A survey by Farm Journal found that glyphosate prices doubled from $19 to $38 a gallon and glufosinate prices are up by 50 per cent to $70 a gallon.
In Northeast Iowa, glyphosate prices have nearly tripled – from $17 a gallon last year to $50 now.
“I presume farmers are looking ahead and if they're worried about higher prices, trying to lock in inputs now at prices they think are more reasonable,“ said Joseph Balagtas, associate professor of Agricultural Economics at Purdue University.
“And to the extent that we have high commodity prices forecast in the next year, trying to lock in those high commodity prices, the real pinch would be is if you're locked into high prices, and something happens to the market, demand falls and we're looking at low commodity prices next year with high input costs. I think trying to lock in your margins now would make a lot of sense."
Fertilizer prices are also rising fast. Stone X Group said the Midwest wholesale anhydrous ammonia prices have risen approximately $434 since Sept. 10. That up by 65 per cent since September.
Extreme weather, combined with an energy crunch in China and Europe, are creating rising fertilizer prices around the globe. Higher natural gas prices are adding to the situation, as the issues just keep piling up.
Bloomberg reported last week that Chinese fertilizer cargoes were loaded and ready to for export, but were being held up as local authorities make additional checks.