(NAFB) The energy markets are watching what’s happening in Iraq and expecting prices to head higher. Late last week, Naomi Bloom, senior market advisor with Total Farm Marketing, said the commodity markets are also closely watching the developments.
“So that would be the one caveat to be watching for. If crude oil prices work higher, we’ll see short covering from the funds that are still short some of these grain markets. So, when they cover their shorts, that means they’re buying them back. And then, that potentially could lead to new technical buying as well, so definitely be mindful of that. Obviously, we don’t want a war, and we want to not market our crop based on war, so be realistic about the fundamentals at hand. But to your point, you should be mindful of what’s happening in the Middle East.”
Again, Naomi Bloom with Total Farm Marketing.
Audio provided by Brian Winnekins, WRDN, Durand, Wisconsin
Audio with Naomi Bloom, senior market adviser with Total Farm Marketing, West Bend, Wisconsin
