560 --> 00:00:27,120 Speaker 3: an impact on agriculture production as well as agricultural productivity, 7 00:00:27,200 --> 00:00:30,639 Speaker 3: which would be translated later on into food price. 8 00:00:31,400 --> 00:00:34,720 Speaker 2: African farmers are among those most at risk, with many 9 00:00:34,720 --> 00:00:38,080 Speaker 2: fertilizer imports coming to the continent from the Persian Gulf. 10 00:00:38,479 --> 00:00:40,520 Speaker 2: With the straight up worm news closed as well, you've 11 00:00:40,520 --> 00:00:41,840 Speaker 2: got the shipping slowing down. 12 00:00:41,920 --> 00:00:43,800 Speaker 1: So these key inputs like. 13 00:00:43,800 --> 00:00:46,600 Speaker 2: Fertilizer and actually to some extent the food, the grains 14 00:00:46,600 --> 00:00:49,120 Speaker 2: that's on these ships, they're all stuck. They're not getting 15 00:00:49,120 --> 00:00:51,639 Speaker 2: to where they're meant to be. On today's podcast, we'll 16 00:00:51,640 --> 00:00:54,760 Speaker 2: look at how the war is affecting global food production, 17 00:00:55,360 --> 00:00:58,760 Speaker 2: where is facing the most disruption, and how long lasting 18 00:00:58,880 --> 00:01:05,679 Speaker 2: the impacts could be. I'm Jennifer's Abasajob and this is 19 00:01:05,720 --> 00:01:09,120 Speaker 2: the Next Africa podcast, bringing you one story each week 20 00:01:09,160 --> 00:01:12,080 Speaker 2: from the continent driving the future of global growth with 21 00:01:12,160 --> 00:01:16,920 Speaker 2: the context only Bloomberg can provide. And joining us this 22 00:01:17,000 --> 00:01:21,480 Speaker 2: week is Bloomberg's EMA Agriculture team leader that is Agni 23 00:01:21,600 --> 00:01:25,640 Speaker 2: Eshka Desuza, and also our sub Saharan Africa Breaking News 24 00:01:25,720 --> 00:01:29,399 Speaker 2: team leader, Renee Fullgraph. Thank you both so much for 25 00:01:29,440 --> 00:01:32,319 Speaker 2: being with us this week. Aggie, Let's just start with you. 26 00:01:32,520 --> 00:01:36,280 Speaker 2: We've been reporting quite extensively about oil coming through the 27 00:01:36,319 --> 00:01:39,039 Speaker 2: Strait of Horror Moves and just how significant it is 28 00:01:39,160 --> 00:01:42,880 Speaker 2: for the energy sector, but not as much attention has 29 00:01:42,959 --> 00:01:46,800 Speaker 2: been paid to the significance of the Strait for fertilizer production. 30 00:01:46,959 --> 00:01:50,080 Speaker 2: Can you just walk us through why it is so important. 31 00:01:51,520 --> 00:01:56,240 Speaker 1: Fertilizers are absolutely crucial to the production of food, just 32 00:01:56,280 --> 00:02:01,320 Speaker 1: looking at the synthetic fertilizers nitrogen fertilizers that underpin roughly 33 00:02:02,120 --> 00:02:05,760 Speaker 1: half of the global food production, and the Golf region 34 00:02:06,000 --> 00:02:09,680 Speaker 1: as a whole is a key production shipping hub for 35 00:02:10,120 --> 00:02:15,239 Speaker 1: crop nutrients for those fertilizers. Thanks to the Gulfs abandoned 36 00:02:15,400 --> 00:02:20,360 Speaker 1: natural gas supplies, the region is home to some of 37 00:02:20,400 --> 00:02:24,480 Speaker 1: the largest nitrogen fertilizer production plants. You know, at the 38 00:02:24,560 --> 00:02:28,880 Speaker 1: same time, you know it's a source of sulfur, and 39 00:02:29,040 --> 00:02:32,760 Speaker 1: sulfur is actually an ingredient in production of a different 40 00:02:32,800 --> 00:02:37,440 Speaker 1: type of fertilizers, phosphate based fertilizers that are produced elsewhere. 41 00:02:38,080 --> 00:02:40,399 Speaker 1: And at the same time, you know, it's a source 42 00:02:40,440 --> 00:02:44,519 Speaker 1: of natural gas, and natural gas goes into fertilizer production 43 00:02:44,760 --> 00:02:48,360 Speaker 1: plants around the world, so you've got this kind of 44 00:02:48,440 --> 00:02:52,959 Speaker 1: multiple impact on supplies from the region. Just to give 45 00:02:52,960 --> 00:02:57,520 Speaker 1: you some stats, the strait of Hormus handles about a 46 00:02:57,639 --> 00:03:01,960 Speaker 1: third of the urrea shipment. URIEA is the most common 47 00:03:02,080 --> 00:03:05,840 Speaker 1: type of nitrogen fertilizers, and at the same time it 48 00:03:05,919 --> 00:03:10,720 Speaker 1: handles about half of the sulfur trade, so its importance 49 00:03:10,800 --> 00:03:11,400 Speaker 1: is immense. 50 00:03:11,639 --> 00:03:15,840 Speaker 2: You mentioned sulfur aggie and we've been reporting quite extensively 51 00:03:15,880 --> 00:03:20,079 Speaker 2: about the volatility that we've seen across commodity markets. What 52 00:03:20,440 --> 00:03:24,160 Speaker 2: have we seen from some of these fertilizer components in 53 00:03:24,240 --> 00:03:27,280 Speaker 2: terms of the pricing and the volatility since the conflict began. 54 00:03:27,880 --> 00:03:30,120 Speaker 1: The impact from the toking off of the strait of 55 00:03:30,120 --> 00:03:34,360 Speaker 1: hormones has been huge. It essentially has stopped the flows 56 00:03:34,680 --> 00:03:39,760 Speaker 1: and had an impact on constrained supplies. So on sulfur, 57 00:03:39,800 --> 00:03:42,440 Speaker 1: the prices have been going up and pushing out the 58 00:03:42,520 --> 00:03:45,040 Speaker 1: costs of production. But at the same time, you know, 59 00:03:45,640 --> 00:03:49,520 Speaker 1: we suddenly have a stop to supply and the fact 60 00:03:49,520 --> 00:03:52,560 Speaker 1: that natural gas is not flowing out the way it 61 00:03:52,720 --> 00:03:57,200 Speaker 1: used to has had an impact on deliveries to fertilizer plants. 62 00:03:57,240 --> 00:04:00,920 Speaker 1: And we have already seen production cas on the back 63 00:04:01,080 --> 00:04:06,400 Speaker 1: of limited supplies of guests, particularly in India or Bangladesh. 64 00:04:06,480 --> 00:04:10,240 Speaker 1: And you know, we're already seeing Europe coming under strain 65 00:04:10,280 --> 00:04:13,960 Speaker 1: as well, just because of the higher production costs. Just 66 00:04:14,000 --> 00:04:16,880 Speaker 1: to give you the idea of the prices, just in 67 00:04:16,920 --> 00:04:19,880 Speaker 1: the space of three weeks, we have seen the prices 68 00:04:19,880 --> 00:04:24,000 Speaker 1: of Yuria. You know, whether it's Egypt, Russia, or the 69 00:04:24,120 --> 00:04:28,880 Speaker 1: United States, we've seen the prices go up by about 70 00:04:28,960 --> 00:04:33,679 Speaker 1: at least forty percent. So it's had that really really 71 00:04:33,720 --> 00:04:35,400 Speaker 1: sharp and dramatic impact. 72 00:04:35,720 --> 00:04:38,839 Speaker 2: I want to get your take on how this trickles 73 00:04:38,839 --> 00:04:40,440 Speaker 2: down and then Renee, I want I want to bring 74 00:04:40,440 --> 00:04:43,520 Speaker 2: you in here. But Aggie, when we look at the 75 00:04:43,560 --> 00:04:47,040 Speaker 2: impact of at least some of the volatility that we've 76 00:04:47,080 --> 00:04:50,480 Speaker 2: seen in the Middle East, how does it factor down 77 00:04:50,720 --> 00:04:55,080 Speaker 2: onto farmers across the African continent. Are we seeing it 78 00:04:55,200 --> 00:04:57,960 Speaker 2: as extensive as it's maybe going to get? What would 79 00:04:57,960 --> 00:04:58,320 Speaker 2: you say? 80 00:04:58,720 --> 00:05:02,000 Speaker 1: So let's start with more general look at what it 81 00:05:02,040 --> 00:05:05,080 Speaker 1: does to farmers and what behaviors we have seen, what 82 00:05:05,160 --> 00:05:08,919 Speaker 1: behavioral changes we have seen among farmers, and then zoom 83 00:05:08,960 --> 00:05:13,520 Speaker 1: into to Africa in particular, the constraints on supplies have 84 00:05:14,000 --> 00:05:21,600 Speaker 1: provoked spurred scramble among farmers, a rush to secure those fertilizers. Right, 85 00:05:21,880 --> 00:05:25,240 Speaker 1: they've been, you know, trying to make sure that they 86 00:05:25,240 --> 00:05:28,440 Speaker 1: have enough, and they have enough at better prices that 87 00:05:28,440 --> 00:05:31,080 Speaker 1: they're going to see in a few weeks time. So 88 00:05:31,120 --> 00:05:34,520 Speaker 1: there's been this dramatic rush. But at the same time, 89 00:05:34,600 --> 00:05:37,719 Speaker 1: what we're seeing now is that the governments, governments around 90 00:05:37,720 --> 00:05:41,839 Speaker 1: the world are trying to step in and protect their supplies. 91 00:05:42,080 --> 00:05:45,760 Speaker 1: And so you know, countries big producers like Russia and 92 00:05:45,880 --> 00:05:51,160 Speaker 1: China have been curbing their exports. We've seen countries around 93 00:05:51,240 --> 00:05:54,960 Speaker 1: the world trying to talk to different suppliers make sure 94 00:05:55,000 --> 00:05:58,040 Speaker 1: that they have enough for their farmers. So we do 95 00:05:58,120 --> 00:06:02,120 Speaker 1: have this rush and everyone is a fact. But just 96 00:06:02,200 --> 00:06:07,440 Speaker 1: zooming into Africa now, this is a much more vulnerable continent. 97 00:06:07,720 --> 00:06:12,119 Speaker 1: It's an important region, so it does rely a lot 98 00:06:12,240 --> 00:06:15,920 Speaker 1: on imports of fertilizers from elsewhere. And at the same 99 00:06:15,920 --> 00:06:18,279 Speaker 1: time as farmers are rashing, they need to kind of 100 00:06:18,360 --> 00:06:21,440 Speaker 1: wouldbid each other, so the question is whether African governments 101 00:06:21,480 --> 00:06:25,040 Speaker 1: African farmers are able to outbid those prices and actually 102 00:06:25,640 --> 00:06:29,279 Speaker 1: pay as much as other countries are paying. Just to 103 00:06:29,440 --> 00:06:33,280 Speaker 1: give you example on the dependence on imports for some 104 00:06:33,360 --> 00:06:36,720 Speaker 1: of those countries, and we're just talking about golf fertilizers 105 00:06:36,839 --> 00:06:42,320 Speaker 1: rather than global fertilizers, but just Sudan for example, fifty 106 00:06:42,320 --> 00:06:46,400 Speaker 1: four percent more than half of the Sudanese fertilizer imports 107 00:06:47,000 --> 00:06:50,680 Speaker 1: come from the golf. For Tanzania that's you know, about 108 00:06:50,720 --> 00:06:54,920 Speaker 1: thirty percent, so Maaia. The same Kenyan fertilizer imports, you know, 109 00:06:54,960 --> 00:06:58,520 Speaker 1: a quarter of them come from the golf. So it 110 00:06:58,560 --> 00:07:00,440 Speaker 1: is a big dependence. On top of it, we've got 111 00:07:00,440 --> 00:07:04,760 Speaker 1: a hit to costs, right, So the question is really 112 00:07:04,800 --> 00:07:07,840 Speaker 1: how many African countries will be able to support their 113 00:07:07,839 --> 00:07:12,000 Speaker 1: farmers so they get enough of those crop nutrients and renee. 114 00:07:12,000 --> 00:07:14,320 Speaker 2: That's where I want you to jump in because you've 115 00:07:14,360 --> 00:07:18,000 Speaker 2: been looking at specifically the impact on South African farmers. 116 00:07:18,040 --> 00:07:21,280 Speaker 2: And the story here isn't just about fertilizer, is it. 117 00:07:21,520 --> 00:07:25,120 Speaker 4: No, that's correct, Jen. So there's an African wheat farmers. 118 00:07:25,280 --> 00:07:28,400 Speaker 4: They are in autumn now, so heading into winter and 119 00:07:28,440 --> 00:07:31,720 Speaker 4: they are starting to plant soon, while there's summer crops 120 00:07:31,760 --> 00:07:34,520 Speaker 4: such as the sunflower and the soybean. Guys, they are 121 00:07:34,560 --> 00:07:37,840 Speaker 4: almost ready to harvest, and both of those activities leads 122 00:07:37,880 --> 00:07:40,560 Speaker 4: a lot of diesel. South Africa imports most of its 123 00:07:40,600 --> 00:07:43,720 Speaker 4: field products, so that means the price of diesel and 124 00:07:44,000 --> 00:07:48,280 Speaker 4: gasoline is heavily dependent or heavily tracks oil price moves 125 00:07:48,320 --> 00:07:51,440 Speaker 4: and their one exchange. Right. If we look at the 126 00:07:51,440 --> 00:07:55,520 Speaker 4: preliminary data that's released by the Central Energy Fund, it 127 00:07:55,600 --> 00:07:58,400 Speaker 4: shows that the wholesale price for diesel could go up 128 00:07:58,400 --> 00:08:02,480 Speaker 4: by almost fifty percent on the first of April. So 129 00:08:02,880 --> 00:08:05,320 Speaker 4: the farmers are trying to get ahead of that cost increase. 130 00:08:05,760 --> 00:08:08,560 Speaker 4: Some of me trying to fill up to stock up, 131 00:08:08,800 --> 00:08:11,240 Speaker 4: but that means the filling stations are running out of diesel. 132 00:08:11,720 --> 00:08:15,240 Speaker 4: Some filling stations are limiting people to just getting fifty 133 00:08:15,240 --> 00:08:18,160 Speaker 4: liters a day, and one of the farmers I spoke 134 00:08:18,240 --> 00:08:21,119 Speaker 4: to said he needs about two thousand liters a day 135 00:08:21,840 --> 00:08:24,440 Speaker 4: once he starts planting. Now, if you can only get 136 00:08:24,480 --> 00:08:28,280 Speaker 4: fifty liters a day, he is going to phrase real problem. 137 00:08:28,680 --> 00:08:31,240 Speaker 4: So the grain farmers are really worried, firstly about the 138 00:08:31,440 --> 00:08:34,640 Speaker 4: price shop that's waiting for them, and secondly, simply will 139 00:08:34,480 --> 00:08:37,640 Speaker 4: be able to get diesel because they are being throttled 140 00:08:37,679 --> 00:08:39,440 Speaker 4: and some filling stations are running out. 141 00:08:39,800 --> 00:08:41,839 Speaker 2: And again, Renee, stick with us. We're going to take 142 00:08:41,840 --> 00:08:44,240 Speaker 2: a quick break and when we come back, we'll talk 143 00:08:44,240 --> 00:08:46,600 Speaker 2: more about what the long term effects of this crisis 144 00:08:46,720 --> 00:08:56,240 Speaker 2: could be on the continent. We'll be right back, Welcome back. 145 00:08:56,280 --> 00:08:59,000 Speaker 2: Today we're looking at the impact of the Iran war 146 00:08:59,120 --> 00:09:03,319 Speaker 2: on food production. Agne Ashka de Susa and Renee Photograph 147 00:09:03,440 --> 00:09:07,920 Speaker 2: are still with me, Aggie. How quickly do shocks like 148 00:09:07,960 --> 00:09:11,839 Speaker 2: this start to hit food prices and consumers? What are 149 00:09:11,840 --> 00:09:13,720 Speaker 2: we looking at at this point. 150 00:09:13,880 --> 00:09:16,640 Speaker 1: That's a very good question, and I think it really 151 00:09:16,679 --> 00:09:21,160 Speaker 1: will depend on how long the conflict lasts. We may 152 00:09:21,200 --> 00:09:26,440 Speaker 1: not see the passing through of costs immediately, but it 153 00:09:26,520 --> 00:09:29,840 Speaker 1: may take a few months before we do that. But 154 00:09:29,880 --> 00:09:33,360 Speaker 1: then at the same time and farmers and producers may 155 00:09:33,720 --> 00:09:36,959 Speaker 1: try to swallow those costs get the hit to their margins, 156 00:09:37,520 --> 00:09:40,040 Speaker 1: but it is widely assume it's a matter of weeks. 157 00:09:40,040 --> 00:09:42,320 Speaker 1: I think when it comes to fertilizer and the impact 158 00:09:42,440 --> 00:09:47,880 Speaker 1: on production of food, many commentators are looking at six 159 00:09:47,960 --> 00:09:51,360 Speaker 1: to twelve months. Considering that many farmers farmers in the 160 00:09:51,480 --> 00:09:55,920 Speaker 1: Northern hemisphere, for example, are just planting and they may 161 00:09:55,960 --> 00:10:00,480 Speaker 1: have enough stocks of fertilizers. But I think we are 162 00:10:00,520 --> 00:10:04,000 Speaker 1: looking at like the next cycle of planting in the 163 00:10:04,040 --> 00:10:08,480 Speaker 1: fall to see the impact from higher prices on the 164 00:10:08,520 --> 00:10:12,240 Speaker 1: planting decisions of farmers. So I think some of that 165 00:10:12,320 --> 00:10:17,760 Speaker 1: transmission of a cost may take longer. But one key 166 00:10:17,800 --> 00:10:20,440 Speaker 1: point that you know and run attached on it, I 167 00:10:20,440 --> 00:10:23,079 Speaker 1: think one key point we need to look at when 168 00:10:23,160 --> 00:10:26,120 Speaker 1: we look at food production costs and food costs and 169 00:10:26,120 --> 00:10:30,000 Speaker 1: food prices in total, it's not just fertilizers, it's not 170 00:10:30,320 --> 00:10:34,640 Speaker 1: just fuel. The whole Modern food production is underpinned by 171 00:10:34,880 --> 00:10:38,079 Speaker 1: the energy. You know, machinery is one thing fertilized, but 172 00:10:38,120 --> 00:10:40,200 Speaker 1: then at the same time, you know, let's think about 173 00:10:40,720 --> 00:10:45,720 Speaker 1: freight costs, containers, jet you know, aviation. You know a 174 00:10:45,720 --> 00:10:49,880 Speaker 1: lot of foods are transported by ships, trucks. At the 175 00:10:49,920 --> 00:10:55,559 Speaker 1: same time, you know, energy goes into production of packaging, plastic, packaging, cardboard. 176 00:10:56,280 --> 00:11:00,880 Speaker 1: You need energy to power greenhouses producing our and edge 177 00:11:00,960 --> 00:11:05,240 Speaker 1: and bakeries and all of that. So all in all, 178 00:11:05,600 --> 00:11:08,560 Speaker 1: this impact of foodcasting is going to be immense. It's 179 00:11:08,679 --> 00:11:10,800 Speaker 1: just a matter of time. I think it just the 180 00:11:10,920 --> 00:11:13,360 Speaker 1: question is how long will it last? How long will 181 00:11:13,360 --> 00:11:16,680 Speaker 1: this shall last? How long will this conflict last? 182 00:11:17,200 --> 00:11:20,839 Speaker 2: Renee, did you sense that same level of concern that 183 00:11:20,960 --> 00:11:24,240 Speaker 2: Aggie was just describing there, I mean, because as you mentioned, 184 00:11:24,280 --> 00:11:27,000 Speaker 2: it is getting to autumn here in South Africa. 185 00:11:27,360 --> 00:11:30,240 Speaker 4: Yeah, No, definitely. The economists and the people in the 186 00:11:30,280 --> 00:11:33,559 Speaker 4: grain industry who spoke to they are very worried. And 187 00:11:33,600 --> 00:11:36,920 Speaker 4: like I said, the farmers are price takers, so they 188 00:11:36,960 --> 00:11:41,199 Speaker 4: won't be able to immediately pass on these higher costs 189 00:11:41,200 --> 00:11:44,720 Speaker 4: of fuel and fertilizer to the consumers. So in the 190 00:11:44,800 --> 00:11:47,959 Speaker 4: short term, the impact would mostly be logistics and transportation. 191 00:11:48,440 --> 00:11:51,600 Speaker 4: About eighty percent of the grain products in South Africa 192 00:11:51,640 --> 00:11:54,319 Speaker 4: are transported by a road, So if you're diesel is 193 00:11:54,400 --> 00:11:57,680 Speaker 4: suddenly fifty percent more expensive just to get the product 194 00:11:57,720 --> 00:12:00,640 Speaker 4: from the farm to the consumer. That's already an impact, 195 00:12:00,640 --> 00:12:03,920 Speaker 4: the shorter term impact, and in the longer term, I mean, 196 00:12:04,120 --> 00:12:07,040 Speaker 4: in this country, diesel and fertilize that it's about fifty 197 00:12:07,080 --> 00:12:11,600 Speaker 4: percent of a farmer's input costs and if that increases, 198 00:12:11,880 --> 00:12:14,959 Speaker 4: that is a significant heat to your profitability. And if 199 00:12:14,960 --> 00:12:18,000 Speaker 4: it's too severe, some farmers will, as Adi said, simply 200 00:12:18,000 --> 00:12:22,320 Speaker 4: stop producing which will eventually drive up the price for consumers. 201 00:12:23,160 --> 00:12:26,400 Speaker 2: Renee, what is it that you're looking out for then? Now, 202 00:12:26,480 --> 00:12:28,920 Speaker 2: as you continue to talk with a lot of the 203 00:12:29,040 --> 00:12:33,719 Speaker 2: industry across South Africa about this very evolving situation in 204 00:12:33,760 --> 00:12:36,520 Speaker 2: the Middle East and the potential impacts on the country. 205 00:12:36,559 --> 00:12:39,760 Speaker 4: The idea I get is that people are mostly looking 206 00:12:39,920 --> 00:12:43,199 Speaker 4: at government and industry associations to see if there's some 207 00:12:43,360 --> 00:12:46,480 Speaker 4: sort of short term relief, especially on the fuel side. 208 00:12:46,679 --> 00:12:49,480 Speaker 4: I mean, the government's options are fairly limited. I mean 209 00:12:49,480 --> 00:12:52,360 Speaker 4: they've also said already that the options are limited, but 210 00:12:52,480 --> 00:12:55,560 Speaker 4: that's pretty much the last hope that people are holding 211 00:12:55,559 --> 00:12:57,480 Speaker 4: out for when it comes to fuel. And on the 212 00:12:57,480 --> 00:13:01,080 Speaker 4: fertilizer side, like like I said, people have already got 213 00:13:01,080 --> 00:13:04,559 Speaker 4: the initial stock for fertilizer for the planting. What they 214 00:13:04,559 --> 00:13:08,320 Speaker 4: are worried about, especially here is the top dressing fertilizer, 215 00:13:08,360 --> 00:13:11,800 Speaker 4: which I will need later in the season, and the 216 00:13:11,880 --> 00:13:15,560 Speaker 4: price for that is still very dependent on what's happening 217 00:13:15,559 --> 00:13:18,160 Speaker 4: in the Middle East. And if this situation is resolved 218 00:13:18,240 --> 00:13:21,960 Speaker 4: in a timely fashion, I'll say then that shock may 219 00:13:22,000 --> 00:13:25,320 Speaker 4: not be that big. So the people I spoke to 220 00:13:25,360 --> 00:13:28,400 Speaker 4: are definitely saying it all depends on how long this wall. 221 00:13:28,320 --> 00:13:32,000 Speaker 2: Losts Aggie, how about you? What's your final word here? 222 00:13:33,800 --> 00:13:37,840 Speaker 1: We're watching. We're definitely watching that changes, you know, behavioral 223 00:13:37,920 --> 00:13:41,120 Speaker 1: changes among farmers. What are they doing, what decisions, what 224 00:13:41,240 --> 00:13:45,880 Speaker 1: planting decisions they're taking. Are they trying to cut back 225 00:13:45,920 --> 00:13:49,720 Speaker 1: on fertilizer use? So I think that's the first thing 226 00:13:49,800 --> 00:13:52,720 Speaker 1: to watch right now. We're also watching the reaction of 227 00:13:52,760 --> 00:13:58,880 Speaker 1: governments because more protectionist measures will further titan supplies and 228 00:13:58,920 --> 00:14:02,199 Speaker 1: will further boost prices for faumas. 229 00:14:02,640 --> 00:14:05,520 Speaker 2: It's a domino effect, right. I think you both illustrated 230 00:14:05,559 --> 00:14:09,000 Speaker 2: how this doesn't just stay within one sector at all. 231 00:14:09,040 --> 00:14:12,200 Speaker 2: Agnieshka and Renee, thank you both so much for joining 232 00:14:12,280 --> 00:14:16,240 Speaker 2: us this week. Really appreciate both of your insights. You 233 00:14:16,240 --> 00:14:18,360 Speaker 2: can read all of our reporting on how the war 234 00:14:18,480 --> 00:14:26,640 Speaker 2: is affecting food production across Bloomberg platforms. Now here's some 235 00:14:26,680 --> 00:14:29,360 Speaker 2: of the other stories we've been following across the region 236 00:14:29,400 --> 00:14:33,920 Speaker 2: this week. South Africa's state power utility SCOM said it 237 00:14:33,920 --> 00:14:36,640 Speaker 2: has been ordered by the Supreme Court of Appeals to 238 00:14:36,720 --> 00:14:41,680 Speaker 2: disclose details of its coal transport and diesel procurement contracts 239 00:14:41,960 --> 00:14:46,320 Speaker 2: to activist group afrofum Escom said in a statement late 240 00:14:46,360 --> 00:14:50,760 Speaker 2: Tuesday it will take legal advice before taking action, and 241 00:14:51,720 --> 00:14:54,720 Speaker 2: the Reserve Bank of Zimbabwe held interest rates at thirty 242 00:14:54,760 --> 00:14:57,080 Speaker 2: five percent this week to prevent the fallout from the 243 00:14:57,120 --> 00:15:01,400 Speaker 2: Iran war from spilling into inflation. And you can follow 244 00:15:01,400 --> 00:15:05,200 Speaker 2: these stories across Bloomberg, including the Next African Newsletter. We'll 245 00:15:05,200 --> 00:15:10,360 Speaker 2: put a link to that in the show notes. This 246 00:15:10,400 --> 00:15:14,120 Speaker 2: program was produced by Adrian Bradley and tiwa Adebayo. Don't 247 00:15:14,160 --> 00:15:17,120 Speaker 2: forget to follow and review the show wherever you usually 248 00:15:17,160 --> 00:15:20,520 Speaker 2: get your podcasts. But for now I'm Jennifer's Abasanja. Thanks 249 00:15:20,520 --> 00:15:21,640 Speaker 2: as always for listening.