The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1157 ET - Crude futures turn lower as President Trump mixes calls for Iran to negotiate with threats of stepped up military strikes. The U.S. reinstated its blockade of Iranian ships, while abandoning the idea of charging a fee to protect other ships going through the Strait of Hormuz. "While the latest news remains bullish, and sentiment is changing to higher for longer, the market seems reluctant to move sharply higher as any ship movement from the strait could emerge at any time, bringing large oil supplies back to a softer demand market," Dennis Kissler of BOK Financial says in a note. WTI is down 1% at $68.54. Brent is off 1.1% at$83.80 a barrel. (anthony.harrup@wsj.com)
1040 ET - The slide in live cattle futures, with the most-active contract looking to finish lower for the 13th straight session, appears to remain firmly in place. Cattle is trading at a low last seen in early March, which was the year-low for cattle futures up until now. Some risks are seen for cattle supply and demand in the near-term, says Joe Davis of Futures International in a note, but they aren't enough to take the forefront of trader attention. "The immediate driver is cash weakness and technical selling," says Davis. Live cattle starts the day down 0.3%, while lean hogs are up 0.7%. (kirk.maltais@wsj.com)
1028 ET - Gold prices reversed earlier declines after the latest U.S. inflation data came in lower than expected, easing some concerns over the interest-rate policy outlook. Wholesale prices dropped last month as a decline in energy prices helped cool down the prices charged by producers. The data followed Tuesday's June consumer-inflation figures, which showed that prices paid by shoppers also declined, pulling down the 12-month inflation rate. In early U.S. trade, New York gold futures are up 0.1% at $4,071.80 a troy ounce. The U.S. dollar index is down 0.1% to 100.80, making dollar-denominated commodities cheaper for overseas buyers. (giulia.petroni@wsj.com)
0950 ET - U.S. natural gas futures are modestly lower as soft LNG feedgas flows due to terminal maintenance partially offset demand to meet summer cooling needs. Demand remains strong in the coming days due to high pressure over much of the U.S. with highs of upper 80s to 100s, NatGasWeather.com says in a note. But power-sector use has been underperforming this summer as renewables take a greater share of supply, the forecaster adds. "Overall, weather patterns lean to the bullish side, although would be more impressive if it was a little hotter over the East in the 6-15 day period." Nymex natural gas is off 0.9% at $2.878/mmBtu.(anthony.harrup@wsj.com)
0914 ET - Crude futures are moderately higher after the U.S. resumed its blockade of ships in and out of Iranian ports, although President Trump withdrew his plan for the U.S. to charge a 20% fee for protecting other ships through the Strait of Hormuz. Short of another major U.S. bombing campaign, or use of ground troops, "we are viewing this closure of the strait as simply setting back the clock to where it was prior to the Memorandum of Understanding," Ritterbusch & Associates says in a note. While the $120 a barrel levels reached at the start of the war are probably out of reach, "additional price gains of as much as 8%-10% cannot be ruled out," the firm adds. WTI is up 0.5% at $79.74 a barrel, and Brent is up 0.1% at $84.83.(anthony.harrup@wsj.com)
0910 ET - CBOT wheat is up 3% overnight, climbing in reaction to mounting attacks from Ukraine on Russian shipping vessels in the Sea of Azov. Analysts are reacting to media reports of over 100 Russian ships being hit by Ukrainian drones over the past nine days, which is expected to significantly hobble Russia's ability to ship products like wheat. "Retaliation is likely coming for Ukraine's grain export ports and routes, raising global concern over wheat supplies from the Black Sea region," says Matt Zeller of StoneX in a note. Also lifting CBOT grains are the renewed hostilities in the U.S.-Iran conflict, with traders adding risk premium ahead of any potential new complications out of the Strait of Hormuz. Corn is up 0.8% and soybeans rise 0.2%. (kirk.maltais@wsj.com)
0650 ET - Palm oil edged lower amid ample supply. While geopolitical tensions in the Middle East has again escalated, palm oil supply is ample, weighing on the vegetable oil's prices, Nanhua Futures says in a note. However, in the mid- and long-term, supply is expected to be tight due to a likely strong El Nino event, they say. Malaysia's palm oil exports during the July 1-15 period are estimated to have risen 4.0% on month to 646,438 metric tons, cargo surveyor AmSpec Agri Malaysia said Wednesday. The Bursa Malaysia Derivatives contract for September delivery ended 4 ringgit lower at 4,569 ringgit a ton. (sherry.qin@wsj.com)
0422 ET - Gold could fall further if expectations for higher U.S. interest rates remain entrenched, as weakening investment demand strips away one of the metal's strongest sources of support, according to ANZ. Rising Treasury yields have made risk-free assets more attractive relative to nonyielding bullion. At the same time, Fed Chairman Kevin Warsh's hawkish stance has boosted confidence in the central bank's independence, prompting investors to unwind trades that favored gold as a hedge against currency debasement. "If expectations for Fed tightening stay firm, gold is likely to remain under pressure until lower price levels reinvigorate retail and institutional investment flows and jewelry demand," ANZ analysts say. "Until that occurs, a drop towards $3,500 an ounce is a possibility." (giulia.petroni@wsj.com)
0408 ET - Gold slips after climbing more than 2% in the previous session as investors balance a softer-than-expected U.S. inflation print and risks stemming from higher energy prices linked to the Iran war. "Lower gasoline prices helped ease inflationary pressures, prompting investors to scale back bets on tighter monetary policy and supporting a rebound in gold prices," analysts at MUFG say. "However, renewed U.S.-Iran tensions and higher oil prices continue to pose upside risks to inflation, while Fed Chairman Kevin Warsh reiterated that further policy tightening remains an option if price pressures persist." In early trading, New York gold futures are down 1% to $4,030.50 a troy ounce. (giulia.petroni@wsj.com)
0333 ET - Antofagasta's second-quarter copper production miss should raise caution, RBC Capital Markets analysts Ben Davis and Marina Calero say. Production missed expectations on temporary maintenance at the Los Pelambres mine, although delayed volumes should be recognized in the second half of the year, the analysts say. While the company maintained its annual production guidance, the analysts highlight higher cost pressures from diesel and other consumables. The analysts also remain wary of uncertainty surrounding copper prices, citing global growth risks and potential U.S. tariff decisions. Despite key growth projects progressing on schedule, the stock's valuation remains demanding relative to the risks, RBC says. Shares trade 2.5% lower at 3,745 pence. (nina.kienle@wsj.com)
2248 ET - Palm oil falls in early Asian trading, weighed by lower soybean oil prices on the Chicago Board of Trade overnight. Technical analysis suggests that CPO futures' bullish momentum has moderated. As long as price holds above 4,525 ringgit a ton, the market bias remains cautiously positive, AmInvestment Bank says in a note. A sustained breakout above 4,612 ringgit a ton could pave the way for a retest of the 4,630 ringgit-4,650 ringgit a ton range, it adds. The Bursa Malaysia Derivatives contract for September delivery is 19 ringgit lower at 4,554 ringgit a ton.(yingxian.wong@wsj.com)
2202 ET - Iron ore strengthens in early Asian trading hours, amid strong demand from China. The ferrous metal is getting a boost from Chinese trade data showing strong demand in the country, ANZ Research analysts say in a note. China's exports surged more than expected in June, with outbound shipments rising 27.0% from a year earlier. The most-traded iron ore contract on the Dalian Commodity Exchange is 1.2% higher at 762.50 yuan a ton.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
July 15, 2026 12:15 ET (16:15 GMT)
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