The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1936 GMT - U.S. natural gas futures pull back after hitting resistance to end the session little changed, helped by some hotter June weather showing up in forecasts. "Overnight weather data maintains heat gaining across the U.S. for the 2nd week of June as most of the U.S. experiences hotter-than-normal temperatures with highs of 90s gaining ground," NatGasWeather.com says in a note. "This rather hot overall U.S. pattern is expected to continue for the 2nd half of June." Nymex natural gas settles up 0.2% at $3.290/mmBtu, for a 19% monthly gain. (anthony.harrup@wsj.com)
1925 GMT - Livestock futures on the CME finish lower, this as position trimming that gripped grain futures extended into livestock. Technical pressure is a factor that has affected both cattle and hog futures this week, says Joe Davis of Futures International in a note. The lower momentum appeared locked in today even with demand signs looking up. The USDA reported higher beef export sales in its weekly report, while pork sales were lower but still strong. Most-active live cattle futures finished down 0.8% to $2.392 a pound, while lean hogs finished down 2.3% to 99.775 cents a pound. (kirk.maltais@wsj.com)
1922 GMT - Oil futures close out the third month of the Middle East conflict with losses as the U.S. and Iran are seen close to reaching an agreement that will include reopening the Strait of Hormuz. "For today, the money flow is trading the 'risk' that we will have a peace deal over the weekend, with money generally flowing out of the energy and grain and oilseed markets," Arlan Suderman of StoneX says in a note. "Traders will monitor the headlines through the weekend to see if they continue that trend on Sunday night, or if they reverse it." WTI settles down 1.7% at $87.36 a barrel for a 17% monthly decline. July Brent goes off the board at $92.05, down 1.8% on the day and 19% on the month.(anthony.harrup@wsj.com)
1736 GMT - The number of rigs drilling for oil in the U.S. rose for a fifth consecutive week, increasing by four to 429, Baker Hughes reports. "The enduring Iran-U.S. war and increasing visibility into a longer-term global call on supply is sending the rig count steeply higher toward an 11-month high," EBW Analytics says in a report this week. While many medium-to-larger producers were initially slower to react to lost supply, "the massive drawdown in global inventories is increasing confidence in a long-lasting supply disruption, with even a post-war rebuilding of commercial and strategic oil stockpiles likely to last at least 12-18 months-if not multiple years." Rigs directed at natural gas are unchanged this week at 125. (anthony.harrup@wsj.com)
1732 GMT - Lower grain futures have been tied to improved weather in many areas, with wheat tumbling the most out of the row crops. Wheat is leading CBOT futures lower, down 1.8%, looking to continue a losing trend of 5 out of the past 6 sessions. "Wheat prices retreated as concerns about drought in several major producing regions eased and harvest prospects improved," says Ole Hansen of Saxo Bank in a note, regarding the recent losing streak. Softer energy prices are also contributing to the pressure, says Hansen, with crude oil back below $90 a barrel. Most-active corn falls 1.6% and soybeans drop 0.7%. (kirk.maltais@wsj.com)
1602 GMT - Gold prices extend gains as traders await developments in U.S.-Iran negotiations, with President Trump saying Friday he is meeting in the Situation Room to make "a final determination." "Gold is thus continuing to behave contrary to its status as a safe haven asset and is moving in the opposite direction to the price of oil," says Carsten Fritsch from Commerzbank. "This is because the market now views Fed interest rate hikes as less likely, a development from which gold benefits as a non-interest-bearing asset." In evening trade in Europe, New York gold futures rise 1.4% to $4,593.70 a troy ounce and are on track for a weekly gain of more than 1.5%. (giulia.petroni@wsj.com)
1559 GMT - CBOT grain futures are lower, with traders rebalancing their holdings in grains ahead of both the end of the week and the end of the month. "Funds continue to trim their net long positions, with the exception of soyoil, which has surged to contract highs amid biofuels support," says Brian Grete of Commstock Investments. Risk factors like geopolitics and weather over the weekend is contributing to lower momentum seen today. Most-active corn futures are down 1.6%, soybeans fall 0.6%, and wheat drops 1.7%. (kirk.maltais@wsj.com)
1504 GMT - Livestock futures on the CME are ending the week with restrained activity, with volumes seen as low by analysts. For cattle, lower slaughter rates appear to be counterbalanced by heavier animals, although those weights are dropping, says AgResource in a note. "Carcass weights at mid-month dropped 9 pounds for the week to 976 [lbs]," says the firm. That's 38 lbs heavier than last year and 72 lbs over the 5-year average. Most-active live cattle futures are down 0.9%, while lean hogs drop 1.4%. (kirk.maltais@wsj.com)
1428 GMT - The announcement of 192,000 metric tons of soybeans being sold for delivery to unknown destinations in the 2025/26 marketing year is providing CBOT soybean futures with some support, although the most-active contract remains down 0.1% in morning trade. In its weekly export sales report, the USDA says that net sales across the 2025/26 and 2026/27 marketing years totaled 437,600 tons, landing slightly above analyst estimates for the week. Focus is also being placed on soybean oil demand from the renewable fuels market, although it's not a new story. "Honestly, I just don't see too much that hasn't already been discussed over the past month," says Gary Sandlund of Futures International in a note. (kirk.maltais@wsj.com)
1424 GMT - The will-they or won't-they of a peace agreement between the U.S. and Iran has CBOT grain futures lower, with traders hedging their bets ahead of the weekend. Financial markets as a whole are leaning more toward a peace deal coming soon, says AgResource in a note. For grains, this means the removal of risk premium around futures. This is also seen in crude oil, with those futures down 1.5% to $87.55 a barrel. Most-active CBOT corn futures are down 1.2%, soybeans fall 0.1%, and wheat is down 0.4%. (kirk.maltais@wsj.com)
1415 GMT - Oil futures extend their decline on expectations that an agreement to open the Strait of Hormuz could come anytime soon. "With a peace deal in the making, ideas that more oil traffic will be moving through the strait into the weekend is keeping pressure on oil prices," Dennis Kissler of BOK Financial says in a note. "While tighter global crude supplies remain, the fear of tighter for longer is continuing to be taken out of the price curves." WTI is down 1.7% at $87.40 a barrel and Brent is 1.7% lower at $92.12 ahead of today's July contract expiry. (anthony.harrup@wsj.com)
1321 GMT - U.S. natural gas futures are rising for a third session with weather forecasts adding some cooling demand for early June. Yesterday's report of a 92 Bcf storage injection was "mildly supportive," while LNG feedgas flows are set to increase following maintenance at several terminals, Eli Rubin of EBW Analytics says in a note. The move looks mostly seasonal with near-term resistance at $3.35, although "chances for a wider short-covering event cannot be ruled out--particularly if mid-June forecasts continue to warm or Cameron LNG returns over the weekend," he adds. Nymex natural gas is up 2.1% at $3.352/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 30, 2026 00:15 ET (04:15 GMT)
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