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Markets await clarity on potential Iran ag purchases

A market analyst says it remains to be seen if Iran begins to make purchases of U.S. ag goods.

Jim McCormick is with AgMarket.Net and says, “That’s the hard part about it because we’re dealing with a country we haven’t traded with for 30 to 40 years in general very aggressively, so how do you get to reliability of it.”

President Trump recently said the U.S. could look to unfreeze some Iranian funds that would be used to buy some U.S. agricultural products.

McCormick tells Brownfield the market hasn’t paid much attention to the issue.

“I think how you look at the marketplace as a producer, if you can get Iran to come in and buy I think that’s a bonus. The market would react positively to it. But right now the market has taken incredible skepticism that any deals are going to get done.”

McCormick says the market hasn’t factored that into commodity prices yet.