The US-Iran war has rocked global markets, with the safe-haven gold facing headwinds while oil stocks, cryptos, and cryptocurrencies are rallying. Yet one commodity has outperformed every other financial group more than 40 times.
Potato contracts for difference (CFDs) surged nearly 705% within a month, undercutting every financial group.
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Potatoes Just Won Bitcoin This Month
The 705% jump came in a green month for risky assets. Bitcoin (BTC) gained 13.1% last month. Ethereum (ETH) added 6.2%, while the crypto market grew by 10.8%.
US equities rose again. The Nasdaq Composite rose 15%, the S&P 500 added 9.07%, and the Dow Jones Industrial Average rose 2.95%.
Productivity gains were mixed. According to data from Trading Economics, Brent crude rose 5.86%, oil jumped 16.1%, and silver added 8.37%. Gold was down 0.25%, and West Texas Intermediate (WTI) was down 2.08%.
Even the best performers failed to move 705% of the potato CFD more than 40 times.
Why Potatoes Are Growing
It is important to know that the pump reflects financial markets affected by the instability in the Iran war, not a real shortage in the potato sector. Euro News reports that the price per 100 kilograms has risen from around €2.11 on April 21 to €18.50 as of April 21.
“Since potato is a nutrient-dense crop, the sudden lack of cheap fertilizers also affects future yields and the current market valuation.” To make matters worse, regional instability has made shipping dangerous, making agricultural trade difficult,” he said.
Even at that level, potato prices remain good here a market that has been sold in the last two years, while European producers are working through a sufficient increase. Therefore, traders are hedging futures based on the risks and consequences of the Iran conflict.
“Traders seem to be backing away from future deals and are no longer prioritizing current events.” Although for European consumers, this does not mean a significant increase in the price of food, the movement of potato CFDs shows a worrying market that is trying to roll over several currencies and those related to the economy of the Iran war. ” report read it.
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A note The Best Trade of the Month Wasn’t Crypto or Oil, It Was Potatoes appeared for the first time BeInCrypto.
