The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0911 ET - CBOT grains are higher premarket after the slate of reports from the USDA Tuesday mostly confirmed estimates the USDA had already printed in previous WASDE reports. While the lack of surprises is sustaining prices this morning, grains are not expected to receive support for long, says Matt Zeller of StoneX. "Volume/enthusiasm looks weak to start the month of July," says Zeller in a note. "The bulls need a better fundamental story than that for a real bounce, but weather forecasts and thus yield potential look strong going forward." In premarket trading, corn rises 1.3%, soybeans are up 0.9%, and wheat is 1.6% higher. (kirk.maltais@wsj.com)
0908 ET - Yesterday's yearly Acreage and quarterly Grain Stocks reports from the USDA were largely seen as "neutral" by analysts and traders. But CBOT grain futures are pushing higher premarket, as the results of the reports were mostly on par with prior USDA estimates. "The market reacted positively to the numbers as the massive fund selling that we saw ahead of the report was not, given the bearish numbers, necessary to keep pressure on prices," says Doug Bergman of RCM Alternatives in a note. Hot weather in the Corn Belt may support prices in the near term, although row crops have mostly received adequate rainfall up to this point, according to government data. Corn rises 1.2% premarket, soybeans are up 0.7%, and wheat is 1.6% higher. (kirk.maltais@wsj.com)
0904 ET - Oil futures are lower as the market removes some more risk premium with the U.S. and Iran continuing to pursue a deal and tankers moving through the Strait of Hormuz. "Physical market weakness, Brent's contango structure, rising exports from Iran and record Russian shipments point to improving global supplies," analysts at Kotak Neo say in a note. "Improving supply flows and expectations of a sizeable global surplus remain the dominant bearish drivers, while any disruption to Hormuz traffic or breakdown in diplomatic negotiations could quickly revive geopolitical risk premium and support crude prices." WTI is off 1.1% at $68.74 a barrel, and Brent is down 1.5% at $71.84 with the September contract moving to the front of the curve.(anthony.harrup@wsj.com)
0624 ET - Glencore is a compelling and increasingly unique investment case because it is positioned to benefit from current market conditions while growing its copper portfolio, Berenberg's Richard Hatch and Jasper Mainwaring write. The commodity giant's legacy assets, such as coal and oil, combined with its marketing division, generate cash that can fund shareholder returns and help double copper output by 2035, they write. The market doesn't fully appreciate the strength of Glencore's copper growth story, which the analysts say is de-risked because it expands existing mines. The copper growth is also strategically timed to capture higher prices due to supply deficits, they write. Shares fall 0.3% to 512.20 pence.(adam.whittaker@wsj.com)
0607 ET - Palm oil ended higher, supported by positive sentiment arising from the start of Indonesia's B50 biodiesel mandate program, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The mandate requires a 50% palm-based blend. Stronger export performance also supported market sentiment, Ng says. Ng sees prices supported above 4,500 ringgit a ton and resistance at 4,680 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery rose 11 ringgit to 4,557 ringgit a ton. (kimberley.kao@wsj.com)
0536 ET - RHB maintains a cautious view on Indonesia's external trade outlook in 2H after the country posted its first monthly trade deficit since 2020 in May, economist Wong Xian Yong says in a note. Weaker commodity prices, softer external demand and stronger imports are expected to narrow the trade surplus, he says. Palm oil exports could be constrained by higher domestic biodiesel consumption, while lower nickel prices might weigh on export values despite a recovery in shipment volumes, he reckons. Changes in U.S. trade policy and tighter government oversight of commodity exports could add volatility to trade flows, he adds. (yingxian.wong@wsj.com)
0339 ET - Gold prices slip back below $4,000 a troy ounce ahead of Fed Chairman Kevin Warsh's speech at the European Central Bank Forum in Portugal. "The market has yet to attract sufficient buying interest to establish that level as support," analysts at Saxo Bank say. "Gold fell 14% during the second quarter, its worst quarterly performance since 2013, as investors continued to price in the risk that the Federal Reserve may tighten policy further in response to an inflation flare-up, despite the recent retreat in energy prices." In early European trading, New York futures slide 1.6% to $3,974 an ounce. Meanwhile, the U.S. dollar index is up 0.2% to 101.37, making dollar-denominated commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
2316 ET - Bitcoin is up 0.5% at $58,961.17 in early Asian trade. The cryptocurrency hit its lowest level in nearly 22 months overnight amid a broad market sell-off in a fragile macro environment, testing a key support level, analysts at Crypto Finance Group say. Trading volumes remain subdued, while ETF outflows continue to be the biggest source of selling pressure, they add. However, "funding rates, open interest and [trading] volumes don't point to a fully leveraged unwind," Sygnum Bank analysts say. Institutional investors are also consolidating their positions, suggesting the ETF outflows don't signal a structural exit from the market. (jason.chau@wsj.com)
2242 ET - Palm oil falls in Asian trading, tracking soybean oil's weakness on the Chicago Board of Trade and lower palm olein on the Dalian Commodity Exchange, AmInvestment Bank says in a note. Given technical analysis suggesting bearish momentum for crude palm oil futures, the bank maintains its bearish outlook until a bullish breakout above 4,600 ringgit a ton emerges. AmInvestment Bank expects prices to face resistance at 4,600 ringgit a ton and find support at 4,444 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 30 ringgit lower at 4,516 ringgit a ton. (yingxian.wong@wsj.com)
2225 ET - Copper falls in early Asian trading. Investors are awaiting a U.S. Commerce Department report on the copper market, which could lead to U.S. import tariffs on refined copper, ANZ Research says in a note. The three-month LME copper contract is 0.85% lower at $13,261.00 a ton. (kimberley.kao@wsj.com)
2214 ET - Iron ore futures are lower in early Asian trade. Global shipments remain ample and portside inventories stay at historically elevated levels, Galaxy Futures analysts say. Meanwhile, steel demand from China's construction sector remains weak, while manufacturing-related demand is declining, a slowdown that could last for months. Net steel exports have also failed to maintain the strong levels seen during the same period last year, the analysts add. The most-traded iron ore contract on the Dalian Commodity Exchange is down 1.2% at 736.50 yuan a ton. (jason.chau@wsj.com)
2211 ET - Press Metal Aluminium appears well positioned to benefit from improving aluminum market fundamentals, supported by China's production cap, low global inventories and rising demand from electric vehicles, renewable energy and grid expansion, MBSB Research analyst Ming San Soong says in a note. The company's low-cost hydropower smelting operations and expanding upstream assets are expected to support earnings growth and margin resilience, he says. He also sees higher contributions from value-added products and easing raw-material costs also could support earnings. Soong believes the recent price weakness reflects the fading of geopolitical risk premiums rather than industry fundamentals' deterioration. MBSB initiates coverage on Press Metal with a buy rating and 9.78 ringgit target price. Shares are 0.1% higher at 7.69 ringgit. (yingxian.wong@wsj.com)
(END) Dow Jones Newswires
July 01, 2026 09:15 ET (13:15 GMT)
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