Diesel prices climbed to $5.61 per gallon on August 28, nearing the record high set in 2022, just as farmers move into fall harvest. Several factors are contributing to the spike, including distillate fuel stocks at near 40-year lows, Ukrainian strikes on Russian refineries that are limiting global diesel supply and lingering effects from the earlier closure of the Strait of Hormuz. With little indication that prices will ease before winter, the timing adds pressure for growers relying on diesel to run combines, grain dryers and trucks through harvest.

For many operations, rising fuel costs are one more input to weigh alongside seed, fertilizer and land expenses already factored into this year’s budgets. Keeping an eye on fuel markets alongside a solid risk management plan can help farms stay prepared for cost swings during harvest and beyond.

Read the full report from AgWeb.