The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1550 ET - Oil futures recover early losses and edge higher as optimism over the U.S. and Iran reaching an agreement soon gives way to caution. "It is unlikely that Iran will relinquish its primary leverage amid this process, that being control over the Strait of Hormuz, and until the strait is reopened a massive loss of oil available to the global market will continue daily," Ritterbusch & Associates says in a note. And even when the strait is reopened it will take time to clear ships though it and restore production, the firm adds. WTI is up 0.9% at $95.96 a barrel after settling 0.3% lower. Brent is up 0.23% at $101.44. (anthony.harrup@wsj.com)
1531 ET - CME live cattle futures fall 1.2% to $2.5045 a pound, driving lower as the Goldman roll started. The Goldman roll is the monthly rebalancing of the S&P GSCI -formerly known as the Goldman Sachs Commodity Index- starting on the fifth business day of the month. It is typically a big mover for livestock futures. Because of cattle trading at a record high last month, profit-taking in cattle is anticipated. "Many traders and funds began rolling a few days before," says ADM Investor Services in a note. "It is evident with the drop off the highs and the change in different live cattle bull spreads." Lean hog futures settle down 0.4% to 99.3 cents a pound. (kirk.maltais@wsj.com)
1454 ET - U.S. natural gas futures post moderate gains with help from a smaller-than-expected storage injection for last week. Underground inventories increased by 63 Bcf, the EIA reported, reducing the surplus over the five-year average to 139 Bcf from 153 Bcf the week before. The below-estimate build was likely due to lingering late-season heating demand in the Midwest and East, Blake Owen of Pinebrook Energy Advisors says in a note. But "based on near-term temperature forecasts, the market is still expecting healthy storage additions through the rest of May and into June." Nymex natural gas settles up 1.4% at $2.769/mmBtu.(anthony.harrup@wsj.com)
1438 ET - Winter wheat crops are grappling with a worsening drought on the western side of the U.S. Plains. According to the U.S. Drought Monitor, these areas saw an increase in regions experiencing extreme drought over the past week. Roughly 64% of the state of Nebraska is experiencing extreme or exceptional drought--up from 59% last week. The Drought Monitor notes that while this dryness is bad for agriculture in the western plains, drier conditions in the eastern Midwest are seen as beneficial to farmers planting. The amount of area nationwide experiencing drought conditions is driving excessive wildfire activity across the country. (kirk.maltais@wsj.com)
1428 ET - The next WASDE report, due out May 12, is expected to show robust crops for corn and soybeans. Analysts surveyed by WSJ forecast the 2026 corn crop will amount to 15.95 billion bushels, and soybeans will total 4.45 billion bushels. For soybeans this would be a nearly-200 million bushel uptick from 2025, while for corn it's a decline of over 1 billion bushels versus last year. This would reflect March's planting intentions estimates, in which the USDA projected 95.3 million acres of corn to be planted this year, with soybean acreage at 84.7 million acres. Wheat production is expected to fall roughly 250 million bushels from the prior year, according to the analysts--to 1.73 billion bushels. (kirk.maltais@wsj.com)
1408 ET - Iran and the U.S. continue to trade barbs, and markets across the board are hanging onto every word. In the case of grains, traders appear comfortable to pull back from huge long positions funds have been holding, in an effort to pare risk ahead of the weekend. "The fog of war remains, with earnings strength and largely positive U.S. economic data underpinning an optimistic sentiment on Wall Street, but uncertainty regarding the potential end to the conflict providing some amount of headwind," says Mike Castle of StoneX in a report. Castle also notes an "ugly selloff" in wheat futures in particular. CBOT corn is down 0.9%, soybeans fall 0.3%, and wheat loses 1.3%. (kirk.maltais@wsj.com)
1359 ET - Markets are hanging onto every headline as the U.S. and Iran continue to trade barbs. Grains traders appear comfortable to pull back from the huge long positions funds have been holding, in an effort to pare risk ahead of the weekend. "The fog of war remains, with earnings strength and largely positive U.S. economic data underpinning an optimistic sentiment on Wall Street, but uncertainty regarding the potential end to the conflict providing some amount of headwind," says Mike Castle of StoneX in a note. Castle also notes an "ugly selloff" in wheat futures in particular. CBOT corn is down 0.9%, soybeans fall 0.3%, and wheat is down 1.3%. (kirk.maltais@wsj.com)
1049 ET - U.S. natural gas futures reverse early losses as the EIA reports a smaller-than-expected injection into storage for the week ended May 1. Inventories increased by 63 billion cubic feet to 2,205 Bcf, reducing the surplus over the five-year average to 139 Bcf from 153 Bcf the week before. The injection was smaller than the 77 Bcf five-year average and below the 76 Bcf estimate in a WSJ survey of analysts. Nymex natural gas is up 1.7% at $2.775/mmBtu. (anthony.harrup@wsj.com)
1045 ET - Burger companies and other fast-food chains are pumping out deals to try and attract customers, including pizza players. Papa John's International says its biggest competitors, Domino's and Pizza Hut, are ramping up their deals, pressuring its own sales. The company says it's pushing back with $9.99 pies and buy-one-get-one pizza deals, but the pressures remain. The company's 1Q North American same-store sales declined 6.4%, and the company reiterated FY26 guidance for domestic declines. Papa John's slides 3.6%. (heather.haddon@wsj.com; @heatherhaddon)
1011 ET - Lower export sales from the USDA weighing on CME livestock futures this morning. Beef export sales through the week ended April 30 totaled 10,000 metric tons, while pork sales came in at 30,800 tons--both down from the prior week. But adverse conditions out west may be limiting available pasture and impacting cattle supplies. "Weather variability could stress livestock in some regions," says Joe Davis of Futures International in a note. Live cattle falls 1.1%, and lean hogs drop 0.5%. (kirk.maltais@wsj.com)
0953 ET - High beef prices are pushing consumers toward chicken, giving McDonald's an opening to gain share in the category, CEO Chris Kempczinski says. "When beef prices are as elevated as they are, chicken becomes a much more attractive value opportunity," he says on a call with analysts. The world's largest burger chain sees the shift as a chance to expand its chicken business, where it holds a smaller share than in burgers. "If you think about beef, where we have a mid-40% share, our share in chicken is in the high teens," Kempczinski says. "So, the headroom for us in chicken is really quite significant." (connor.hart@wsj.com)
0905 ET - U.S. natural gas futures are lower for third session with oil markets continuing to sell off on peace deal hopes and domestic weather-driven demand seen light for the next couple of weeks. "However, as the natural gas market looks ahead to early summer, any seeming reversion to the recent trend of hotter summers could stir bullish sentiment," Eli Rubin of EBW Analytics says in a note. "While more likely in the 30-45 day window, a bullish forecast swing could ignite upside at any point." Nymex natural gas is off 1.5% at $2.688/mmBtu.(anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 07, 2026 16:15 ET (20:15 GMT)
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