The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
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)
0338 ET - Gold prices are back below $4,100 as higher real yields and rate-hike bets weigh on the non-yielding metal's appeal. In early trading, New York futures are up 0.05% to $4,052.40 a troy ounce, leaving prices on track for a modest weekly gain after a rebound earlier this week. The market's main focus remains on monetary policy, as higher interest rates reduce bullion's appeal. "The benign June price data brought the Fed some more time to gauge how inflation evolves over the coming months," says Thomas Ryan from Capital Economics. "If inflation pressures remain as persistent as we expect, the Fed will begin tightening policy with a 25-basis-point hike in September, a move now fully priced into markets following the rebound in WTI to more than $90 a barrel." (giulia.petroni@wsj.com)
2310 ET - Iron ore falls in early Asian trade. Shipments have rebounded after bottoming out last week, signaling greater pressure on supply, ANZ Research analysts say. Meanwhile, weakening profit margins at Chinese steel mills continue to weigh on hot metal production, dampening demand for iron ore and adding downward pressure on prices. Still, the ferrous metal is expected to trade range-bound in the near term, ANZ adds. The most-traded iron ore contract on the Dalian Commodity Exchange is down 0.6% at 742.50 yuan a ton.(jason.chau@wsj.com)
2247 ET - Palm oil rises in Asian trading, driven by India edible oil buying interest, AmInvestment Bank says in a note. Likely stronger edible oil imports by India in the July-October period, driven by tighter domestic supplies ahead of peak festive demand, are expected to lend support to Malaysian palm oil prices. AmInvestment Bank expects prices to face resistance at 4,807 ringgit a ton and find support at 4,650 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery is 26 ringgit higher at 4,736 ringgit a ton. (yingxian.wong@wsj.com)Copper gains in the Asian session. "Copper Falls on Signs of Supply Tightness, Disruption -- Market Talk," at 0155 GMT, misstated the direction of copper prices in the headline and text.
(END) Dow Jones Newswires
July 24, 2026 12:15 ET (16:15 GMT)
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