Wheat futures climbed above 1% to around $5.94 per bushel in late March, as farmers scaled back plantings amid growing concerns over fertilizer supplies.

In Australia, one of the world’s largest wheat exporters, growers are cutting back on acreage as the availability and cost of key crop nutrients become increasingly uncertain amid the prolonged Middle East war.

The situation has been exacerbated by stalled shipments through the Strait of Hormuz, a critical route for global fertilizer exports, which has driven prices higher and limited access for farmers worldwide.

Many producers now face the dual challenge of navigating rising input costs while contending with historically weak wheat prices and ample global inventories, pressures that predated the current geopolitical crisis but are now intensified by it.
Source: Trading Economics