The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1537 ET - Live cattle futures on the CME settle higher. It's the first higher close for the most-active cattle contract in 15 trading sessions, pumping the brakes on a losing streak that saw the contract shed roughly 9%. Lackluster consumer demand for beef now that Independence Day has passed was behind the slide in prices, and also seen as a needed move backward after rising to all-time record highs earlier this year. But ongoing issues with New World screwworm in the U.S. look to be supportive for cattle futures, analysts say. Live cattle futures rose 0.9% to $2.265 a pound. Lean hog futures close down 0.4% to $1.01225 a pound. (kirk.maltais@wsj.com)
1511 ET - Crude futures settle higher in choppy trade as U.S.-Iran fighting escalates while mediators seek a 10-day ceasefire and return to talks. Oil's decline from overnight highs reflects diplomatic optimism rather than any meaningful improvement in the physical supply picture with the Strait of Hormuz almost at a standstill and Houthis threatening Saudi shipments via the Red Sea, Rystad Energy says in a note. "If a ceasefire does not materialize and Hormuz remains largely closed while the Houthi threat to Red Sea shipping intensifies, the risk of a significant rebound in oil prices would be substantial,"says Jorge Leon, the firm's head of geopolitical analysis. WTI settles up 0.9% at $83.23 a barrel and Brent rises 1.3% to $89.22 a barrel. (anthony.harrup@wsj.com)
1506 ET - U.S. natural gas futures give back Friday's gains with soft LNG exports, strong production and healthy storage remaining as offsets to summertime cooling demand. The tropical depression that formed off the U.S. Gulf coast "isn't expected to strengthen into anything formidable," NatGasWeather.com says in a note. "Impacts are expected to be minor and mainly through the loss of a few cooling degree days along the coast due to showers, along with the potential for minor LNG and U.S. production disruptions," the forecaster adds. Nymex natural gas for August delivery settles down 1.8% at $2.860/mmBtu.(anthony.harrup@wsj.com)
1430 ET - Front-month silver finishes higher for the second consecutive session, even though for the month it's off 4.5%, and down 19% year-to-date. Analysts with Forex.com say AI demand may help silver turn the corner. "Selling pressure could eventually give way to renewed structural demand if investment in artificial intelligence infrastructure regains momentum," the analysts say in a note. "The current correction therefore represents more than a short-term price move because it may determine where long-term buyers begin rebuilding positions." Front-month silver closes up 1.4% to $56.802 a troy ounce, while gold loses 0.1% to $4,010.30/oz. (kirk.maltais@wsj.com)
1423 ET - Basis for corn and soybeans--or the difference between the local cash price farmers get for their crops and the current futures price--is steadily improving, says Purdue University's Center for Commercial Agriculture. "Over the past month, corn and soybean basis have strengthened most broadly in Illinois," according to the report's author Josh Strine. He says that 39 out of 41 areas reported higher basis prices versus September corn futures over the past 4 weeks, while soybeans had a more modest showing. However, both crops are in for a seasonal turn lower, Strine adds, with some regions already starting to report weaker prices. CBOT corn is up 1.2%, soybeans rise 2%, while wheat falls 1.2%. (kirk.maltais@wsj.com)
1339 ET - Oil futures are fluctuating between gains and losses after U.S.-Iran mediators propose a 10-day ceasefire and seek a return to negotiations following a weekend of military escalation that sent prices up overnight. "I think markets really want to get past this, so any piece of good news they're going to take it and run with it," says Tracy Shuchart of NinjaTrader Group. But "I think people are mispricing the risk here," she adds. The Houthis' declaration of a naval blockade against Saudi Arabia threatens the exit for Saudi oil through the Red Sea via the Bab el-Mandeb strait. "If you have the Strait of Hormuz closed, and you have the Red Sea effectively closed, we have a big problem," Shuchart says. WTI is up 0.3% at $82.70 a barrel and Brent gains 0.5% to $88.58. (anthony.harrup@wsj.com)
1322 ET - Maps from the NOAA's Climate Prediction Center show that hotter-than-usual temperatures along with less-than-usual rainfall are expected for the U.S. Corn Belt over both the next 6-10 days and 8-14 days. The forecast was released by the NOAA yesterday, but today finds traders reacting to this latest forecast as a potential harbinger of impending yield reductions. The strongest heat is being seen in the U.S. Plains, but the swath of both heat and dryness extends as far east as Ohio. The USDA will release its latest health ratings for U.S. crops this afternoon in its Crop Progress report at 4 p.m. eastern time. Most-active CBOT corn is up 1.6%, soybeans are up 2%, and wheat falls 0.9%. (kirk.maltais@wsj.com)
1151 ET - Triple-digit temperatures are seen in U.S. growing areas, says the USDA in its daily agricultural weather forecast. "Hot, mostly dry weather is reducing soil moisture for and increasing stress on summer crops, especially in areas still experiencing drought," says the USDA today. Temperatures above 100°F are being seen in the central and southern Plains, as well as the western side of Iowa. Rainfall forecasts are faltering, which in turn are lifting grain futures. CBOT corn is up 1.3% today, while soybeans rise 2.1%. Wheat futures are down 1% today. (kirk.maltais@wsj.com)
1127 ET - Friday's CFTC report shows fund traders reducing short positions in both corn and soybean -- suggesting that the possibility of a weather disruption to crop production is growing in likelihood. "Buying for the week was concentrated in corn, soymeal, soy oil, and Chicago wheat," says Daniel Flynn of Price Futures Group, suggesting that traders see ongoing weather issues as a potential catalyst to move grains up. Geopolitical strife is also pushing grains higher, with the U.S. ramping up its strikes on Iran over the weekend. CBOT corn rises 1.2%, soybeans are up 2.1%, and wheat is down 0.7%. (kirk.maltais@wsj.com)
1047 ET - CBOT wheat futures are lower in early trading despite escalating violence between Ukraine and Russia. "Russian missile strike on a Ukraine corn cargo killed ten people last night as both sides ramp up strikes there," says Matt Zeller of StoneX in a note. Last week, drone strikes by Ukraine hit Russian vessels and caused a shipping halt through the Sea of Azov, which is where roughly a quarter of Russian wheat exports pass through on their way to customers. But traders seem content to collect profits today, with the most-active wheat contract down 0.8%. (kirk.maltais@wsj.com)
1019 ET - Cattle futures are flat in morning trade, while the most-active contract has lost ground for 14 days straight. "Cattle and feeders had a rough week last week with lower cash trade, technical selling and funds exiting long positions," says Naomi Blohm of Total Farm Marketing in a note. Blohm adds that multiple higher-volume contract last week "fell below support [levels], adding to the technical bearishness." Demand for beef has been relaxed post-Independence Day. Lean hog futures are up 0.1% in early trading. (kirk.maltais@wsj.com)
1005 ET - CBOT grain futures are mixed, with most-active corn up 1%, soybeans climbing 1.4%, and wheat down 1.1%. The USDA announced new flash sales of grains with 264,000 metric tons of soybeans sold to China for delivery in the 2026/27 marketing year. Another 110,000 tons of soybeans were sold for delivery to unknown destinations for delivery in 2026/27, and 100,000 tons of corn were sold for delivery to Colombia for 2026/27. The sales are helping support corn and soybeans, as is new weather projections showing less-than-optimal rainfall. "A widespread soaker does not appear to be in the cards as of today," says Gary Sandlund of Futures International in a note. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
July 20, 2026 16:15 ET (20:15 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments