For weeks now, global energy and geopolitical markets have been speculating about a possible conflict in the Middle East between Iran and the U.S., but they still seemed unprepared and entirely surprised by what happened this weekend.
Without going into the details that news outlets have already covered extensively, WPI provides below a short recap of the weekend’s events, particularly as they pertain to global energy trade and ocean freight. Some of the key developments were:
The U.S. killed the Iranian Supreme Leader Khamenei as well as the Iranian defense minister. The U.S./Israeli strikes destroyed nine “important” Iranian naval vessels. In retaliation, Iran attacked some 15 countries nearby, including oil facilities...
What You Need to Know Today: The cattle market rebounded sharply this week, with January feeder cattle futures gaining $16.98/cwt and February live cattle futures advancing $7.60/cwt since last Friday. Tyson Foods' plans to restore a second processing shift at its Amarillo, Texas, facili...
Tuesday’s CPI report from the Bureau of Labor Statistics (BLS) showed inflation roaring back stronger than expected in October. That probably locks in another rate hike – which was expected anyway – at the Federal Open Market Committee (FOMC) meeting in December. Consumer pric...
Key Takeaways: The rationale for farm programs has changed significantly from their original intentions. Farmers’ incomes have grown sharply and have surpassed non-farm incomes beginning in the 1970s. Current farm programs are complex and focus on supporting risk management, environmenta...
