Who Holds the Choke Point? — Friggin' Farm & Ranch Report (4/22/26)

About this episode

The episode discusses the impact of geopolitical events on the oil market and the cattle industry, along with updates on fertilizer prices and rural stories.

President Trump kicks the can on the Iran ceasefire, and Iran answers by grabbing two more ships in the Strait of Hormuz while firing on a third. EIA prints a surprise crude draw — 1.9 million barrels pulled when the street was looking for a 2.2 million barrel build — and diesel is sitting at $5.511 at the pump with WTI riding $91–$92. Meanwhile the cattle board has printed five straight red days, June live at $242.875, even as cash holds $248 and boxed beef stays inverted with Select still a buck over Choice. On today's Friggin' Farm & Ranch Report for Wednesday, April 22, 2026, we walk through: • Why live cattle is correcting on paper while the country trade and the cutout refuse to blink. • What a 4.1 million barrel bullish swing in one EIA print means for your diesel contract and fertilizer bill. • How Superior Livestock just sold a record 57,077 head and why 750-pound steers at $408 and 500-pound calves at $552.50 do not look like a "market top" in the country. • The war reel out of Hormuz, what "operationally closed" really means when Iran controls 20% of global crude flow, and how many seized ships it takes to put WTI at $95–$100. • DTN's latest fertilizer board —…

Topics covered

• Iran ceasefire
• crude oil
• diesel prices
• cattle market
• fertilizer prices
• global crude flow

Keywords

• EIA
• live cattle
• Superior Livestock
• anxiety in rural America

Mentioned in this episode

Products: Select, Choice, diesel, fertilizer, cattle

Books & works: Friggin' Farm & Ranch Report

Places: Iran, the Strait of Hormuz, Hormuz, KC

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