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Brexit vote has markets on edge

A commodity broker says the UK’s vote yesterday to exit the European Union jolted the global market place.

Pete Manhart owner of Illinois based Bates Commodities says it’s been a wild day in the financials and that has carried over into the rest of the markets including commodities.  “Beans at one time were down 26, right now we’re down 12 to 15,” he says.  “Corn was down 10 to 12, right now we’re down 3 to 4.”

Manhart tells Brownfield commodity prices have dropped like a rock this week and yesterday’s vote added even more pressure to the market.  “It did have a big, huge jolt to the world, we’ll just have to see how long it lasts,” he says.  “But in the background the main thing that has pushed prices down is good weather forecasts for the next couple of weeks.”

The value of the British pound has also dropped, boosting the US dollar and Manhart says that makes US commodities even more expensive.

AUDIO: Pete Manhart, Bates Commodities