Trading volume in the Teucrium Wheat Fund spiked to its highest single-day level since 2022 on March 6, driven by investor demand for agricultural exposure amid heightened geopolitical tensions. This surge reflects growing concern over cost pressures and potential supply constraints for key row crops.

Rising crude oil prices have elevated farm operating expenses by increasing costs for fuel, natural gas used in fertilizer production and diesel for logistics. This energy-driven repricing has effectively lifted the price floor for wheat and other grains across all major production channels.

Closure of Qatar’s largest urea plant and reduced output at three Indian facilities have tightened global fertilizer supply chains. Urea prices have jumped roughly $80 per ton from pre-war levels, risking acre reductions or lower application rates that could depress yields in the next growing season.