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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Year-round sales of E-15 are another major topic on Capitol Hill, which, according to Rep. Adrian Smith (R-NE), is one issue up for debate this session with significant bipartisan support.
U.S. producers are holding off on equipment investments amid financial pressure, market uncertainty, a rising demand for diesel, and growing desperation for trade wins.
With new renewable volume obligations announced this year, the Iowa Soybean Association says they’ll be vital to a farmer’s bottom line.
Pressure to lower gas prices across the Golden State could be the saving grace of this year’s corn harvest. California may soon be the final U.S. state to approve E-15 sales.
