The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
2056 GMT - Live cattle futures extend losses on CME to a fourth straight session, and lean hogs resume their downward move after yesterday's rebound. Cattle imports from Mexico are beginning to increase with three border crossings open and reports of 10,000 head per week coming into the U.S., Naomi Blohm of Total Farm Marketing says in a note. "This may begin to finally boost southern placements in the coming weeks." Live cattle fall 2.4% on CME to $2.2095 a pound. Hogs fall 1.6% to 58.875 cents a pound. (anthony.harrup@wsj.com)
2050 GMT - Oil futures rise to close out the week and the month with gains as conflict persists in the Middle East and Ukraine attacks a Russian refinery after a two-week pause. The market is also concerned about possible Middle East escalation after next week's U.S. midterm elections. "The market is trading like there is something coming out the U.S.," Scott Shelton of TP ICAP says in a note. WTI settles up 2.1% at $104.12 a barrel for a 15% monthly gain. Front-month Brent rises 2.4% to expire at $117.64 a barrel, up 14% on the month. (anthony.harrup@wsj.com)
2024 GMT - U.S. natural gas futures settle lower, falling for a third consecutive week as the first significant cold weather of the season has yet to show up. "Exceptionally mild near-term weather forecasts and expectations for a warmer-than-normal winter have overwhelmed otherwise supportive fundamentals, including record LNG exports approaching 21 Bcf per day and a tighter storage balance," says Andy Huenefeld of Pinebrook Energy Advisors. "The path of least resistance appears to be firmly to the downside at this point in the season." Nymex natural gas settles down 1.8% at $2.898/mmBtu for a 5% weekly loss. (anthony.harrup@wsj.com)
1903 GMT - A V-shaped rebound in grains is unlikely unless China comes to the U.S. market for grain in bulk, AgResource says in a note. Still, it's difficult to be bearish corn under $4.50 a bushel, wheat under $6 and soybeans under $12.30 unless favorable Brazilian weather is confirmed in November-December, the firm says. Brazilian forecasts will be in focus starting next week, and while there are no problems with Argentine soil moisture or pace of corn and soy planting, there is a significant risk of a lingering El Niño negatively affecting rainfall in key soybean producing regions of Brazil, AgResource adds. (anthony.harrup@wsj.com)
1824 GMT - The soybean and corn harvests could be interrupted as more rain is expected this weekend and early next week across much of the Midwest, Mike Castle of StoneX says in a note. Systems are already moving across much of Texas/Oklahoma and northern Missouri into Iowa/Illinois, "likely knocking combines back out of the field and slowing the tail-end of harvest," he says. The soybean harvest has caught up in recent weeks, in some areas at the expense of corn, he says. "It will be interesting to keep an eye on the impact seen in the cash markets given the combination of delayed harvest and sharply lower prices reducing farmers' incentive to sell across the scale." Corn is off 0.7% on CBOT and soybeans are near flat. (anthony.harrup@wsj.com)
1815 GMT - U.S. operators continue to add oil rigs as the conflict drags on in the Middle East, keeping crude prices high. Oil rigs increased by two last week to 462, and were up by 48 from a year ago, Baker Hughes reports. With increased anticipation of oil prices staying high, "there's just a lot more interest in exploration," says Andrejka Bernatova, CEO of Dynamix Corporation III, an energy-focused SPAC. "There's a sort of realization that you cannot rely on Russia and the Middle East at this point," she says. There is more focus on the U.S. and a lot of interest in places like Venezuela and Argentina, she adds. Natural gas rigs slipped by two this week to 130, or five more than a year ago. (anthony.harrup@wsj.com)
1809 GMT - Precious metals futures fall as conflicts in the Middle East and Russia-Ukraine push oil prices higher, fueling concerns about inflation and higher interest rates. Front-month gold falls 3.3% in New York to $3,885.70 a troy ounce, its lowest close since Oct. 3, 2025. Silver falls 5.9% to $49.097 a troy ounce, its lowest since Nov. 7 of last year. The selloff could be "partly emanating from the crypto hack, which is triggering a flight to cash and putting additional selling pressure on the metals," Peter Cardillo of Spartan Capital says in a note. (anthony.harrup@wsj.com)
1641 GMT - Gold and silver futures accelerate losses as rising oil prices raise inflation concerns with implications of higher interest rates. "Expectations of tighter monetary policy continue to weigh on the non-yielding asset," Bas Kooijman of DHF Capital says in a note. "Firmer oil prices are compounding the pressure by sharpening concerns over persistent inflation." A pullback in oil prices could ease pressure on gold, while further supply disruption or a stronger-than-expected U.S. October jobs report "would likely reinforce the case for tighter policy and keep bullion under pressure." Gold for December delivery is down 3% in New York at $3,909.20 a troy ounce. Silver slides 5.9% to $49.285 a troy ounce. (anthony.harrup@wsj.com)
1602 GMT - Grains are slightly lower with traders focused on finding a price level that will stimulate demand and help rally the markets, says Brian Hoops of Midwest Market Solutions. Wheat in particular tried to rally on news that China had inquired about U.S. wheat, "but an inquiry and a purchase are different things and no purchases have been announced." If China does buy wheat, it should lift both wheat and corn "as it would be an indication that demand will improve at current price levels."Wheat is off 0.3% on CBOT and corn is down 0.7%.(anthony.harrup@wsj.com)
1533 GMT - The USDA reports two new flash sales of soybeans for the 2026/27 marketing year, one for 165,150 metric tons and another for 132,000 tons, both to unknown destinations. Soybean export sales have had a strong start to the 2026/27 marketing year, but "strong harvest reports and a good start to the South American growing season have kept managed funds in liquidation mode," Doug Bergman of RCM Alternatives says in a note. Soybeans are up 0.1% on CBOT but on track for weekly and monthly losses.(anthony.harrup@wsj.com)
1304 GMT - The mild weather outlook for the first half of November is keeping downward pressure on U.S. natural gas futures, with the December contract retreating further from the $3 level. "The oversized injection report yesterday, combined with inconsistent LNG feed gas data, sent the market tumbling yesterday and has December still trying to find its footing at the top of the gas board this morning," Tradition Energy's Gary Cunningham says in a note. The weather is providing little if any support, he says. "We are still in a very bearish trough with some slight support down around $2.85." Nymex gas for December delivery is off 2.5% at $2.878/mmBtu.(anthony.harrup@wsj.com)
1301 GMT - Oil futures are higher in a jittery market ahead of next week's U.S. midterm elections. Attacks on tankers in the Strait of Hormuz, Houthi strikes on Saudi targets and a resumption of Ukrainian attacks on Russian refineries are driving the rise, Peter Cardillo of Spartan Capital says in a note. "The present situation is looking bleaker than ever, potentially putting additional pressure on President Trump to take action," he says. "The escalating tensions could push oil prices, even if only briefly, to new yearly highs." WTI is up 2.2% at $104.23 a barrel and Brent is 2.1% higher at $117.33 a barrel.
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