Iran War Sends US Grain Farmers into Worst Crisis in Four Decades

The US grain farmers are facing their worst financial crisis in four decades due to the war with Iran, according to the Financial Times. The conflict has driven up diesel and fertilizer costs, adding to years of weak crop prices and falling incomes.

Farmers across the Corn Belt have been particularly hard hit by soaring diesel and crop nutrient prices since the US-Israeli attack on Iran in February. The resulting surge in energy costs is hitting the US heartland ahead of November's midterm elections.

Nebraska corn and soybean farmer Matt Bailey told the newspaper that a phosphorus-rich fertilizer used at planting now costs more than $900 per ton, compared with about $470 a decade ago. Diesel prices have also surged after the conflict disrupted energy markets, reaching about $5.45 per gallon nationwide.