The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1510 ET - Oil futures pull back from yesterday's highs but still end the week solidly higher as the U.S. and Iran step up strikes and Houthis in Yemen put Red Sea shipping at risk. "There's no confidence that we're going to get a resolution to this conflict so I think we'll see back-and-forth, is oil being transported or is it going to be shut down?" says Rob Thummel, senior portfolio manager at Tortoise Capital. "It just feels like oil's going to go higher because of the rise in geopolitical risk at least in the short term." On the flip side, he adds, "if this conflict is resolved diplomatically and we don't have any major infrastructure issues then in 30 or 60 days we could be oversupplied pretty rapidly." WTI settles down 3.1% at $89.31 a barrel for an 8.3% weekly gain. Brent falls 3.9% to $96.78, up 9.9% from a week ago. (anthony.harrup@wsj.com)
1509 ET - U.S. natural gas futures give up early gains and extend their pullback from yesterday's test of the $3 level, settling down 1.5% at $2.871/mmBtu for a small 1.4% weekly loss. Despite summer heat driving strong power-sector demand, solid production, abundant storage and weak LNG exports have thwarted rally attempts. "Overall, the 3-15 day forecast remains to the bullish side, but would be more impressively bullish if the East was just a little hotter," NatGasWeather.com says in a note.(anthony.harrup@wsj.com)
1414 ET - CBOT soybean futures turn around after starting the day lower. There are new rumors about Chinese buying based on high-level meetings between U.S. and China officials this week that are making traders more optimistic about China fulfilling promises for soybean exports totaling 25 million metric tons. "There are mixed signals on whether China is securing U.S. soybeans," says AgResource in a note. "China could be selectively buying U.S. soybeans." Most-active soybean futures are up 0.8%, while corn falls 0.5% and wheat is down 3%. (kirk.maltais@wsj.com)
1337 ET - The number of oil rigs operating in the U.S. fell for the first time in 13 weeks but is well above the year-earlier level, according to data from oil services company Baker Hughes. Oil rigs slipped by two this week to 450, which was 35 more than a year ago. Rigs directed at natural gas increased by one to 127, the most since mid-May and five more than a year ago. The rise in oil prices caused by the war in the Middle East has encouraged drilling and higher U.S. crude oil production. Following a slide in the second half of June, crude prices are back at six-week highs with the recent conflict escalation between the U.S. and Iran.(anthony.harrup@wsj.com)
1028 ET - CBOT wheat futures are sliding 4.6% as traders pare back the premium added from elevated fighting between Russia and Ukraine--even though hostilities continue. "Since the two countries together account for nearly one-third of global wheat exports, disruptions in the region have a direct impact on wheat prices," says Commerzbank in a note. Most-active wheat futures briefly peaked over the $7 a bushel mark this week, before traders scaled back. Corn drops 1.6% and soybeans are down 0.1%. (kirk.maltais@wsj.com)
1027 ET - A crop tour held by the Wheat Quality Council in the U.S. Plains this week concluded by determining a final yield of 48 bushels an acre. That's slightly down from 48.3 bushels an acre found in 2025, but the decrease in yield is much less than the market anticipated. "The Wheat Quality Council's annual spring wheat and durum tour found a respectable but highly variable northern Plains crop - one that does not signal a production disaster but raises questions about USDA's unusually strong yield forecast for North Dakota," says Jim Wiesemeyer of Ag Bull. USDA data shows that 58% of North Dakota spring wheat is in good-or-excellent condition -- a far cry from the tough season inflicted on winter wheat crops. Most-active wheat futures fall 4.7%. (kirk.maltais@wsj.com)
1004 ET - Two reports due from the USDA this afternoon will be closely watched by cattle traders. The Cattle Inventory and Cattle on Feed reports will both be published at 3 p.m. Ahead of their release, most-active live cattle futures are up 0.4%. This is seen as a brief respite for the downward trend in prices, says Joe Davis of Futures International in a note. "The rebound is still viewed as corrective within a bearish chart structure," says Davis. Lean hogs are down 0.2% in early trading. (kirk.maltais@wsj.com)
0958 ET - U.S. natural gas futures are slightly higher while still struggling to break out of their recent range under $3. Even yesterday's "modestly supportive" report of a 32 Bcf storage build wasn't enough to avoid a small decline in the Nymex front month, Eli Rubin of EBW Analytics says in a note. "While bears beat back the bullish test higher, however, searing heat will return early next week, particularly in Texas, while Corpus Christi LNG feedgas nominations are creeping up." Early August heat could also provide a catalyst to retest the $3/mmBtu level, he adds. Nymex gas is up 0.4% at $2.928/mmBtu.(anthony.harrup@wsj.com)
0945 ET - Oil futures are lower with Brent retreating below the $100 mark hit when Yemen's Houthis attacked Saudi tankers in the Red Sea, threatening the main alternative route for Saudi oil shipments. Prices are likely to stay within yesterday's range "with buying caution prompted ahead of a weekend that could bring major developments of either a bullish or bearish nature," Ritterbusch & Associates says in a note. The firm sees rising odds of renewed ceasefire talks, although Iran hasn't so far responded to President Trump's threats of massive attacks. "We feel that such events are more apt to skew bullish than bearish." Brent is off 2.8% at $97.89 a barrel, and WTI is down 2.3% at $90.09 a barrel. (anthony.harrup@wsj.com)
0936 ET - The CBOT grains complex is turning lower to cap off a strong week, with profit-taking seeming to hit after the market was buoyed all week by geopolitical volatility and forecasts for hot weather conditions. "Conditions are overbought and the end of the month is approaching, which could encourage some profit-taking by the longs in the near-term," says the Hightower Report in a note. The firm notes that while selling may persist in the near-term, their overall outlook for grain prices remains bullish. Most-active CBOT corn is down 1.1% in pre-market trading, while soybeans fall 0.3% and wheat is down 3.1%. (kirk.maltais@wsj.com)
0621 ET - Palm oil ended higher. Prices are likely to remain supported in the near term, according to Chaos Ternary Futures analysts in a research note. Indonesia has officially launched its B50 biodiesel program, which will boost crude palm oil consumption, they point out. Data from Malaysia for July shows a month-on-month drop in production, they note. Despite recent retreats, middle east tension still keeps crude oil pries at elevated levels, which is likely to provide a support for crude palm oil's prices. The Bursa Malaysia Derivatives contract for October delivery rises 13 ringgit to 4,723 ringgit a ton. (tracy.qu@wsj.com)
0344 ET - Anglo American's share price rise was triggered by Teck Resources' beat to consensus expectations, Berenberg analysts write. The two companies are combining to create one of the world's largest miners. While Anglo American's operational performance was decent, its 2.9% share increase on Thursday was more driven by Teck's earnings, they say. Significantly, Teck showcased another quarter of operational progress at the historically problematic Quebrada Blanca mine, the analysts say. Teck's management also made encouraging comments on Chinese regulatory approval for the deal, and said the merger is set to complete between September 2026 and March 2027, they add. Shares rise 2.6% to 3,725 pence. (adam.whittaker@wsj.com)
(END) Dow Jones Newswires
July 24, 2026 16:15 ET (20:15 GMT)
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