"Around 70% of farmers are unable to afford all the fertilizer they need, while nearly six in 10 said their finances have worsened due to the rising cost of both fertilizer and fuel."
"Prices for the three major fertilizers farmers use (nitrogen, phosphorus, and potassium) have all increased by double digits, according to Josh Linville, vice president of fertilizer at financial services firm StoneX Group."
"These rising fertilizer prices are taking a toll on farmers who for years have struggled with low commodity prices for the two major crops grown in the U.S., corn and soybeans, which have fallen 40% and 37%, respectively, from their highs in 2022."
"As of this week, the average price of corn was hovering at $4.15 per bushel down from a high of $6.86 a bushel."
With the planting season ending soon, farmers are confronted with soaring fertilizer prices, forcing them to choose between cutting back on fertilizer and risking crop yield or maintaining usage and incurring financial losses. A survey indicates that 70% of farmers cannot afford necessary fertilizer, and nearly 60% report worsening finances. The Iran war has disrupted global fertilizer supply, exacerbating price increases for key fertilizers. Farmers have also been struggling with low commodity prices for corn and soybeans, which have significantly dropped since 2022.
Read at Fortune
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