The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1146 ET - Farm income looks to be increasingly buoyed by government payments, with the Trump Administration calling for a fresh round of aid totaling $11B to $12B. Last month, the USDA said that 2026 net farm income was forecast at $153.4B, with $44.3B coming from "direct government farm payments." With the additional supplement, direct government payments now exceeds the record-high of $45.7B set in 2020, in the midst of the Covid-19 pandemic shutting down markets and scrambling supply chains. Increased farm aid also brings government payments as a percentage of farm aid comparable to the late 90s. (kirk.maltais@wsj.com)
1056 ET - U.S. natural gas inventories posted a close-to-normal build last week, leaving the storage surplus against the five-year average virtually unchanged, according to EIA data. Gas stored in underground facilities increased by 76 billion cubic feet to 2,835 Bcf, which was 152 Bcf or 5.7% above the 2021-2025 average for the time of year. The net injection was smaller than for the same week last year, widening the deficit against the year-earlier level to 49 Bcf from 29 Bcf. Analysts in a Wall Street Journal survey had predicted a 70 Bcf increase in storage for last week. Nymex natural gas sheds gains in the wake of the report and is down 0.5% at $3.205/mmBtu.(anthony.harrup@wsj.com)
1048 ET - Darden Restaurants faced higher-than-expected beef inflation in F2026. Beef prices were up roughly 12% year-over-year, CFO Raj Vennam says on call with analysts. The outlook is improving, though, as the company expects beef prices to be in low single digits in F2027. Darden's LongHorn Steakhouse brand has actually benefited from high beef inflation, which has given the restaurant chain better relative value, executives say. Darden is off 0.1% after guiding for slower growth over the coming year. (connor.hart@wsj.com)
1025 ET - Thyssenkrupp's planned partial listing of its materials services unit is a key near-term catalyst alongside portfolio monetization efforts, Bank of America analysts say in a research note. The German conglomerate will distribute 49% of the business to shareholders while retaining control, a structure broadly seen as similar to previous successful spinoffs such as Marine Systems, the analysts say. Such transactions have historically supported sentiment even when value migration into the listed subsidiary has been significant, they say. The analysts remain constructive, highlighting continued optionality from further portfolio actions across steel and automotive divisions. Shares trade 3.3% higher at 11.065 euros. (nina.kienle@wsj.com)
1006 ET - Lean hog futures on the CME are down 0.6% ahead of the USDA's Hogs and Pigs report due this afternoon. Hogs slid in recent months, as pork cutouts were generally weak. The price decrease stems from the ample availability of meat, says StoneX in a note. "We do continue to see weights track record heavy for this time of year," the firm says. Live cattle futures are up 0.1% in early trading. (kirk.maltais@wsj.com)
0937 ET - U.S. natural gas futures are higher as weather models overnight add a little more heat to the near-term outlook, lifting expected cooling demand. The immediate focus is on the EIA's weekly inventory report due at 10:30 a.m. ET, which is expected to show a 70 Bcf injection into storage, according to a WSJ survey of analysts. That would be below the 75 Bcf average build for the week and trim the surplus over the 2021-2025 average to 146 Bcf from 151 Bcf the previous week. Nymex natural gas is up 2.6% at $3.304/mmBtu.(anthony.harrup@wsj.com)
0929 ET -- Darden Restaurants says it expects growth to slow over the coming year. The owner of LongHorn Steakhouse and Olive Garden guides for same-restaurant sales to climb 2.5% to 3.5% over the coming year. That would be in line with analyst estimates for a 2.9% increase, though it would be below the 4.5% gain the company logged last year. Darden's same-restaurant sales growth has been largely driven by its LongHorn Steakhouse banner, which outperformed expectations during the latest quarter. Slowing growth across its Olive Garden brand, though, has weighed on performance. Shares are off 3.7% shortly ahead of Thursday's opening bell. (connor.hart@wsj.com)
0855 ET - Oil futures are toying with pre-war levels as the market reacts to the quick movement of oil through the Strait of Hormuz under the U.S.-Iran agreement. Brent for September delivery is trading above the August contract--a condition known as contango--which "would be much more typical of a huge supply surplus instead of the exceptionally low global stockpiles that currently exist," Ritterbusch & Associates says in a note. "This seeming anomaly forces a reminder that commodity futures are anticipatory, and it is obvious that the speculative entities are expecting an elimination of the large crude deficit that currently exists." WTI is down 1% at $69.62 a barrel. August Brent falls 1.2% to $72.87 and the most active September contract is off 0.8% at $73.27 a barrel.(anthony.harrup@wsj.com)
0631 ET - Palm oil ended lower, following a decline in crude oil prices. Easing Middle East tensions have caused oil prices to fall back to prewar levels. Broader market sentiment was also hurt by Wall Street's tech-led declines amid concerns that the AI-driven equity rally has run too far, Kenanga Futures analysts say in a research note. The Bursa Malaysia Derivatives contract for September delivery dropped 75 ringgit to 4,558 ringgit a ton. (tracy.qu@wsj.com)
0341 ET - Gold prices hold below $4,000 a troy ounce on rising bets of interest-rate hikes by the Federal Reserve this year. In early European trading, gold futures in New York are down 0.2% to $3,999.70 an ounce. Spot gold falls 2.7% to $3,999.08 an ounce, the lowest since November of last year. "Despite a slump in energy prices, concerns about persistently higher inflation have seen a significant re-rating of monetary policy expectations," analysts at ANZ say. Meanwhile, the Fed's hawkish stance "appears to have derailed the debasement trade, where assets such as gold were favoured over currencies vulnerable to inflation, fiscal and monetary excess." (giulia.petroni@wsj.com)
2242 ET - Palm oil falls in Asian trading, tracking declines in soybean oil prices overnight on the Chicago Board of Trade, PhillipCapital says in a note. Softer crude oil prices are also weighing on crude palm oil prices as weaker oil markets diminish palm oil's appeal as a biofuel alternative, it adds. PhillipCapital expects prices to face resistance at 4,700 ringgit a ton and find support at 4,433 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 95 ringgit lower at 4,538 ringgit a ton. (yingxian.wong@wsj.com)
2214 ET - Copper prices are flat in Asia trade as persistent supply-side tightness continue to offset concerns over weakening seasonal demand, say Ruida Futures analysts in a note. Copper concentrate treatment charges remain near historically low levels, highlighting tightness in raw-material availability. Demand for copper remains subdued, they add. Elevated copper prices and weaker downstream processing orders during the traditional off-season is curbing purchasing appetite, with buyers largely maintaining hand-to-mouth procurement and selectively replenishing inventories on price dips, they say. The three-month LME copper contract is flat at $13,091.00 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
June 25, 2026 12:15 ET (16:15 GMT)
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