Monetary Matters with Jack Farley

Sponsor: Teucrium Corn Fund (NYSE Arca: CORN):

https://teucrium.com/corn

In this episode of Monetary Matters, StoneX Vice President Josh Linville explains how the Iran War and the closure of the Strait of Hormuz have triggered a global fertilizer crisis that is currently crippling agricultural economics. With urea prices effectively doubling in just a few months, Josh warns that the market is facing a supply shock far more severe than the 2022 crisis because current grain prices aren't high enough to offset these surging input costs. The geopolitical bottleneck in the Persian Gulf has effectively sidelined three of the world's top ten urea exporters, removing enough nitrogen from the market to cover nearly the entire US corn crop. Beyond shipping delays, recent attacks on energy infrastructure in Qatar and Iran have caused structural damage that experts estimate could take three to five years to fully repair. This massive loss of production capacity, combined with a lack of global stockpiles, means the market must now find balance through aggressive demand destruction. Consequently, the price floor for critical fertilizers has likely been raised for the remainder of 2026, forcing farmers to make difficult choices about planting and yields. Join us as we explore the long-term implications for global food security and why the current "bleeding red" financial state of farming might lead to higher agricultural commodity prices. Recorded March 20, 2026.

Follow Josh Linville https://www.stonex.com/en/market-experts/josh-linville/

Josh Linville on X https://x.com/JLinvilleFert

Josh Linville on LinkedIn https://www.linkedin.com/in/joshua-linville-9555a711

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This episode is sponsored by the Teucrium Corn Fund (CORN). Download our free eBook, "Why Investors Are  Increasingly Turning to Commodity ETFs," to explore the macro forces shaping commodity markets today. 

Download the eBook: insights.teucrium.com/why-investors-turning-to-commodity-etfs 

CORN Fund Page & Prospectus: www.teucrium.com/corn 

This material must be preceded or accompanied by a prospectus. The prospectus is available at  https://teucrium.com/corn.

Investing involves risk, including the possible loss of principal. Commodities and futures generally are volatile, and  instruments whose underlying investments include commodities and futures are not suitable for all investors. Past  performance does not guarantee future results. 

For further discussion of these and additional risks associated with an investment in the Funds please read the  respective Fund Prospectus before investing. 

CORN, CANE, SOYB, and WEAT are commodity pools regulated by the Commodity Futures Trading  Commission (CFTC). The Funds do not track the spot price of corn, sugar, soybeans or wheat. These Funds,  which are ETPs, are not a mutual fund or any other type of Investment Company within the meaning of the  Investment Company Act of 1940, as amended, and are not subject to regulation thereunder. Teucrium Trading,  LLC is the Sponsor for CORN, CANE, SOYB, and WEAT. 

PINE Distributors LLC is the Marketing Agent for CORN, CANE, SOYB, and WEAT and is not affiliated with  Teucrium Investment Advisors, LLC and Teucrium Trading, LLC. 

Sources 

• Fertilizer trade through Strait of Hormuz: International Fertilizer Association (IFA), Global Fertilizer Trade Data; USDA  ERS, Fertilizer Use and Price reports. 

• Corn as heaviest nitrogen user: USDA Economic Research Service, Fertilizer Use and Price (most recent edition). • Input cost / margin impact and acreage-switching scenarios: Framing is conditional and analytical; not presented as  projections. Consistent with FINRA 2210(d)(1) standards for educational market commentary. 

• Fund structure: Teucrium Corn Fund Prospectus (most recent effective date). 

Marketing Agent: PINE Distributors LLC. 

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20% discount to annual subscription to Rory Johnston’s Commodity Context: https://www.commoditycontext.com/monetarymatters

In this urgent episode of Monetary Matters Today, Jack sits down with Rory Johnston of Commodity Context to break down the unprecedented global oil shock caused by the ongoing war in Iran and the closure of the Strait of Hormuz. With 20 million barrels of daily flow disrupted and 9 million barrels of confirmed production shut-ins across the Middle East, Johnston warns that the market is facing a supply loss multiple times larger than the 2022 Russian invasion fears. They explore the timeline of global impact, the looming threat of operational shutdowns for Asian refineries, and why Johnston believes political de-escalation by President Trump is the only way to avoid $200+ oil and a global economic depression. Recorded March 19, 2026.

Pieces discussed: 

Oil & Iran War Context Weekly (W11) (March 13 2026)

https://www.commoditycontext.com/p/ocw11w26

“No End in Sight,” March 12, 2026:

https://www.commoditycontext.com/p/no-end-in-sight

Oil and the Iran War Context Weekly (W10), March 6, 2026:

https://www.commoditycontext.com/p/ocw10w26

North American Oil Data Deck (March 4, 2026): 

https://www.commoditycontext.com/p/north-american-oil-data-deck-march-2026

“Strait to the Point on Iran (March 2, 2026)”: 

https://www.commoditycontext.com/p/strait-to-the-point-on-iran

Follow Rory Johnston on X: https://x.com/Rory_Johnston

Follow Jack Farley on Twitter https://x.com/jackfarley96

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Apple Podcasts https://rb.gy/s5qfyh

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Learn More About Unlimited HFGM Global Macro ETF $HFGM: https://unlimitedetfs.com/hfgm

In this episode of Monetary Matters, Jack Farley and Max Wiethe are joined by Bob Elliott, Chief Investment Officer at Unlimited Funds, to discuss the economic fallout of the recent conflict and surging oil prices. Elliott explains that the massive spike in oil prices—which recently topped $110 for Brent and $150 in Oman—will inevitably reduce consumer spending power, fuel higher inflation, and drag down real economic growth. He argues that both the stock and bond markets are currently mispricing this risk, making a strong case for that both asset classes could struggle as yields rise. Furthermore, Elliott dismisses the Federal Reserve's 2026 inflation target of 2.7% as wildly unrealistic, warning that persistent inflation will keep the Fed from cutting rates anytime soon. Finally, Jack and Max preview their upcoming interviews with industry experts to further unpack the disruptions to global oil production, fertilizer supply chains, and shipping. Recorded afternoon of March 18, 2026, after FOMC meeting.

Follow Bob Elliott on Twitter https://x.com/BobEUnlimited

Follow Jack Farley on Twitter https://x.com/jackfarley96

 Follow Monetary Matters on:

Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Monetary Matters, Jack sits down with Rupert Mitchell of Blind Squirrel Macro to unpack why the foundations of the current US stock market bull run might be crumbling. Mitchell details his transition to a 50% cash and gold portfolio, warning that a looming wave of jumbo IPOs and cracks in the private credit markets could severely disrupt equity liquidity. He also shares his actionable bearish thesis on vulnerable sectors, revealing why he is actively shorting SaaS businesses, boutique M&A banks, and overvalued fast-casual restaurant chains. On the bullish side, Mitchell explains his custom "Shiny Acorns" strategy for investing in gold miners without taking on jurisdiction risk, alongside his continued allocation to long-lived Canadian oil assets and US refiners. Tune in for a masterclass on macro positioning during times of elevated market volatility and consumer uncertainty. Recorded March 9th, 2026.

Blind Squirrel Macro research: https://t.co/mgOvPYwOAi

Follow Blind Squirrel Macro on Twitter https://x.com/SquirrelMacro

Follow Jack Farley on Twitter https://x.com/jackfarley96

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Apple Podcasts https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5YouTube https://rb.gy/dpwxez

SOYB Fund Page & Prospectus: www.teucrium.com/soyb

Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.

Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.

This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.

Marketing Agent: PINE Distributors LLC.

TUCRM-5281845-03/26

Learn more about Teucrium’s Soybean ETF (SOYB) here: https://teucrium.com/soyb

In this episode of Other People's Money, Max sits down with Chris Morris, President of LandFund Partners, to explore why they believe U.S. row crop farmland is the ultimate hard asset. Chris details how farmland performed as a portfolio diversifier during the Great Financial Crisis and explains why the relative value compared to other regions and essentially free access to 300-years of groundwater them has focusing on the U.S. Mid-South region. He highlights global water scarcity, food security, and inflation as macro drivers for this farmland, but he also argues that rising values and yields from technological improvements and increased demand for non-farming purposes like solar power are how they have delivered S&P 500 beating net returns since 2021.

LandFund Partners website: https://www.landfundpartners.com/

Follow LandFund Partners on X: https://x.com/LandFundLP

Follow Max on X: https://x.com/maxwiethe

Follow Other People’s Money on:

Apple Podcast https://bit.ly/4e7QJ1M

Spotify https://bit.ly/3Yhaazi

YouTube https://bit.ly/3C63VXR

X https://x.com/opmpod

Timestamps:

00:00 Intro

00:40 Teucrium SOYB

01:00 Investing in Farmland

04:26 Diversification and Correlation

06:07 Real Assets and New Macro Risks

09:13 Scarcity and Water Thesis

10:48 Protein Demand Multiplier

12:45 How Farmland Returns Work

15:00 AI and Renewable Energy

15:41 Teucrium SOYB

17:02 Community Impact and Ethics

20:21 Who Buys Farmland?

22:47 Why the Mid-South

26:33 Valuation Gap Explained

28:25 Water Rights and Water Scarcity

35:06 Solar Leases Beat Crops

39:23 AI Boosts Farm Profits

42:22 Regenerative Farming and the Three Fs

44:35 Iran Conflict Inputs and Crops

48:26 Subsidies and Rent Security

54:02 Fund Focus and Growth Plans

57:30 Conclusion

SOYB Fund Page & Prospectus: www.teucrium.com/soyb

Investing in SOYB involves risk, including the possible loss of principal. Commodity investments are subject to significant volatility.

Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Teucrium Soybean Fund before investing. The prospectus contains this and other important information about the Fund.

This material must be proceeded or accompanied by the prospectus. The prospectus is available atteucrium.com/soyb.

Marketing Agent: PINE Distributors LLC.

TUCRM-5281845-03/26