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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Fewer DEF-related shutdowns could mean more uptime during planting and harvest seasons.
Consumer spending continues, but value-focused buying is on the rise.
Higher energy activity likely keeps fuel and fertilizer costs elevated.
Rising fuel costs will soon increase grain transportation expenses.
At the White House’s “Celebration of Agriculture,” the Trump Administration announced a slate of policies to support farmers and ranchers, including biofuel mandates, SBA loan programs, and new labeling policies to boost domestic markets for ag products.
EPA estimates the rule could generate more than $10 billion for rural economies and support over 100,000 jobs across agriculture and manufacturing sectors.
