The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1554 ET - Livestock futures on the CME close lower, with both cattle and hogs sinking while traders eyeball developments with trade in China as well as a potential peace deal for the U.S.-Iran conflict. Analysts and traders hope that meats will benefit from increased Chinese purchasing of U.S. agricultural goods, for beef especially. "The reopening of beef and poultry trade restores access to a major global market and creates immediate opportunities for U.S. livestock producers," says Faith Parum of the American Farm Bureau Federation in a note. But analysts remain tentative about China following through with an agreement. Live cattle close down 0.6% to $2.49975 a pound, and lean hogs finish down 0.1% to $1.02/lb. (kirk.maltais@wsj.com)
1509 ET - Oil futures settle little changed as traders take a cautious approach to reports that the U.S. and Iran have drawn up a draft agreement to extend the cease-fire and negotiate peace, which would include reopening the Strait of Hormuz. Prices rose after exchanges of fire overnight, before settling back. "Markets are signaling that the conflict could be nearing its end--or at least we are first and goal," Phil Flynn of the Price Futures Group says in a note. "The oil market believes that, as you can see by this muted market reaction to last night's U.S.-Iran flare-up." WTI settles up 0.2% at $88.90 a barrel and the most-active Brent contract rises 0.5% to $92.72 a barrel.(anthony.harrup@wsj.com)
1507 ET - U.S. natural gas futures add to the previous session's gains as the July contract debuts at the front of the curve. The EIA reported a 92 Bcf net storage injection for last week, which reduced the surplus over the five-year average to 144 Bcf from 149 Bcf. The inventory build was smaller than the 97 Bcf average and the 96 Bcf estimate in a WSJ survey of analysts. "The market's strong response to a seemingly small miss attests to a sensitivity to even minor supportive headlines," Ritterbusch & Associates says in a note. Price moves are accentuated by bullish trader positioning, the firm adds. Nymex gas for July delivery settles up 6.1% at $3.285/mmBtu.(anthony.harrup@wsj.com)
1439 ET - Gold and silver futures settle higher amid tentative hopes that a U.S.-Iran deal could be within reach. News website Axios reported that an agreement between the two countries had been reached pending approval from President Trump, citing U.S. officials. Front-month gold finishes up 1.1% to $4,499.30 a troy ounce, snapping a three-session losing streak, while silver ends the day up 1.4% to $75.645/oz. "The agreement would also have to pass renegade elements in the Islamic Republican Guard who may try to sabotage any agreement by firing weapons at tankers as they pass through the 21 mile wide chokepoint," says Robert Yawger of Mizuho Securities USA in a note. (kirk.maltais@wsj.com)
1421 ET - Analysts surveyed by WSJ are forecasting a decline in soybean export sales from the USDA. Ahead of tomorrow's report, they see sales landing between 150,000 metric tons and 400,000 tons for the week ended May 21. That's down from 524,100 tons reported the prior week. This export forecast comes as traders digest rumors of fresh Chinese purchasing of U.S. agriculture. While this is expected to benefit U.S. soybeans, it could benefit corn as well, says Arlan Suderman of StoneX in a note. "China doesn't need to buy U.S. corn, but it does have room for corn in its reserve," says Suderman. CBOT corn is up 0.7%, soybeans climb 0.8%, but wheat falls 0.1%. (kirk.maltais@wsj.com)
1310 ET - Drinking Starbucks coffee isn't just a morning habit. Starbucks coffee houses across the U.S. are seeing more customers in the afternoons and into the evenings, with total visits increasing after 2 p.m., according to data from Feb. 15 to May 16, the company says. The biggest gains are between 3 p.m. and 5 p.m., Starbucks says. Part of this growth has been driven by its new beverage options, including its Energy Refreshers drinks, which give customers the ability to tailor caffeine levels, as well as expanded food options, the company says. (chris.kuo@wsj.com)
1238 ET - CBOT grain futures are up as traders grapple with numerous headlines on the geopolitical front. The top headlines catching trader attention are surrounding the U.S.-Iran conflict. Separate sources are reporting that a 60-day MOU had been reached between the two sides, while others say Iran has rejected the potential deal. The status of the war has dictated what the risk premium is on grain prices in recent months. "The U.S.-Iran situation is a bit touchy as nearly every source is questionable," says Jason Snow of Futures International. He adds that rumors about China buying U.S. soybeans are also unsubstantiated. CBOT corn is up 0.6%, soybeans climb 0.7%, and wheat rises 0.2%. (kirk.maltais@wsj.com)
1223 ET - Dutch Bros and other to-go coffee chains have grown fast in the U.S. through small locations, and Starbucks aims to compete with these rivals through it own smaller cafes. Executives said in an investor event that the company is exploring more locations under an acre with drive-though access as it aims to increase its U.S. footprint by 5,000 locations over time. CEO Brian Niccol said it will take some time to pivot its existing development strategy to the new one. (heather.haddon@wsj.com; @heatherhaddon)
1217 ET - Extreme dryness seen on the east coast of the U.S., particularly in the mid-atlantic and the southern portions, has eased over the past week, according to the U.S. Drought Monitor. Extreme drought has eased, particularly in states like Virginia and North Carolina, according to the latest update. Corn planted in North Carolina is behind the pace of this time last year, although soybean planting is ahead of last year's pace. Meanwhile, areas of the U.S. Plains -- mainly Texas, Oklahoma, and Nebraska -- are still experiencing extreme drought stress, with less than 5% of Nebraska not facing dryness issues. Further dryness is expected in the U.S. over the next two weeks, according to the NOAA's Climate Prediction Center. (kirk.maltais@wsj.com)
1210 ET - Starbucks should have a cold blue drink, and CEO Brian Niccol aims to quickly change that. The coffee chain CEO said in a investor presentation that he aims to keep building on Starbucks's multi-billion Refresher business, and that the sector for customized cold drinks has more room to expand despite increasing competition. The company said that its afternoon business is growing through Refreshers and food options. (heather.haddon@wsj.com, @heatherhaddon)
1147 ET - Gold prices return to positive territory, with futures up 0.6% to $4,508.80 a troy ounce as traders closely wait for a breakthrough in U.S.-Iran negotiations and assess the latest U.S. economic data. GDP data showed the U.S. economy grew more slowly than previously thought during the first quarter, though the Federal Reserve's preferred gauge of monthly price increases grew at a slower pace in April. "The softer-than-expected gain in the core PCE deflator in April buys the Fed a bit of time as it waits to see how higher oil prices will feed through to broader inflation pressures," analysts at Capital Economics say. The near closure of the Strait of Hormuz has pushed energy prices higher, fueling inflation and raising concerns over higher-for-longer interest rates, which typically weigh on the outlook for nonyielding assets like gold. (giulia.petroni@wsj.com)
1139 ET - Oil prices trim gains as traders closely monitor developments in U.S.-Iran negotiations to reopen the Strait of Hormuz. Brent crude for July delivery is up 0.5% to $94.80 a barrel, while WTI futures rise 1.2% to $89.73 a barrel. Both benchmarks gained more than 2.5% earlier in the session after the U.S. and Iran exchanged fire, raising concerns over an already fragile cease-fire. Still, "while the reopening of the Strait is a necessary step towards normality in the global energy market, it alone is not sufficient to bring energy prices quickly back towards prewar levels," analysts at Capital Economics say. "A return to prewar oil export levels will take time, probably well into 2027." The firm foresees Brent in a range of $80-$90 a barrel in the fourth quarter. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
May 28, 2026 16:15 ET (20:15 GMT)
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