Good afternoon and welcome to Markets Desk, your midday read on what's moving.
In the soft commodities pits, cotton is the standout, extending Monday's gains with futures up anywhere from one hundred thirty-eight to two hundred forty-five points on the session. Crude oil lending a tailwind at nearly two dollars higher, while the dollar's modest strength is keeping a lid on the upside. Crop progress data showing nearly half the domestic cotton crop squared, running two percent ahead of the seasonal average, is giving bulls reason to hold their positions into the close.
Turning to the grain complex, corn is recovering from early softness, trading fractional to two cents higher at midday. Nine additional deliveries were issued against July corn overnight, which is typical of a contract moving toward expiration. The national cash corn average sits just under four dollars and ten cents a bushel, and the latest crop progress report continues to inform price discovery as the growing season advances.
Soybeans are telling a more nuanced story today, with front months posting modest gains led by the thin July contract, while new crop November is barely in the red. Twenty-six deliveries were issued against July overnight. Cash beans nationally are up sharply, nearly forty-seven cents, to eleven dollars and thirty-seven cents, suggesting strong basis demand even as futures trade sideways.
That's the tape. Markets Desk, signing off the floor.
