Global stockpiles and vulnerability

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026.

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This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. 

Sources 

• Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports. 

• Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary. 

• Fund structure: Teucrium Corn Fund Prospectus (most recent effective date). 

Marketing Agent: PINE Distributors LLC. 

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