What You Need to Know Today:
The U.S. struck Iranian military targets for the second time this week. During a cabinet meeting, President Trump said that the Strait of Hormuz is international waters and will be open to everybody, which appears to be wishful thinking. Control of the Strait of Hormuz is one of the major hang-ups preventing a deal between the U.S. and Iran. Trump’s tone has changed as he now says he will not rush a deal after implying that a deal was imminent as recently as last Sunday. However, markets received another twist when the AP reported a tentative agreement to extend a ceasefire and launch talks on Iran’s nuclear program was reached, pending Trump’s final approval. The Personal Consumption Ex...
What You Need to Know Today: The U.S. dollar continued to strengthen Thursday as persistent inflation reinforced expectations for additional Federal Reserve interest rate hikes. Higher Treasury yields have helped support the dollar, potentially reducing the competitiveness of U.S. agricultural...
In yesterday’s WASDE, USDA reduced its overall red meat and poultry production forecast for 2026 as declines in beef and broiler output more than offset increases in pork and turkey production. Fourth-quarter beef production was revised downward because of slower fed cattle marketings and...
Key Takeaways: Dry bulk freight markets were stronger this week, but the rally was uneven and due to divergent dynamics across basins and vessel classes. Panamax markets were broadly higher, but Atlantic grain demand was primarily responsible while Asian activity was subdued. That trend...
