Another ceasefire between the United States and Iran sent crude oil prices lower. According to Ag Bull Trading President Tommy Grisafi, the cost of energy is just one of many factors sending grain markets significantly lower overnight. “There’s enough rain popping around that might get people thinking that the weather is changing; the irony is with places like Bismarck, North Dakota reaching a record temperature yesterday,” Grisafi told RRFN. “You have massive heat in the Western Cornbelt, but markets looked right through that; they see crude oil down $6 and see weather changing, that’s what happens when markets go as fast as they have, when people leave the exit door it leaves quite a splash.” The other big story in the markets is the reopening of the U.S. border to Mexican cattle. “Interestingly enough, they announced it on a Friday afternoon when the markets are closed and farmers can’t buy LRP insurance.” Grisafi emphasizes that the number of cattle initially coming across the border will be very small, but a volatile start for cattle futures is still expected.
