At the May 8, Ag Council of Arkansas board of directors meeting, University of Arkansas economists provided data estimating the economic impact of the Iran war on crop farmers due to higher fuel and fertilizer prices that resulted from the conflict. The initial estimate showed that Arkansas farmers should expect to spend $251,000,000 above their initial budget projections due to higher fuel and fertilizer prices. On Wednesday, that estimate was updated. Due to even higher diesel prices since the May 8 estimate, the number has skyrocketed to over $343,000,000 above initial University of Arkansas crop budget projections.
While we have strongly encouraged congress and the White House to provide much needed additional economic bridge support for the 2023-2025 crop years, we are also urging them to consider additional economic support to offset these substantial cost increases. We encourage action before the adjournment of the 119th Congress.
See September estimate: UofA Report
