Post-Hormuz input cost shocks for diesel and fertilizer are eating into any revenue gains. Since the Strait of Hormuz closure in early March, fertilizer and diesel costs have surged nationally. Diesel prices alone are up 45% since the spring and, absent a resolution of geopolitical risks, including recent disruptions in the Bab al-Mandeb Strait, input costs are expected to keep climbing as farmers enter into harvest.

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