The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1521 ET - Lean hog futures fell 1.7% to 99.7 cents a pound, resuming the downward momentum seen in hogs over the past month. That makes it four sessions out of the past five that lean hogs have declined, bringing prices back under $1/lb for the first time since February. It also comes on the heels of a nine-session losing streak last month. Pork cutout prices reported by the USDA have been on the decline as well, which is weighing on hog futures as well. The end-of-day carcass cutout price has fallen for three straight days, according to the USDA. Live cattle futures closed up 0.1% to $2.53475 a pound today. (kirk.maltais@wsj.com)
1511 ET - Crude futures lose ground but settle above the day's lows as traders ponder the likelihood that the latest efforts toward U.S.-Iran talks will end in a peace agreement. "We have been down this road before, and the sense of optimism has faded to reality each time," Mizuho's Robert Yawger says in a note. But "if a lasting deal does take hold, look for oil to flow fast," he adds. Floating storage abounds in the Persian Gulf and storage tanks are filled to the brim. "That oil would hit the market first." WTI settles down 7% at $95.08 a barrel and Brent falls 7.8% to $101.27 a barrel.(anthony.harrup@wsj.com)
1455 ET - U.S. natural gas futures settle lower as oil and European natural gas prices retreat on renewed efforts for a deal to end the U.S.-Iran conflict. On the domestic front, LNG feedgas flows have eased due to maintenance, and the market is awaiting hotter weather to lift power-sector demand for air conditioning. Tomorrow's EIA storage report is expected to show a 76 Bcf build, according to a WSJ survey of analysts, which would leave the inventory surplus over the five-year average practically unchanged at 152 Bcf. Nymex natural gas settles down 2.1% at $2.73/mmBtu.(anthony.harrup@wsj.com)
1310 ET - Cryptocurrency exchange Coinbase says that traders outside of the U.S. can now trade perpetual gold and silver futures--tokenizing both precious metals and making them available for trade on the blockchain on a 24/7 basis. "The launch extends Coinbase's 'Everything Exchange' strategy into commodities, giving traders around-the-clock access to precious metals exposure through USDC-settled contracts, lower minimum order sizes, and up to 25x leverage with institutional-grade risk controls," says the firm in a press release. Coinbase adds that it plans to bring these futures contracts to the U.S., pending regulatory arrangements with the CFTC. (kirk.maltais@wsj.com)
1303 ET - Analysts surveyed by WSJ say that they largely expect U.S. soybean exports to post another weak showing in tomorrow morning's weekly export sales report. They forecast a range between 200,000 metric tons and 600,000 tons--with the majority of analysts keeping the high-end of their forecast around 400,000 tons. On the other hand, corn is expected to have another strong showing, with analysts predicting sales to land anywhere from 800,000 tons to 1.85 million tons. CBOT grain futures are lower, with corn down 2.3%, soybeans off 1.7% and wheat losing2.4%. (kirk.maltais@wsj.com)
1209 ET - Agricultural and soft commodities are mostly lower, taking cues from lower crude oil. Oil is reflecting optimism that Iran and the U.S. will reach a deal to end the war, but some traders are not convinced that such an end is imminent. "I am skeptical a lasting U.S./Iran deal gets done," says Robert Yawger of Mizuho Securities USA in a note. Yawger speculates that the IRGC will not agree to turn over their nuclear materials, and an agreement to reopen the Strait of Hormuz could quickly dissolve back into a stalemate. However, should such a deal be made, then world industries will likely quickly recover, says Yawger. "If a lasting deal does take hold, look for oil to flow fast," he says. (kirk.maltais@wsj.com)
1139 ET - Cocoa prices break above $4,100 for the first time in close to three months on weather concerns and fears around the quality of the 2026-27 crop. New York futures rise 2.5% to $4.176, up over 16% from Monday's lows. Early indications for the crop "point to weaker-than-normal pod development, suggesting a slower start to the main harvest beginning in October," ING analysts Warren Patterson and Ewa Manthey wrote in a note. Concerns over the return of the El Nino weather phenomenon--which typically brings drier conditions to cocoa-growing regions--are also adding to the rise in cocoa prices, the analysts say. (josephmichael.stonor@wsj.com)
1055 ET - America's farmers continue to spend on top-tier seeds and pesticides despite low profit margins and rising costs from the war in Iran, executives at agriculture company Corteva say. U.S. farmers are facing higher fertilizer and fuel costs at a time when low commodity prices have already pressured their balance sheets. Farmers are trying to mitigate their losses by growing bigger crops and are willing to pay more for pricier technology, executives at seed and pesticide maker Corteva say. The company's crop seed sales grew 12% in its latest quarter to $3.02 billion. "Regardless of tight margins, farmers continue to plant our latest hybrids and varieties in order to increase yield per acre in their own profitability," says Corteva CEO Chuck Magro on a call with analysts. (patrick.thomas@wsj.com)
1049 ET - Cotton futures trading on the Intercontinental Exchange are down 1.5%, pulling back after the most-active contract closed at 85 cents a pound, its highest level since April 2024. After posting a 5-year low of 61 cents a pound in early February, cotton futures have been bouncing back. The war in Iran and the ensuing supply chain chaos has bolstered cotton futures, but news today of a potential end to the conflict is pressuring them. "Crude oil prices collapsed on the news, and this pulled support from cotton on ideas that lower crude oil prices reduce the cost of producing polyester," says ADM Investor Services in a note. Weather in U.S. cotton-growing regions also appears to be improving. (kirk.maltais@wsj.com)
1027 ET - Beef costs remain a major pressure point for Burger King, and the relief the company had hoped for still hasn't materialized. Earlier this year, parent company Restaurant Brands said beef costs rose 20% in the U.S. in 2025, and that it believed beef cost inflation would begin to moderate this year. However, CFO Sami Siddiqui now says "relief is anticipated closer to 2027," extending the timeline for when one of the chain's most important inputs will normalize.(adriano.marchese@wsj.com)
1012 ET - Live cattle futures are down 0.2% in early trade, backing off from yesterday's uptick as the beef market mulls the federal investigation into meat packers for alleged collusion, price-fixing, and other anticompetitive practices. While cattle is down early, the supply-and-demand fundamentals for it remain strong, says Ross Baldwin of AgMarket.net in a note. "Cutout has been strong, as [beef] demand remains strong with peak grilling season right around the corner," says Baldwin. Lean hog futures are down 0.9% this morning. (kirk.maltais@wsj.com)
0955 ET - Bloomin' Brands' turnaround is bearing fruit, CEO Mike Spanos says on a call with analysts Wednesday. The restaurant operator has been taking steps to improve dining experiences, drive brand relevancy and remodel restaurants across its portfolio, particularly at its Outback Steakhouse banner. Outback's new steak lineup that launched last fall continues to perform well, and guest-improvement scores improved for the third consecutive quarter during the recent period, Spanos says. The company is also working to remodel nearly all of Outback's restaurants by the end of 2028, refreshing both interiors and exteriors and expecting to spend an average of $350,000 to $400,000 per location. "We will provide a more meaningful update on the progress of this turnaround initiative on our next earnings call," Spanos says. Shares gain 33%. (connor.hart@wsj.com)
(END) Dow Jones Newswires
May 06, 2026 16:15 ET (20:15 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments