Welcome to Markets Desk, here's what's moving in commodities this Thursday.
Wheat led the grain complex higher, with Chicago soft red winter and Kansas City hard red winter contracts pushing to three-year highs. Chicago contracts closed eight to twelve and a half cents higher, while Kansas City futures added ten to thirteen and a quarter cents. Supply concerns and technical momentum continue to drive the buying.
Corn couldn't hold the week's earlier gains, with front-month contracts slipping three to four and a quarter cents on the session, and deferred contracts falling as much as eight and a quarter cents. The national average cash corn price eased back three cents to four dollars and eighty-two cents. After a strong first half of the week, bulls simply stepped aside.
In soft commodities, both cotton and sugar found firm footing. Cotton's December contract pushed back above ninety cents despite disappointing export sales of just ninety-five thousand seven hundred twenty-six running bales, with crude oil's one dollar thirty-one gain offering support. Sugar added to that theme, with October New York world sugar up nearly two and eight-tenths percent on forecasts for tighter global output, including reduced European Union production heading into the two thousand twenty-six to twenty-seven crop year.
That's the tape. Markets Desk, signing off the floor.
