New variables specifically in the agricultural markets were light today, but the Iran war news hit some markets like a tsunami. The war and Iran’s chokehold on global oil supplies have subjugated economies for nearly seven weeks with outsized petrol prices. Everything became distorted around oil, including currency valuations.  The combination of impacts on fuel and fertilizer spawned the predictable apocalyptic stories of mass global starvation, but the effects were marginal at most for U.S. agriculture. The war is not over, but the relief rally that hit oil and equities today largely skipped over agricultural commodities. Looking at major crop prices from the day before the start of the war to today, we find that:

The May SRW...