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...
Beef packer margins improved to -$130/head last week, up $44 from the prior week as sharply lower fed cattle prices more than offset continued seasonal weakness in the Choice cutout. The cutout declined to $373/cwt while fed cattle prices fell to $238/cwt, allowing packer spreads to recover for...
What You Need to Know Today: The conflict between the U.S. and Iran continues to escalate with the two sides exchanging attacks over the weekend. President Trump said Iran “will pay” for recent attacks that claimed the lives of U.S. troops stationed in Jordan. There are some signs...
