Good morning, you're listening to Markets Desk.
Wheat futures are leading a broad grain rally this Wednesday, with Chicago, Kansas City, and Minneapolis contracts all posting gains of fifteen to twenty-two cents on the session. The driver is Black Sea escalation, which is tightening the supply calculus and pulling corn and cotton higher in sympathy as traders reprice geopolitical risk across the agricultural complex.
Shifting to the housing market, sellers across the country are finding conditions increasingly unforgiving. From Miami to Seattle, homes are sitting on the market longer before attracting offers, a sign that elevated mortgage rates and stretched valuations are finally cooling buyer urgency in markets that held firm longer than most economists expected.
And on the fiscal front, a piece worth watching out of Fortune this morning makes the case for a constitutional amendment to address the national debt, which now sits above one hundred percent of gross domestic product. The Congressional Budget Office projects that figure could reach one hundred seventy-five percent of GDP within thirty years if Washington holds its current course, a trajectory that centuries of sovereign debt history suggest carries serious consequences.
That's the tape. Markets Desk, signing off the floor.
