Good afternoon, you're tuned to Markets Desk, and here's where things stand.
Treasury yields are commanding attention today, with the ten-year climbing to its highest level since two thousand seven as bond investors continue to price in a more aggressive Federal Reserve. The sell-off in government debt reflects a market that increasingly believes the Fed has more work to do, and that higher rates are here to stay longer than many had hoped.
Turning to commodities, soybeans are pushing higher at midday, with front-month futures up eight to ten cents and the national cash price sitting near twelve dollars and forty-six cents. Soymeal is following the grain complex higher, though soy oil is running against the trend, slipping forty-five to fifty-five points across the board, suggesting the move is protein-driven rather than a broad oilseed rally.
And in the Middle East, the pressure on Saudi Arabia is intensifying on two fronts. Houthi rebels and Iraqi militants aligned with Iran are squeezing the kingdom in what analysts are calling the most serious challenge to Crown Prince Mohammed since the Khashoggi fallout. With the East-West pipeline already facing disruption, energy markets are watching Riyadh closely, and traders are warning oil prices have room to move sharply higher.
That's the tape. Markets Desk, signing off the floor.
