Tidbits, Q&A: Options Application, Fuel, Fertilizer, Wheat, Cotton, Broilers & Ethanol 3/12/26
- Wright team
- 3 hours ago
- 6 min read
Tidbits
Crude Oil: Two tankers carrying Iraqi fuel oil were attacked within the territorial waters of Iraq last evening, causing both to catch fire in the Persian Gulf. A total of 25 crew members onboard the vessels have been evacuated so far by authorities in Iraq.
Despite Donald Trump's statements, the U.S. refuses to escort civilian ships through the Strait of Hormuz, citing the high risk of attacks, Reuters reports.
The International Energy Agency (IEA) approved yesterday afternoon the largest-ever release of emergency oil reserves. Member states will release 400 million barrels. That includes 172 million barrels from the U.S. and Japan will release 80 million barrels.
Wheat futures have rallied in recent weeks amid the start of the Iran war and a sharp rise in crude oil prices. From February 1 to March 10, the May MATIF (trade exchange in France) wheat contract rose by $11 to $237/mt. Over the same period, export quotes in Bulgaria and Romania (CVB) increased by $7 to $240/mt FOB, while French wheat rose by $7 to $245/mt.
FOB prices for Russian wheat rose to $237/mt this week, according to SovEcon data, the highest level since $238/mt in August last year. Prices were supported by stronger futures and firmer export quotes from key competitors.
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