The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1158 ET - Weather seems to be taking a back seat these days for traders in CBOT grain futures. "Almost everything today is money flow in response to geopolitical news," says Karl Setzer of Consus Ag Consulting in a note. But while macro-level economics are drawing outsized attention, a report from the NOAA's Climate Prediction Center that the climate has shifted into an El Niño system, can't be ignored. An active El Niño has traders adding risk premium back into grains today, says Setzer. CBOT corn is up 1%, soybeans rise 0.3%, and wheat climbs 0.7%. (kirk.maltais@wsj.com)
1051 ET - Live cattle futures are down 0.6%, with traders and analysts clearly focused on the status of the New World screwworm outbreak in the southern U.S. The USDA's Animal and Plant Health Inspection Service website says 9 cases have been reported in the U.S., with 8 in Texas and 1 in New Mexico. Lean hogs fall 1.3%. (kirk.maltais@wsj.com)
1042 ET - Oil futures stem losses as President Trump says on Truth Social that terms of a deal that "Iran leaked" have nothing to do with what was agreed to "in writing," leaving the market wondering whether the signing of an accord is imminent. "With them, there is no such thing as dealing in good faith," he says, adding that "They better get their act together, and FAST!" WTI is off 1.3% at $86.60 a barrel and Brent is down 1.2% at $89.29. (anthony.harrup@wsj.com)
1035 ET - Grain analysts and traders are digesting the USDA's latest WASDE data indicating the U.S. Hard Red Winter wheat crop is at its smallest since 1957. The market is watching the potential impact of lower production and ending stocks, analysts with Commerzbank say in a note. "The further deterioration in the crop outlook in the U.S. and the tight supply situation on the global wheat market point to higher wheat prices in the coming months," says the firm, also noting that the USDA revised its projection for Australian wheat crops lower. Most-active CBOT wheat futures rise 0.9%, while corn climbs 1% and soybeans advance 0.2%. (kirk.maltais@wsj.com)
1015 ET - U.S. natural gas futures are steady with a milder near-term weather outlook partly compensated by recovering LNG feedgas flows. The market "is being forced to discount a further bearish tilt to the weather factor while also seeing some negative spillover from the lower oil prices," Ritterbusch & Associates says in a note. But "a further increase in export activity that offered some price support earlier this week is still expected," the firm adds. Nymex natural gas edges up 0.1% to $3.090/mmBtu.(anthony.harrup@wsj.com)
1008 ET - CBOT grain futures appear to be rebounding from post-WASDE selling as traders turn their focus to the U.S. and Iran seemingly moving toward a deal that could reopen the Strait of Hormuz, although Iran says it "hasn't reached a final conclusion about the agreement." Jim Wiesemeyer of Ag Bull Trading says "markets are pricing in de-escalation, but risks remain." Most-active corn rises 0.8%, soybeans are up 0.2%, and wheat climbs 0.9%. "The market reaction reflects a growing belief that both Washington and Tehran have strong incentives to avoid a prolonged conflict," Wiesemeyer says.(kirk.maltais@wsj.com)
0938 ET - Gold prices extend gains in afternoon trading on hopes for a peace deal in the Middle East after President Trump called off planned strikes on Iran. "The drop in U.S. Treasury yields is weighing on the U.S. dollar somewhat, as rate hike expectations for the Fed have been pushed back on the hope that a U.S.-Iran deal is around the corner," says Raffi Boyadjian, market analyst at brokerage XM. "A 25-bps [basis points] rate increase is now not fully priced in until March 2027." Gold futures in New York rose 2.7% to $4,445.20 a troy ounce, though they remain on track for a weekly loss of 6% as risks of escalation in the conflict and U.S. consumer price data weighed heavily on bullion this week. (giulia.petroni@wsj.com)
0908 ET - Oil futures extend their decline with the market giving more weight to expectations of a U.S.-Iran deal being finalized than the likelihood of negotiations running into more obstacles, although Iranian state media cite officials saying Tehran hasn't reached a final decision. Crude is trading at the lower end of its recent range and is likely to hold there as the proposal reportedly calls for 30 days for the Strait of Hormuz to be fully reopened, Peter Cardillo of Spartan Capital says in a note. "Keep in mind that global stockpiles remain relatively low and will take time to rebuild, which should provide underlying support for prices." WTI is down 2.7% at $85.39 a barrel and Brent is off 2.3% at $88.30. (anthony.harrup@wsj.com)
0628 ET - Palm oil ended lower amid a drop in crude oil prices on hopes of a U.S.-Iran peace deal soon. Both Brent and WTI crude oil futures fell more than 4% late afternoon in Asia. Weaker crude oil prices make biodiesel less attractive, weighing on palm oil prices. Markets will closely monitor the looming El Niño, as various global meteorological authorities expect it to officially begin in mid-to-late June, Tongguan Jinyuan Futures says in a research note. El Niño typically brings warmer and drier weather to the region, which could affect palm oil production, though the brokerage notes that the impact is often delayed. The Bursa Malaysia Derivatives contract for August delivery fell 72 ringgit to 4,479 ringgit a ton. (sherry.qin@wsj.com)
0455 ET - Market hopes of a U.S.-Iran deal get a further lift in the Asian afternoon session as fresh headlines signaled progress in negotiations. Mehr News Agency, which is affiliated with Iranian security services, reports that major parts of the U.S.-Iran peace agreement have been finalized, citing the country's Foreign Ministry spokesman. Oil extends declines, gold erases losses and U.S stock futures are higher. Front-month Brent crude oil futures fall 4.3% to $86.50 a barrel, and front-month WTI crude futures are 4.5% lower at $83.76 a barrel. Gold is last up 0.1% at $4,216.34 a troy ounce. The eMini Nasdaq 100 futures rises 0.2%, the eMini S&P 500 futures gains 0.3% and the eMini Dow futures is 0.6% higher. (sherry.qin@wsj.com)
0426 ET - European steel traders' inventory levels are elevated and demand is muted, Jefferies analysts say in a research note. While steel distributors don't feel the need to restock given availability, producers are optimistic, the analysts say. This is because European Union steel-trade safeguards start in July, and support higher domestic production to displace imports from the final quarter of 2026 onward, they add. The outlook for European steel for 2027 and 2028 is structurally better compared to the past, strengthened by these policy-driven headwinds. (nina.kienle@wsj.com)
0313 ET - Gold prices rise more than 2% after President Trump's decision to call off strikes against Iran pushed crude below $90 a barrel and boosted investor risk appetite. "With oil prices coming down sharply, alongside hopes that the Strait of Hormuz will reopen, that's seen investors price out the chance of rapid rate hikes this year," analysts at Deutsche Bank say. In early European trading, New York gold futures are up 2.1% to $4,200.40 a troy ounce. Despite the rebound, the metal remains on track for a weekly loss of nearly 7%. The precious metal has been under pressure due to stronger fears that rising energy costs could spur inflation, prompting central banks to keep interest rates higher and raising the opportunity cost of holding the non-yielding metal. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 12, 2026 12:15 ET (16:15 GMT)
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