The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1952 GMT - This afternoon's Cold Storage report from the USDA showed that total frozen red meat supplies as of March 31 were down 2% from the prior year. Beef supplies have decreased 3% from this time last year, while pork supply actually inched up from the prior year. Total pork supply was 411.3 million pounds as of March 31, according to the USDA, while beef stocks totaled 410.5 million pounds. CME live cattle close up 0.6% to $2.44875 a pound, while lean hogs fall 1.5% to $1.019 a pound. (kirk.maltais@wsj.com)
1947 GMT - Oil futures end the week higher on disappointment that the Strait of Hormuz hasn't reopened. Gains are capped by cautious optimism as U.S. and Iranian officials head to Islamabad for more talks after planned meetings were postponed earlier in the week. "A continued stalemate could sustain upward pressure on prices as supply disruptions persist, while any meaningful diplomatic breakthrough may trigger a correction," Naga's Frank Walbaum says in a note. "However, given the scale of current logistical constraints, any normalization in flows is likely to be gradual, limiting downside risks." WTI settles down 1.5% at $94.40 a barrel for a 14% weekly gain. Brent edges up 0.2% to $105.33 and is 17% higher than a week ago.(anthony.harrup@wsj.com)
1905 GMT - U.S. natural gas futures fall for a second session as the market takes in the bearish implications of last week's 103 Bcf inventory build, the earliest triple-digit injection on record. "The market had been grinding higher on the idea that a late season cool-down could keep demand closer to seasonal norms for a bit longer, but that support gave way once traders were forced to reconcile weather optimism with a build that looked far too heavy for April," Gelber & Associates says in a note. "The weather story has not disappeared, but it is being downgraded by a market that is now anchored to storage and the path of injections." Nymex natural gas settles down 3.5% at $2.523/mmBtu. (anthony.harrup@wsj.com)
Front-month precious metals futures traded higher for the day, but still ended the week on a negative note. Front-month gold closed up 0.4% to $4,722.30 a troy ounce for the day, while silver finished up 1.2% to $76.383 a troy ounce. For the week, gold lost 2.8%, while silver shed 6.6%. Both metals broke their weekly winning streaks, but the decision by the Department of Justice to drop the probe into Fed Chair Jerome Powell helped give them a late-week push. "This development is positive for gold and silver, as it strengthens the path for [Kevin] Warsh to become the next Fed chair," says Peter Cardillo of Spartan Capital Securities. (kirk.maltais@wsj.com)
1806 GMT - - Crude oil futures lose ground as White House Press Secretary Karoline Leavitt says U.S. negotiators Steve Witkoff and Jared Kushner are traveling to Islamabad to renew talks with Iran. Iran said earlier that Foreign Minister Abbas Araghchi will travel to the Pakistani capital on a tour that also includes Oman and Russia. Araghchi said on X that the purpose of his visits "is to closely coordinate with our partners on bilateral matters and consult on regional developments." WTI is off 2.2% at $93.73 a barrel and Brent is down 0.4% lower at $104.62 a barrel. (anthony.harrup@wsj.com)
Volumes being traded on the CBOT are seen as low, keeping trading mostly listless as of Friday afternoon, says AgResource in a note. "Interest in trading is dull with rallies capped by favorable Central U.S. weather with a forecast improvement for Plains rainfall," says the firm. Indications of the peace process in the Middle East conflict moving forward is giving some areas of the market hope of a reopened Strait of Hormuz and mitigated supply-chain and economic damages. Grains are not seeing much stimulation from the headlines though, with trader focus instead being on how weather in the U.S. unfolds heading into May. CBOT corn is down 0.2%, soybeans are up 0.3%, and wheat down 0.8%. (kirk.maltais@wsj.com)
1724 GMT [Dow Jones]--The number of rigs drilling for oil in the U.S. fell by three this week to 407, and was down by 68 from a year ago, Baker Hughes reports. Higher oil prices since the beginning of March haven't prompted companies to step up drilling. The Dallas Fed did a follow-on to its 1Q survey of energy companies to collect industry views in light of the conflict in the Middle East. For 2026, 43% said they expect U.S. oil production to rise but by no more than 250,000 barrels a day, while 17% expect an increase between 250,000 and 500,000 b/d and 30% expect no change. For 2027, the most chosen response was an increase of 250,000 to 500,000 b/d. Respondents noted high market volatility and uncertainty, with one commenting that operators "cannot plan rigs and capital budgets when prices swing wildly based on tweets." Natural-gas rigs rose by four this week to 129. (anthony.harrup@wsj.com)
1631 GMT - Traders are locking in profits in grain futures ahead of the weekend, sending the most-active corn down 0.4%, soybeans down 0.1%, and wheat down 1.1%. Grain futures saw waves of this yesterday, with traders speculation if the market has added too much risk premium to futures this early in the year. "Open interest was getting a little high in corn/soy and profits were taken," says Karl Setzer of Consus Ag Consulting. The CFTC will update its Commitment of Traders report this afternoon, but last week's report showed both corn and soybeans had comfortably net-long positions among fund traders. For wheat, trading appears to be pulling back from yesterday's weather-related gains. (kirk.maltais@wsj.com)
1614 GMT - News that the Justice Department has dropped its probe into outgoing Fed Chair Jerome Powell sparked an uptick in both gold and silver futures. The announcement paves the way for Kevin Warsh to step in as Powell's successor, which in turn is stoking some hopes of lower interest rates sooner than later. In a note this morning, ING Economics says that markets were already leaning toward a small rate cut closer to the end of the year, even if the Powell probe had dragged on. Most-active gold futures are up 0.5% to $4,748 a troy ounce, while silver rises 1.4% to $76.54/oz. (kirk.maltais@wsj.com)
1431 GMT - CBOT grain futures are mixed, with drought conditions in the western side of the country and volatility around the Iran peace process keeping grain traders mostly on the sideline. Wet weather in the eastern Corn Belt is keeping farmers out of their fields, but the positive to soil moisture from the rainfall bodes well for high yields -- at least for now, says Doug Bergman of RCM Alternatives. "Look for the market to continue its range-bound trade with potential for seasonal weakness as the crop goes in, and before focus shifts to summer weather," says Bergman. CBOT corn is down 0.1%, soybeans are flat, and wheat falls 1.1%. (kirk.maltais@wsj.com)
1429 GMT - Live cattle futures are trading higher early this morning, rising 1% to $2.46 a pound as the contract posted a technical reversal yesterday. "After testing support yesterday, cattle futures reversed higher, posting bullish key reversals for many live cattle and feeder cattle contracts," says Naomi Blohm of Total Farm Marketing in a note. Blohm adds that the weakness seen in cattle futures over six straight sessions appears to have been a profit-taking squeeze. Last week's Commitment of Traders report from the CFTC showed a continued growth in long positions among fund traders, with the CFTC updating its data this afternoon. Lean hog futures are down 0.2% in morning trade. (kirk.maltais@wsj.com)
1341 GMT - U.S. natural gas futures add to yesterday's losses following the first triple-digit inventory build of the injection season. Spring temperatures continue to offer little in the way of residential and commercial sector demand, while LNG feedgas demand remains solid. "Weather trends added demand early in the week but have since lost demand the past couple days," NatGasWeather.com says in a note. "There's still near seasonal demand this weekend through next week, although the data isn't as cold overall as it had been just 1-2 days ago." Nymex natural gas is down 3% at $2.536/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 25, 2026 00:15 ET (04:15 GMT)
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