Welcome to Markets Desk, here's what's moving.
Oil is pulling back Tuesday after a volatile session, with crude retreating from sharp gains posted Monday. Traders are weighing the latest developments out of the Middle East, where Iranian activity has kept risk sentiment unstable. The back-and-forth in energy markets reflects just how sensitive positioning remains to geopolitical headlines.
Turning to the agricultural complex, it was a rough Monday across the board. Lean hog futures shed as much as a dollar fifty-five, even as USDA's national base hog price ticked higher to ninety-four dollars and forty-four cents. Cotton contracts fell as much as one hundred twenty-seven points, weighed down despite crude oil's strength on the session, with the dollar index also firming near ninety-eight.
In the wheat pits, the picture was more nuanced. Chicago soft red winter futures managed gains of three to six and a half cents, while Kansas City hard red winter held mostly steady. Minneapolis spring wheat dipped fractionally, leaving the complex in mixed territory as crop progress data and rating reports painted an uneven picture across regions.
That's the tape. Markets Desk, signing off the floor.
