Wheat, corn and soybean futures in Chicago rose on Monday amid the threat of a US blockade of the Strait of Hormuz
Wheat, corn, and soybean futures on the Chicago Board of Trade (CBOT) rose on Monday, April 13, 2026, amid rising oil prices following the collapse of US-Iran negotiations. A possible US blockade of the Strait of Hormuz has also heightened concerns about global fuel and fertilizer supplies, Reuters reports.
Wheat and corn contracts have been declining since early April due to high supplies. The excess global supply was confirmed by the US Department of Agriculture’s monthly report released last week.
Andrew Whitelaw, an agricultural consultant with Australian company Episode 3, explained that excess wheat supply is holding back price growth. He said major exporters currently have ample reserves, but added that higher input costs, including fuel, could limit grain production in the long term.
Oil prices rose to $100 a barrel on Monday as the US Navy prepares for a possible blockade of Iranian oil shipments through the Strait of Hormuz.
High fuel and fertilizer costs could lead farmers around the world to plant less wheat, which requires more fertilizer than other crops.
The US Department of Agriculture forecasts that US wheat planting area will fall to a record low of 43.775 million acres, a 3.4% decrease from the 2025 target. Much of the US “Wheat Belt” is currently suffering from moisture shortages, and wheat crops are in poorer condition than usual.
US President Donald Trump announced the US Navy’s blockade of the Strait of Hormuz. He announced this on social media. He said the Navy will also detain vessels that have paid Iran to pass through the strait.
“I have also directed our Navy to search for and intercept every vessel in international waters that has paid tolls to Iran. No one who pays illegal tolls will be granted safe passage on the high seas,” Donald Trump wrote.
The United States also intends to begin demining the strait.
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