Market Pulse
Commodity Explorer, Tuesday, November 10, 2026
Published Nov 10, 2026, 4:21 PM ET
What is moving inside the physical commodity economy, why it may be moving, and where the effect goes next. Tap a commodity to move. Every move here is measured between two stored daily closes, so the reading belongs to a session rather than to a time of day.
Colour marks direction only. A commodity rising is a cost to whoever buys it and revenue to whoever sells it, so nothing here is drawn as good or bad news.
You are looking at
Sugar
Sweetener, and in Brazil a substitute use for the same cane that makes ethanol.
- Sugar+10.2%
Stored daily closes.
No story is drawn around this commodity today: nothing in its group moved past the flat band and no tracked pair in it sits outside its own recent range. That is a quiet market, not a panel failing.
Stored connections, each labelled by what it is. Only a Measured line is read as a driver.
Managed-money net is +18.8% of open interest as of Tuesday 2026-11-03, down 0.9 points on the week: an ordinary week by its own history. Positioning, never a physical driver.
CFTC report, published weekly: context and not a same-session cause.
Consumer Staples fund (XLP): +0.15% on 2026-11-10. It is the sector end of the Sector Supply Lines path Sugar and cocoa to staples, a stored link that is not a measured one. A sector fund stands for the nearest listed buyers and is not a measured link.
The dollar index moved -0.02% on the session (close of 2026-11-10). Macro context, not tested against this market.
Upstream
Pairs
Downstream
Who buys it
Every commodity
Energy
Metals
Grains
Livestock
Softs
Broad basket
- 1
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.
- 2
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.
- 3
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.
What it costs to move it
- Long-distance truckload219.38+4.55%What long-haul truckload carriers actually charged. This is the rate side of the trucking path, where the diesel price is the fuel side.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
- Truck transportation, all222.21+3.66%The broader trucking read. It and the truckload index moving apart separates the long-haul contract market from everything else on the road.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
- Freight arrangement136.40.00%The intermediary's price. It typically moves ahead of the carrier indexes, because a broker reprices a load in a day and a contract carrier reprices at renewal.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
- Line-haul railroads272.4+0.04%The billed-rate read on rail, which the weekly grain shuttle rate above is the grain-specific and faster-moving half of.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
- Rail freight, commodity basis159.18+0.04%A second rail rate built a different way. Where it and the line-haul industry index agree, the rail reading is not an artefact of one construction.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
- Shuttle rail, grain128-1.54%What a grain shipper actually pays for a shuttle railcar, indexed against the 2017 average of $4,833.14 a car.index, 2017 = 100, published weekly, observation of 2026-11-04, measured against 2026-10-28. USDA Agricultural Marketing Service, Grain Transportation Report.
- Illinois River barge, grain221.39-0.96%The inland waterway leg between the Corn Belt and the Gulf export elevators, which is the cheapest and the most weather-exposed of the three inland modes.index, 2017 = 100, published weekly, observation of 2026-11-04, measured against 2026-10-28. USDA Agricultural Marketing Service, Grain Transportation Report.
- US Gulf to Japan, grain vessel190.06-2.29%The seaborne leg of a Gulf export cargo. A grain rate on a grain route, and not a general dry bulk or container rate.index, 2017 = 100, published weekly, observation of 2026-11-04, measured against 2026-10-28. USDA Agricultural Marketing Service, Grain Transportation Report.
- Pacific Northwest to Japan, grain vessel187.65+2.60%The shorter export route, which is why its level sits well under the Gulf one and why the two parting company is a routing story rather than a freight one.index, 2017 = 100, published weekly, observation of 2026-11-04, measured against 2026-10-28. USDA Agricultural Marketing Service, Grain Transportation Report.
- Deep sea freight534.8+0.39%The only seaborne rate here that is not grain-specific. Monthly and indexed, so it carries the direction of ocean freight and never a quotable rate.index, published monthly, observation of 2026-09-01, measured against 2026-08-01. US Bureau of Labor Statistics producer price indexes, retrieved from FRED.
USDA's rates cover grain and refrigerated produce, which makes them a directional read on US inland bulk freight rather than a rate for metals, energy or containers. The BLS indexes are national and monthly, so they carry direction and not a quotable price.
No free public container spot index, dry bulk index or tanker rate is published, so a containerised leg and a seaborne bulk leg outside grain carry the diesel price as the cost of the fuel and never as a rate.
Freight rates for grain are published by the USDA Agricultural Marketing Service in its weekly Grain Transportation Report. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Across the complexes, macro context and what was refused
- Industrial demand4 of the 4 names moving in this theme fell today, the largest being Platinum at -2.11%. That is consistent with softer industrial and manufacturing demand, though copper on its own is not a growth indicator.from Copper, Platinum, Palladium, WTI
- Haven demand2 of the 2 names moving in this theme fell today, the largest being Silver at -1.97%. That is consistent with softer haven and monetary demand, which gold alone does not establish.from Gold, Silver
- Transportation fuel cost3 of the 3 names moving in this theme fell today, the largest being Diesel at -1.46%. That is consistent with falling transport FUEL costs, which is a different number from a billed freight rate and is measured here from fuel prices alone.from WTI, Gasoline, Diesel
- US Dollar Index102.26-0.02%
- 10Y Treasury4.98%+2.55%
- Sentiment composite30+24.14%
Secondary on purpose. These interpret the commodities above; they do not lead them.
Reading the diagrams
- Physical flowOne is physically transformed into, or directly contributes to, the other.
- DivergenceRelated markets behaving differently by more than their own recent history accounts for.
- ConvergenceA difference that had opened between two related markets is closing again.
- ConfirmationRelated markets moving in broadly the same direction.
- SubstitutionThe two can stand in for one another in some physical or economic use.
- Common driverBoth are being read against the same stored upstream measurement.
Commodities - % change
Click a name in the legend to show or hide it. Prices from Yahoo Finance.