The ripple effect of the Iran war on struggling U.S. farmers: "It couldn't have come at a worst time"
CBS News • • world
Key Points:
- Lance Lillibridge, a lifelong farmer in Vinton, Iowa, expresses concern over rising diesel and fertilizer prices caused by the Iran war, which he says is worsening an already struggling farming industry.
- Prices for key fertilizer ingredients ammonia and urea have increased by 20% and 50%, respectively, while diesel prices have risen 43.5%, impacting production costs significantly.
- Agricultural policy expert Scott Marlow highlights that these price hikes affect both food producers and consumers, leading to higher costs throughout the food supply chain and ultimately at grocery stores.
- Farmers hoped to recover from last year's financial struggles, but farm bankruptcies increased by 46% in 2024, and rising input costs have already pushed Lillibridge's expenses up 25% compared to last year.
- Lillibridge worries that ongoing challenges may discourage the next generation from continuing in farming, threatening the future of the agricultural industry.
