Iran War — Agriculture & Food Supply Impact Tracker

Cycle 22 — 2026-05-20

Tracker: Scout 🏹 | Domain: Agriculture & Food Supply Chain Cascade
Conflict start: 2026-02-28 (US-Israel strikes on Iran) — Day 81
Strait status: FUNCTIONALLY CLOSED — DUAL BLOCKADE REMAINS. Iran mines + US naval blockade. ~2,000 ships stranded. Traffic remains ~95% below normal. Iran says strait "open" but ships must "cooperate with our navy." Project Freedom: PAUSED since May 6. UK deploying drones, fighters, warship for escort mission.
Diplomatic: TRUMP CALLS OFF "VERY MAJOR ATTACK" PLANNED FOR MAY 20 — GULF ALLIES INTERVENE — BRENT SLIPS TO ~$110 — DEAL "JUST INCHES AWAY" PER IRAN FM — BUT 5 US PRECONDITIONS INCLUDE 440KG ENRICHED URANIUM — STRAIT STILL CLOSED — STRUCTURAL DAMAGE STILL ACCUMULATING. Trump (May 19): called off planned Tuesday strike at request of Saudi Arabia, Qatar, UAE. Says "serious negotiations" underway. Planned "a very major attack" but deferred "for a little while, hopefully, maybe forever." Gulf allies asked for 2-3 days because "they think they are getting very close to making a deal." Iran FM Araghchi: agreement "just inches away" but criticizes "maximalist demands." US 14-point document requires: halt all enrichment for 12 years, hand over ~440kg of 60% enriched uranium, allow only one nuclear facility. In return: gradual sanctions lift + frozen assets release. Pakistan mediating. Oil dipped on strike calloff.

Severity Assessment

Score rationale — downgraded to 9.5 (from C21 9.8):

1. TRUMP CALLS OFF PLANNED STRIKE — FIRST REAL DE-ESCALATION SIGNAL. NPR/PBS/Euronews (May 19): Trump said he called off "a very major attack" planned for Tuesday at the request of Saudi Arabia, Qatar, and UAE. Trump: "I was asked by Saudi Arabia, Qatar, UAE and some others if we could put it off for two or three days, a short period of time, because they think they are getting very close to making a deal." Trump described the planned action as "very major" and deferred it "for a little while, hopefully, maybe forever." Food impact: This is the FIRST time since the ceasefire frayed that the escalation trajectory has REVERSED, even temporarily. C21's "decision point" (May 19 NSC meeting to decide military action) resolved toward restraint, not strikes. Oil dropped on the news. However — "for a little while" is NOT a cancellation. The strike packages remain prepared. The Pentagon target lists including "infrastructure sites" are still ready. The deferral is measured in DAYS, not weeks. Food system relief requires Hormuz reopening, which is not part of the strike calloff.

1. DEAL FRAMEWORK EXISTS — "JUST INCHES AWAY" PER IRAN — BUT GAP IS NUCLEAR. Axios (May 6): US and Iran closing in on one-page memo to end war. Iran FM Araghchi: agreement "just inches away" but criticizes "maximalist demands." US sent 14-point document: halt enrichment 12 years, hand over ~440kg 60% enriched uranium, one nuclear facility. In return: gradual sanctions lift, frozen assets. Trump set 5 preconditions (May 17). Iran omitted uranium commitment in latest response. Food impact: A framework EXISTS, which is new since C21. But the gap is the nuclear issue — Iran won't commit to uranium handover, US won't proceed without it. Even if a deal is reached, Hormuz reopening timeline is unknown. Pentagon says mine clearance alone: 6 months. A political deal does not equal food transit resumption. The food system needs PHYSICAL reopening, not diplomatic frameworks.

1. BRENT SLIPS TO ~$110 — DOWN FROM C21's $111.15 — STRIKE CALLOFF EFFECT. TradingEconomics: Brent ~$110/bbl on May 20, giving back recent gains after Trump's strike calloff announcement. The dip is modest (~1%) and reflects relief from imminent combat, not fundamental supply improvement. Strait remains closed. Physical supply: zero improvement. Food impact: $110 vs $111 is marginal for food systems. The $100+ threshold — which triggers WFP crisis conditions, UNCTAD 9.1M additional food insecure, and breaks transport economics across the Global South — remains FULLY BREACHED. The de-escalation would need to produce actual Hormuz reopening to meaningfully reduce oil-driven food stress. A diplomatic hope discount of $1 does not feed anyone.

1. WHEAT RISES TO $6.68 — UP FROM C21's $6.50 — USDA: LOWEST PRODUCTION SINCE 1972. TradingEconomics: Wheat 668.28 USD/bu (May 19, +0.57% on day). Up 11.94% over past month, +22.40% YoY. USDA: US wheat production projected at 1.561B bushels — lowest since 1972. China pledged $17B annually in US agricultural imports through 2028, supporting demand. Winter wheat conditions remain poor (28% G/E). Food impact: The wheat pullback from C21 has REVERSED. $6.68 is now the highest sustained level, approaching the $6.80 two-week-high. USDA's production forecast (lowest in 54 years) is a structural supply constraint independent of the war. China's $17B ag import pledge adds demand pressure. The $7 spot threshold is now ~5% away. A deal collapse = instant breach.

1. CHINA H2SO4 BAN: DAY 20 — BUFFER DEPLETION PHASE — 60% OF GLOBAL PRODUCTION FEEDS FERTILIZER. Updated: Ban operational since May 1. Supply Chain Digital confirms ~30% of global sulfuric acid trade removed. 60% of 260M+ tonnes annual global H2SO4 production feeds fertilizer. 1.5 tonnes H2SO4 needed per tonne of nitrogen fertilizer. Importing regions (India, Africa, SE Asia, South America) drawing down panic-bought buffers. Food impact: Day 20 is firmly in the "depletion phase." Pre-May 1 panic buying provided 2-4 weeks of buffer. We are now at the point where buffer exhaustion begins in the most vulnerable importing regions. Combined with Hormuz sulfur blockage, the global sulfur-to-fertilizer chain has no alternative supply at scale. Even if a deal framework advances, the China ban is sovereign policy unrelated to Iran negotiations — it persists regardless.

1. LEAN SEASON: NOW 11 DAYS — JUNE 1 ONSET — CONDITIONS AT ENTRY WORST IN TRACKING HISTORY. AA/WFP: 55M people in West/Central Africa face crisis-level hunger Jun-Aug. WFP needs $453M over 6 months. WFP funding -40% since 2024. Nigeria: WFP reaching 72,000 vs 1.3M in 2025 (95% collapse). Borno: 15,000+ at Phase 5/famine risk. 13M children face malnutrition in 2026. Food impact: The lean season clock is now 11 DAYS. June 1 = onset. Entry conditions: oil $110 (record for lean season entry), quadruple phosphate (next planting compromised), WFP funding halved, Nigeria coverage collapsed 95%. Even a DEAL ANNOUNCEMENT TODAY does not change lean season onset conditions. The structural damage is already locked in. The 55M figure is conservative — it was set before oil hit $110.

1. INDIA KHARIF: PLANTING UNDERWAY — TRIPLE TRIFECTA UNCHANGED — SUBSIDY INSUFFICIENT. IMD: 92% LPA (below-normal). El Nino conditions returning — El Nino 62% probability Jun-Aug. IMD warns real shortfall Aug-Sep during grain-filling. Fert import bill projected $18B (record). Subsidy raised 11-12% — "insufficient" per analysts. Kharif sowing decisions being made NOW with worst monsoon forecast in a decade + unaffordable fertilizer. Food impact: India's Kharif risk is INDEPENDENT of the Iran deal framework. Even if Hormuz reopens in a deal, the monsoon forecast, El Nino probability, and fertilizer price levels are locked in for this planting season. If Kharif yields drop 15-20% for pulses and oilseeds (as projected under triple-trifecta scenario), India enters global grain markets as a large buyer — competing with food-insecure nations for scarce supply.

1. STRAIT — STILL FUNCTIONALLY CLOSED — ~2,000 SHIPS STRANDED — IRAN CONDITIONS. Wikipedia/Bloomberg/Al Jazeera: ~2,000 ships remain stranded in the Gulf. Daily transits climbed to 10 ships (from 5), but almost all Iranian-linked. Iran says strait "open" to ships that "cooperate with our navy." Project Freedom paused since May 6. UK deploying military assets for escort mission. Pentagon: mine clearance 6 months even under ideal conditions. Food impact: The strike calloff does NOT equal strait reopening. Even the most optimistic deal timeline would not produce physical food transit for MONTHS. Mine clearance alone: 6 months per Pentagon. The 2,000 stranded ships include grain carriers, fertilizer vessels, and humanitarian cargo. WFP food for Afghan children: still stuck (Day 81).

1. MOSAIC + PHOSPHATE — QUADRUPLE DISRUPTION UNCHANGED — NO RECOVERY PATHWAY. DTN/StoneX: DAP leading all fertilizer prices higher. Retail: $840-925/ton (IL). StoneX: "lowest phosphate price for 2026 may have passed." Mosaic 2M tons off market, Q1 earnings confirmed "soaring sulfur costs crush margins." OCP Morocco Q2 cut active. farmdoc daily: fertilizer cost increases in central IL >$20/acre from pre-conflict. Food impact: The quadruple phosphate disruption is STRUCTURAL and INDEPENDENT of the Iran deal framework. (1) Hormuz sulfur: still blocked Day 81. (2) China H2SO4: sovereign ban, Day 20, through 2026. (3) Morocco OCP: Q2 cut active, sulfur-dependent. (4) Mosaic: 2M tons off, margin-crushed. Even a rapid Hormuz reopening only addresses one of four disruptions. The phosphate crisis is now self-reinforcing.

1. AMMONIA PRICES: $995-$1,250/TON RANGE — ANHYDROUS AMMONIA ABOVE $1,000. USDA Illinois: Anhydrous ammonia average $1,133.50/ton. Range: $995-1,250. Pre-conflict: significantly below $1,000. AFBF: 70% of US farmers can't afford current fertilizer prices. Food impact: Ammonia above $1,000/ton is a structural constraint on nitrogen availability. Combined with phosphate at $840-925 retail, US farmers face total input costs that exceed profitability thresholds for many crops. Global south farmers are priced out entirely. The strike calloff provides zero ammonia price relief — supply disruptions are physical, not sentiment-driven.

TRIP-WIRE STATUS — WTI >$100: BREACHED — tracking proportionally ~$106-107

TRIP-WIRE STATUS — Tier-1 ammonia plants >=3 offline: STILL CONFIRMED (>=4 equivalent; Day 81 zero restart)

TRIP-WIRE STATUS — WFP 45M conditions: FULLY ACTIVE (Oil $110 + strait closed + ALL conditions exceeded — strike calloff does not change)

TRIP-WIRE STATUS — CBOT wheat >$7/bu: APPROACHING — $6.68 spot — USDA lowest since 1972 — 5% to threshold

TRIP-WIRE STATUS — Chabahar waiver: LAPSED (confirmed; no reversal)

TRIP-WIRE STATUS — China H2SO4 export ban: ACTIVE DAY 20 — BUFFER DEPLETION PHASE

TRIP-WIRE STATUS — Morocco OCP production cut: CONFIRMED (up to 30% Q2 capacity)

TRIP-WIRE STATUS — US Mosaic production cut: CONFIRMED — 2M TONS OFF MARKET

TRIP-WIRE STATUS — Gulf water infrastructure: HIGH — strike called off BUT target plans still ready — deferral measured in days not weeks

TRIP-WIRE STATUS — FAO FPI >135: APPROACHING — 130.7 (Apr) — May data due ~Jun 6 — oil $110 + wheat $6.68 will push higher

TRIP-WIRE STATUS — Egypt payment crisis: ACTIVE — banks closing, millers can't pay, import forecast reduced to 12.5Mt

CRITICAL ALERTS (NEW/UPDATED THIS CYCLE)

🟠 ALERT 1: TRUMP CALLS OFF PLANNED STRIKE — FIRST DE-ESCALATION — BUT "FOR A LITTLE WHILE"

• NPR/PBS (May 19): Trump called off "a very major attack" planned for Tuesday.
• Deferred at request of Saudi Arabia, Qatar, UAE — "they think they are getting very close to a deal."
• Trump: "for a little while, hopefully, maybe forever."
• Strike packages and Pentagon target plans remain READY.
• Food impact: First reversal of escalation trajectory since ceasefire frayed. But conditional, measured in days. Strait still closed. Structural damage continues. No food transit relief.
• Assessment: DOWNGRADE from C21's RED to ORANGE. The immediate threat of combat resumption has receded for 48-72 hours. This is meaningful but fragile. C21's "decision point" resolved toward restraint. Watch whether "2-3 days" holds or collapses.

• Axios (May 6): US-Iran closing in on one-page memo to end war.
• Iran FM: "just inches away" but "maximalist demands."
• US 14-point document: halt enrichment 12 years, hand over 440kg enriched uranium, one facility.
• Iran omitted uranium commitment in latest response.
• Food impact: Framework EXISTS (new vs C21). But the gap is nuclear — the hardest issue. Even a deal does not equal Hormuz reopening. Pentagon: mine clearance 6 months. Physical food transit requires months beyond any political agreement.

• TradingEconomics: Wheat 668.28 (May 19, +0.57%). Up 11.94% monthly, +22.40% YoY.
• USDA: 1.561B bushels — lowest since 1972. Winter wheat 28% G/E.
• China $17B annual ag import pledge adds demand pressure.
• C21's pullback to $6.50 has REVERSED. Now at highest sustained level.
• Food impact: Wheat is trending TOWARD $7 regardless of Iran diplomacy. USDA supply deficit is structural. China demand is additive. A deal collapse = instant $7+ breach. Even deal progress may not reverse the trend given US production fundamentals.

• 55M at risk Jun-Aug in West/Central Africa. 13M children face malnutrition.
• Nigeria WFP: 72,000 vs 1.3M (95% collapse). Borno: 15,000+ at Phase 5.
• WFP needs $453M, funding -40%.
• Oil $110 at entry = record fuel-dependent food transport costs.
• Food impact: Even a deal announcement TODAY does not change lean season entry conditions. The 55M figure was set before oil hit $110. Quadruple phosphate means next planting is compromised. This damage is IRREVERSIBLE for the Jun-Aug period.

• 30% of global sulfuric acid trade removed. 60% of production feeds fertilizer.
• Buffer stocks from pre-May 1 panic buying now DEPLETING.
• S&P Global: restrictions squeezing miners AND fertilizer producers.
• Ban extends through all 2026 — SOVEREIGN Chinese policy, not Iran-linked.
• Food impact: Day 20 = buffer exhaustion beginning in most vulnerable regions. Combined with Hormuz sulfur blockage, the global phosphate chain is in structural deficit. An Iran deal does not address this. The China ban is independent policy that persists regardless of Hormuz status.

Commodity Price Dashboard

Fertilizer cascade (Day 81 zero transit — CHINA DAY 20 — MOROCCO OCP CUT — MOSAIC 2M TONS — QUADRUPLE PHOSPHATE):

• Nitrogen: urea $575 spot / $800-860 retail. Ammonia $995-1,250 (avg $1,133.50). Spot stable but +23.46% YoY.
• Phosphorus: QUADRUPLE DISRUPTION — NO RECOVERY PATHWAY — INDEPENDENT OF IRAN DEAL. (1) Hormuz sulfur blocked Day 81. (2) China H2SO4 ban Day 20 — buffer depletion phase. (3) Morocco OCP Q2 cut up to 30%. (4) Mosaic: 2M tons off, margin-crushed. StoneX: "lowest phosphate price for 2026 may have passed." farmdoc: IL costs >$20/acre above pre-conflict.
• India: Triple Kharif risk — planting NOW. IMD 92% LPA. El Nino 62%. Fert import bill $18B. Subsidy insufficient.
• KEY: Day 20 of China ban = buffer exhaustion beginning in most vulnerable regions. An Iran deal addresses ONE of four phosphate disruptions. The other three persist regardless.

Country Food Security Matrix (Cycle 22)

Fertilizer Supply Chain

Production status (Day 81, zero restart — CHINA DAY 20 — MOROCCO OCP CUT — MOSAIC 2M TONS — QUADRUPLE PHOSPHATE):

• QAFCO (Qatar): SHUT — 5.6M t/year offline. Day 81.
• China: H2SO4 export ban DAY 20 OPERATIONAL. ~30% of global sulfuric acid trade removed. 60% of 260M+ tonnes annual production feeds fertilizer. 1.5 tonnes H2SO4 per tonne nitrogen fertilizer. Buffer stocks from panic-buying pre-May 1 now DEPLETING. S&P Global confirms restrictions squeezing miners and fertilizer producers. Ban extending through all 2026. SOVEREIGN POLICY — independent of Iran deal.
• Morocco OCP: Q2 PRODUCTION CUT ACTIVE. Up to 30% capacity. Sulfur dependency.
• US Mosaic: 2M TONS removed. Plants at ~50% capacity. Q1 earnings: "soaring sulfur costs crush margins." farmdoc daily: IL costs >$20/acre above pre-conflict. StoneX: "lowest phosphate price for 2026 may have passed."
• India: IMD 92% LPA. El Nino 62% Jun-Aug. Kharif planting NOW. Fert import bill $18B (projected record). Subsidy +11-12% — insufficient. Real monsoon shortfall expected Aug-Sep.
• Bangladesh: 300K+ tonnes rice at risk. Oil $110.
• Iran: Domestic production halted. Blockade Day 81. Strike called off but blockade continues.
• Egypt: Payment crisis active — banks closing, millers can't pay. Import forecast reduced to 12.5Mt (from 13Mt). Domestic harvest partially offsets.
• Brazil: Mosaic closing Araxa + Patrocinio. 85%+ fertilizer imported.
• US: Urea $800-860/ton retail. DAP $840-925/ton. Ammonia avg $1,133.50. 70% farmers can't afford.

1. Hormuz sulfur — Day 81 zero transit. Even deal = 6+ months to clear mines.
2. China — H2SO4 ban Day 20. Buffer depletion phase. Through 2026. INDEPENDENT of Iran deal.
3. Morocco OCP — Q2 cut up to 30%. Sulfur-dependent.
4. US Mosaic — 2M tons off. Margin-crushed.

• DAP leading all fertilizer prices. Retail: $840-925.
• Recovery timeline: Even the BEST Iran deal outcome addresses only Hormuz sulfur (one of four). China ban, Morocco cut, and Mosaic closures are independent. Full phosphate recovery: 12+ months minimum under most optimistic scenario. Realistic: 18-24 months.

• China: CLOSED (extending through 2026)
• Morocco: CURTAILING (sulfur-dependent)
• Russia: Cape route premium + logistical constraints
• US domestic: CURTAILING (Mosaic 2M tons off)
• Aqaba bypass: Fuel-scale only
• Chabahar: CLOSED
• No viable alternative pathway at current scale

Water Infrastructure

Gulf desalination — STRIKE CALLED OFF — IMMEDIATE RISK REDUCED — TARGET PLANS STILL READY:

Water dependency reference (unchanged):

• Kuwait: 90% desalination dependent
• Bahrain: 95%+
• Qatar: near-100% drinking water
• Oman: 86%
• Saudi Arabia: 70%
• UAE: 42% (90% of drinking water)

Humanitarian Access

WFP status Day 81:

• Zero humanitarian cargo through Hormuz (Day 81). Strike called off but strait still closed. No reopening timeline even under deal framework.
• ~2,000 ships stranded (up from 1,550+ C21 figure). Daily transits: ~10, almost all Iranian-linked.
• 10,000+ tons WFP food for Afghan children: STILL stuck (Day 81). Chabahar CLOSED.
• WFP reaching <10% of food insecure in Afghanistan. 9.5M food insecure. $622M shortfall.
• Malnutrition among Afghan women/children projected to reach 4.9M in 2026.
• WFP: $13B need globally — expects ~HALF. Funding down 40% since 2024.
• Sudan: 25M facing acute hunger (HALF the population). Famine confirmed in Al Fasher + Kadugli.
• WFP suspended 135,000 Syrian refugees in Jordan + 250,000 Sudanese refugees in Egypt.
• Somalia: WFP reaching 350,000 vs 2.2M one year ago.
• Yemen: 38+ WFP staff detained. One died in detention.
• Nigeria: WFP reaching 72,000 vs 1.3M in 2025 lean season — 95% REDUCTION.
• 8 contexts facing famine conditions: Afghanistan, Gaza, Haiti, Mali, Somalia, South Sudan, Sudan, Yemen.
• 363M+ projected global food insecure (318M baseline + 45M war increment). WFP 45M scenario FULLY ACTIVE.
• 266M in acute food insecurity across 47 countries.
• Famine confirmed/projected in 3 contexts simultaneously: Gaza, Sudan, South Sudan.
• West & Central Africa: 55M at risk for Jun-Aug lean season (11 DAYS). WFP funding -40%. WFP needs $453M.
• UNCTAD: 9.1M additional in Asia at risk if oil >$100 — threshold EXCEEDED ($110).
• Egypt payment crisis: active — import forecast reduced to 12.5Mt.

• Layer 1: Hormuz closed (Day 81). Strike called off but no reopening timeline. Even deal = 6+ months mine clearance.
• Layer 2: Central Asia reroute: weeks-long, insufficient volume.
• Layer 3: Chabahar CLOSED. India divesting.
• ALL THREE LAYERS FAILED. Strike calloff is diplomatically positive but physically irrelevant for Afghan food access.

Cross-Tracker Linkage

→ Hormuz Crisis Tracker: Day 81. Trump called off planned strike (May 19) at Gulf allies' request. "Serious negotiations" per Trump. ~2,000 ships stranded. Strait still functionally closed. Iran says "open" with condition of naval cooperation. Project Freedom paused. UK deploying escort assets. Deal framework exists but nuclear gap unresolved. Mine clearance: 6 months minimum per Pentagon. Physical reopening timeline: months even under best case.

→ Global Oil Shortage Tracker: Brent ~$110 — down ~$1 from C21 on strike calloff. Relief rally, not supply improvement. Physical supply: zero change. Strait closed. If deal framework collapses: $120+ within days. If deal progresses: gradual decline toward $95-100 over MONTHS (mine clearance timeline). Oil below $100 requires physical Hormuz reopening, which is not imminent under any scenario.

→ TACO (Trump Policy Oscillation): OSCILLATION HAS RESUMED. C21 tracked collapse into hawkish pole (NSC deciding military action). C22: Trump REVERSED at Gulf allies' request — swinging back toward deal-making. This is CLASSIC TACO oscillation: hawkish ultimatum → intervention by allies → deal rhetoric → next trigger. The pattern predicts: if deal talks stall within 48-72 hours, Trump re-escalates. The food system cannot plan around oscillation — it needs STABLE physical conditions (open strait, functioning supply chains) that oscillation by definition prevents.

Escalation Triggers (Updated C22)

C22 Assessment Summary

What changed C21→C22:

• MAJOR POSITIVES: Trump called off planned "very major attack" at Gulf allies' request (May 19) — first de-escalation since ceasefire frayed. Deal framework exists (one-page memo, 14-point document). Iran FM says "just inches away." Gulf allies actively mediating. Brent eased $1 to ~$110. Combat resumption probability reduced from 35-40% to 20-25%. Deal framework probability jumped from 2-3% to 8-12%.
• MAJOR NEGATIVES: Wheat REVERSED C21 pullback, rising to $6.68 — USDA lowest production since 1972 (structural, not war-driven). China H2SO4 Day 20 — buffer depletion phase (sovereign policy, independent of Iran deal). Lean season now 11 DAYS — entry conditions locked in, irreversible for Jun-Aug. Quadruple phosphate unchanged — deal addresses one of four disruptions. Strait still functionally closed Day 81 — ~2,000 ships stranded. Even deal = 6+ months mine clearance for physical reopening. WFP humanitarian access: zero improvement. Nigeria WFP coverage: 95% collapsed. Kuwait desal repair: 27 CYCLES STALE.
• NET: Score DOWNGRADED to 9.5 from 9.8. The strike calloff is the single most positive development since the ceasefire began to fracture. It has meaningfully reduced the probability of near-term combat resumption and infrastructure targeting. This justifies a 0.3-point downgrade. However, the downgrade is limited because: (1) the deferral is conditional and measured in days; (2) the Strait remains closed; (3) all structural food system damage (fertilizer, lean season, India Kharif, WFP funding) continues accumulating; (4) wheat is rising on fundamentals INDEPENDENT of Iran; (5) China H2SO4 is sovereign policy unrelated to the deal; (6) even the most optimistic deal timeline produces no physical food transit for months. The de-escalation addresses the ACUTE threat (combat) while doing nothing for the CHRONIC crisis (81 days of structural food system damage with no reversal mechanism).

• Deal path (8-12%, ↑↑): Framework advances → nuclear gap bridged → ceasefire formalized → gradual Hormuz demining begins → physical reopening 6-12 months → food transit resumes slowly. Score: 9.5 → 8.0 over 90 days. SIGNIFICANTLY improved from C21's 2-3%. The existence of a framework, Gulf mediation, and strike deferral are all positive. But the nuclear gap (440kg enriched uranium) is the HARDEST issue, and Iran has already omitted it from responses.
• Collapse path (25-30%, ↓): 48-72 hour window expires without deal progress → Trump re-escalates → strikes authorized → oil $130-150 → Hormuz indefinite → all metrics uncharted. Score: 9.5 → 10.0 within days. DOWN from C21's 45-50% but still substantial. The pattern (TACO oscillation) predicts re-escalation if talks stall.
• Limbo path (58-65%, ↑ — NOW CLEAR BASE CASE): Talks continue inconclusively → ceasefire holds but Hormuz stays closed → lean season hits → Kharif at risk → oil $105-115 → structural damage deepens week by week. Score: 9.5 → 9.7 gradual climb through June-July. This is the MOST LIKELY outcome — talks that produce hope but not reopening, while the food system absorbs irreversible damage. Limbo is not neutral; it is slow-motion structural collapse.

1. 48-72 HOUR WINDOW: Do deal talks produce concrete progress on the nuclear issue? If no: Trump re-escalation likely.
2. Iran response to 14-point document: does uranium commitment appear?
3. Oil: does Brent hold ~$110 or drift lower on deal optimism? Below $105 = meaningful food relief.
4. Wheat: does $6.68 hold or continue toward $7? Trend is now independent of Iran.
5. Lean season: June 1 onset. 11 days. Entry conditions locked.
6. China H2SO4 Day 22+: buffer exhaustion reports from India, Africa?
7. Gulf allies: do Saudi/Qatar/UAE produce tangible deal progress or was the intervention just delay?
8. Hormuz: any change in ship movements? Iran naval cooperation conditions?
9. India Kharif: early sowing data — fertilizer availability at farm gate.
10. Egypt payment crisis: does reduced import forecast (12.5Mt) hold or worsen?
11. FAO FPI May data (~Jun 6): captures oil $110 + wheat $6.68.
12. Kuwait desal: 27 CYCLES STALE. No excuse for this blind spot.

Scout 🏹 — Cycle 22 complete. Day 81. Score 9.5/10 (↓ from 9.8). Trump called off planned "very major attack" at Gulf allies' request — first de-escalation since ceasefire frayed. Deal framework exists, Iran FM says "just inches away," but nuclear gap (440kg uranium) unresolved. Brent ~$110 (↓$1). BUT: strike deferred "for a little while" — days, not weeks. Strait still closed Day 81, ~2,000 ships stranded. Wheat REVERSED to $6.68 — USDA lowest production since 1972. China H2SO4 Day 20 — buffer depletion, sovereign policy independent of deal. Lean season 11 days — entry conditions locked. Quadruple phosphate: deal addresses one of four disruptions. The de-escalation is real but narrow: it reduces the acute combat threat while doing nothing for 81 days of structural food system damage that has no reversal mechanism. Limbo — talks that produce hope but not reopening — is now the clear base case.