Welcome back to Markets Desk, your midday read on what's moving markets and making news.
Wheat is surging across all three major exchanges at midday, with Chicago soft red winter contracts up fifteen cents in the front months, Kansas City hard red winter adding fourteen to fifteen and a half cents, and Minneapolis spring wheat climbing twelve to thirteen cents. Supply concerns and renewed export demand appear to be driving the broad-based rally.
Shifting to Washington, Kevin Warsh has officially taken the chair at the Federal Reserve, succeeding Jerome Powell, and early signals suggest he intends to reshape how the institution operates. The Fed held rates steady at his first meeting, which was widely expected, but Warsh is already signaling potential changes to long-standing FOMC traditions, consistent with his reputation as a hawkish voice on inflation.
And in a move that underscores just how quickly SpaceX has reshaped the investment landscape since its historic IPO last week, Roelof Botha has joined the company's board of directors. The longtime venture capital heavyweight and former steward at Sequoia Capital is reuniting with Elon Musk, whose personal wealth has now crossed one trillion dollars, making him the first individual in history to reach that threshold.
That's the tape. Markets Desk, signing off the floor.
