Trump's Plan to Open the Strait of Hormuz...Is To Block the Strait of Hormuz

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🚨 US BLOCKADES STRAIT OF HORMUZ 🚨

The US is blockading the Strait of Hormuz following failed peace talks in Pakistan — and markets are already feeling it. 🛢️ WTI crude surged nearly $8/bbl overnight, with the May '26 contract trading near $105. Grains caught a big bid too, with some contracts gapping higher at the open. 📈

💥 The blockade targets ships entering or departing Iranian ports, countering Tehran's plan to impose transit tolls on vessels. Any country that helps Iran? Hit with a 50% tariff. And Trump isn't ruling out strikes on Iranian infrastructure. This war is far from over.

🌱 Trump is also keeping a close eye on fertilizer prices, calling out the "fertilizer monopoly" on Truth Social and vowing to protect US farmers as costs surge amid the conflict.

📊 CFTC CoT Recap (week ending Apr. 7):

Funds were net sellers across the board — 47k corn, 23k soybeans, 12k SRW wheat — largely tied to last week's ceasefire announcement. We're also launching a NEW Daily Fund Tracker chart starting today! 👀

🌽 Friday Futures Recap:

Corn May '26 settled at $4.41 — down 3¢ on the day, off ~11¢ on the week (4th straight weekly loss)

Soybeans hit a 2-week high on a flash meal sale to Italy 🇮🇹 (Italy's biggest single US soybean meal purchase since 2019!)

Wheat ended lower on ample global supplies & soft export demand

🌧️ Weekend rains mostly missed key HRW wheat areas in western Kansas and Oklahoma. The 7-day forecast doesn't offer much relief for those dry western zones. Crop ratings drop this afternoon — stay tuned.

⚡ Flash Sales Friday:

125,640mt of corn → unknown destinations

100,000mt of soybean cake/meal → Italy