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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Tight global supply is likely to keep fuel and fertilizer costs elevated.
Lower U.S. ethanol production and stocks may support ethanol prices while strong export demand continues to support ethanol and corn markets.
More Farms File for Bankruptcy As Strong Farm Loan Demand Boosts Bank Earnings
Farm Bureau Economist Dr. Faith Parum warns farmers to brace for more losses as the war in Iran sends shockwaves through the ag economy and raises input costs even further.
Fewer DEF-related shutdowns could mean more uptime during planting and harvest seasons.
Consumer spending continues, but value-focused buying is on the rise.
