Welcome to Markets Desk, here's what's moving the needle right now.
Secretary of State Rubio testified before the Senate Foreign Relations Committee today, telling lawmakers that Iran has mined large segments of the Strait of Hormuz. Rubio called the actions illegal, and the implications are significant — the strait is the passage point for roughly a fifth of global oil supply, and any disruption there ripples immediately into energy prices and broader market sentiment.
Speaking of commodities under pressure, corn futures are extending their slide into Tuesday, with new crop contracts leading the losses, down as much as five cents. The national average cash price is sitting at just over four dollars, and USDA crop progress data showing ninety-three percent of the domestic corn crop already in the ground is removing some of the weather-risk premium that had been supporting prices.
Meanwhile, cotton is moving in the opposite direction, bouncing between fifty-five and seventy points higher at midday. The move is getting some lift from crude oil, which is up over a dollar, and a modestly firmer dollar index. Crop progress showed sixty-six percent of the cotton crop planted as of the end of May, running one percent below the seasonal average — a slight supply-side concern keeping buyers engaged.
That's the tape. Markets Desk, signing off the floor.
