Commodities desk · Evening edition · Friday, September 11, 2026
The real-asset complex still isn't moving as one trade: energy, metals and grains keep telling separate stories even as bond yields swing back toward cycle highs on hot CPI. Grains diverged sharply — corn held a 3.50% gain while wheat's rally cooled to 0.41% and soybeans fell 1.29%. Coffee's rout deepened again to -9.85% and cocoa flipped negative to -0.81%, as the softs complex rolled over together.
Prices in this edition were taken live, not from stored closes. They were read at the Evening edition slot on Friday, September 11, 2026. Anything named as a cause may come from a headline the desk was given.
- Corn's good/excellent rating slipped again to 56% versus the 60% five-year norm, yet corn still gained 3.50% today.
- Diesel's retreat from Wednesday's record came despite distillate stocks rising 2.0% and refinery runs staying near-max at 97.8%.
- Soybean crop conditions held at 58% versus the 59% norm even as soybeans fell 1.29% and soybean oil dropped 2.34%.
- Wheat's rally cooled sharply to +0.41% from +2.21%, breaking step with corn's continued gain.
- Cocoa flipped from +1.69% to -0.81%, joining coffee's renewed slide as softs broadly roll over.
- Oil's mean-reversion continued as WTI fell 2.16% and Brent fell 2.76%, extending Wednesday's reversal.
- Fear & Greed slipped to 33, down from 45 a week ago, a genuine fear reading not offset by metals strength.
- Gold's third straight pullback to 4391.40, down 1.79% since Sept 9, argues against a fresh inflation-hedge rotation.
- Platinum's slide to 16.26, down 6.06% since it was first flagged, looks like ordinary trading, not real-asset positioning.
- Diverging grains and softs argue against treating commodities as one macro trade right now.
- Hot CPI and rising yields keep inflation-hedge logic alive even as gold itself keeps drifting lower.
- Stay tactical across the complex — today's divergence across energy, grains and softs cuts against a unified real-asset theme.
Coffee's slide accelerated to a fresh multi-week low, down 9.85% today and 4.52% since it was first flagged.
Gasoline round-tripped from Wednesday's 3.39 spike back to 3.13, near its early-September lows.
Diesel's record spike to 5.06 on Sept 10 reversed hard to 4.79 as the acute supply scare eased.
The numbers behind it
Every move here is measured between two stored daily closes, so the reading belongs to a session rather than to a time of day. This block is cut at the 2026-09-11 session. Anything named as a driver comes from a stored series and never from a headline.
- Broad Commodities (DBC)33.16USD-1.37%
- Soybean Oil69.01cents/lb-3.18%
- Corn and WheatDivergenceCorn against wheat: -0.73% against -2.25% today, and the spread between them sits 1.6 standard deviations from its own average over the last 60 stored sessions.
- US corn rated good or excellent-4.0ppUS corn rated good or excellent is 56% for the week ending 2026-09-06, -4.0pp against USDA's own published five-year average of 60% for the same week.2026-09-06
- Animal feedfrom Corn
- Corn syrupfrom Corn
- Gasoline (RBOB)3.307USD/gal-2.53%
- WTI Crude Oil and Gasoline (RBOB)DivergenceCrude against gasoline: -2.37% against -2.53% today, and the spread between them sits 2.6 standard deviations from its own average over the last 60 stored sessions.
- Brent Crude Oil and WTI Crude OilConfirmationBrent against WTI: -2.81% against -2.37%, in the same direction, with the spread inside its own recent range.
- ENERGY SELLOFFNothing unusual upstream
- Dieselfrom WTI Crude Oil
- Sugar18.15cents/lb-3.10%
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The desk voices are written by AI, not by human reporters. Every figure is taken from the listed market, sensor and headline data, and an automated check flags any figure or quoted source that is not.