Fertiliser Cost Forecasting Key to US Food Security, Says Expert
A finance and project-management professional, Olawunmi Odufuye, has called for improved forecasting of fertiliser costs and supply conditions to help strengthen food security in the United States. Odufuye made the
Finance and project-management professional Olawunmi Odufuye has emphasized the importance of improving fertiliser cost forecasting in the United States to enhance food security. She argues that forward-looking analysis can aid manufacturers, farmers, investors, and policymakers in preparing for changes in production costs and supply conditions.
Fertiliser markets are influenced by various interconnected factors, such as energy prices, raw materials availability, production capacity, transportation, international trade, agricultural demand, financing conditions, and geopolitical developments. Odufuye stresses that forecasting should go beyond tracking current prices and include scenario analysis to assess the impacts of potential changes in energy prices, shipping disruptions, and supplier availability.
This analysis could help manufacturers make informed decisions on procurement, production planning, supplier diversification, inventory management, capital investment, and capacity expansion. Better forecasting may not eliminate market volatility but can provide stakeholders with more time to assess changing conditions and prepare alternatives.
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