The conflict between Israel and Iran could cost U.S. farmers when it comes to ordering supplies. Fuel prices are already under pressure, and one economist says the markets have seen some rumbles recently.
“Most recently in the last week, we’ve had, as you know, an escalation of tensions and military conflict. Israel, looking to take out the nuclear capabilities of Iran before they, God forbid, had produced a nuclear weapon. We’ve seen markets gyrate right and left on those energy markets, and oil prices have been moving up,” said Ken Zuckerberg.
Fertilizer could come under pressure, too. Researchers at the University of Illinois say recent action in the Middle East has taken out fertilizer production in Iran. The concern is that it will add to growing uncertainty around Chinese and Russian supplies.
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ASFMRA’s Dennis Reyman discusses farmer sentiment, land values, and how global and financial pressures are shaping decision-making in the ag land market.
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Ag industry leaders and lawmakers are urging continued support for the U.S.-Mexico-Canada Agreement (USMCA), citing strong export growth, supply chain integration, and economic benefits for U.S. farmers ahead of the pact’s July review.
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