The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1200 ET - A fresh round of reports from the USDA look to be the deciding factor for if a slide seen in CBOT grain futures continues, or if the bottom has been set. "Today's closely watched USDA acreage and quarterly grain stocks reports may determine whether this correction has largely run its course or whether markets still need to adjust to a more comfortable supply outlook," says Ole Hansen of Saxo Bank in a note. He adds that while hotter weather is moving in, growing conditions have so far been constructive for U.S. crops. Most-active CBOT corn is down 0.9%, soybeans fall 1.1%, and wheat is down 0.8%. (kirk.maltais@wsj.com)
1122 ET - Japan's efforts to support the yen could have implications for U.S. government borrowing, Corpay's Karl Schamotta tells WSJ in an email. Tokyo is widely expected to intervene as the yen hits a 40-year low against the dollar. Schamotta says past interventions have seen a relatively small amount of sales from Japan's large holdings of Treasurys, since a significant selloff would cause U.S. yields to spike, further strengthening the greenback. However, Japanese FX policies could seek to keep more capital at home, hampering dollar-bound flows that for years have allowed Washington to finance its own debt. The U.S. "has grown accustomed to Japanese demand for its debt," Schamotta says. "It should not assume that demand is unconditional." (paulo.trevisani@wsj.com; @ptrevisani)
1019 ET - Most-active lean hog futures are up 1.7%, potentially establishing upward momentum after last week's Hogs and Pigs report showed a shrinking hog supply in the second half of 2026. Livestock traders are keeping an eye on the flow of news surrounding the future of the USMCA, which is important to hogs as Mexico and Canada are large buyers of U.S. pork exports. If President Trump does announce that the deal will not be extended, then that leaves it in "infinite limbo," says StoneX in a note. "We may be in rounds of negotiation for the remainder of the Trump administration, if not longer," says the firm. Live cattle are down 0.3%. (kirk.maltais@wsj.com)
0947 ET - U.S. natural gas futures pick up from losses the previous two sessions as this week sees the hottest weather so far of the summer. LNG feedgas demand is at its highest in three months, and power demand could set records for parts of the U.S. in the next two weeks, Dennis Kissler of BOK Financial says in a note. The Nymex August contract remains technically bullish with near-term resistance around $3.36 and support at the 50-day moving average of $3.183, he adds. Nymex gas is up 2.5% at $3.259/mmBtu.(anthony.harrup@wsj.com)
0939 ET - Oil prices tick higher in early U.S. trade, but are on pace for their largest quarterly decline since early 2020 as investors await clarity on a potential U.S.-Iran meeting in Doha. "Discussions could be indicative of the appetite from both sides to honor the agreed 60-day road map, or the situation in the Middle East could quickly take a turn for the worse," says Achilleas Georgolopoulos from XM. "Oil prices appear to have reached a plateau following the aggressive selloff, maintaining a small 'conflict' premium." Brent crude for August delivery is up 0.2% to $73.31 a barrel, while WTI futures are up 0.3% to $70.95 a barrel. (giulia.petroni@wsj.com)
0923 ET - Oil futures move higher with the U.S. and Iran expected to resume talks in Qatar following weekend military exchanges. "Although meetings are scheduled to take place as early as today, Iran is less clear as to the timing and scale of such talks," Ritterbusch & Associates says in a note. Significant movement of ships through the Strait of Hormuz could resume following a brief disruption, but "we feel that the resumption of military activities so soon after the Memorandum of Understanding will be demanding a much larger risk premium than currently exists." WTI is up 0.7% at $71.24 a barrel, and most active Brent gains 0.8% to $74.49. (anthony.harrup@wsj.com)
0922 ET - Copper markets are awaiting a key U.S. decision on import tariffs as the Commerce Department prepares to deliver a report to the White House that will inform President Trump's next move. If Trump announces tariffs on refined copper effective January 2027, U.S. buyers would likely accelerate imports in the second half of this year to get ahead of the levy. That would drive Comex copper inventories even higher, tighten supplies on the London Metal Exchange and support global prices, Commerzbank analysts say. If tariffs are ruled out, copper could instead flow out of Comex warehouses, providing some relief. In afternoon European trading, copper futures on the LME are up 0.3% to $13,380 a metric ton. (giulia.petroni@wsj.com)
0907 ET - Corn futures may not be impacted much if today's USDA reports show more acres or larger stocks than anticipated. That's because the CBOT has trended lower in recent weeks, with risk premium from the war with Iran being sold and weather generally supportive for U.S. crops. "The downside risk from here is not believed to be that large regardless of what the report says as funds have already built a large net short and farmer selling interest is limited," says Doug Bergman of RCM Alternatives in a note. Most-active corn is flat premarket. (kirk.maltais@wsj.com)
0857 ET - CBOT grain futures are mixed premarket ahead of this afternoon's yearly planting report from the USDA. Acres are largely expected to hew closely to previous forecasts. But even if planted acreage were to decrease, U.S. farmers would still likely produce an abundance of crops. In a note, Michael Cordonnier from Soybean & Corn Advisor says that for both corn and soybeans, a plurality of states are poised to deliver "above trend line" yields--or yields stronger than the typical improvement yields see on a yearly basis. Much of the Corn Belt had adequate rainfall in June, but is expected to start July on a drier note. CBOT corn is down 0.1%, while soybeans fall 0.4% and wheat is up 0.3%. (kirk.maltais@wsj.com)
0605 ET - Palm oil fell amid weakness in the soybean oil market and concern over rising output in coming weeks, said David Ng, a trader at Kuala Lumpur-based Iceberg X. He sees crude palm oil support at 4,500 ringgit a ton and resistance at 4,680 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery fell 39 ringgit to 4,549 ringgit a ton. (kimberley.kao@wsj.com)
0319 ET - European indexes are all in the green at the open as technology and industrial stocks surge. The Stoxx 600 rises 0.6%. Germany's industrial heavy DAX gains 0.9%, led by Siemens Energy. The gas turbine-maker gains 4.6%. In Paris, the CAC 40 is up 0.4% despite weakness in luxury names, as industrials rally. Schneider Electric rises 2.3%. London's FTSE 100 is 0.3% higher as miners gain after selling sharply in recent sessions on lower precious-metals prices. Antofagasta is up 2.3%. The Dutch AEX rises 0.7% on strong gains for AI-linked stocks, including a 3.3% surge for ASML. The Spanish IBEX 35 gains 0.2%, while the Italian FTSE MIB rises 0.6%. (josephmichael.stonor@wsj.com)
0254 ET - Gold prices are on track for a monthly loss of 12% despite persistent geopolitical uncertainties, as traders expect the Federal Reserve to hike interest rates this year. According to the CME FedWatch tool, traders expect three Federal Reserve rate hikes this year and are currently pricing in more than a 60% chance of a September increase. "Gold is likely to remain under pressure in the near term as easing energy prices, a resilient US dollar, and higher for longer interest rate expectations continue to reduce demand for non-yielding safe haven assets," analysts at MUFG say. In early European trading, New York gold futures rise 0.1% to $4,044.30 a troy ounce. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
June 30, 2026 12:15 ET (16:15 GMT)
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