Commodities desk · Evening edition · Tuesday, November 10, 2026
Waller's December hike talk pushed gold lower as the dollar firmed, while cheaper crude kept pulling US pump prices under $4 a gallon.
Soybeans fell 0.57% on November 9. Over the window, Sugar +8.85% led and Lean hogs -41.72% trailed.
Drawn from the numbers stored with this edition; the same picture is on its share card.
The morning edition's card drew the same chart from its own numbers, written Nov 10, 2026, 9:34 AM EST. Show it.
Diesel fell 2.70% on November 9. Over the window, Natural gas +16.30% led and Gasoline -15.48% trailed.
The picture on the morning edition's share card, drawn from the numbers stored with that edition, written Nov 10, 2026, 9:34 AM EST. The evening edition above replaced it as this day's latest edition.
Rates, not barrels, still set the tone, but the close was calmer than the morning. Fuel recovered part of its early slide, and the broad commodities fund finished down about 0.7%. Gold and silver ended lower as the dollar and the 10-year yield rose after hotter consumer prices and Waller's December hike talk. Oil kept sliding for the week, and CNBC reported US gasoline fell below $4 a gallon for the first time since July.
Soybeans were the day's surprise, up 3.2% with corn also higher, though nothing supplied says why. Natural gas kept climbing, and storage sits just above its seasonal norm. Winter wheat condition improved to 49% good to excellent. Platinum and palladium funds slipped with gold, so the whole precious complex answered to the same firmer dollar.
No supplied headline names the growers, miners or drivers behind these moves, so the human side stays quiet. CNBC did report that gasoline under $4 offers Americans some relief at the pump, and that record credit card debt shows budgets still strained. For anyone holding real assets, cheaper fuel eases inflation pressure while hike talk weighs on metals, so the two pull in opposite directions.
- Brent fell 0.78% to 91.85 and WTI 0.63% to 86.30, recovering part of the morning slide after Trump said the Iran war will end soon.
- Gasoline fell 1.01% to 2.62 and diesel 1.45% to 4.15, while distillate stocks were down 3.5% on the week.
- Natural gas rose 2.73% to 3.31, with storage 0.7% above its seasonal norm as of 2026-10-30.
- Gold fell 1.84% to 4,038.70 as the dollar firmed and the 10-year yield rose after hotter consumer prices.
- Silver fell 2.27% to 51.49, still down about 15% on the month.
- Copper fell 1.17% to 6.27 and platinum fund PPLT fell 2.11%, so the growth read stays soft.
- Soybeans rose 3.24% to 1,226.75 and corn 1.99% to 448.00, with no supplied headline giving a reason.
- Cocoa fell 5.23% to 4,852, down about 16% on the month and the weakest soft today.
- Winter wheat is rated 49% good to excellent, five points better on the week, while wheat rose 0.60% to 591.50.
- Brent sits about 5.55 above WTI, a little wider than the 5.72 gap at yesterday's close.
- Diesel at 4.15 stays far above gasoline at 2.62, and diesel fell faster than crude.
- Silver fell more than gold, so the gold to silver ratio edged higher.
- Rate-hike talk is the live risk for metals, since a firmer dollar and higher yields weigh on gold and silver.
- Cheaper crude eases inflation pressure, but Iran-related risk means energy can reverse.
Soybeans jumped after weeks of drift lower, a move no supplied headline explains.
Natural gas has climbed from 2.60 on October 26 to 3.31, even with storage near normal.
The numbers behind it
Top to bottom: Upstream driver, Commodity, Where it goes
- Common driver
- Upstream driver
- Physical flow
- Divergence
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 2026-11-10 session. Anything named as a driver comes from a stored series and never from a headline.
- Broad Commodities (DBC)30.76USD-0.71%
- Corn448.00cents/bu+1.99%
- Soybeans1,226.75cents/bu+3.76%
- Wheat591.50cents/bu+0.60%
- Corn and SoybeansDivergenceCorn against soybeans: +1.99% against +3.76% today, and the spread between them sits 1.6 standard deviations from its own average over the last 60 stored sessions.
- Corn and WheatDivergenceCorn against wheat: +1.99% against +0.60% today, and the spread between them sits 1.6 standard deviations from its own average over the last 60 stored sessions.
- US Corn Belt temperature100th percentileUS Corn Belt temperature sits in the 100th percentile of the same calendar window in earlier years, much hotter than typical for the time of year, for the window ending 2026-11-04.2026-11-04
- Black Sea rainfall100th percentileBlack Sea rainfall sits in the 100th percentile of the same calendar window in earlier years, much wetter than typical for the time of year, for the window ending 2026-11-04.2026-11-04
- Animal feedfrom Corn
- Corn syrupfrom Corn
- Cooking oilfrom Soybeans
- Live Cattle222.550cents/lb+2.94%
Across the complex
- Crude and gasoline fell by nearly the same amount, yet their spread is 1.6 standard deviations from its 60 session average. Gasoline is down 16.48% over a month against 3.59% for WTI.
- Natural gas rose 7.34% while crude and gasoline fell more than 4%, so the energy group split with gas alone moving against the others.
- Cattle and hogs both rose, but hogs are still down 21.36% over a month against 3.80% for cattle, and their spread is 2.4 deviations from its average.
Go deeper
The Commodities desk's own dashboard: what is moving, why, and where it goes next. Open it
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.