Welcome to Markets Desk, your midday read on what's moving the needle.
In the agricultural pits, cotton futures hit the front-month limit, closing up three cents in July as a weaker dollar and tight supply conditions gave bulls the upper hand. The US dollar index slid nearly ninety cents to just under ninety-eight, providing a tailwind across commodity markets broadly.
Swinging over to the courtroom, day four of the Musk versus Altman civil trial delivered fresh testimony as Elon Musk returned to the stand and his money manager Jared Birchall addressed questions around Musk's charitable giving. The case centers on Musk's claims that OpenAI and Sam Altman betrayed the nonprofit mission that originally animated the organization, and next week's witness list is already drawing significant attention.
Meanwhile, wheat complex futures retreated Thursday on profit-taking pressure, with Chicago soft red winter contracts falling as much as eighteen and a half cents in the front months. Kansas City hard red winter and Minneapolis spring wheat followed suit, suggesting traders are locking in recent gains amid uncertain export demand and a global supply picture that remains in flux.
That's the tape. Markets Desk, signing off the floor.
