Good afternoon and welcome to Markets Desk, your midday read on what's moving.
Crude oil is doing the heavy lifting across commodity markets today, with front-month oil surging more than three dollars a barrel back above eighty, and that energy bid is rippling outward. Sugar is catching a sharp lift on the back of that move, with New York world sugar up more than three percent and London white sugar posting a one-week high as traders cover short positions tied directly to the crude rally.
That same energy tailwind is giving corn futures a reason to fight back from early weakness, with most contracts up two to three cents at midday and the national cash price sitting at four dollars twelve and a half cents. Bulls had been struggling to find footing this morning, but the crude resurgence handed them exactly the catalyst they needed to push back.
Soybeans are telling a slightly different story, holding gains of six to eight cents through midday on the strength of fresh export business rather than the energy complex. The national cash bean price is up seven and a half cents at eleven sixty-two and a half, though soymeal is lagging, off more than two dollars, keeping the complex from a clean sweep.
That's the tape. Markets Desk, signing off the floor.
