US farmers find oil price plunge no help as harvest winds down

Chicago

THE plunge in US fuel costs is coming too late to help American farmers stung by the lowest crop prices in years. Most growers buy tractor diesel as well as energy-based fertilisers and pesticides well before the harvests, which started in September for the biggest crops, corn and soya beans.

While crude-oil futures began inching lower in June, it would take months before the declines turned into a full-fledged bear market. Now farmers need prices to remain low for another six months to reap any benefits next year.