Crop Inputs

Crop input updates

Crop input costs were mostly flat in November.

Crude oil prices were relatively flat in November. Markets appear to be in a holding pattern as they digest risks from volatile geopolitical conditions, elections in the U.S. and mixed economic data. Supply and demand conditions appear relatively in balance. Natural gas prices spiked in anticipation of cold winter weather.

Container shipping costs held at relatively strong levels in November. Buyers are frontloading imports to mitigate consequences from potential tariffs. Disruptions in the Red Sea and slower shipping speeds (to reduce carbon emissions) continue to lengthen shipping times. Intra-Asia trade is reportedly strong due to rising consumer demand and manufacturing activity. Bulk prices fell moderately on weak demand. An increasing use of tariffs could reduce shipping demand and thus prices in 2025.

Fertilizer prices increased slightly, on average, in November. Global supply and demand conditions generally remain in balance. Fertilizer costs are expected to increase if President Trump implements wide-sweeping tariffs, especially for potassium-based products given potash, their key ingredient, is sourced primarily from Canada.