Urea-to-corn ratios—a key measure of fertilizers (un)affordability—are touching decadal highs on Iran war-related nitrogen chokepoints. Much higher food prices ahead, given that we, in effect, eat oil.

Fertilizer Prices Surge Due to War in Iran: Odd Lots
https://www.bloomberg.com/news/articles/2026-03-11/fertilizer-prices-surge-due-to-war-in-iran-odd-lots