Markets reportedly reacted today to the U.S. killing of Iranian Maj. Gen. Qassim Suleimani by falling in values and the price of oil rising. However, it is a classic example of a knee-jerk reaction. Middle East tensions run through the region’s history with the larger events in recent decades being wars in Iraq and Afghanistan.  Perhaps the most uncertain period of time was 2001 through 2004. However, during that period the relative values of major agricultural commodities remained tied to fundamental supply and demand (see table below). Thus, the market reaction to today’s news is ephemeral and far less important than next week’s WASDE report. As WPI’s Jody Lefcourt framed it, the news today was simply a prete...