Tidbits, Wheat Pricing, Crude Oil, Fertilizer, Farm Bill, S&D Estimates 3/7/26
- Wright team
- Mar 7
- 6 min read
Tidbits
The price of crude oil rose by more than $10 in a single day, closing at $91.27.
The U.S. will allow Russian crude oil that has been stranded at sea to be sold to India to ease the potential supply shock to the global market. It is estimated there is 150 million barrels of Russian oil in those ships.
Treasury Secretary Scott Bessent yesterday said the United States could remove sanctions from more Russian oil, a day after Washington issued a 30-day waiver allowing the sale of Russian crude currently stranded at sea to continue to India.
Nitrogen: The Risk That Isn’t Priced (Paraphrased from TEUCRIUM and multiple sources)
The Strait of Hormuz isn’t just an oil chokepoint. Roughly one-third of the world’s fertilizer trade (sulfur, urea, ammonia) passes through that 21-mile gap. Scotiabank analysts estimate it handles 25% to 35% of all globally traded ammonia and urea. Qatar, Saudi Arabia, Iran, and Oman collectively export more than 15 million metric tons of nitrogen products annually from facilities inside the Persian Gulf.
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