Diesel Prices Surge to Near-Record High Amid Global Supply Constraints

A cold front is expected to push across the northern-tier states over the next couple of days, bringing a cool air mass from southern Canada and potentially affecting corn and soybean yields. Meanwhile, the U.S. dollar index has dropped roughly 50 points to 99.20.

The price of diesel in the U.S. hit $5.47 per gallon on Tuesday, near its all-time high of $5.82, due to wars in the Middle East and Europe that have undercut production and tightened global supplies. This surge has driven up costs for truckers and farmers and is seen potentially reigniting inflation and squeezing consumers.

Corn futures are expected to test resistance at the July high of $4.92 today, while soybean prices pushed through key resistance overnight and are now supported by a bounce in soy oil futures from yesterday's sell-off.