Welcome to Markets Desk, your midday read on what's moving markets and making news.
In the commodities pits, soybeans are pulling back after a strong Thursday session that pushed futures to three-year highs. Contracts are down eleven to twelve cents Friday morning, giving back some of Thursday's gains of thirteen to twenty-two cents. Open interest rose over six thousand contracts Thursday, signaling fresh buying before the retreat.
Turning to soft commodities and a name you know from the financial world, Michael Burry — the investor behind The Big Short — is making a case for fine wine as a portfolio hedge. Writing on Substack, Burry called wines a terrific diversifier, arguing they stand to benefit from dollar weakness, fiat currency flight, and potential fallout from artificial intelligence disruption. It is an unconventional call, but Burry has built a career on those.
And in the wheat complex, modest pressure is weighing on all three exchanges to close the week. Chicago soft red winter contracts are slipping after posting gains of nearly five to twelve cents Thursday. One delivery was issued overnight for September Chicago Board of Trade wheat, keeping traders cautious heading into the weekend close.
That's the tape. Markets Desk, signing off the floor.
