As military members aboard ships in the Strait of Hormuz stare down Iran, farmers across the U.S. are driving into a planting season that feels like a financial cliff.
Fraught with uncertainty, from volatile weather patterns to skyrocketing input costs, marked by forecasts for more of the same and overshadowed by the war with Iran, Plant ’26 feels like quicksand.
“It’s beyond scary,” Bennett says, pointing to fertilizer prices that have surged to $1,200 a ton and energy costs that show no signs of easing. “It’s one of the things that keeps me up at night.”
Any profitable way forward, Bennett says, is grounded in calculated decisions and structured planning.
The CEO of AgMarket.Net, who is also an Illinois farmer, discussed the economic chaos on this week’s Ag Marketing IQ In Depth, just a few days after President Trump said fuel prices will likely be at least as high as current levels until November. The unspoken corollary for farmers is: So will fertilizer prices.
High energy prices and fertilizer costs are weighing heavily on farmers’ minds. “If anhydrous ammonia costs $1,100 to $1,200 a ton, it’s tough to make the numbers work for corn,” Bennett says. “Farmers need to be very calculated in their approach.”
The war in Ukraine and shifts in international fertilizer markets are creating uncertainty around the globe, Bennett notes. “India recently bought 2½ million tons of urea to secure their position before prices skyrocket,” he points out. “Farmers here need to think about hedging strategies. But it’s a delicate balance.”
One avenue for the U.S. to manage agricultural risk is by increasing domestic consumption of agricultural products, particularly through renewable fuels. “Brazil is at 32% ethanol, and their corn-based ethanol program is growing,” Bennet says. “They’re consuming their products domestically while remaining aggressive on exports. There’s something we could learn from that.”
Bennett’s top marketing tip? Be disciplined.
“Figure your break-evens, set believable yield targets, and stick to your marketing plan,” he says. “If prices hit your sales target, let it happen. Most of us sell in increments, so there’s always more to sell later. But by all means, stay structured and avoid emotional decisions.”
For more on Bennett’s cropping mix, what’s driving the family’s planting decisions and additional thoughts on marketing 2026 grain crops, watch this week’s Ag Marketing IQ In Depth.