Good afternoon and welcome to Markets Desk, your midday read on what's moving.
Sweetgreen took a hit in after-hours trading after the salad chain disclosed a cyclospora outbreak tied to jalapenos, triggering a recall and warning investors the contamination will weigh on near-term sales. The company was quick to note it does not use iceberg lettuce and only incorporates jalapenos in two dressings, but the market wasn't in a forgiving mood.
Shifting to the commodity pits, corn futures closed Thursday near session highs, with contracts finishing one and a quarter to two and a quarter cents higher. The CmdtyView national average cash corn price settled at four dollars nine and three quarters, supported by USDA export sales data that gave bulls just enough to work with heading into the weekend.
And in the coffee market, prices moved the other direction. September arabica futures fell one point six one percent while robusta dropped two point three nine percent. The culprit was dry weather forecasts over Brazil's growing regions, which should accelerate the drying and harvest of beans, easing supply concerns and pulling prices lower across both contracts.
That's the tape. Markets Desk, signing off the floor.
