Crop Prices Jump as War Snarls Trade and Risks Tightening Supply

Soybean oil jumped more than 4% while wheat neared a two-year peak, as the Middle East conflict drove energy and fertilizer costs higher and threatened to tighten supplies across agricultural markets.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Soybean oil jumped more than 4% while wheat neared a two-year peak, as the Middle East conflict drove energy and fertilizer costs higher and threatened to tighten supplies across agricultural markets.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.Chicago futures of the seed oil surged as much as 4.9%, up for an 11th day and headed for the longest run of gains since 2008, as disrupted fuel supplies boosted demand for crops used in biofuel. The gains tracked crude oil, which broke through $100 a barrel on Monday as more major Gulf producers curbed production and the Strait of Hormuz remained all but closed.Wheat futures rallied more than 3%, after jumping the most since 2024 on Friday. Corn climbed nearly 2% and soybeans also rose. The US-Israel war against Iran is disrupting the fertilizer trade and pushing up freight costs, lending support across grain markets. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.“Grain and oilseed markets are following energy in early Monday trading,” said Joe Davis, director at Futures International, a brokerage. “The macro and energy markets will continue to lead ag commodities on any escalation of the war on Iran.” Vegetable oils and meal in China also surged on Monday. The most actively traded soybean meal futures on the Dalian Commodity Exchange rallied as much as 6% to 3,066 yuan per ton while palm also rose to hit a daily limit. Rapeseed oil and meal did the same in Zhengzhou.Spiking crude prices have stoked fears of faster inflation globally, rattling broader markets. “The US consumer could see this immediately on prices at the pump, then in food inflation if shipping and fertilizer prices remain firm,” Davis said. “Although most farmers are locked in on price, or have purchased input needs for 2026, next year may be where farmers feel the pain if the Strait of Hormuz doesn’t re-open soon.” Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.