What You Need to Know Today:

Rising hostilities and an end to any semblance of a ceasefire between the U.S. and Iran created geopolitical risk-off trade in macroeconomic markets, though the CBOT seemed immune. President Trump announced the U.S. military would resume its naval blockade on Iran. President Trump said Monday morning that the U.S. will take control of the Hormuz Strait and will accept a 20 percent reimbursement on all cargo shipped via the waterway. The Russian shipping industry says security concerns are still preventing vessels from using the Kerch Strait, which connects Russia’s Sea of Azov with the Black Sea and accounts for 25 percent of Russia’s grain handling flows. CBOT markets are still warily watching the...