Middle East Conflict Drives Up Fertilizer Prices For Local Farmers

UNDATED (WJON News) -- With spring planting right around the corner, a new survey indicates farmers are worried about the skyrocketing cost of fertilizer.

The American Farm Bureau Federation conducted the nationwide survey earlier this month. It shows that 70 percent of respondents say fertilizer is so expensive that they will not be able to buy all the fertilizer they need.

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The analysis reveals that almost eight in 10 farmers in the southern U.S. say they can't afford all the needed supplies this year. Midwest farmers are better off, with 48 percent not able to afford the needed fertilizer. Just 19 percent of farmers in the South prebooked their fertilizer purchases in advance of planting season, compared to 67 percent in the Midwest.

The conflict in the Middle East sent fertilizer and fuel prices soaring. The closure of the Strait of Hormuz is keeping fertilizer supplies and crude oil from reaching global markets. Since the escalation of tensions in the Middle East, nitrogen fertilizer prices have risen more than 30 percent, while combined fuel and fertilizer costs have increased roughly 20 to 40 percent.