Hormuz opened, oil crashed, then Iran slammed the door shut again and the U.S. Navy shot a hole in an Iranian cargo ship for good measure — all while the latest Cattle on Feed report quietly confirmed the bull story for cattle. In this episode of the Friggin’ Farm & Ranch Report, we walk through a “cautiously bullish, elevated risk” market: COF placements down 7.67% year over year, on feed down 0.53%, but futures and feeders still selling off for a third straight session. We hit cash cattle at 248 live and 388 dressed, feeders getting hammered with the CME Index back to 377.67, and boxed beef demand strong enough to collapse the Choice/Select spread to 54 cents. Then we swing through corn under the 4.50 pain line, an 11.45% faceplant in WTI on Friday, and why that diesel relief may be short‑lived if Iran makes good on its retaliation threats once the ceasefire clock runs out Wednesday. War Reel covers the rapid escalation in the Strait of Hormuz — from “world exhale” on Friday to ship seizures and canceled talks by Monday — and what it means for your fuel bill, fertilizer, and grain flows. We wrap with the Farm Bill timeline, new sanctions and USDA rules, a brutal Southeast/Southern Plains drought that’s driving herd liquidation, and the same old reminder: this is a don’t‑screw‑up market, not a get‑rich market. Learn more about your ad choices. Visit megaphone.fm/adchoices