2026 Agricultural Review: High crop yields offset by depressed commodity pricing

The conflict between the US and Iran is escalating significantly, with the US conducting 12 consecutive nights of strikes against Iranian military infrastructure and signaling potential targeting of civilian and nuclear assets. Iran has responded with threats of 'powerful and decisive' retaliation, including against third parties, while Houthi forces have initiated a maritime embargo against Saudi Arabia in the Red Sea. The US House has approved a $95 billion supplemental funding package, potentially for military operations related to Iran, and US leadership has acknowledged a prolonged conflict timeline following troop fatalities.