Local News
Global fertiliser markets looking calmer in 2024, despite Israel-Hamas conflict uncertainty
Global fertiliser markets looking calmer in 2024, despite Israel-Hamas conflict uncertainty
Rabobank
After extreme market volatility and record-high prices in recent years, global fertiliser prices are expected to settle in 2024, despite uncertainty posed by the Israel-Hamas conflict as it currently stands, Rabobank says in a new report.
In its just-released Semi Annual Fertiliser Outlook, titled What is next?, theagribusiness banking specialist says while the Israel-Hamas conflict creates some uncertainty in the outlook for fertiliser markets, the current impact for the food and agri sectors is manageable.
Report co-author, RaboResearch farm inputs analyst Vitor Pistoia said overall, farmers around the world may feel some negative impact due to potentially rising costs of energy and fertilisers, at the margin, as well as slightly lower import demand and prices for grains and oilseeds due to the Israel-Hamas conflict.
“However, if the conflicts spreads to the broader Middle East/North African (MENA) region, impacts on fertiliser supply – as well as grain, meat, and dairy demand – could be notable, he said.
The report notes Israel is an important exporter of potash and phosphorus – in 2022 exporting six per cent of the world’s potash and eight per cent of its phosphate fertilisers.
It remains to be seen how much of those trade volumes will be impacted in the coming months, Rabobank says.
While the broader MENA region, the bank says, accounts for about 30 per cent of the world’s nitrogen fertiliser exports (top five exporters: Qatar, Saudi, Egypt, Oman, Algeria), more than 25 per cent of global mixed fertiliser exports (top three: Morocco, Saudi, Israel), approximately 10 per cent of potassic fertilizers (top three: Israel, Jordan, Egypt) and almost half of the phosphatic fertiliser exports (top five: Morocco, Israel, Egypt, Lebanon, Tunisia).
Affordability index
Mr Pistoia said: “while we are still some months away from 2024 – this year has been a much calmer year for the fertiliser market – and 2023 can be seen as a transition year, even with some remnants of all the market complications from 2022”.
The bank’s models indicate a recovery in global fertiliser usage in 2023, up by around three per cent, compared to the seven per cent drop in 2022.
For 2024, Mr Pistoia said, the initial analysis suggests an increase in global fertiliser use close to five per cent. “All this aligns with our affordability index (which tracks the cost of fertiliser relative to the prices achieved for grain and oilseeds.), which shows a much higher value than a year ago.”
Affordability Index
The index’s movement reflect the bank’s expectation for usage growth for 2023, Mr Pistoia said, with nitrogen usage growing two per cent, phosphate 3.90 per cent and potash five per cent.
For Australia
Mr Pistoia said it was “clear that the period of plentiful rainfall across Australia was now over”, with the prevailing El Nino climate outlook signalling lower rainfall expectations.
“Across the country, there is a wide variety of crop and pasture conditions. And while there is still room for improvement, or even deterioration of conditions in the paddocks, some elements are already consolidated and will set the tone for fertiliser demand for the coming season,” he said.
The bigger picture is positive for Australian farmers buying fertiliser, Mr Pistoia said, with prices coming down “massively” since mid-2022. “And the past seasons have been good in terms of performance so there has been reasonable cash flow throughout agricultural supply chains,” he said.
However, Mr Pistoia said, there “are still major question marks to address before filling up the sheds (with fertiliser) again”.
“Firstly, how will this season end? Undoubtedly, some regions of the eastern states will reduce application rates due to the current dry seasonal conditions, as well as pockets in Western Australia are also experiencing dryness,” he said. “Increased fertiliser demand might come from South Australia, Victoria and southern New South Wales, which have fair to good crop conditions.”
RaboResearch farm inputs analyst Vitor Pistoia
The other major question, Mr Pistoia noted, was how much the recent drop in the Australian dollar would offset the reduced cost of fertiliser in farmers’ budgets.
“And when this is combined with the recent crude oil hikes, how much is left in those budgets to increase fertiliser application rates?,” he said.
On the upside, the Rabobank analyst said, “besides lower global fertiliser prices, we have many commodities that have firm to good price levels – especially from an Australian perspective”.
“Leading the way are sugar cane markets at record highs, while lentil prices are tracking well due to damaging rainfall in India and there is a good floor for the wheat, barley and canola markets. The basis – which is the price difference of local markets versus the global reference – is back in positive territory,” he said.
Mr Pistoia said there was a constant challenge for Australian farmers to find the right soil nutrition point, and this had been stretched in the past three seasons after consecutive bumper grain harvests.
“The 2022 season saw a drop of 30 per cent for phosphate fertiliser application, and 31 per cent fall of potash usage in Australia – due to high fertiliser prices and international logistics challenges,” he said. “The application of these two nutrients should bounce back for the 2023 season and especially for the coming 2024 season. As fertilisers should be more affordable and the soil needs it to balance the nutrient extraction of the recent good yields.”
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Business News
Toxic leadership ‘fuelling’ Australian businesses as one in three inadvertently lead with fear, causing $2.3 billion productivity loss
Toxic leadership ‘fuelling’ Australian businesses as one in three inadvertently lead with fear, causing $2.3 billion productivity loss
Expert urges leaders to acknowledge the subtle yet corrosive ways fear manifests: reducing performance, creating friction in interactions and diminishing psychological safety in work environments.
People can be motivated by a range of emotions, and a key one is driving corporate managers in today’s workplaces — fear.
A new study conducted and released today by Margot Faraci, a leading management expert and prominent senior leader in Australia with over 20 years experience at Macquarie Bank, NAB, CBA and more, shows toxic leadership is fuelling thousands of Australian businesses, with one in three (27%) harbouring unconscious fear.
A third of corporate managers are primarily motivated by fear, creating less efficient and less psychologically safe work environments that cost $2.3 billion annually in lost productivity. It’s a matter that goes beyond statistics; it touches the very core of leadership dynamics.
Fearful leaders in Australia lose an estimated $26,263 in a year (based on their salary and estimated hours lost), equaling a $2.3 billion cost in productivity across Australia.
Concerningly, seven in 10 (69%) of managers firmly believe stress and fear can be used as a positive or motivational tool, despite acknowledging its adverse effects on performance, well-being, and company culture.
The findings are part of a global study by Margot Faraci which analysed the leadership behaviours of 2,500 managers in Australia, the UK, and US, in order to map and uncover unconscious fear in leadership. The challenge is that thousands of leaders are often unaware they’re leading with fear or coming from a fearful response.
Expert urges leaders to acknowledge the subtle yet corrosive ways fear manifests: reducing performance, creating friction in interactions and diminishing psychological safety in work environments.
Fearful leadership isn’t just shouting or aggressive behaviour, it’s avoidance, complacency, decision fatigue, hesitancy to express viewpoints, fear of letting people down, micromanagement, reluctance to provide feedback, not creating space for others to speak up, holding back growth opportunities from others, and more.
Fearful leadership often stems from inexperience and low self-confidence, leading to increased stress, fatigue, and compromised decision-making. It’s also often attributed to past experiences, creating an ongoing cycle of leadership driven by fear.
Key findings also include:
- 69% of fearful leaders in Australia firmly believe that stress can be positively harnessed in workplaces
- 87% of fearful leaders in Australia regularly witness declines in team productivity due to toxic leadership
- While the vast majority of leaders offer guidance and learning opportunities, fearful leaders are significantly more likely to either be fully hands-on or hands-off when it comes to trusting their direct reports.
- Half (49%) of fearful leaders in Australia struggle with decision fatigue
- Nearly two in five (38%) of fearful leaders regularly witness declines in team morale, half (51%) are unhappy with their job, and a quarter (23%) say workplace relationships are strained
- A third (36%) of fearful leaders admit how showing compassion in the workplace can positively impact company culture, and nearly half (42%) admit it will positively impact productivity, yet fail to do so
- Fearful leaders tend to shift the blame, believing management is at fault for declining productivity, largely due to micromanagement and lack of communication
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Murray Cod Fishing Season Opens – Friday, 1 December
Christmas has come early for Murray Cod anglers, as the season opens on Friday 1 December 2023, following the annual three-month breeding closure.
NSW Department of Primary Industries (DPI) Deputy Director General Fisheries Sean Sloan said, Murray Cod are Australia’s largest freshwater fish and an icon of our inland waterways, so there is no doubt that many anglers will be excited about the new fishing season opening this Friday.
“Now that the Murray Cod have completed their breeding over the three-month fishing closure, we’re expecting plenty of anglers to enjoy spending some time fishing for this iconic native species,” Mr Sloan said.
“Record numbers of Murray Cod produced and stocked during the 2022/23 season has helped bolster populations in NSW lakes and rivers after years of drought, bushfires and floods.
“More than 1.28 million Murray Cod were stocked into waterways across inland NSW during the 2022/23 stocking season.
“This amazing achievement by our flagship Narrandera native fish hatchery is only the beginning, with solid numbers of juvenile Murray Cod currently in the hatchery pointing to a bumper year of production and stocking set to commence for the new season from 30 November.”
With the Murray Cod season commencing this Friday, and a big summer of fishing expected, NSW DPI Fisheries Officers will be out on the water to ensure that recreational fishers adhere to the bag and size limits along with all other fishing rules that apply.
Murray Cod.
“Fisheries Officers patrolling during the annual three-month closure have said that anglers have respected the closure during this period,” Mr Sloan said.
“Now that the season is underway again for another year, we ask all fishers to continue doing the right thing to ensure we protect, conserve and improve our fisheries resources for future generations.
“A daily bag limit of two Murray Cod per person and a total possession limit of four applies when fishing in any inland waters.
“Fishers are required to release Murray Cod which are smaller than 55cm, or bigger than 75cm, with the least possible harm.
“I encourage the public to report suspected illegal fishing to the Fishers Watch Phoneline on 1800 043 536 or via the online form located on NSW DPI Fisheries website here”
The NSW Recreational Fishing Freshwater Fishing Guide is available on the DPI website from NSW DPI offices and most places where NSW recreational fishing licenses are sold.
Production of native fish for stocking at the Narrandera facility is supported with funding from NSW DPI and the Recreational Fishing Trusts.
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Future farmer wins #AgDayAU photo competition
An image capturing a determined toddler trying to help feed the rams has been awarded first prize in the 2023 National Agriculture Day photo and video competition.
Belinda Dimarzio-Bryan’s photo of her little helper caught the judges’ attention for encapsulating this year’s theme #GrowYouGoodThing.
National Farmers’ Federation President David Jochinke said the judges had a tough job with the competition attracting almost 500 entries.
“What’s exciting about this competition is there are no rules on ages or abilities and that opens the floor to some candid and unplanned imagery.
Storm Above Harvest
“There are endless moments in farming that you simply cannot plan, like a brewing storm, an animal’s expression or the way the light hits a paddock.
“These moments are some of the reasons why farmers do what they do, we really do have the best offices in the world.”
The NFF partnered with Syngenta for the competition, with the agricultural company providing $5,000 to be shared between six winners.
Syngenta Australia & New Zealand Managing Director, Paul Luxton, said the diversity in this year’s entries was outstanding, providing a snapshot into the different faces, landscapes and produce behind Australian agriculture.
Little Helper
“Without doubt, Australian farming is a special industry and imagery is one of the best ways we can share it with all Australians, so they can come on a journey with us and better understand where their food and fibre comes from.”
National Agriculture Day – or #AgDayAU – is held on the third Friday of November each year.
2023 #AgDayAU Photo & Video Competition Winners
- First place: Little Helper
Photographer: Belinda Dimarzio-Bryan - Second place: Grow You Good Thing (video)
Photographer: Merri-May Gill - Runner Up: Working the Table
Photographer: Kylie Fuller - Runner Up: Storm Above, Harvest Below
Photographer: Helen Carpenter - Runner Up: Living the Dream (video)
Photographer: Holly Draffin - Runner Up: Kate Eggleton
Photographer: Generations of Growers
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AACTA Festiva
Toxic leadership ‘fuelling’ Australian businesses as one in three inadvertently lead with fear, causing $2.3 billion productivity loss
Murray Cod Fishing Season Opens – Friday, 1 December
Future farmer wins #AgDayAU photo competition
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