The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1138 ET - xxxx ET - Energy activity in the middle of the U.S. held steady in the first quarter following a steep drop in the final quarter of 2025, and future expectations rose substantially, the Federal Reserve Bank of Kansas City's quarterly survey shows. The Tenth District Energy Survey's key index of drilling and business activity comes in at 0 for the quarter, down from a fourth-quarter reading of minus 39. Readings above zero indicate expansion, while those below zero show contraction. The survey's future drilling and business activity index, which covers expectations for the next six months, rises to 25 in the quarter from minus 19 in the fourth quarter. (colin.kellaher@wsj.com)
1107 ET - Volumes of cryptocurrency trading on spot in March were the lowest since September 2024, says CoinDesk in a note. Volumes fell by nearly 16% from the prior month to $1.3 trillion. Derivative trading also fell, but by significantly less, says the firm. Derivative activity dropped by 3.2% to just less than $4 trillion. Weaker volume came as the outbreak of war in Iran made the investor appetite for cryptocurrencies very limited, They instead favored physical assets like oil. The effective closure of the Strait of Hormuz remains a major source of tension between Iran and the U.S. Bitcoin is up 0.8% to over $73,000, according to LSEG, with ethereum and solana also posting gains. (kirk.maltais@wsj.com)
1051 ET - The start of the Iran war seemed to send precious metals speculators packing, but gold and silver have been steadily rebounding after sliding in previous weeks. "The macro environment has evolved," says Ole Hansen of Saxo Bank in a note. "A softer dollar, easing inflation concerns, and growing focus on the risk of a growth slowdown have all contributed to renewed demand for bullion." Right now, gold is off 0.4%, while silver is up 0.1%. (kirk.maltais@wsj.com)
1013 ET - Live cattle futures on the CME are higher, even as some beef prices pulled back this week. "Price over the past 7 days choice beef was down $12.05 [per hundredweight] and select beef was down $9.72," says ADM Investor Services in a note. The next major holiday that could spur demand is Memorial Day weekend--the official start of the grilling season. Live cattle is up 0.2%, while lean hog futures are flat. (kirk.maltais@wsj.com)
0946 ET - U.S. natural gas futures are moderately lower and on track for weekly losses as the spring weather outlook remains mild. Natural gas futures have been sitting out the volatility seen in crude "as the reality of a domestically produced and consumed hydrocarbon still comes down to supply/demand fundamentals which near term, remain to the bears," says Dennis Kissler of BOK Financial. "Seasonally prices move lower into May as the bulls await summer heat." Nymex natural gas is off 0.6% at $2.653/mmBtu.(anthony.harrup@wsj.com)
0941 ET - Thursday's WASDE report kept the supply and demand picture for U.S. crops mostly unchanged, leaving traders to hone their focus on how the weather unfolds for farmers wanting to plant in areas of the country that have very dry soils. "The trade is still focused on oncoming Plains rains rather than existing dire conditions, and hefty corn supplies rather than a dismal early fieldwork forecast," says Matt Zeller of StoneX in a note. CBOT corn is down 0.3%, while wheat falls 0.7% and soybeans rise 0.4%. (kirk.maltais@wsj.com)
0921 ET - Oil futures are little changed as traders head into the weekend with talks planned between the U.S. and Iran that could determine whether the Middle East cease-fire holds. "Traders have evacuated the market for the most part with $7 moves like yesterday seemingly happening with little participation from human traders other than what they need to do in terms of hedging or cleaning up positions to get even flatter," says Scott Shelton of TP ICAP. "Maybe after this weekend we get some clarity on whether or not Iran and U.S. are so far apart that they can't come to an agreement." WTI is off 0.2% at $97.66 a barrel and Brent is down 0.5% at $95.41. (anthony.harrup@wsj.com)
0858 ET - Concerns are growing that prolonged Middle East tensions could prompt some central banks to sell gold to manage liquidity and currency volatility. However, such sales are unlikely to derail the broader stockpiling trend, analysts at ANZ say. Gold is typically treated as a last-resort reserve asset in liquidity crises compared with foreign exchange reserves, swap lines and other liquidity tools, according to the firm. Turkey's decision to offload 50 to 60 metric tons of gold, for example, largely reflects short-term liquidity management. Much of this activity involves gold-currency swaps rather than outright liquidation, meaning reserves are expected to be rebuilt as transactions mature. "Central bank gold purchases are here to stay," the analysts say. (giulia.petroni@wsj.com)
0834 ET - Iran's ability to exert control over the Strait of Hormuz is likely to leave a lasting mark on global energy markets, says David Oxley, chief climate and commodities economist at Capital Economics. Oil producers in the region will likely be incentivized to expand output capacity and accelerate efforts to develop export routes that bypass the strait, reducing exposure to future disruptions. More broadly, the situation could reverberate within OPEC. "Any actions that are perceived to hinder the ability of other members to export oil could even raise questions about the future of the group," Oxley says. (giulia.petroni@wsj.com)
0818 ET - The Easter bunny came early this year, with the holiday falling in early April versus late in month last year. The shift will skew year-over-year restaurant traffic and same-store sales comparisons, at least until the calendar normalizes, Benchmark analyst Todd Brooks says in a research note. Early readouts show full-service chains with broad appeal and brunch exposure--such as First Watch Restaurant Group, BJ's Restaurants, Cracker Barrel Old Country Store and Cheesecake Factory--saw material jumps in traffic around the holiday. On the other hand, fast-casual and quick-service chains including Cava Group and WingStop that were closed for Easter saw disruptions. Brooks cautions that the data will remain difficult to interpret until full-month trends come into view. (connor.hart@wsj.com)
0625 ET - Palm oil futures closed lower amid mixed exports data. The Bursa Malaysia Derivatives contract for June delivery fell 108 ringgit to 4,535 ringgit a metric ton. The Malaysian Palm Oil Board said Friday that the country's palm oil exports rose 41% on month in March. The significant increase in March exports may weigh on inventory levels, which could decline over the next one to three months on low production, said Citi analyst Gan Huan Wen in a note. However, palm oil demand appears to be softer so far in April, with cargo surveyor Amspec Agri Malaysia estimating that Malaysia's palm oil exports during the April 1-10 period fell 31% on month. (megan.cheah@wsj.com)
0442 ET - Europe shouldn't forget the urgency to secure its supply of energy felt in recent weeks due to the war in Iran and the blockage of the Strait of Hormuz, Maarten Wetselaar, chief executive officer of Spanish energy company Moeve, tells the European Pulse Forum event in Barcelona. Moeve--formerly known as Cepsa and owned by the United Arab Emirates' investment company Mubadala and U.S. private-equity firm Carlyle--has kicked off construction of the Andalusian Green Hydrogen Valley development in southern Spain. However, Wetselaar says Europe needs a hydrogen pipeline connecting southern Spain with Germany. (cristina.gallardo@wsj.com)
(END) Dow Jones Newswires
April 10, 2026 12:15 ET (16:15 GMT)
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