Countries around the world are now scrambling to figure out how to backfill the abrupt halt of LNG shipments from Qatar, which accounts for one-fifth of the world’s supply. Asian spot LNG prices surged nearly 40 percent in the couple of days and a key index of future LNG prices in Europe jumped 70 percent since Friday.
Corn is the largest cash crop in the United States by both planted acreage and total value, contributing over $88 billion in annual production value. It is primarily grown in the Midwest's "
Corn Belt," with top uses including livestock feed (95% of feed grain), ethanol production, and human food products like cereal and sweeteners.
(LNG is also a crucial component in fertilizer….& it’s Spring planting season for the northern hemisphere)
On Friday, drone attacks hit Kuwait's giant Mina Al-Ahmadi refinery, causing a fire that was later brought under control, a day after a direct hit on Qatar's vital Ras Laffan natural gas facility.
The attack caused "extensive damage" that Qatar's state energy company said could cost $20 billion a year in lost revenue and take five years to repair.
Corn is highly dependent on nitrogen (N) fertilizer, with N acting as the primary nutrient driving vegetative growth, ear development, and final yield. In modern, high-intensity agriculture, corn has a high nitrogen demand, generally requiring roughly 1.0 to 1.2 pounds of nitrogen per bushel of grain produced.
North America does not have the capacity to create a fully self-sufficient nitrogen fertilizer supply before the 2026 spring planting season.
Despite having substantial production capabilities, the U.S. and Canada remain heavily reliant on imports to meet demand, with shortages estimated at approximately 25% for the 2026 spring planting season.
North America is expected to remain vulnerable to global supply shocks throughout the 2026 planting season, with 2027 considered a more realistic timeframe for significant supply improvements to take hold. The shortage is prompting farmers to consider shifting from nitrogen-intensive crops like corn to less-dependent options like soybeans.
This is 2/3’rds of the way through March at this point. How quickly can agricultural producers pivot from corn to soybeans? While switching is fast, farmers are still limited by the machinery they own, the seeds they have already purchased, and existing supply chains. While some acreage can pivot, a total abandonment of corn is impossible due to its integral place in American agricultural economics and fuel markets.
Iran launched a series of retaliatory strikes against the vital energy infrastructure in nearby Gulf states after Israel hit its largest gas field Wednesday ...
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(YouTube & Iran targets Middle East energy infrastructures after Israeli strike on gas field)
Doesn’t sound like it tonight.