The U.S. Commerce Department has declined to authorize Polestar (Nasdaq: PSNY) to sell model year 2027 and later vehicles in the United States under the Connected Vehicle Rule that took effect in January 2025. The decision bars the Geely-owned Swedish EV brand even though the Polestar 3 is assembled in South Carolina, because the rule targets vehicles deemed to have a “sufficient nexus” to China. Polestar said it will continue selling existing inventory of the Polestar 3 and Polestar 4 and support current owners through its service network. The move increases pressure on profitability as the U.S. accounted for 6% of its Q1 2026 sales and the company reported a -3.2% gross margin.

COMEX gold prices moved back above $4,000 an ounce, while silver rebounded by $1 an ounce in a single session. The move was driven mainly by a softer US dollar index, which boosted the appeal of dollar-denominated precious metals. The rally reflected a short-term technical breakout and a currency-linked move rather than fresh inflation or a sudden geopolitical escalation, and it also triggered program-driven buying and reactions around key option strike levels.

Wheat futures were mixed on Thursday, with Chicago SRW and MIAX contracts edging higher while most Kansas City HRW and Minneapolis spring wheat contracts declined. USDA reported weekly export sales of 504,489 MT for the week of 6/18, near the top of trade estimates of 250,000 to 600,000 MT. The sales total was 25.86% above the prior week and nearly double the same week last year. Global 2026/27 wheat production was estimated at 821 MMT, while ending stocks were revised lower and EU production and stocks were also trimmed.

USDA reported weekly cotton export sales of 83,864 running bales (RB) for 2025/26 in the week of 6/18, a six-week low but slightly above the same week last year. New-crop sales totaled 67,089 RB, also a six-week low. Shipments reached 300,155 RB, a four-week high and up 46.64% from the same week in 2025. ICE cotton futures showed a weaker nearby July contract and firmer deferred months, with July down 187 points while December and March posted gains.

Unusually heavy rains in Ivory Coast and Ghana have flooded roads and disrupted access to farms and ports, heightening supply worries and raising brown rot disease risks for cocoa trees. Japan’s Meteorological Agency has confirmed an El Niño pattern, while NOAA puts the odds of a “Super El Niño” this year at 67%, a scenario that could worsen drought and cut output. Early cherelle surveys point to a weaker 2026/27 crop outlook even as 2025/26 port arrivals are up 18.9% year on year. The latest weather-driven supply concerns have eclipsed an otherwise bearish backdrop of elevated inventories and softer demand, including year-on-year declines in Q1 grindings in North America and Europe.

Oil prices reversed earlier declines after reports that a cargo vessel was hit by an unknown projectile off Oman near the Strait of Hormuz, an incident confirmed by the UK Maritime Trade Operations. Several freighters reportedly turned back, and maritime intelligence firms said broadcasts attributed to the Iranian navy warned ships not to transit the strait. The renewed disruption risk followed signs of easing supply strains after vessel traffic resumed through Hormuz and Saudi shipments moved toward Ras Tanura. The shift in sentiment pushed August WTI crude and August RBOB gasoline futures into positive territory on the day.

SpaceX completed its first $25 billion senior unsecured bond offering, with the 10-year tranche pricing about 40 basis points wider than BBB peers, underscoring investor unease over heavy cash burn and uncertain long-term profitability. The company said proceeds will refinance a $20 billion short-term bridge loan and help fund capital spending tied to Starship, Starlink expansion and AI data centers. It also disclosed data-center leasing agreements with Google and Anthropic totaling about $26 billion a year, but the softer pricing suggests investors are focused on execution risk rather than longer-dated growth narratives.

Binance saw about $250M in weekly exchange outflows ahead of the MiCA deadline. The figure points to notable capital moving off the platform as the regulatory cutoff approaches.