The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1156 ET - The falling availability of oil from the Persian Gulf is likely to support crude prices in coming weeks, although immediate demand seems to have been met with the supply surge that occurred under the U.S.-Iran Memorandum of Understanding, Vikas Dwivedi of Macquarie Group says in a note. "The reintroduction of geopolitical risk premium has driven the recent rally along with a short squeeze propelled by historically high short interest prior to the ceasefire's collapse," he says. Macquarie assigns a "medium probability" of modest escalation from here, "but a low probability for a return to a large-scale conflict, absent a serious miscalculation by either side." WTI is up 6.5% at $92.44 a barrel and Brent is up 6.8% at $100.82.(anthony.harrup@wsj.com)
1142 ET - Hotter and drier weather in the Corn Belt, particularly in the U.S. Plains, is squeezing limited soil moisture out of the region's fields -- stressing the health of growing row crops. "The Central U.S. forecast is adverse," says Daniel Flynn of Price Futures Group in a note. "A prolonged period of rapid net soil moisture loss lies ahead, and in the last 24 hours the principal forecasting models have trended warmer across US Plains and Western Corn Belt next week." Today's update to the U.S. Drought Monitor map shows spreading dry conditions in the eastern Corn Belt, which has mostly received adequate rainfall to support crops. CBOT corn and soybeans are higher today, although gains have been pared back since the start of the session. (kirk.maltais@wsj.com)
1119 ET - A jump in Treasury yields looks to make tight farmer budgets even harder to traverse. "For agriculture, this is the wrong rate shock at the wrong time," says Jim Wiesemeyer of Ag Bull in a note. Wiesemeyer notes that borrowing costs for farming have begun to ease, but higher yields have reignited fears around future rate hikes by the Federal Reserve. Farmers have been dealing with higher input costs, which in turn has inflated the size of the operating loans that they take out ahead of the growing season. "Ag bankers have reported falling loan repayment rates for eight consecutive quarters as three years of thin crop margins drain working capital," says Wiesemeyer. "So rising benchmarks feed straight into renewal-season stress." (kirk.maltais@wsj.com)
1051 ET - U.S. natural gas inventories rose by 32 billion cubic feet last week, an increase that was roughly in line with the five-year average and with expectations. At 3,056 Bcf, gas in underground storage was 183 Bcf above the 2021-2025 average and 16 Bcf below the year-earlier level, the EIA reports. The weekly increase--the smallest so far of the current injection season--landed between the 30 Bcf average for the week and the 34 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are up 0.5% at $2.940/mmBtu.(anthony.harrup@wsj.com)
1033 ET - Live cattle futures are higher in early trading ahead of two reports due out from the USDA tomorrow -- the monthly Cattle on Feed report and the biannual Cattle Inventory report. The combination of both may provide CME futures with a short-term boost. "Many [are] anticipating still lower inventories as drought conditions across much of cattle country could lead to culling of cows and feeding out instead of retaining heifers," says Jason Franken of the University of Missouri in a research note. This and resilient U.S. consumer demand may support a rebound in cattle prices going forward, says Franken - although signs of efforts to rebuild herds could become a leading pressure point for prices. Lean hogs are down 0.5%. (kirk.maltais@wsj.com)
1028 ET - U.S. natural gas futures are modestly higher ahead of the EIA's weekly inventory report, with the market also keeping watch on Tropical Storm Bertha as it makes its way along the Louisiana coast toward Texas. Analysts in a WSJ survey predict a 34 Bcf storage injection for last week, which would increase slightly the surplus over the five-year average. The EIA report is due at 10:30 a.m. ET. Nymex natural gas is up 0.1% at $2.929/mmBtu. (anthony.harrup@wsj.com)
0934 ET - The ongoing war between Russia and Ukraine, along with negotiations that don't appear to making any headway in brokering a ceasefire, are pushing up grains again this morning. Most-active corn, soybean, and wheat futures on the CBOT are all at near-term highs, but may be encountering some technical resistance, says Doug Bergman of RCM Alternatives in a note. Bergman adds that the latest developments in the U.S.-Iran war are also driving grains higher, with Brent crude oil rising back to $100 a barrel. CBOT corn climbs 0.6%, soybeans are up 0.7%, and wheat rises 0.2%. (kirk.maltais@wsj.com)
0920 ET - Oil futures are extending their rally with Brent testing the $100 level as the U.S. and Iran continue their strikes and Yemen's Houthis claim attacks on two Saudi tankers in the Red Sea, threatening the main alternative exit route for Saudi oil. President Trump posts on Truth Social that the U.S. will hold Iran responsible for any further Houthi attacks on shipping and inflict "major military punishment" on both. WTI is up 5.3% at $91.46 a barrel, and Brent is up 6.3% at $99.96 a barrel.(anthony.harrup@wsj.com)
0911 ET - Treasury yields rise as the number of people filing for jobless insurance in the U.S. falls to 187,000 from an upwardly revised 209,000. Economists surveyed by WSJ expected an increase to 212,000. Oil prices are racing back toward $100. President Trump says on Truth Social that the U.S. would hold Iran responsible for future attacks by Houthi militants after the group fired on two Saudi tankers in the Red Sea. The ICE US dollar index is up 0.2%. U.S. stock futures are sharply lower with S&P futures off 71 points. The 10-year yield rises to 4.71% from yesterday's settle of 4.66%. The two-year increases to 4.35% from 4.30%. (patrick.sheridan@wsj.com)
0729 ET - A question mark remains over how much Nestle has suffered from retailers pulling its products from their shelves, putting pressure on its real internal growth in Europe, Warren Ackerman from Barclays says. Nestle's overall RIG--a measure of sales volumes and one of the company's stated priorities--rose to 1.8% in the second quarter from 1.2% in the first. However, in Europe, RIG was flat on quarter. Shares fall 7% to 80.14 Swiss francs. (aimee.look@wsj.com)
0627 ET - Palm oil ended higher as crude oil and soybean oil prices surged amid escalating tensions in the Middle East conflict, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. The U.S. is increasing the presence of forces, medics and weaponry to the Middle East to give President Trump more military options, as he considers expanding the conflict against Iran, The Wall Street Journal reported. Ng sees prices for palm oil well supported above 4,600 ringgit a ton and resistance at 4,780 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery rose 87 ringgit to 4,709 a ton.(tracy.qu@wsj.com)
0335 ET - Gold prices fall after reaching a two-week high on Wednesday, as escalating tensions in the Middle East drive oil higher, fueling concerns over inflation and interest-rate hikes. In early trading, gold futures in New York are down 1% to $4,110.30 a troy ounce, after rising in the previous session as dip-buyers emerged despite firmer U.S. yields. Investors now await the Federal Reserve's meeting next week for more cues on the monetary policy outlook. While the U.S. central bank is widely expected to keep rates unchanged this month, traders expect at least one rate hike by the end of the year. Higher interest rates tend to diminish the appeal of non-yielding bullion. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
July 23, 2026 12:15 ET (16:15 GMT)
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