🌾 New on The Silver Sofa: Field & Sky — When the Gulf Burns, the Field Pays

A tip from Tavi Costa sent me down a rabbit hole that turned into one of the most connected macro setups I've seen in a while.

The Strait of Hormuz isn't just an oil story. It's a fertilizer story. A corn and sugarcane story. A jet fuel story. And quietly — an alternative fuel story that's been building for years and just got a massive catalyst.

In this piece I connect:

🛢️ The Iran war & Hormuz closure — what's actually happening to energy and fertilizer markets

🌽 Corn & cane — already in a cost squeeze before the war, now facing a double shock at the worst possible time during planting season

⛽ The ethanol pivot — why the same shock destroying farmer margins is rebuilding the demand case for homegrown fuel

✈️ Jet fuel at record highs — China has halted exports, airlines are canceling flights, and the crisis is spreading from Asia toward Europe

🔁 And a revisit of $ESAF / $SYNTF (Syntholene Energy) — the synthetic aviation fuel company we covered earlier in the Vance Couch Co. series, which just raised an oversubscribed round right in the middle of all of this

Special thanks to Tavi Costa — the best trades often start as someone else's thread. Go give him a follow.