US Farm Sector Hit with Worst Crisis in Four Decades

The US farm sector is facing its worst crisis in four decades due to the ongoing conflict between the US and Iran. The war has led to a surge in energy costs, particularly diesel prices, which have risen by over 43% since the start of the military campaign.

Farmers across the Corn Belt, including Nebraska, are struggling with soaring input costs, particularly for crop nutrients like phosphorus-rich fertilizer, which now costs over $900 per ton compared to around $470 a decade ago.

The crisis is compounded by drought and hot weather that have damaged crops in parts of the Corn Belt. Economists estimate that growers of nine principal crops will lose around $31 billion in 2026 without federal assistance, with losses expected to reach $32 billion next year.