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Oil prices soared to their highest since 2008 due to delays of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions.

Hundreds of trucks, recreational vehicles and cars were circling the outskirts of Washington on Sunday, threatening to cause traffic backups around the capital as part of a protest against pandemic restrictions.

Crude oil hit a 13-year high and wheat topped $13. With front-month soybeans soaring past $17, and corn nearing the $8 mark, the crisis in Ukraine means food and fuel inflation fears are also heating up.

Farmers who filed by March 1 but did not file the required Form 7203 have until April 18 to file a Superseding return. This will correct that issue with no penalty.

Wheat buyers from the Middle East/Mediterranean region and North Africa are switching their wheat purchases to various European countries . . .

Russia is the second-largest producer of ammonia, urea, and potash and the fifth largest producer of processed phosphates.

May soybean futures fell 7 1/4 cents to $16.60 1/2 after tumbling from a morning high at $16.88 1/2. The most-active contract still gained 76 cents this week.

Russia’s trade and industry ministry has recommended the country’s fertilizer producers temporarily halt exports, the ministry said Friday, in a sign that sanctions imposed could have a global impact.

Just as wheat prices hit a new all-time high, the March contract was spooked, as profit taking caused the front-month contract to drop more than 80 cents in minutes. Despite that, the fundamental story hasn’t changed.

Market Watch is a weekly overview of factors driving prices of ag commodities. It is not intended as trading advice. For detailed strategy and advice, call Brugler Marketing @ 402-697-3623.