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

1921 GMT - Lean hog futures on the CME finished the day up 0.8% to 98.9 cents a pound. Friday marks the third trading session out of the past four that lean hog futures have closed higher, according to FactSet data. Today's WASDE report from the USDA showed that pork production in 2027 is expected to decrease from this year, which supports higher prices. Pork production was seen at 28.1 billion pounds, down from 28.3 billion pounds. Reduced slaughter estimates were seen more than offsetting heavier dressed weights for hogs. Live cattle futures settled down 0.1% to $2.35 a pound on Friday. (kirk.maltais@wsj.com)

1909 GMT - Oil futures end the week higher on a renewal of military strikes by the U.S. and Iran following attacks on tankers in the Strait of Hormuz. Gains are tempered by market expectations that the flare-up will be short-lived, as President Trump says the U.S. has agreed to continue talks although the ceasefire is over. "Some version of this outcome was becoming increasingly inevitable," says Henry Hoffman, co-portfolio manager of the Catalyst Energy Infrastructure Fund. The Strait of Hormuz was never fully normalized, he says. "The Iranians have dragged this process out for longer than many expected, and in doing so have worsened the global inventory situation." WTI settles down 0.9% at $71.41 a barrel for a 4% weekly gain. Brent slips 0.4% to $76.01 and is up 5.4% from last week. (anthony.harrup@wsj.com)

1842 GMT - Precious metals finished down for both the day and the week. Volatility in precious metals has subsided to start the third quarter, World Gold Council analysts say, adding that gold might be primed for another breakout in the second half of the year. "On the upside, clear catalysts - a worsening economy or renewed geopolitical shock, a shift towards lower interest-rate expectations, or a wave of dip buying - could reignite gold's momentum and lift it back towards US$4,500/oz or above," the council says. Front-month gold finished down 0.6% to $4,104.10/oz for the day, a 0.2% decline for the week. Silver slipped 0.9% to $59.809/oz, closing the week down 1.4%. (kirk.maltais@wsj.com)

1822 GMT - The number of rigs drilling for oil in the U.S. was steady this week at 445, the highest level since May of 2025 and up by 38 from the start of the U.S.-Iran conflict, according to data from Baker Hughes. If oil prices continue lower with renewed flows through the Strait of Hormuz, rig counts could reverse course, says Mark Malek, chief investment officer at Siebert Financial. "It's not surprising that we saw rig counts going up as we saw prices go up," he says. "If you see this price come down significantly I think you'll see the rig counts come back down." Rigs directed at natural gas were also steady this week at 126, Baker Hughes reports. (anthony.harrup@wsj.com)

1715 GMT - With the WASDE report widely viewed as neutral for the market, trader attention shifts back to developments in the Russia/Ukraine war. "The main story… remains putting some risk premium into the wheat market ahead of the weekend due to the Kerch Strait closure," says Arlan Suderman of StoneX in a note. The potential closure of key exporting infrastructure comes after elevated Ukrainian strikes hit Russian energy sites. The risk of Russian counterattacks disrupting Ukrainian wheat supplies is also a concern for traders. Wheat futures are up 3.4%. (kirk.maltais@wsj.com)

1653 GMT - The WASDE report shows upticks in estimates of the amount of U.S. corn and soybean exports expected for this year. The USDA lifts its estimate for corn export sales by 50 million bushels to 3.2 billion bushels in the 2026/27 marketing year, and increased its soybean export sales projection by 30 million bushels to 1.66 billion bushels. This is a positive sign for those grains for this marketing year, helping support CBOT futures after the report's release. Most-active CBOT corn futures rise 1.6%, while soybeans climb 0.6% and wheat is up 3.4%. (kirk.maltais@wsj.com)

1646 GMT - The USDA raises its projection for U.S. 2026/27 cotton production, amid a 2% increase in estimated planted area. The July WASDE report forecasts U.S. production edging up to 13.7 million bales from 13.3 million bales in the June estimate. Ending stocks projection rises to 4.1 million bales from 3.7 million bales. World production is estimated at 117.26 million bales, up from 116.04 million bales, with ending stocks of 71.22 million bales, up from 71.13 million bales previously forecast. Cotton futures rise 0.4%, little changed from before the data report. (paulo.trevisani@wsj.com; @ptrevisani)

1641 GMT - CBOT grain futures are higher, but have trimmed some gains that occurred immediately after release of the WASDE. "The USDA report was primarily neutral," says Naomi Blohm of Total Farm Marketing in a report. Blohm adds that traders are expected to quickly pivot back to trading on the weather forecasts for the U.S. Corn Belt. Most-active CBOT corn is up 1.5%, soybeans rise 0.7%, and wheat climbs 3.9%. (kirk.maltais@wsj.com)

1634 GMT - The USDA reduces its projections for 2027 beef and pork production in its July WASDE report. Beef output estimate edges lower to 25.2 billion pounds from June's 25.4 billion pounds, as a decrease in steer and heifer slaughter more than offsets an increase in cow slaughter. Steer price forecast is stable at $2.54 a pound. Pork production is estimated at 28.1 billion pounds, down from 28.3 billion pounds, as reduced slaughter estimates more than offset heavier dressed weights. The barrows and gilts price estimate remains at 65 cents a pound. Live cattle futures slip 0.2%, to $2.35 a pound. Lean hogs rise 0.8% to 99.98 cents a pound. (paulo.trevisani@wsj.com)

1557 GMT - China may have removed some of the barriers to agricultural trade between itself and the U.S., but the U.S. remains at a disadvantage on its soybean prices when competing with Brazil. "South American soybeans remain 50 to 60 cents below comparable U.S. pricing," says Jim Wiesemeyer of Ag Bull in a note. "Tariff relief, in other words, is necessary but not sufficient to unlock the 25 million metric tons of annual purchases China has promised through 2028." Wiesemeyer adds that the average cost for Brazil to produce a bushel of soybeans is roughly $1.20 per bushel below the U.S. average, which gives it the edge in competition even with the balance between the real and the dollar shifting. CBOT soybeans are up 0.6% in morning trading. (kirk.maltais@wsj.com)

1555 GMT - Reports have surfaced that some Taco Bell locations in Michigan have stopped serving several items--including lettuce, cilantro, onion, pico de gallo and guacamole--in an effort to thwart a parasite and consumer illness, note BTIG analysts Peter Saleh and Ben Praente. If similar media coverage continues over the coming weeks, same-store sales could suffer for Yum Brands, say the analysts. They add that they are not aware of anyone getting sick from Taco Bell. Other restaurant operators, such as Chipotle and Wendy's, have yet to pull the above ingredients from their menu or report any issue with them, the analysts say. (grace.yoon@wsj.com)Almonty Industries will likely benefit from near-term revenue and earnings as it ramps up the Sangdong tungsten mine in South Korea, capturing higher spot price of the metal. DA Davidson analyst Matt Summerville says that global tungsten and molybdenum prices are hovering near historical highs on stronger demand, which should drive revenue through 2028 higher than previously thought. Beyond Sangdong, the company has other projects that will continue to contribute, alongside upcoming downstream products like tungsten oxide. DA Davidson raises its target price on the stock to $33 from $25, noting its model assumptions remain conservative relative to current commodity spot prices. Shares are trading 8.3% higher at $15.78 in New York. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

July 11, 2026 00:15 ET (04:15 GMT)

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