The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1509 ET - Oil futures settle lower after U.S. officials said Iranian strikes didn't mark the end of the cease-fire as the U.S. carries out an operation to help get vessels though the Strait of Hormuz. Defense Secretary Pete Hegseth said the U.S. expected "some churn at the beginning" but that the cease-fire holds. Oil prices eased on hopes of improving tanker flows, though prices remain high, Phil Flynn of the Price Futures Group says in a note. "While Project Freedom has injected some optimism into tanker transit, the lack of a full U.S.-Iran peace deal and recent attacks keep energy markets on edge with elevated risk premiums." WTI settles down 3.9% to $102.27 a barrel. Brent falls 4% to $109.87. (anthony.harrup@wsj.com)
1506 ET - Natural gas futures return yesterday's gains with near-term weather-driven demand still modest and lower feedgas flows to LNG export terminals. The clearest demand support is in power-sector use "as the forecast warms and early cooling load begins to appear for mid-May," Gelber & Associates says in a note. "If export pull returns as power burn builds into the second half of May, the market will have a stronger case for holding a higher floor without needing geopolitics to carry prices." Nymex natural gas settles down 2.8% at $2.788/mmBtu.(anthony.harrup@wsj.com)
1502 ET - Lean hog futures on the CME settle up 1.7% to $1.014 a pound. This snaps a 3-day losing streak for most-active hog futures, according to data from FactSet -- although momentum still appears to be largely lower. Fundamentally, hog futures are not showing signs of much upside ahead, says Joe Davis of Futures International in a note. "The technical setup continues to deteriorate, with futures in a downtrend despite relatively firm cash hog quotes," Davis says. Live cattle futures move back toward their all-time record highs, climbing 0.5% to $2.52925 a pound. (kirk.maltais@wsj.com)
1430 ET - Gold and silver futures both settle higher amid the shaky four-week cease-fire with Iran. It's the 3rd session of gains in the past 4 for both metals. Analysts are warning that prices could break out in either direction based on tensions surrounding the Strait of Hormuz. "A more conservative approach to directional risk assumption is urged," says Dave Toth of StoneX in a note. Front-month gold finishes up 0.8% to $4,555.80 a troy ounce, while front-month silver rises 0.1% to $73.108/oz. (kirk.maltais@wsj.com)
1351 ET - Average daily production of ethanol in the U.S. is largely expected to rise in tomorrow's weekly petroleum report from the EIA, which contains U.S. ethanol production and stocks data. Analysts surveyed by Dow Jones forecast daily production to land between 1 million barrels a day and 1.1 million barrels a day. That's versus 1.009 million barrels a day reported last week, with most analysts expecting an uptick in daily production. Weekly ethanol stocks are expected to stay around 25.8 million barrels. CBOT corn futures are down 1.3%. (kirk.maltais@wsj.com)
1348 ET - Some drought-stricken areas of the U.S. Plains are expected to get above-average rainfall over the next two weeks, according to the NOAA's Climate Prediction Center. Both the 6-10 day and 8-14 day outlooks show above-normal precipitation in the Texas panhandle, with Oklahoma and Kansas getting more of that rain in the 8-14 day forecast. This is pressuring CBOT wheat futures because of the amount of winter wheat that's grown in those areas. Better precipitation is also expected to arrive in the southern and delta regions, benefiting those crops. Most-active wheat futures are down 2%, while soybeans sink 0.9% and corn is off 1.3%. (kirk.maltais@wsj.com)
1109 ET - Farmers grew a bit less hopeful about their finances in April, says the latest Ag Economy Barometer from Purdue University and the CME Group. The barometer now reads 121, down from 127 in March. A reading of 100 is considered baseline, meaning that farmers do remain optimistic as a whole about their financial prospects this year. But higher costs for fertilizer and fuel, along with tighter availability for these inputs, are pressuring that hopefulness. High costs have been a worry for farmers, although the recent upswing in grain futures has eased some pressure. Roughly two-thirds of respondents still say they expect net income for their farms to be reduced in 2026. CBOT grain futures are lower today. (kirk.maltais@wsj.com)
1107 ET - Gold prices rise as traders monitor a fragile U.S.-Iran cease-fire and the impact of higher energy prices on inflation and interest rates. In afternoon trading, New York gold futures gain 1.2% to $4,589.60 a troy ounce. "Unless we see meaningful progress towards stability in the Gulf, elevated oil prices are likely to keep short-end U.S. yields, and by extension, the dollar underpinned," says Fawad Razaqzada from Forex.com. "That combination is not good for the near-term gold forecast." Investors now await ADP employment data on Wednesday and non-farm payrolls on Friday for more clues on the U.S. monetary policy outlook. (giulia.petroni@wsj.com)
1055 ET - Profit-taking appears to be driving CBOT grain futures today, in part because traders see risk for surprises to upend solid year-to-date gains that grains have posted so far. "We've seen producers being active, playing defense against prices at these levels ahead of next week's WASDE report and scheduled meeting between Trump and Xi," says Oliver Sloup of Blue Line Futures. That meeting has already been rescheduled once before, and traders are positioning themselves in the event of a surprise announcement from President Trump. Next week's WASDE could potentially carry surprises regarding planting acres or grain supply. CBOT corn falls 0.8%, while soybeans are down 0.1% and wheat slides 1%. (kirk.maltais@wsj.com)
1037 ET - Gold futures are higher as crude oil futures recede. Commerzbank Research says gold is recovering slightly, but market participants in the gold market remain generally nervous. "Price swings in the gold market had become increasingly muted, so that it almost seemed as though the market had found at least a temporary equilibrium." The firm says in a note that higher inflation risks brought on by rising oil prices increases the likelihood of tighter monetary policy suggesting higher opportunity costs for holding gold. Most-active gold is up 1.3% to $4,591 a troy ounce, while crude oil sinks 3.4% to $102.78/barrel. (kirk.maltais@wsj.com)
1030 ET - Oil prices extend losses after the U.S. signaled a fragile cease-fire with Iran is holding despite recent attacks. Brent crude for July delivery falls 2.6% to $111.45 a barrel, while WTI futures for June are down 3.6% to $102.62 a barrel. Iran's military actions don't rise to the level of restarting the war, Gen. Dan Caine, chairman of the Joint Chiefs of Staff, says. Defense Secretary Pete Hegseth adds that the U.S. still hopes Iran will agree to a deal. However, there has been no progress toward reopening the Strait of Hormuz, and uncertainty over the next steps in peace talks is raising fears of a deepening energy supply shock, limiting further price declines. (giulia.petroni@wsj.com)
1015 ET - Live cattle futures on the CME are 0.7% higher, seemingly shaking off the government's announcement that it was investigating meatpacking operations on antitrust grounds. Lower crude prices seem to be bolstering cattle futures. Traders have been watching this relationship closely under the premise that higher energy costs mean less money for consumers to spend on expensive proteins like beef, potentially shifting demand over to less-costly options like pork or chicken. This macro-level concern was a source of pressure for cattle futures Monday, says the Hightower Report in a note. Lean hogs are up 0.4%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
May 05, 2026 16:15 ET (20:15 GMT)
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