U.S. grain producers are facing a crisis as the conflict involving Iran has led to a sharp rise in diesel and fertilizer prices. Diesel has reached $5.652 per gallon, up from $5.454 a week earlier and $3.713 a year ago. Fertilizer prices have also surged, adding to the financial strain on producers. This situation unfolds against a backdrop of heightened geopolitical tensions that historically correlate with higher oil prices. The market anticipates a probability of crude oil reaching a new all-time high before year-end.
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