Good afternoon and welcome to Markets Desk.
Oil markets are telling a striking story today. Global crude prices touched their lowest level since the U.S.-Israeli conflict with Iran began nearly four months ago, a decline of more than thirty percent from the May peak. What looked like a catastrophic supply shock has been absorbed far more quietly than most commodity desks anticipated, with demand signals out of China doing much of the heavy lifting in keeping prices in check.
Shifting to equities, SpaceX is nursing a serious wound after a dramatic reversal wiped out roughly six hundred billion dollars in market value. The selloff unwound a rally that had briefly pushed the private rocket firm ahead of both Amazon and Microsoft in valuation terms. The catalyst was investor unease around the so-called Cursor deal, which apparently spooked enough capital to trigger a sharp and swift pullback.
And in the grains complex, the long holiday weekend is arriving with red across the board. Corn futures are down five to six and a half cents in front months, with cash corn sitting at three dollars eighty-four and a half. Wheat is giving back Wednesday's gains with Chicago contracts off ten to eleven cents, and lean hogs are softer as well, with the national base price slipping to ninety-seven thirty-two.
That's the tape. Markets Desk, signing off the floor.
