The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1147 ET - Grain markets are closed today, but traders continue to remain focused on the war in Iran and its impact. President Trump on Truth Social posted earlier that "With a little more time, we can easily open the Hormuz Strait..." The bottleneck at the Strait from the war has crimped fertilizer shipments and grain exports. Higher energy costs are also generating anxiety for farmers who need heavy equipment to work their fields. "The grain market is very sensitive to announcements concerning developments in the Middle East," says Argus in a note. (kirk.maltais@wsj.com)
0609 ET - Palm oil ended higher, with the Bursa Malaysia Derivatives contract for June delivery up 47 ringgit at 4,838 ringgit a ton. Prices are supported by strong demand, said David Ng, a trader at Kuala Lumpur-based Iceberg X. Inventory levels in the coming weeks are likely to be lower, which also provides support for palm oil prices, he said. Ng sees support for palm oil at 4,800 ringgit a ton and resistance at 4,980 ringgit a ton. (tracy.qu@wsj.com)
0001 ET - Posco Holdings' 1Q earnings could fall short of expectations due to weak steel demand, Hana Securities analyst Park Seong-bong says. The South Korean steelmaker could post 572 billion won in operating profit for the January-March period, below a market consensus forecast of 606 billion won, Park writes in a note. Posco's sales of steel products likely fell 1.7% on year to 8.01 million metric tons in 1Q, he notes. Higher iron-ore and other raw-material costs likely led to weak spreads in 1Q, he says. However, Posco could see its construction affiliate return to profit, while its trading and battery-material units will likely report improved earnings, he adds. (kwanwoo.jun@wsj.com)
2305 ET - Iron ore is lower in early Asian trading. Prices are likely to remain rangebound without a clear trend in the near term, according to Nanhua Futures analysts in commentary. Steel demand is stronger than previously expected, while upside is limited due to ample supply, they note. Investors will closely watch for clues on medium-to-long term supply. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.6% at 799.0 yuan a ton. (tracy.qu@wsj.com)
2236 ET - Palm oil prices rise in early trading, tracking stronger soybean oil prices on the Chicago Board of Trade. Palm oil prices are set for near-term gains amid the ongoing Middle East geopolitical tensions affecting energy markets, AmInvestment Bank says in a note. Higher crude oil prices support biodiesel economics, boosting CPO's role as an energy proxy, it adds. AmInvestment Bank pegs resistance at 4,852 ringgit a ton and support at 4,672 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery is up by 22 ringgit to 4,813 ringgit a ton. (yingxian.wong@wsj.com)
1629 ET - Cattle futures climb to their highest level this year and close to the all-time record set in October. The most-active contract settle up 0.8% to $2.461 a pound, only 2 cents below the $2.48 record high from last year. Cattle appears to have shaken off the effect of high energy prices, which has been a pressure point for the contract in previous sessions during the war in Iran. Lean hog futures settle down 0.9% to 90.125 cents a pound. (kirk.maltais@wsj.com)
1535 ET - U.S. natural gas futures extend losses to four sessions with mild spring weather keeping a lid on demand. The EIA reported a 36 Bcf storage injection for last week, which widened the inventory surplus over the five-year average to 54 Bcf from 14 Bcf. "Injection season is now off and running, and current temperature forecasts are conducive to strong early-season builds in the weeks to come," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "The preliminary outlook for end-of-summer storage levels shows stocks topping out between 3.7 Tcf and 3.9 Tcf." Nymex natural gas settles down 0.7% at $2.80/mmBtu. (anthony.harrup@wsj.com)
1524 ET - Oil futures rise sharply as traders go into the holiday weekend seeing greater risk of near-term escalation in the Persian Gulf than easing of tensions. "The market doesn't like long weekends," says Rebecca Babin of CIBC Private Wealth US. After falling the previous two sessions on cautious expectations the U.S. could quickly wrap up operations in the Gulf, prices soared after President Trump's warnings of stepped up strikes. "Generally speaking, weekends haven't been kind to de-escalation," Babin says. At the same time, downside risks have to be considered. "This is a sentiment market and sentiment can change quickly. This could turn on a heartbeat." WTI for May delivery settles up 11% at $111.54 a barrel, a nearly four-year high. The June Brent contract rises 7.8% to $109.03 a barrel. (anthony.harrup@wsj.com)
1344 ET - While the loss of petroleum products from the Middle East is a sign for refiners to operate at higher rates, the economics of refining is telling them to cut back on runs, Rystad Energy's Paola Rodriguez-Masiu says in a note. The forward curve shows a relatively healthy environment, but the physical market is one of severely strained supply. "Asian refiners, shut out of Middle Eastern supply, are bidding aggressively for every available Atlantic Basin barrel," she says. Replacement barrels are being offered at prices that effectively consume the forward refining margin before the crude even arrives, and European refiners can't make money running those barrels through their systems, Rodriguez-Masiu adds. While the forward curve is telling them to run, "the rational response--the only financially defensible response--is to cut runs." (anthony.harrup@wsj.com)
1309 ET - Oil futures are holding gains following President Trump's address that disappointed the market in its hopes for a swift end to the conflict in the Persian Gulf. "The market was a bit more set up for something that had maybe more focus on negotiations and a quicker withdrawal, and that was not what we got," says CIBC Private Wealth US senior energy trader Rebecca Babin. Unconfirmed reports that Iran is working with Oman to monitor tanker traffic through the Strait of Hormuz took some premium out of the price, but there's still a lot to be learned about that, she adds. "After the comments last night it feels more likely that things are heading in the escalatory path as opposed to de-escalatory path."WTI for May delivery is up 11% at $111.17 a barrel. Brent for June delivery is 6.5% higher at $107.74 a barrel. (anthony.harrup@wsj.com)
1216 ET - McDonald's introduces an Under $3 Menu and a $4 Breakfast Meal Deal, available to customers on April 21. The restaurant chain will also offer certain items below $3 on a limited basis, beginning with a $1.50 Sausage McMuffin and a $2.50 McDouble. The promotion comes as business leaders in consumer-facing sectors report a widespread demand for value among budget-conscious shoppers and diners. "As our customers' expectations evolve, we're making it easier for them to get the value they're looking for - on their terms," McDonald's Chief Marketing and Customer Experience Officer Alyssa Buetikofer says. "McValue offers more choice, more flexibility and more ways to build a meal that fits their day and budget." (elias.schisgall@wsj.com)
(END) Dow Jones Newswires
April 03, 2026 12:15 ET (16:15 GMT)
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