Running harvesters has been more expensive lately, with diesel prices up due to uncertainty in the Middle East. However, those oil markets took a dive overnight after a ceasefire was announced by the White House and confirmed by Iranian state TV.
Details of that agreement are limited, but West Texas intermediate crude oil fell as much as eight percent overnight, landing at its lowest level in a week. President Trump announced a ceasefire yesterday evening after an attack on a U.S. base in Qatar. Analysts say that the attack was largely symbolic and did not do much damage, leading to the sell off.
The price for a gallon of diesel is up $0.16 over the last week. GasBuddy shows it is holding around $3.64 per gallon. Diesel prices have a wide range across the U.S. right now, with the most expensive at $4.55 per gallon, down to $3.08 a gallon.
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CoBank Lead Energy Economist Teri Viswanath discusses their analysis of rising energy costs, rural impacts, and the outlook for fuel prices amid ongoing global uncertainty.
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National Land Realty’s Jeramy Stephens explains how rising input costs and economic uncertainty are impacting the farmland market and what landowners should watch moving forward.
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Higher fuel costs are raising grain shipping expenses. RealAg Radio’s Shaun Haney discusses how energy market disruptions are impacting farmers in new ways as the War in Iran continues.
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