Soaring fertilizer prices are squeezing Midwest corn and soybean farmers this year. The average 2,500 acre farm is seeing their fertilizer bill soar by $175,000, from $250,000 to 425,000.
The Center Square reported:
Things are getting tougher for the nation’s breadbasket, a predicament that will likely ripple through the nation’s economy.
In addition to 40-year-high inflation and new records set nearly every day at the gasoline pump the past two weeks, the price of some agricultural fertilizers has skyrocketed as much as 60% over last year’s prices.
“An average 2,500-acre corn and soybean farm has seen their fertilizer bill increase $175,000 in the last year alone from $250,000 to $425,000,” Loren Koeman, lead economist/manager Industry, Conservation, and Regulatory Relations for the Michigan Farm Bureau, told The Center Square.
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That’s extremely bad news for farmers, but as well grocery store customers who purchase such dietary staples as meat, dairy and bread.
The Michigan Legislature has sent a message to Washington lawmakers to help bring down the costs of agricultural fertilizer. Rep. Steve Carra, R-Three Rivers, authored House Resolution 205. The resolution urges the U.S. Congress, federal agencies, and state departments to immediately address the ongoing fertilizer price increases and shortages that are severely impacting Michigan farmers.