Back to today’s briefing

Story perspectives

Hormuz Shutdown Spurs 12% Wheat Surge, Food Prices to Rise

4/30/2026

23 5 Full Breakdown

Summary

Story summary

Rising fertilizer and freight costs from the Strait of Hormuz shutdown have driven the recent surge in global grain futures.
Wheat futures have risen about 12% since the war began, reaching a two-year peak, with corn prices climbing 6% in two months.
Analysts warn El Niño could tighten supplies of palm oil, soybeans and corn, while persistent higher energy costs may keep food prices elevated for 6-18 months.

1 of 1

Story summary

Rising fertilizer and freight costs from the Strait of Hormuz shutdown have driven the recent surge in global grain futures.
Wheat futures have risen about 12% since the war began, reaching a two-year peak, with corn prices climbing 6% in two months.
Analysts warn El Niño could tighten supplies of palm oil, soybeans and corn, while persistent higher energy costs may keep food prices elevated for 6-18 months.