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

1138 ET - An El Niño climate this summer into the second half of the year may be a mixed bag for Brazilian crops, says Hedgepoint Global in a note. Soybeans grown in the southern part of the country may benefit from increased rainfall, meaning that major crop-growing Brazilian states Paraná and Rio Grande do Sul may show better crop yields. But further north, the outlook turns a lot drier -- which may squeeze production of second crop corn and soybeans there. Meanwhile, crops in Argentina are expected to benefit from the increased rainfall, says the firm. CBOT grain futures are mixed, with corn down 0.4%, soybeans up 0.2%, and wheat down 0.8%. (kirk.maltais@wsj.com)

1105 ET - Bank of Canada Governor Tiff Macklem says he expects the Canadian economy to return to growth mode after two straight quarters of contraction. However, he tells an audience in Paris that growth would be modest. "The economy is weak," he says during an question-and-answer session after a speech focused on global imbalances. He says the uncertainty posed by US trade policy and hefty tariffs on specific sectors such as steel, aluminum, automobiles and forest products are weighing on economic activity, in particular business investment--which has declined for five straight quarters.(paul.vieira@wsj.com; @paulvieira)

1007 ET - Bank of Canada Governor Tiff Macklem says the deal reached between the US and Iran to end the conflict and get crude oil moving through the Strait of Hormuz is a welcome development for the global economy. "Global energy prices have begun to come down, though much remains to be worked out," says Macklem, in a brief mention in a speech focused on global imbalances. Inflation accelerated in Canada in May to its highest level since 2023, fueled by rising gas prices. Economists argue the immediate pullback in energy prices should lead to a softening in headline inflation, providing further comfort to the BOC given that core CPI appears contained. (paul.vieira@wsj.com; @paulvieira)

1000 ET - U.S. farmers remain in the negative for their finances in 2026, even with reports of more ships making it through the Strait of Hormuz. Ships able to travel through the beleaguered waterway has provided some relief in prices for essentials like nitrogen, says analysts with Jefferies in a note. But those easing prices are doing little for U.S. farm incomes, the firm says. "Margins remain negative across all crops into 2026 (and 2027), reinforcing a still-challenging farm income backdrop," says the firm in a note, referencing the Ag Economy Barometer published by Purdue University and the CME Group. This month's barometer fell largely because of an 8-point drop in the current economic conditions for farmers. (kirk.maltais@wsj.com)

0957 ET - The latest Commitments of Traders report from the CFTC showed managed money traders adding to their exposure in live cattle futures, growing their long holdings by over 12,000 contracts. Funds are now net long by over 124,000 contracts, showing that strong demand for U.S. beef is expected to continue even with issues like New World screwworm. "The question now is whether futures can retest and break through contract highs," says Naomi Blohm of Total Farm Marketing in a note. The most-active futures contract is currently off by over 3% from the all-time high of $2.55 a pound set in late April. Live cattle sinks 0.2%, while lean hogs are up 0.1%. (kirk.maltais@wsj.com)

0943 ET - U.S. natural gas futures are lower in choppy trade with a warmer weather outlook for early July supporting prices while solid production and comfortable inventories limit gains. "Storage remains at a 5.8% premium to the five-year average, which is keeping the sellers present on rallies," Dennis Kissler of BOK Financial says in a note. "Hotter weather forecasts will be needed to lift prices into July." Nymex natural gas is down 1.8% at $3.195/mmBtu. (anthony.harrup@wsj.com)

0941 ET - Traders are looking for a bottom in gold futures, which are continuing to sink toward the $4,000 a troy ounce mark and potentially slide under it for the first time since last November. The most active contract is trading at $4,125.80 a troy ounce, inching toward a year-low established earlier this month and down 23% from the all-time high of $5,354.80/oz set in late January. Today, rising yields and expectations for higher interest rates around the corner are seen as driving gold prices lower, says Peter Cardillo of Spartan Capital Securities. "However, if prices stabilize around their current trading levels, it could serve as a crucial test for establishing a bear market bottom," he says. (kirk.maltais@wsj.com)

0934 ET - Oil futures are lower as the U.S. waives sanctions on Iranian oil, which along with a reopening of the Strait of Hormuz is seen freeing more oil into the market. Further price weakness can't be ruled out as the market focuses more on the loosening of oil balances than on the drop in oil stocks to "critically low levels" which could continue for several weeks, Ritterbusch & Associates says in a note. "Once the sharp supply downtrend begins to reverse, the process of refilling both commercial and SPR storage will provide a source of support through the rest of this year and well into next as far as the SPR is concerned." WTI is off 0.6% at $73.41 a barrel as the August contract debuts at the front of the curve. Brent is down 0.7% at $77.33 a barrel.(anthony.harrup@wsj.com)

0932 ET - Black Sea research firm SovEcon says that Russian farmers are planting 25.8 million hectares of wheat in the 2026/27 marketing year. That's down 600,000 hectares from the firm's previous forecast, down 1.1 million hectares from 2025's planted acreage and would be the lowest planted acreage for Russian wheat since 2014's 25.2 million hectares. Losses in the spring wheat crop are behind the acreage cut, but it may not meaningfully lift prices. "We see production in the South, Russia's main export region, rising sharply to 37.4 million tonnes from 31.9 million tonnes last year," says Andrey Sizov of SovEcon. "That should improve early-season export availability and could add pressure to the global wheat market even with a smaller overall crop." (kirk.maltais@wsj.com)

0916 ET - Treasury yields cool down a little while the dollar rises as U.S.-Iran talks inch forward. Crude prices slip, as the U.S. cleared the way for Iran to sell oil in dollars, including to U.S. buyers, as part of the negotiations to restore shipping through the Strait of Hormuz. Falling energy prices can ease inflation concerns. Odds of a Fed hike in September decline slightly, according to CME. The WSJ Dollar Index rises 0.2%. The 10-year yield slips to 4.487% from yesterday's 4.507% settle. The two-year declines to 4.192% from 4.230%. (paulo.trevisani@wsj.com; @ptrevisani)

0906 ET - Fund traders grew their short positions in grain futures last week, according to the CFTC's latest Commitments of Traders report which was delayed from Friday due to the Juneteenth holiday. The data showed managed money adding new shorts in corn and soybeans. For corn, it makes funds net short by over 46,000 contracts, while they remain net long in soybeans by a shrinking margin of just below 53,000 contracts. "Yesterday we received a plethora of data, which showed managed money for the most part continuing to liquidate ag length, export inspections not making too much noise, and crop conditions remaining solid," says AgMarket.net in a note. (kirk.maltais@wsj.com)

0900 ET - CBOT corn and soybean futures are slightly higher premarket, with corn up 0.1% and soybeans rising 0.3%. Monday's Crop Progress report showed the amount of corn in good-or-excellent condition unchanged at 68%, with soybeans unchanged at 66% good-or-excellent. A majority of states reported improved topsoil moisture, says Michael Cordonnier of Soybean & Corn Advisor--adding that future rainfall is a plus for only some states. "Warmer and dryer weather would be welcome in the central and eastern Corn Belt while additional moisture is needed in northwestern Iowa, Minnesota, and South Dakota," he says. Wheat futures fall 0.5%, even after the report showed a 1-point decline in winter wheat condition to only 26% in good-or-excellent condition. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

June 23, 2026 12:15 ET (16:15 GMT)

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