There was a general risk-off trade among almost all markets today. The stock market fell 3% from yesterday's close. The S&P 500 stock market index is currently -14% since the end of last year. Today's close was just over the poor closes on 5/11 and 5/12. Fears of a relentless rise in interest rates ahead are a concern. Crude oil, our key focus, fell $3 per barrel today. Grains were also impacted by larger Russian wheat production estimates.
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