(Bloomberg) -- Farmers are going to be paying more for herbicides and pesticides as they grapple with higher costs for fertilizer, seeds and fuel.
Agriculture chemical company FMC Corp. said it’s raising prices to counter what Chief Executive Officer Mark Douglas called “significant” increased costs for making and distributing crop protection products. The move follows similar efforts announced last week by U.S. rival, Corteva Inc.
“Quite frankly, there’s not a lot of choice here,” Douglas said Wednesday during FMC’s quarterly earnings call.
Costs for materials used by the agricultural industry have risen during the last several months, putting strain on producers and raising concern for further inflation when food prices are already near record highs.
FMC shares rose as much as 7.6% in New York trading on Wednesday, its biggest intraday increase in three months. Corteva rose as much as 2.1% to reach a new record high of $51.41.
©2022 Bloomberg L.P.