Good afternoon and welcome to Markets Desk.
Commodity traders are watching a split tape in the agricultural space today. Cotton futures are posting solid midday gains of one hundred eight to one hundred forty six points, supported by a softer dollar index sitting near ninety nine point two four zero, though crude oil falling more than five dollars to seventy five fifty three is capping the upside.
In lean hogs, the picture is murkier. July contracts are under pressure, off more than a dollar at midday, with spreading activity keeping deferred months relatively steady. The USDA national base hog price came in near ninety seven fifty seven in the afternoon session, recovering somewhat from the morning read, but the CME Lean Hog Index continues to drift lower, last quoted at ninety two dollars and nine cents.
On the political front, a significant upset in Georgia's Republican gubernatorial primary, where billionaire Rick Jackson defeated Trump-backed incumbent Burt Jones in the runoff. The general election will now pit Jackson against former Atlanta Mayor Keisha Lance Bottoms, setting up what could be a competitive race for a state that has become a genuine battleground at every level of the ballot.
That's the tape. Markets Desk, signing off the floor.
