The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

1209 ET - High input costs continue to worry U.S. farmers, pushing Purdue University/CME Group's Ag Economy Barometer down two points from last month to 119. "May's results indicated mounting concern about rising input costs and financial pressures," says the group in a release accompanying the survey results. Only 14% of farmers say that their farm's financial health is better off than it was a year ago, with only 22% expecting conditions to improve within the next 12 months. This is why farmers are increasingly cautious about how they invest their funds. CBOT grain futures are under pressure in today's trading session, with most-active corn futures down 0.4%, soybeans falling 0.7%, and wheat down 1%. (kirk.maltais@wsj.com)

1052 ET - The boost to grain futures coming from the U.S.-Iran conflict and risk factors associated with it appear to have lost steam. No where is this more true than for corn futures, with the continuous contract shedding 9.5% since finding a year-high of $4.86 a bushel on May 4. Although a peace deal has not been reached between the two sides, traders have been quickly retracting the risk premium they placed on corn when the war first began. "Even the most bearish are likely to be surprised how easily these markets have given up any pulse of bullishness," says Gary Sandlund of Futures International. Most-active corn is down 1.1%, while soybeans sink 1.4% and wheat falls 1.4%. (kirk.maltais@wsj.com)

1051 ET - Packaged-food companies including Campbell's, J.M. Smucker, General Mills, McCormick and Conagra are all expected to report over the next several weeks. UBS analysts expect top-line trends to largely remain under pressure across the sector, save for maybe Smucker and McCormick. "When layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," the analysts say in a research note. "In many ways, we think growth algorithms for the group could be permanently impaired and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," they add. (connor.hart@wsj.com)

1030 ET - Argentina appears set to harvest a record-large crop, with 64 million metric tons of corn expected for harvest, according to the Buenos Aires Grain Exchange. That's up 5 million tons from a report of 59 million tons by the USDA in its WASDE release last month. U.S. grain traders are hopeful that a new deal with China means that the country will import sizable volumes of U.S. exports this year, but that hasn't come to pass yet as South American exports remain more attractive to the world's biggest buyer. Argentinian corn is being sold at a discount to its U.S. counterpart, says Naomi Blohm of Total Farm Marketing in a note. CBOT corn falls 0.7%. (kirk.maltais@wsj.com)

1013 ET - Monday's Crop Progress report from the USDA showed 30% of U.S. pasture acreage in good-or-excellent condition as of the week ended May 31. That's still a low number, but it's up 1 point from this time last week - and could be the beginning of a bigger improvement coming from rainfall expected in the first half of June. "Rain expected across most of the Plains over the next week will improve conditions," says the Hightower Report in a note. This places pressure on CME live cattle futures in early trading, with the most-active contract sinking 1.3%. Lean hogs are down 0.4%. (kirk.maltais@wsj.com)

0932 ET - U.S. natural gas futures are lower but steadying after yesterday's retreat on profit-taking, with the market seeing support in warmer weather moving deeper into June. "Look for the market to remain in the $3.10 to $3.20 range with some upside risk should we see more heat develop for the second half of June," Gary Cunningham of Tradition Energy says in a note. Power markets are "relatively calm," he says, with battery storage helping backstop Texas demand while milder temperatures are expected across most of the Northeast this week. Nymex gas is off 2.1% at $3.113/mmBtu. (anthony.harrup@wsj.com)

0930 ET - Corn and soybean crop conditions are in line with the previous year, the USDA says in its weekly Crop Progress report published Monday afternoon. The USDA says that 67% of the corn crop is in good-or-excellent condition, while 66% of the soybean crop is either good or excellent. That's off only 3 points for corn from last year, and one point for soybeans. Even though this week's ratings are similar to last year, traders were expecting to see higher figures - helping fuel CBOT grain futures overnight. But that momentum has fizzled, especially with supportive weather incoming to crop areas. "Crops are still off to a solid start and a warm and wet forecast looms to aid ratings into mid-June," says Matt Zeller of StoneX in a note. (kirk.maltais@wsj.com)

0911 ET - Oil futures are lower with the market weighing conflicting accounts of how talks with the U.S. and Iran are going. "The failure to achieve a diplomatic breakthrough comes at a time when global oil inventories are critically low and dangerous, on the eve of the summer travel season and high demand," Samer Hasn of XS.com says in a note. There's also no near-term prospect for a comprehensive agreement between Israel and Hezbollah despite a limited and partial ceasefire there, which could threaten the stability of any truce with Iran, he adds. WTI is off 1.1% at $91.14 a barrel, and Brent is down 1% at $94.03. (anthony.harrup@wsj.com)

0703 ET - Copper prices rise ahead of a key U.S. tariff decision this month, with LME futures up 0.6% to $13,964.50 a metric ton. The U.S. is expected to make a decision on whether to extend import tariffs to refined copper. Last year, anticipation of such tariffs drove copper prices on the LME higher as U.S. buyers increased their copper stockpiles ahead of potential trade restrictions, tightening supply outside the country and supporting prices. "In anticipation of the decision, inventories on COMEX are already rising again, while LME stocks are noticeably declining," says Commerzbank's Thu Lan Nguyen. "This trend could intensify in the coming weeks." (giulia.petroni@wsj.com)

0346 ET - Gold prices rise in early trading, with New York futures up 1.2% at $4,562.40 a troy ounce as markets await clarity on the status of the U.S.-Iran negotiations. "Gold continues to take its cues from the oil market given crude's influence on inflation expectations and, by extension, interest rates, bond yields and the dollar," analysts at Saxo Bank say. Investors are also eyeing the release of U.S. nonfarm payrolls and employment data due later this week amid growing inflation concerns, as well as remarks from Federal Reserve officials that could signal the future direction of monetary policy. (giulia.petroni@wsj.com)

2243 ET - Iron ore is higher in early Asian trading. Shipping costs currently account for nearly 15% of iron ore prices, the highest in nearly five years, which provides strong support for iron ore prices, according to Nanhua Futures analysts in a research note. Overall demand remains supported, but upside will be limited due to ample supply, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.2% higher at 782 yuan a ton. (tracy.qu@wsj.com)

2240 ET - Copper and aluminum rise in early Asian trade. President Trump has signed a proclamation adjusting certain metals tariffs to more effectively address national security threats, the White House said. Foreign companies that use more U.S. steel and aluminum can qualify for a 10% duty rate, if their capital equipment includes at least 85% of U.S. melted and poured or smelted and cast steel or aluminum by weight, it said. The premium for copper in the U.S. has also risen again, ANZ Research analysts say in a note. "This could see renewed flows of the metal to U.S. ports just as supply side issues mount in the market," they add. The three-month copper contract on the LME is up 0.3% at $13,877.00 a metric ton, while aluminum is 1.1% higher.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

June 02, 2026 12:15 ET (16:15 GMT)

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