Welcome to Markets Desk, here's what's moving this hour.
Crude oil is doing the heavy lifting in soft commodities today, with sugar futures catching a meaningful bid as rising oil prices triggered short covering across the complex. July New York world sugar is up nearly one percent, and London white sugar is following suit, with energy costs and ethanol economics keeping the bulls engaged.
Shifting to cocoa, the picture is considerably darker. July ICE New York cocoa is off more than three percent, sliding toward two-week lows as a surging dollar index hitting a six-week high makes dollar-denominated commodities less attractive to foreign buyers. Rising ICE warehouse inventories are adding to the selling pressure, giving traders little reason to step in.
Away from the pits, Walmart's chief financial officer is sounding a cautious note on the American consumer. The retail giant says shoppers are putting less gasoline in their tanks, citing budget strain as elevated prices bite into discretionary spending. With Wall Street already watching for the economic ripple effects of the Iran conflict, that kind of behavioral signal from the country's largest retailer carries real weight.
That's the tape. Markets Desk, signing off the floor.
