Everyone is focused on the Strait of Hormuz, and rightly so. Energy matters enormously to food production and distribution.
But the much bigger story right now may be the new U.S.-China grain agreement.
Since April 1:
➡️Wheat is up roughly 15%-20%
➡️Corn up about 8%-12%
➡️Soybeans up 5%-8%
If China ramps up purchases of U.S. grains again, feed, fertilizer, transportation, and food manufacturing costs could rise further later this year. Something to watch.
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