2026 Threshold: $5 Corn, $100 WTI Crude Oil - The last time the front corn future ended a quarter above $5 a bushel was 2Q23 -- on the way down from Russia's invasion of Ukraine. War with Iran, the closing of the Strait of Hormuz and crude oil's surge to about $120 a barrel have pushed the grain toward $5. Can corn stay above this resistance? My bias is that an unlikely combination of a Corn Belt drought and/or sustained constraints in the Strait, along with WTI above $100, may be required for corn to stay above $5. Typical reversion is toward $4. If 2026 pump-then-dump patterns in Bitcoin, US natural gas, gold, silver and copper are a guide, well-supplied corn could follow those 1Q highs. US stocks-to-use at about 13% is typically too high for corn to remain above $5. I see WTI crude more likely reverting back toward $50 a barrel, which may imply $4 corn. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tcjyq8kip3s0 {BI COMD} #corn #crudeoil #Iran @BBGIntelligence(Mike McGlone)