Good afternoon and welcome to Markets Desk.
Sam Altman took the stand today in the civil trial brought by Elon Musk, facing sharp cross-examination over what opposing counsel called a toxic culture of lying. Altman pushed back firmly, telling the court he believes himself to be an honest and trustworthy business person, but the questioning was pointed and at times visibly uncomfortable for the OpenAI chief.
Shifting to commodities, soybeans are leading agricultural markets higher after this morning's USDA report showed tighter-than-expected stocks. The national average cash bean price climbed nearly fifteen cents to close in on eleven dollars and sixty-two cents a bushel, with soymeal and soy oil both catching a bid. Corn is also holding Tuesday gains despite a more bearish read from the same USDA data, with futures up three to four cents and cash corn near four dollars and thirty-nine cents.
Meanwhile, coffee prices are retreating on dollar strength, with July arabica contracts down over one percent on the session. A firmer dollar index is weighing on dollar-denominated commodities broadly, though inventory tightness on the ICE exchange is keeping losses from running deeper on both arabica and robusta contracts.
That's the tape. Markets Desk, signing off the floor.
