The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0606 ET - Palm oil ended lower, with the Bursa Malaysia Derivatives contract for September delivery down 26 ringgit at 4,632 ringgit a metric ton. The commodity was weighed by weaker rival edible oils overnight, Kenanga Futures analysts said in commentary. Easing geopolitical tensions in the Middle East continued to weigh on the broader oil complex, with softer crude prices reducing palm oil's competitiveness as a biofuel feedstock. Still, losses should be cushioned by expectations of strong buying ahead of religious festivals in India. Kenanga sees support for the September futures contract at 4,560 ringgit and resistance at 4,700 ringgit. (jason.chau@wsj.com)
0354 ET - Crude oil transits through the Strait of Hormuz have recovered to roughly one-third of their normal level so far in June, with confirmed flows reaching around 4.8 million barrels a day following the U.S.-Iran memorandum of understanding, Kpler's Yui Torikata says. The recovery has been driven by a combination of resumed Iranian exports, the release of non-Iranian cargoes stranded inside the Gulf for more than three months, and continued movements by vessels operating without active tracking signals, according to the analyst. Iranian tankers have increasingly resumed broadcasting their locations during voyages, signaling a gradual return to more transparent trading activity. Meanwhile, about 35 million barrels of oil on non-Iranian vessels stranded inside Hormuz exited the waterway since June 18. However, shipping conditions have yet to fully normalize, with a substantial volume of non-Iranian cargoes still transiting the waterway in the dark despite easing tensions, Torikata says. (giulia.petroni@wsj.com)
0338 ET - Gold prices fall, extending the previous session's losses as a stronger U.S. dollar and growing expectations of interest-rate hikes this year weigh on sentiment. "Limited support came from rising Treasury bonds as lower energy prices ease concerns about inflation," analysts at Saxo Bank say. At the same time, "gold's unusually strong positive correlation with the S&P 500 continues to weigh on prices, pushing the metal into the key $4,000-$4,100 support zone." In early European trading, New York futures are down 1.2% to $4,098.70 a troy ounce. Meanwhile, the U.S. dollar index is up 0.1% to 101.55, making dollar-denominated commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
2259 ET - Iron ore rises in early Asian trading, with the most actively traded September contract on the Dalian Commodity Exchange up 0.9% at 745.00 yuan a ton. On the demand side, hot metal output has rebounded slightly, Nanhua Futures analysts say in a commentary. Blast furnace maintenance at some steel mills is offset by production resumptions in others, providing some underlying support for demand. Meanwhile, easing tensions between the U.S. and Iran may allow Tehran to resume production and export steel billets. However, higher coke prices are still squeezing steel mills' margins, prompting greater caution toward additional ore purchases. Supply also remains loose, with total shipments to China increasing significantly, while falling crude prices have dragged down freight rates, reducing import costs. (jason.chau@wsj.com)
2246 ET - Palm oil rises in Asian trading, driven by technical uptrend, AmInvestment Bank says in a note. Technical analysis suggests the broader upward trend remains intact. If prices hold above the 4,560 ringgit-4,610 ringgit a ton support zone, the market should trade sideways to higher, it adds. AmInvestment Bank expects prices to face resistance at 4,710 ringgit a ton and find support at 4,610 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 27 ringgit higher at 4,685 ringgit a ton. (yingxian.wong@wsj.com)
2158 ET - What appears to be softer-than-anticipated pricing in Iluka's rare-earths offtake deal "reflects the reality that individual end users are more price-sensitive than the U.S. government with taxpayer funds," says Ord Minnett. Based on details from Iluka, the broker estimates a neodymium-praseodymium floor price of roughly US$95/kilogram, below the US$110/kilogram in the U.S.'s deal with MP Materials. With construction of Iluka's refinery on track, economics are the focus. "Key catalysts include further offtake agreements to build meaningful volume coverage," the broker says, noting that most planned production is yet to be sold. It says the market will also be looking for improved visibility on realized prices. Ord Minnett maintains its 9.00 Australian dollar target and buy recommendation. Shares are up 4.3% at A$7.56. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2131 ET - Gold is lower in early Asian trading amid weak sentiment. "Despite gold being well known as a safe-haven asset, it failed to provide any protection against such a big cross-market sell-off," ANZ research analysts say in a research note. The metal has dropped more than 22% since the Middle East conflict began at the end of February, they say. Rising expectations for a potential U.S. interest rate hike are also adding to the weak sentiment, they note. Spot gold is down 0.7% at $4,083.33 an ounce. (tracy.qu@wsj.com)
1921 ET - Morgan Stanley isn't concerned about undisclosed customer and pricing terms on Iluka's four-year rare-earth offtake agreement. Iluka announced the deal as a key milestone that helps unlock the remainder of its funding for the Eneabba refinery. The miner said details about the identity of the customer and prices were commercial in confidence. That "should not be read negatively, given sensitivity and likely exposure to China-linked supply chains for now," says MS analyst Rahul Anand. MS estimates the deal will account for roughly 10% of output from processing stockpiled material. It is "modest but strategically important," says Anand. MS has an "overweight" rating and A$7.95 target on Iluka. Shares ended Tuesday at A$7.25. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
1836 ET - Forsyth Barr retains a "neutral" call on A2 Milk, despite easing concerns around supply-chain disruptions and its U.S. product recall. It says the ramp-up of the Pokeno plant should materially alleviate supply-chain pressures in FY27. Still, China-label infant milk formula availability remains constrained. "And, with disruptions extending beyond the April/May period where A2 Milk had expected the greatest impact, we see an increasing risk of flow-on effects into FY27 and FY28," analyst Will Twiss says. It's upbeat about A2 Milk's medium-term earnings outlook. But A2 Milk is trading at 26x FY27 EPS. Forsyth Barr's earnings forecasts are also below consensus over the next two years. "The margin of safety is modestly too narrow to justify a more positive investment stance at this stage," it says. (david.winning@wsj.com; @dwinningWSJ)
1615 ET - The Senate Ag Committee has released its draft of the Agricultural Act of 2026, branded "Farm Bill 2.0." The bill appears to avoid the most "divisive issues," says Jim Wiesemeyer of Ag Bull Trading in a note, skipping proposals like Proposition 12 and year-round sales of E15 fuel - or gasoline blended with 15% ethanol. Instead, the bill appears to be focused on bolstering and modernizing existing programs, says Wiesemeyer. "The strategy appears designed to attract bipartisan support while avoiding provisions that could fracture the coalition needed to move a farm bill through the Senate," he says. Also included in the bill is the creation of a full-time Crop Input Economist within the USDA's Office of the Chief Economist, monitoring the cost of needed materials like fertilizer and fuel. (kirk.maltais@wsj.com)
1538 ET - Lean hog futures on the CME settle up 0.6% to 97.275 cents a pound, with analysts debating if the gradual slide in prices seen for much of the year might be over. That's because today's finish puts hog futures over a technical level identified by multiple analysts as a sign of a correction beginning in hogs. But whether that reversal sticks is another question. The USDA will release its quarterly Hogs and Pigs report on Thursday, which livestock traders think will show a larger total inventories of American swine. Live cattle futures settle down 0.5% to $2.4605 a pound. (kirk.maltais@wsj.com)
1510 ET - Oil futures settle lower in a cautious market as investors weigh a possible flood of oil out of the Middle East against the risk of U.S.-Iran talks running into obstacles. Energy markets are pricing a partial normalization rather than a complete return to pre-war conditions, Siebert Financial's chief investment officer Mark Malek says in a note. He sees the market assigning "too much confidence to a favorable outcome" and too little weight to the risks around unresolved nuclear issues and inspection disputes. "The most likely outcome is neither a breakthrough nor a collapse but a prolonged period of managed uncertainty that keeps a modest risk premium embedded in energy prices," he adds. WTI settles down 0.9% at $73.21 a barrel and Brent falls 1.1% to $77.08. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
June 24, 2026 09:15 ET (13:15 GMT)
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