Good morning, you're tuned in to Markets Desk.
In the soft commodities space, cocoa is clawing back some ground after a brutal Tuesday selloff. September ICE New York contracts are up nearly one point six percent, recovering from a near five percent drop triggered by favorable rainfall forecasts across West Africa's key growing regions. The bounce looks technical for now, with traders watching whether supply concerns can reassert themselves.
Staying in commodities, sugar is pulling back after a strong August run. October New York world sugar contracts are off more than two percent today as long positions get unwound following a sustained rally. London white sugar is also softer. This is classic post-surge consolidation — the fundamentals haven't shifted dramatically, but the easy money on the upside has likely been made.
Meanwhile in space, SpaceX short sellers are retreating in force. Short interest dropped to roughly eleven percent of publicly traded shares Wednesday, down sharply from a peak of thirty-four percent just last week, according to S three Partners. The stock has rebounded more than forty percent off its recent low, and the short squeeze dynamics here have been significant, forcing sellers to cover at increasingly painful levels.
That's the tape. Markets Desk, signing off the floor.
