March 03, 2026
What Iran Means for Global Fertilizer Markets
About 180 million metric tons of fertilizers are consumed each year, and Forbes said roughly 55 to 60 million metric tons of urea move through international seaborne trade annually. The Middle East accounts for approximately 40 to 50 percent of that traded volume, and nearly all of those exports have to travel through the Strait of Hormuz (hor-MOOZ). “In other words, close to one-quarter of the globally traded nitrogen fertilizer, and a meaningful share of total nitrogen production, moves through a single maritime choke point that is now threatened by war,” Forbes said. The Associated Press reported that oil prices rose on Monday as disrupted tanker traffic through the Strait raised more uncertainty about how U.S. and Israeli attacks on Iran would impact the supply of oil to the world’s economy. “Unlike oil, fertilizer markets lack a strategic buffer against shipping delays,” Forbes added.
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Ag Trade Deficit to Drop $21 Billion
USDA is now predicting the agricultural trade deficit will drop by $29 billion in fiscal year 2026, down from about $50 billion a year ago. Luke Lindberg, the USDA Undersecretary for Trade and Foreign Agricultural Affairs, said the trade team isn’t done and has set a goal to get back to a trade surplus. “Going from $50 billion forecasted to $29 billion is tremendous progress in one year,” he told Farm Journal. “That’s down 43 percent compared to the same time in 2025, and we’re continuing our efforts to make sure that drops even further.” Exports that saw significant increases by the end of 2025 included dairy, ethanol, and corn exports, up 15, 11, and 29 percent, respectively. The U.S. ag trade balance is the export value minus the import value, and Lindberg said the export side is where the USDA trade team can and will make the most impact on the bottom line.
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RFA: Middle East Uncertainty Shows Need for Year-Round E15
Because events in the Middle East have led to oil prices rising and the expectation of higher gasoline prices, the Renewable Fuels Association renewed its call for Congress to allow year-round E15. “Once again, events in the Middle East and the spike in oil prices demonstrate this country’s overreliance on foreign sources for our energy,” said RFA President and CEO Geoff Cooper. “We need to take every action we can to insulate our nation from these geographically induced price spikes at the pump, and an easy solution is to increase our use of domestically produced ethanol.” A recent national poll showed 78 percent of Americans are very or somewhat concerned about gas price fluctuations. Also, 78 percent believe renewable fuels like ethanol are important to energy independence. If E15 were adopted nationally, it would replace up to half of the 314 million barrels of oil the U.S. imported from OPEC countries in 2025.
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USB Celebrates its 35th Anniversary
For 35 years, U.S. soybean farmers have invested together with a singular purpose: to build a stronger, more resilient future for U.S. Soy. As the United Soybean Board marks its 35th anniversary, farmer-leaders reflect on how strategic, farmer-directed investments have reshaped the soybean industry for the better, and how much that momentum continues to accelerate. When the Soy Checkoff was first established under the 1990 Farm Bill, U.S. soybean production totaled approximately two billion bushels annually. Today, that number is over four billion. During that same period, the Soy Checkoff investments helped create new fuel markets, expand exports to more than 90 countries, strengthen U.S. infrastructure, and differentiate soybean varieties to meet evolving global demand. One of the most significant examples of farmer-driven innovation is biodiesel, which was a category born from Soy Checkoff research and market development.
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Sheep Producers Descend on Capitol Hill
This week, sheep producers from across the U.S. are in Washington, D.C., for the American Sheep Industry’s annual fly-in. It’s a packed schedule with face-to-face meetings where members share real ranch and market realities with decision makers. Day one focused on USDA and other ag-related agency briefings. The following days include Capitol Hill visits, time with ASI’s partners at Cornerstone Government Affairs, and a rooftop reception serving American lamb to congressional offices, agency staff, and ASI delegates. ASI leaders will represent the interests of sheep producers on many national issues, including farm bill reauthorization and risk management, trade, H-2A labor challenges, and wool economic assistance. They’ll also discuss explicitly including wool as an eligible commodity in federal trade and market relief programs. The producers will also discuss livestock mandatory price reporting and minor species pharmaceutical use.
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U.S. Wheat Takes Part in Indonesian Trade Mission
Demonstrating American wheat farmers’ commitment to meeting global wheat demand, U.S. Wheat Associates recently participated in a USDA trade mission to Indonesia in early February. The trade mission highlighted U.S. Wheat’s efforts to support sales to the world’s fourth-most populous country. “U.S. Wheat sincerely values the hospitality of our Indonesian partners and the tireless efforts of USDA’s Foreign Agricultural Service team in Jakarta,” said Joe Sowers, USW Regional Vice President for South and Southeast Asia, who participated in the mission. “The trade mission went beyond a series of meetings and site visits.” It was also an opportunity to participate in high-level meetings between U.S. and Indonesian counterparts to reaffirm the purchase commitments made by Indonesian millers in an effort to balance trade between the two countries. Sowers joined U.S. commodity, agribusiness, and government representatives on the trade mission. The delegation was led by USDA Undersecretary Luke Lindberg.
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