The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1203 ET - CBOT grain futures are mixed in reaction to Pro Farmer crop tour data for Iowa and Minnesota released last night. Pro Farmer reported higher soybean pod counts in Minnesota versus this time last year, while corn yield came in 199 bushels an acre -- down 1.9% from the prior year. "Minnesota is the 'garden spot' for 2026 summer row crops," says AgResource in a note. Iowa corn yields came in at 193.9 bpa, which is down 2.2% from last year but still more than the 5-year average. Soybean pod counts fell 1.5% but were also higher than the 5-year average. CBOT corn futures rise 0.7%, while soybeans fall 0.1% and wheat slides 0.2%. (kirk.maltais@wsj.com)
1128 ET - Cocoa prices are moving higher on supply fears and the risk of El Nino, but erratic market movements are proving hard to explain, Rabobank's Oran van Dort says. Cocoa contracts have surged 18% in New York since a July 30 low. Ghana's cocoa board warned production would decline by 16% in the 2026-27 season, helping drive prices higher, Van Dort says, adding that cocoa trade this week has been volatile. "The daily moves we are seeing are feeling harder to justify at times. It feels like large moves are no longer reserved for big data releases." Cocoa trades down 0.7% Friday at $6,020 a ton.(josephmichael.stonor@wsj.com)
1128 ET - The USDA confirmed a new flash sale of U.S. grain exports Friday, which included a sale of 712,000 metric tons of soybeans to China for delivery in the 2026/27 marketing year. The USDA also says that 720,000 tons of soybeans were sold to unknown destinations for delivery in 2026/27, and 205,000 tons of corn were "received in the reporting period" by the USDA for unknown destinations for 2026/27. But soybean futures on the CBOT are down 0.1% in early trading. "Soybean futures were lower overnight as weekly export sales softened and rain was forecast for parts of the Corn Belt," says Joe Davis of Futures International in a note. (kirk.maltais@wsj.com)
1048 ET - Copper prices hold above $14,000 a metric ton after edging lower in recent days. The decline was partly driven by a sharp increase in copper stocks held in LME warehouses: total copper inventories climbed by 34,000 tons from last Friday to nearly 240,000 tons, according to Commerzbank. The rise in stocks provides some short-term relief for the well-supplied global market. However, China's copper production showed signs of weakening. Output fell 3.7% in July from the previous month and was only 1.3% higher than a year earlier. "A significant slowdown in China's copper production could lead to a shortage in the global copper market, which has so far remained well-supplied," analysts at the bank say. LME copper futures are up 0.9% to $14,172.50 a ton. (giulia.petroni@wsj.com)
1042 ET - Gold's rally is being amplified by strong demand for call options, Goldman Sachs says. "As gold prices approach key strike levels, dealers that have sold these calls may be forced to buy gold to hedge their exposure, accelerating the rally," analysts at the bank say. At the same time, expectations for further Fed rate hikes have weakened after softer U.S. employment and inflation data, supporting renewed demand from Western investors and gold ETFs. Goldman sees significant upside risk to its $4,900-an-ounce end-2026 estimates, but says its forecast doesn't account for the current surge in call-option positioning. "Any pullback in the gold price can prompt dealers to unwind those hedges, adding selling pressure and amplifying the price downside," analysts say.(giulia.petroni@wsj.com)
1018 ET - Live cattle futures on the CME are down 2.1% to $2.136 a pound after President Trump calls for an increase in the amount of beef being imported into the U.S. On Truth Social, Trump says that the U.S. will allow up to 300,000 metric tons of ground beef to be imported into the country without any "out of quota tariff," to be sold "at 25 percent below current market prices," which is pressing on the futures contract. Most-active cattle futures are closing in on their lowest level since November, according to FactSet data. The drop comes ahead of the USDA's Cattle on Feed report this afternoon. Lean hogs fall 0.1%. (kirk.maltais@wsj.com)
1001 ET - Natural gas futures start the day higher with help from hotter near-term weather forecasts, while gains remain limited by comfortable storage levels. "The next 15 days are back to being solidly bullish as daily national CDDs [cooling degree days] are hotter/above normal each day," NatGasWeather.com says in a note. The market had shrugged off yesterday's small weekly storage injection as inventories remain well above average. "Next week's EIA report is also expected to print another smaller-than-normal build due to hot temperatures this past week and aided by lighter wind energy generation," NatGasWeather.com says. Nymex natural gas is up 1.6% at $2.777/mmBtu. (anthony.harrup@wsj.com)
0920 ET - Crude oil futures are little changed in early U.S. trading and on track for weekly gains amid market expectations of an extended standoff in the Persian Gulf between the U.S. and Iran. Yesterday's stronger-than-expected WTI September expiration "now provides an easy upside target to the October contract," Ritterbusch & Associates says in a note. The continued virtual closure of the Strait of Hormuz and stalled diplomatic efforts to reopen it support the bullish view, the firm says. "Iran remains dug in while the U.S. has shifted strategy from a bombing campaign to economic isolation that may or may not spur concessions from Iran." WTI is off 0.1% at $86.76 a barrel and Brent is 0.1% higher at $93.87. (anthony.harrup@wsj.com)
0837 ET - The recovery in gold prices reflects a shift away from U.S. Treasurys toward alternative assets amid uncertainty clouding the fixed income market and growing concerns about the sustainability of U.S. public debt, XS.com senior market analyst Samer Hasn says in a note. "I believe it is futile to discuss the potential paths for the yellow metal as a safe haven," he says. The Treasury Department's decision helped weaken the impact of high bond yields on gold and other non-yielding assets, "which might explain capital rotating back toward those assets." Flows into physical gold exchange-traded funds also helped fuel the upward trend, Hasn adds. Gold is up 1.5% at $4,639.80 an ounce. (anthony.harrup@wsj.com)
0818 ET - Gold prices extend gains on a weaker U.S. dollar and fiscal debt concerns after Treasury Secretary Scott Bessent said he is prepared to expand buybacks of U.S. debt. In early U.S. trading, New York futures are up 1.7% at $4,648.10 a troy ounce, on track for a weekly gain of nearly 5%. "Demand for gold as a safe-haven asset is increasing as concerns about rising government debt resurface," says Barbara Lambrecht from Commerzbank. Other precious metals are gaining too. Silver futures are up 2.1% at $69.52 an ounce, while platinum is up 2.9% at $1,891.90 an ounce. (giulia.petroni@wsj.com)
0607 ET - Palm oil ended higher, driven by higher soybean oil and crude oil prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Persistent concerns over El Nino affecting crude palm oil output are also likely to lift prices in the near term, he added. The Bursa Malaysia Derivatives contract for November delivery closed 59 ringgit higher at 5,020 ringgit a ton.(amanda.lee@wsj.com)
0408 ET - Gold prices rise above $4,600 a troy ounce and are headed for a weekly gain of 4%, buoyed by concerns over the U.S. government debt and borrowing costs. "Gold is on track for a third consecutive weekly gain," analysts at Saxo Bank say. "The ability of gold to rally alongside higher nominal yields highlights the growing importance of fiscal and debt concerns as a driver of hard-asset demand." In early European trading, New York futures are up 1.1% to $4,620.80 a troy ounce.
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