The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1522 ET - Oil futures rise for the first time in three sessions after Israel and Iran exchanged strikes over the weekend before saying they will hold off further attacks. The first direct strikes between Israel and Iran since the April ceasefire raised concerns of wider escalation, although "cooler heads appear to be prevailing to start the week," Arlan Suderman of StoneX says in a note. Houthi threats against Israeli shipping in the Red Sea add risk, he says. "With global commodity trade already facing notable logistical snares due to the ongoing closure of the Strait of Hormuz, a resumption in Houthi attacks in the Red Sea would add yet another layer of complexity." WTI settles up 0.8% at $91.30 a barrel and Brent rises 1.2% to $94.25. (anthony.harrup@wsj.com)
1505 ET - CME livestock futures had some support this morning, but that evaporated in trading -- leaving both live cattle and lean hogs lower for the day. For hogs, today's finish of down 1.5% to 97.3 cents a pound continues a trend of negative momentum seen last week. "The hog market had another disappointing week after a strong rally early last week once again failed to follow through higher, which has been the case since early March," says ADM Investor Services in a note. Questions about the New World Screwworm outbreak in Texas supported cattle, but futures still close down 2.2% to $2.36325 a pound. (kirk.maltais@wsj.com)
1501 ET - U.S. natural gas futures settle lower as weather forecasts shed some heat for the second half of June and LNG exports are held back by maintenance. Near-term hot weather is seen supportive of prices. "The first meaningful heat of the season is expected later this week, which should drive the strongest power generation demand of 2026 so far," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Pinebrook keeps its 1-3 month bullish outlook, "with the caveat that the market likely needs sustained heat or stronger LNG demand to extend the rally," he adds. Nymex natural gas settles down 2.5% at $3.147/mmBtu.(anthony.harrup@wsj.com)
1452 ET - There won't be a sustained rally in the Canadian dollar until officials in Ottawa and Washington strike a trade accord, say economists Stéfane Marion and Kyle Dahms at National Bank of Canada. CAD has been the weakest reserve currency in recent weeks, they say, due to a big negative surprise on GDP, widening US-Canada 2-year spreads, and a declining gold price. The NBC economists say in the current market configuration, the price of gold is more relevant to CAD than the price of crude oil, and that bullion is now more than 17% below a recent peak. The economists have a year-end forecast for USDCAD of C$1.35, from its current C$1.395 level. (paul.vieira@wsj.com; @paulvieira)
1429 ET - How the harvest of U.S. winter wheat crops will go this summer is the main influence on wheat futures today. Expectations for the crop are guarded at best, says Jackie Mundt of Kansas Farm Bureau in a note. "Anecdotal reports have been made of harvest crews skipping typical stopping points in Texas and Oklahoma or starting earlier than normal," says Mundt, adding that some rainfall seen over the weekend has actually made harvesting harder in the next few days. Most-active wheat futures on the CBOT are up 0.7%, while corn rises 0.5% and soybeans fall 0.4%. (kirk.maltais@wsj.com)
1417 ET - Oil futures give up more of their overnight gains after Iran and Israel say they will hold off further attacks following exchanges of strikes over the weekend. Risk premium remains high as the Strait of Hormuz is still largely closed with the high-demand summer season approaching. "We have demand picking up in the northern hemisphere globally and so far we're not really seeing much dent in demand," says Tracy Shuchart of NinjaTrader Group. Adding risk are threats against Israeli shipping in the Red Sea by Yemen's Iran-backed Houthis. That would exacerbate the problem as flows are being diverted through that route from the Strait of Hormuz, Shuchart adds. WTI is up 0.5% at $91.01 a barrel and Brent is up 1.2% at $94.22. (anthony.harrup@wsj.com)
1323 ET - The Trump Administration appoints John Bellinger as the new Senior Advisor for New World Screwworm Preparedness. Bellinger will work with the USDA to "help further drive its robust effort to explore all available technologies to combat the New World Screwworm," according to a news release from the USDA. Bellinger currently serves on Texas A&M's Board of Regents. He steps into the role as the USDA grapples with the first appearance of New World Screwworm in the U.S. since the 1960s. One case was reported last week in a 3-4 week old calf, and now other cases have also been reported, all in Texas. Most-active live cattle futures on the CME are down 1.8%, while lean hogs fall 0.9%. (kirk.maltais@wsj.com)
1158 ET - Gold prices trim losses after Iran and Israel ended multiple exchanges of fire Monday, pushing Brent crude oil lower. In afternoon trading, New York gold futures are down 0.1% to $4,362 a troy ounce, after falling more than 1% earlier in the session. Still, prices remain below the $4,400 mark amid concerns that higher energy costs could fuel inflation and prompt interest-rate hikes. "Persistent disruptions to energy flows through the Strait of Hormuz continue to support oil prices and fuel inflation fears," analysts at MUFG say. "Additional pressure came from stronger than expected U.S. economic data, which increased expectations that the Fed could keep rates higher for longer." (giulia.petroni@wsj.com)
1141 ET - The slump in gold futures may be turning into a structurally sound opportunity for traders to buy back into gold, says Kenny Hu of Citi Research in a note. But whether that truly happens depends a lot on how long the conflict in the Middle East drags out, says Hu. "We are concerned that in the scenario the Strait of Hormuz remains closed through the end of the summer, we could see a reduction in gold buying," says Hu. "Which would mechanically see prices retrace 9-10 month ago levels of $3,500/oz." At around $4,352 a troy ounce, gold is currently trading slightly lower than the 200-day moving average now, and is more likely to keep sinking unless a resolution in the Middle East conflict suddenly emerges. (kirk.maltais@wsj.com)
1055 ET - Corn futures are down more than 8% over the past two weeks, according to data from FactSet. Part of the pressure is what Austin Schroeder of Price Futures Group calls "death spiral liquidation." In a note, Schroeder says "the longs that had been piling in on the previous crude strength, excellent exports, prospects of China buying, etc., all wanted out at the same time." Most-active corn futures are up 0.1%, but how long they stay in positive territory is unclear. Weather in early June is looking wet for U.S. crops, but that can quickly change. Soybeans are virtually flat, and wheat rises 0.8%. (kirk.maltais@wsj.com)
1036 ET - Saputo's dairy byproduct strength could give it rare insulation in a tougher industry backdrop. Mark Petrie of CIBC says weak cheese prices will likely remain a headwind in the near-term, but "exceptionally strong by-product demand and prices could shift commodities to a net--and material--tailwind." Petrie notes that demand for high-protein powders such as WPC80 has created an unusually lucrative setup for Saputo, with prices up to about C$13 a pound, more than double last year and roughly 20 times the prices of regular dry whey. Petrie adds that the timing is opportune, with Saputo's new Wisconsin facility boosting WPC80 capacity by 35% "at just the right time." (adriano.marchese@wsj.com)
1032 ET - CBOT grain futures are slowly turning higher after a slow start, which is seen as a technical reaction to sizable long liquidation evidenced in Friday's Commitments of Traders report. Funds remain net long in corn and soybeans, but by a margin that is far less than what was seen weeks ago. "With the markets now oversold, fund liquidation probably slows," says Joe Davis of Futures International. "There is no bullish weather story… it remains bearish." Most-active CBOT corn is down 0.3%, while soybeans fall 0.1% and wheat is up 0.5%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
June 08, 2026 16:15 ET (20:15 GMT)
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