Across the globe, geopolitical events are hitting U.S. farmers where it hurts: fuel.
Tension between Israel and Iran has the oil markets spooked. Energy analysts were predicting a slow summer for fuel prices, but those estimates are gone.
The national average for a gallon of diesel has gone up $0.04 over the last week, holding around $3.48, but increases are not likely to stop there. GasBuddy’s Patrick DeHaan says diesel could climb $0.15-$0.25 per gallon in the coming days.
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Fred Seamon with CME Group joins us to discuss the latest Ag Economy Barometer and the key economic pressures shaping producer sentiment in May.
Ethanol, sorghum, dairy, and cotton provide additional export support as major commodity trade markets remain uneven.
USDA Undersecretary for Trade Luke Lindberg says expanding export demand is creating new opportunities for U.S. ethanol producers.
Iowa Congressman Randy Feenstra says the proposal would allow retailers to decide whether they want to offer E15 year-round.
