The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1151 ET -- Wheat futures have turned around in morning trade, with the most-active contract now up 1.9% for the day. Hot weather in Europe continues to be a factor supporting wheat prices, analysts say. "Conditions are good in the U.S. Midwest, but Europe has been too hot," says Jack Scoville of Price Futures Group in a note. Prices for European wheat have been on the rise in reaction to hot weather hitting growing areas in France and other parts of the EU, which is in turn supporting CBOT wheat futures. CBOT corn is down 0.4% in Thursday's session, while soybeans fall 0.6%. (kirk.maltais@wsj.com)
1128 ET - Multiple models are likely being used for exchanges implementing 24/7 trading of tokenized stocks, says Zach Pandl of Grayscale Research in a note. What's most prevalent now is the model where tokenized stocks are not representative of actual ownership of a stock, but still serve as a vehicle for trading on the movements of the underlying stock on DeFi platforms. These vehicles are using blockchains that are designed for easy use on these DeFi platforms, which may provide support for their native cryptocurrencies going forward. What may further support these blockchains, which include ethereum, solana, BNB, and avalanche among others, is stocks being issued directly by the underlying companies onto their chosen blockchains - which Pandl says can also bolster prices. Most major cryptocurrencies are rebound in today's trade. (kirk.maltais@wsj.com)
1127 ET - Oil futures turn lower with the market leaning toward expectations of a quick end to the latest military strikes between the U.S. and Iran. "We expect the renewed tension in the Middle East between the U.S. and Iran to be relatively short-lived because both countries are constrained by practical economic and political realities," Vikas Dwivedi of Macquarie Group says in a note. For the U.S., there's the risk of higher prices returning with fewer mitigation sources available, and the risk of Iran materially damaging the Middle East's oil infrastructure, he says. Iran has arguably negotiated a "great deal," Dwivedi adds, and "we would be surprised if they overplay a good hand and test President Trump's patience and restraint for minimal remaining gain." WTI is down 1.5% at $72.44 a barrel and Brent is off 1.3% at $77.03. (anthony.harrup@wsj.com)
1104 ET - U.S. natural gas futures deepen losses as the EIA reports a larger-than-expected build in inventories for last week, increasing the surplus over the five-year average. Gas in underground storage facilities rose by 61 billion cubic feet to 2,983 Bcf, expanding the surplus to 185 Bcf from 175 Bcf the week before. The inventory build was above the 51 Bcf average for 2021-2025 period, and larger than the 51 Bcf estimate in a Wall Street Journal survey of analysts. Nymex natural gas is down 4.7% at $3.061/mmBtu.(anthony.harrup@wsj.com)
1031 ET - Most-active live cattle futures on the CME are flat after finishing lower for eight straight sessions. "If prices can see further upward extension today, the high range close suggests the market has sold off enough in the short-term," says the Hightower Report in a note. At roughly $2.38 a pound, cattle is close to trading at its lowest level in over a month, according to data from FactSet. Lean hog futures sink 0.2%. (kirk.maltais@wsj.com)
1024 ET - The National Weather Service's Climate Prediction Center now says that an El Niño climate is all but assured to continue into next year. The NWS assesses a 97% chance for El Niño to be in place into spring 2027. El Niño strengthened over the past month, lifting these probabilities, the NWS says. An El Niño tends to make the weather in the U.S. Corn Belt wetter and cooler during the spring months, meaning that newly-planted crops could have ample moisture to flourish--or potentially receive too much moisture, making planting new crops more difficult. CBOT grain futures are lower ahead of tomorrow's WASDE report from the USDA. (kirk.maltais@wsj.com)
0940 ET - U.S. natural gas futures are lower, with ample supply and above-average storage keeping weather-driven rally attempts at bay. Bank of America Global Research raises its Henry Hub price forecast for 2H to $3.80/mmBtu from $3.60/mmBtu. "While gas production continues to grow, it has been more than offset by LNG feedgas demand and other factors like the power sector and Canadian imports," Clifton White and Francisco Blanch say in a note. "Gas prices have recovered since the April lows, and we believe Henry Hub has more room to run, especially if the forecasted heat shows up in the coming weeks." They keep their 2027 price estimate at $4/mmBtu. Nymex natural gas is off 2.3% at $3.139/mmBtu. (anthony.harrup@wsj.com)
0926 ET - The USDA confirms more sales of U.S. soybeans to China, with 136,000 metric tons sold for delivery in the 2026/27 marketing year. On Wednesday, the government confirmed that 472,000 tons of soybeans were sold to China. This morning the USDA also reported new sales of 120,000 tons to unknown destinations for delivery in 2026/27. "Unknown destinations" is often a designator used for China, although it's not necessarily the case. CBOT soybeans are down 0.6% premarket, ahead of tomorrow's WASDE report from the USDA. (kirk.maltais@wsj.com)
0902 ET - Oil futures pull back from earlier highs as the market ponders whether strikes between the U.S. and Iran point to a resumption of the war. The market appears unconvinced by President Trump's comments that Iran reached out to make a deal after the latest U.S. attacks, Peter Cardillo of Spartan Capital says in a note. "This situation is likely to keep prices elevated, though significant upward movement may be limited." WTI is up 0.6% at $73.95 a barrel and Brent is gaining 0.8% to $78.65.(anthony.harrup@wsj.com)
0620 ET - Palm oil ended lower. Prices are likely to stay range-bound in the near term, according to Hualian Futures in a research note. Investors are closely monitoring developments in the Middle East, as Trump's recent comments signaled renewed tension between U.S. and Iran. Production of palm oil in Malaysia has been solid in June, they note. The Bursa Malaysia Derivatives contract for September delivery falls 15 ringgit to 4,594 ringgit a ton. (tracy.qu@wsj.com)
0339 ET - London's miners rise in opening trade after sliding Wednesday following President Trump saying a ceasefire deal with Iran was over. This caused oil prices to jump and revived inflation fears, hitting sentiment and dragging on gold prices. On Thursday, gold prices climb back above $4,100 a troy ounce after Wednesday's selloff, with New York futures up 0.7% to $4,112.10. Gold and silver miner Hochschild Mining rises 3% while peers Fresnillo and Endeavour Mining both increase around 2%. Diversified mining stocks also rise. Glencore and Anglo American climb roughly 3%. Copper miner Antofagasta gains around 3.8%.(adam.whittaker@wsj.com)
0253 ET - Gold prices climb back above $4,100 a troy ounce after Wednesday's selloff, with New York futures up 0.6% to $4,107.90. The rebound is supported by a softer U.S. dollar and renewed geopolitical tensions in the Middle East after the U.S. and Iran exchanged strikes again on Wednesday. Still, higher energy prices could complicate the inflation outlook, reinforcing expectations that the Federal Reserve will keep rates higher for longer or increase them further. Bullion is typically seen as a hedge against inflation, though a higher interest-rate environment tends to diminish the nonyielding asset's appeal. Minutes from the Fed's mid-June policy meeting underscored a hawkish shift across the committee, weighing on the precious metal. "The minutes reaffirm that the door is very much wide open to a September interest rate hike," says Thomas Ryan from Capital Economics. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
July 09, 2026 12:15 ET (16:15 GMT)
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