US Farmers Seize Opportunity to Sell Crops as Iran War Fuels Rally

Surging grain prices allow farmers to lock in modest profits to cover rising input costs

Mar. 13, 2026 at 10:03am

Got story updates? Submit your updates here. ›

U.S. grain prices have surged since the start of the Iran war, triggering a flurry of corn, soybean, and wheat sales by Midwest farmers who had been holding onto last year's harvests due to weak prices. Farmers have been capitalizing on the climbing prices by selling stored crops to ethanol producers and major traders like Archer-Daniels-Midland and Bunge, as well as pre-selling crops they have not yet planted for this year's harvest. The rally has provided a welcome surprise for farmers, allowing many to lock in modest profits to cover soaring fertilizer, chemical, and seed bills, though the gains are not enough to end the downturn in the agricultural economy.

Why it matters

The surge in grain prices has been driven by a spike in oil prices due to the Iran conflict, as well as disruptions to crucial fertilizer shipments. This has lifted prices for crops used to make biofuels and boosted corn prices. While the price gains have generally been enough to allow farmers to turn a profit, the underlying profitability challenges in the agricultural economy remain, and the sustainability of the price rally is uncertain.

The details

Farmers across the Midwest have been selling corn, soybeans, and wheat from storage bins to ethanol producers and major traders like Archer-Daniels-Midland and Bunge. Growers have also raced to sign contracts to pre-sell crops they have not yet planted for this year's harvest. Soybean futures touched a May 2024 high above $12 per bushel, corn futures reached the highest point since May 2025, and wheat set the highest level since June 2024. Last year, prices were weak due to ample supplies and the impact of President Trump's trade war with China, but the recent rally has provided an opportunity for farmers to lock in modest profits.

  • Soybean futures touched a May 2024 high above $12 per bushel on the Chicago Board of Trade on Thursday.
  • Corn futures reached the highest point since May 2025 this week.
  • Wheat set the highest level since June 2024.

The players

Dave Kestel

A farmer in Manhattan, Illinois who sold about 40% of the corn and soybeans he harvested last year and roughly 10% of what he expects to harvest in 2026.

Julio Garros

Bunge's chief operating officer, who said the company is "basically filling all of our grain elevators in North America and in South America as we speak."

Angie Setzer

Partner at advisory firm Consus Ag Consulting, whose customers sold corn, soybeans and wheat.

Keaton Lyons

A farmer who farms about 1,200 acres in Rensselaer, Indiana and agreed to sell about 100,000 bushels of corn he will soon plant.

Richard Guse

A farmer in Waseca, Minnesota who farms about 3,500 acres with his brother and son, and made a small profit selling about a third of his 2025 corn crop to ethanol producer Guardian Energy for $4.25 per bushel.

Got photos? Submit your photos here. ›

What they’re saying

“I was doing the farmer happy dance.”

— Dave Kestel, Farmer

“We are basically filling all of our grain elevators in North America and in South America as we speak.”

— Julio Garros, Chief Operating Officer, Bunge

“When the market rallied big, it provided a lot of opportunities that they had been waiting for.”

— Angie Setzer, Partner, Consus Ag Consulting

“Pricewise, I feel really good. The thing that I'm nervous about is we don't have a kernel in the ground and we're 65% sold.”

— Keaton Lyons, Farmer

“The prices have run up in a hurry. It goes down a lot faster than it comes up.”

— Richard Guse, Farmer

What’s next

Analysts will be closely watching to see how long the current rally in grain prices lasts, and whether it provides enough of a boost to help alleviate the broader challenges facing the agricultural economy.

The takeaway

The surge in grain prices triggered by the Iran conflict has provided a welcome opportunity for U.S. farmers to sell stored crops and lock in modest profits, but the underlying profitability issues in the sector remain. The sustainability of the price rally is uncertain, and farmers are eager to capitalize on the current market conditions while they last.