Farmers spent 63% more for diesel this year than last, and recent moves in wars have sent diesel futures up 20% - Entrepreneur Generations

American farmers who planted corn, wheat, soybeans, cotton and rice this year spent 63 percent more on diesel fuel than they did last year, according to a report from the Democratic members of the Joint Economic Committee of Congress.

The study "calculated the increase in overall diesel spending by farmers across the U.S. using diesel price data from the American Automobile Association and the Energy Information Administration, estimates of average fuel use by crop and field operation from U.S. Department of Agriculture and Iowa State University Ag Decision Maker research, and USDA data on 2025 and 2026 acreage and planting windows for corn, soybeans, wheat, rice, and cotton," a news release said.

"When diesel prices were at their peak during the spring 2026 planting season, the average farmer spent $1500 more to refill their farm’s on-site fuel tank . . . compared to the same high point during the 2025 planting season. In addition, farmers spent hundreds more to fill up just one tank of diesel for common tractors and grain trucks compared to last planting season."

The report blames the price increase on the Iran war and the tightening of supplies. The recent increase in hostilities, and Russia's new ban on exports of diesel after Ukrainian attacks on its refineries, have driven diesel futures prices up 20 percent, The Wall Street Journal reports.

from The Rural Blog https://ift.tt/2pwfimR Farmers spent 63% more for diesel this year than last, and recent moves in wars have sent diesel futures up 20% - Entrepreneur Generations

Posted by Entrepreneur Generations

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