Good afternoon and welcome to Markets Desk, your midday read on what's moving.
Grain markets are pushing higher across the board this Thursday, with soybeans leading the charge, up twelve to seventeen cents in most contracts, and the national cash bean price sitting just above ten dollars and seventy-two cents. Corn is adding four to five cents as well, with limited precipitation forecast across Nebraska, South Dakota, Iowa, and portions of Minnesota and Wisconsin stoking supply concerns heading into July.
Turning to monetary policy, Chicago Fed President Austan Goolsbee told CNBC this morning that inflation remains too high, though he declined to offer any forward guidance on the rate path. He did call incoming Fed chair candidate Kevin Warsh, quote, a serious guy, a comment markets will parse carefully given the ongoing uncertainty around the Fed's leadership and policy direction.
And on the inflation front more broadly, Apple's decision to raise prices on several products is drawing attention from economists who argue it signals that price pressures are stickier than falling gasoline costs might suggest. Cheaper gas offers relief at the pump, but when a company with Apple's pricing power moves higher, it tells you something about the underlying durability of this inflation cycle.
That's the tape. Markets Desk, signing off the floor.
