The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1509 ET - With the Memorial Day holiday coming next week, demand for beef and pork has apparently slowed. This isn't uncommon, as buying for the holiday usually takes place earlier in May. Pork cutouts have been particularly flat in 2026, says StoneX in a note -- although cuts popular for grilling like ribs and shoulders have seen strong moves."[They] have rallied into new highs as smoker season is upon us," says StoneX. Most-active lean hog futures on the CME settled down 0.2% to $1.02 a pound, while live cattle futures dropped 0.5% to $2.53175 a pound. (kirk.maltais@wsj.com)
1506 ET - Oil futures post back-to-back losses as President Trump says the U.S. is in the final stages of negotiations with Iran, raising hopes of a deal to end the conflict and reopen the Strait of Hormuz. Still, Trump adds that failure to reach a deal meant a resumption of military action. "Typical Trump style, but the market is buying into the possibilities," says Mizuho's Robert Yawger in a note. Hopes for an agreement led the market to overlook a bullish EIA inventory report showing U.S. commercial crude stocks down by 7.9 million barrels last week, although distillate stocks rose for a second straight week. WTI settles down 5.7% at $98.26 a barrel and Brent falls 5.6% to $105.02.(anthony.harrup@wsj.com)
1503 ET - U.S. natural gas futures settle lower, snapping a five-session winning streak as the heat wave across the eastern U.S. is set to fade ahead of the long Memorial Day weekend. LNG feedgas flows have increased, offsetting some weather-driven demand loss, while production remains buoyant. Thursday's EIA storage report is expected to show a near-normal 95 Bcf injection for last week, putting inventories 143 Bcf above the five-year average and 27 Bcf above the year-ago level. Nymex natural gas settles down 3.5% at $3.004/mmBtu.(anthony.harrup@wsj.com)
1420 ET - Gold and silver futures finish higher, even as traders see potential rate hikes as a pressure point for prices. Further downside could come with a "major risk-off event," says analysts with Citi Research in a note. With such an occurrence, including a deescalation in the U.S./Iran conflict and a reopening of the Strait of Hormuz, gold would "likely bottom out" before rebounding in the second-half of the year. But gold and silver have a positive day, with underlying support still coming central bank demand. Front-month gold gains 0.6% to $4,531.30 a troy ounce, while silver rises 1.4% to $75.851/oz. (kirk.maltais@wsj.com)
1349 ET - Comments from President Trump that negotiations to reach a peace accord with Iran are in the final stages are weighing on grains. Traders are removing the risk premium and are also responding to lower crude futures--with oil and grains related due to biofuels. Hope for a reopened Strait of Hormuz is triggering some liquidation, says AgResource in a note, even though the prospect of peace remains uncertain. "We have all seen this movie before, but we hope that this time will be different," says AgResource. CBOT corn falls 2.2%, wheat is down 1.5%, and soybeans are off 1%. (kirk.maltais@wsj.com)
1250 ET - Analysts are expecting a rebound in tomorrow's U.S. corn export sales, after a weaker-than-usual result a week ago. Analysts surveyed by The Wall Street Journal forecast sales to land anywhere from 1 million metric tons to 1.8 million tons, a range that is well above the 685,200 tons reported by the USDA the prior week. This week's range is also more in line with what's been a typical figure for U.S. corn sales -- which analysts say are on pace to meet or exceed expectations set by the USDA for the marketing year. In its most recent WASDE report, the USDA projected 2025/26 corn exports at 3.3 billion bushels. (kirk.maltais@wsj.com)
1235 ET - Oil futures extend losses as the market focuses on hopes for a deal to end the U.S.-Iran conflict and reopen the Strait of Hormuz. The fact prices could fall further following a bullish U.S. crude stock drawdown for last week "tells me it's more likely than not some kind of negotiation is happening," says BOK Financial's Dennis Kissler. "The market is anticipating some sort of agreement." The EIA reported a 7.9 million barrel decline in commercial crude stocks, along with a 9.9 million barrel release from the Strategic Petroleum Reserve. WTI is off 5.2% at $98.75 a barrel and Brent falls 5.5% to $105.16 a barrel. (anthony.harrup@wsj.com)
1227 ET - Eyes of the U.S. agricultural market remain firmly set on how farmers finish out their spring planting campaign, even as macroeconomic and geopolitical forces are also felt on prices. Above-normal rain anticipated by the NOAA's Climate Prediction Center for parched areas of the country may give early crops there a much-needed lifeline, says Rich Nelson of Allendale Inc. "As we head into the Memorial Day weekend we suggest the trade focus will be primarily on rains into June," says Nelson. Most-active corn falls 2.3%, also taking cues from a 5.3% drop in crude oil, Nelson says. Soybeans are down 0.9%, and wheat is down 1.3%. (kirk.maltais@wsj.com)
1222 ET - Canada PM Mark Carney lays out in Vancouver, British Columbia three prerequisites before he agrees to formally back a new crude-carrying pipeline connecting the Alberta energy patch to the Pacific Coast. Missing among the three is the requirement for a private-sector investor to lead the project. The province of Alberta is for now is the project's proponent, on the belief that private investors will jump in once political risk is mitigated. Some energy-industry watchers have warned that private companies are unlikely to emerge unless there is heavy financial backing from both the federal and Alberta governments. The Canadian government already owns the Trans Mountain pipeline, an existing Alberta-to-British Columbia crude corridor. (paul.vieira@wsj.com, @paulvieira)
1212 ET - CBOT grain futures are lower, with corn down 2.3%, soybeans down 0.9%, and wheat down 1.3%. The spark from Sunday's announcement of China purchasing $17 billion of U.S. agricultural goods annually for the next three years has faded, as the market debates if any sort of confirmation by China is needed to prove the veracity of the White House's statement. "For those expecting China to at least acknowledge future ag commitments following the weekend release of the White House fact sheet, keep in mind, they did not confirm any commitments last Fall, either," says Brian Pullam of Linn & Associates. "That is not their style." Instead, Pullam says, traders will need to keep an eye on USDA notices to see if China has started buying. (kirk.maltais@wsj.com)
1209 ET - The EU is working hard to accelerate permitting processes as the bloc seeks to bolster its own supplies of critical raw materials amid rising geopolitical tensions, Valere Moutarlier, deputy director general of the European Commission's industrial policy unit, says on Wednesday while defending the need for regulating. "We're working like hell on accelerating permitting in a way which continues to be acceptable," he says. The EU has faced criticism from industry for its penchant for creating regulations. "We are a union that wants to have a fair single market, and we have to establish a minimum rule of the game," he says. (edith.hancock@wsj.com)
1115 ET - Treasury yields and the dollar deepen their decline as oil prices fall. Brent and WTI are down about 4%, reflecting hopes that the Strait of Hormuz could reopen soon. Meanwhile, U.S. crude inventories plummeted by 7.9 million barrels last week, compared to WSJ consensus of a 3 million draw, keeping inflation concerns top of mind in Wall Street. Investors are likely to scrutinize Fed minutes this afternoon for clues on potential rate hikes. A 20-year Treasury auction is on tap this afternoon. The 10-year yield is at 4.603%, down from 4.653% earlier. The two-year falls to 4.066% from 4.112%. The WSJ Dollar Index slips 0.3%. (paulo.trevisani@wsj.com; @ptrevisani)
(END) Dow Jones Newswires
May 20, 2026 16:15 ET (20:15 GMT)
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