The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1527 ET - Tumbling crude oil prices help support live cattle futures. The volatility in crude oil has been a pressure point for cattle, as traders see high beef prices as being less feasible for consumers being pressured by high oil prices. Increasing optimism around a resolution between the U.S. and Iran helped turn oil around, with crude oil down 5% to around $89 a barrel. Live cattle futures settle up 1.3% to $2.51475 a pound, while lean hogs settle up 1.9% to $1.0205 a pound. (kirk.maltais@wsj.com)
1522 ET - U.S. natural gas futures settle higher, aided by short-covering as the Nymex June contract expires and summer approaches. Weather patterns are heating up around the country and the market is pricing accordingly, says long-time natural gas trader John Woods. "The price reflects the sentiment of the market and the logic of going into summer, increased consumption of natural gas in the next 30 days, and higher prices," he says. "We're going to be around $3.25 probably mid- to late June." The June contract goes off the board at $3.04/mmBtu, up 5% on the day. Natural gas for July delivery rises 2.8% to $3.095/mmBtu.(anthony.harrup@wsj.com)
1520 ET - Oil futures settle at a six-week low on rising optimism about the U.S. and Iran reaching a deal to end the conflict and reopen the Strait of Hormuz. The market will likely want to take prices down as quickly as possible, but it depends on whether there's an agreement, says John Deal, managing director of capital markets at Post Oak Group. "The longer this goes on the more time is going to be implied in a delay for things to normalize," he says. There's isn't a realistic ability to assess the damage of various assets in the region until hostilities cease, he adds. "If they reach a deal I think it will be six months before things normalize. The summer's going to be challenging. Prices are going to be high, there's going to be strong demand." WTI settles down 5.5% at $88.68 a barrel and Brent falls 5.3% to $94.29. (anthony.harrup@wsj.com)
1439 ET - Front-month gold futures settle lower for the third consecutive trading day, shedding 2% in that time. Gold prices seem to be reacting to a growing likelihood of the Federal Reserve at least considering raising interest rates -- even though new Fed chair Kevin Warsh was brought in by President Donald Trump for the purpose of cutting the interest rate. The U.S. dollar index little changes, with stronger bonds and Treasurys being a more attractive option for investors than precious metals. Gold settles down 1.2% to $4,447.50 a troy ounce, while silver drops 2.2% to $74.599/oz. (kirk.maltais@wsj.com)
1421 ET - Analysts surveyed by Dow Jones this week are forecasting that U.S. ethanol inventories will grow for the week ended May 22. Analysts say that they expect stockpiles to land anywhere between 24.925 million barrels and 26.1 million barrels. This range would be above last week's reported level of 24.875 million barrels. Analysts forecast production between 1.06 million barrels a day and 1.125 million barrels a day. Most-active corn futures trading on the CBOT are down 1.2%, trading just above $4.52 a bushel. (kirk.maltais@wsj.com)
1225 ET - How an El Niño climate system develops and affects weather in growing areas in the U.S. is slowly becoming the primary trader focus, according to analysts with StoneX. In a note, analysts say that traders are looking to previous examples of how El Niño behaved to try and get a sense of how it may impact U.S. crops this summer. But analysts also note that while the influence of El Niño could be a factor that lifts prices, it's not a factor present in trading right this moment. "Favorable U.S. planting conditions are putting downward pressure on prices, creating a disconnect between near-term supply confidence and longer-term weather anxiety," says StoneX. Corn falls 0.5%, soybeans are up 0.3%, and wheat is down 1.8%. (kirk.maltais@wsj.com)
1158 ET - Oil futures trade at their lowest level in a month as the market hopes the current U.S.-Iran talks will lead to a deal to end the conflict. "This has been a stronger or longer-lasting price response to a potential deal than we have seen since the cease-fire," says Ajay Parmar of energy intelligence firm ICIS."I think it is because we've had positive soundings from both sides for the first time." Several forces are pushing both sides toward a deal, in his view. The U.S. blockade of the Strait of Hormuz is having a negative impact on Iran, which can't get its oil out, while the rise in U.S. Treasury yields is "really not good for the U.S. economy" and means President Trump "cannot lower interest rates the way that he wants to," Parmar says.WTI is off 4.1% at $90.01 a barrel and Brent is down 3.7% at $95.90. (anthony.harrup@wsj.com)
1040 ET - U.S. assets and on emerging market assets look favorable, BlackRock Investment Institute strategists say in a note. Strong earnings outlooks, particularly in the U.S. tech industry, and expectations of minimal damage to global growth make U.S. assets appealing, the strategists say. In emerging markets, BlackRock favors "Asian countries that manufacture critical AI components and Latin American energy and commodity exporters." (miriam.mukuru@wsj.com)
1037 ET - CBOT corn and soybean futures have returned to either side of unchanged. These grains were lower in pre-market trading, but may be getting support from comments from USTR Jamieson Greer stating that a Federal Register notice will soon be published starting the public comment process for the Board of Trade concept that emerged during the summit between President Trump and Chinese leader Xi. Greer also commented on potential tariff reduction, which is providing support for grains. "While neither side has identified specific products that could see tariff relief, many analysts believe farm products are among the most likely candidates for early tariff reductions," says Jim Wiesemeyer of Ag Bull Trading in a note. Corn is down 0.3%, while soybeans are up 0.2%. (kirk.maltais@wsj.com)
1016 ET - Planting of U.S. row crops is nearly done, according to the USDA's latest Crop Progress report. The government says 86% of the U.S. corn crop is planted as of this week, while 79% of the soybean crop is planted. For corn this is on par with where it was at this time last year, while for soybeans this is 4 points more than the same time last year. Rainfall in crop-growing areas this week is expected to help push these crops over the finish line, says Joe Davis of Futures International. Spring wheat is also 86% planted, on par with this time last year-- although the winter wheat crop conditions fell 1 point, to 26% good or excellent condition. CBOT grain futures are lower. (kirk.maltais@wsj.com)
1015 ET - Lean hog futures on the CME are up 1% in early trading, turning around after falling on Tuesday. This may be in part because of meatpackers who are seeing negative margins for pork, which in turn mean that hog slaughters are turning slower. But for hogs, the main issue is that animal weights have been higher. "Although hog slaughter is down over 400,000 head year to date, extra weight on hogs has helped to put year to date production the same," says ADM Investor Services in a note. Most-active live cattle futures are up 1.1%. (kirk.maltais@wsj.com)
1011 ET - CBOT grains are lower, after Iran's state broadcaster reported that it had seen a draft framework being negotiated with the U.S., and that it includes restoring commercial shipping to prewar levels within a month. However, an agreement hasn't been finalized yet. Oil is also down, with light crude off 4.5%. Most-active CBOT corn loses 0.9% in early trading, while soybeans fall 0.4% and wheat is down 1.9%. Grains across the board are on the verge of entering a "downtrend" if weakness in futures continues, says Doug Bergman of RCM Alternatives in a note. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
May 27, 2026 16:15 ET (20:15 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments