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

1520 ET - U.S. natural gas futures fall for a fourth straight session with the market weighed down by a large storage surplus and lower LNG demand due to maintenance at Freeport LNG. "While we don't see major downside from here, at least compared with upside possibilities when looking out toward month end, a healthy 185 Bcf storage surplus is keeping sellers in control for now," Ritterbusch & Associates says in a note. However, "we still see enough summer remaining for another hot spell combined with any early hurricane activity capable of strengthening the fall/winter portion of the gas curve again." Nymex natural gas for August delivery settles down 1.5%at $2.897/mmBtu. (anthony.harrup@wsj.com)

1509 ET - Oil futures jump as the U.S. reinstates its Iranian blockade and Iran says it has again closed the Strait of Hormuz. "What we are witnessing is more than just a short-term technical rebound. It represents a clear repricing of geopolitical risk within the energy market," Rania Gule of XS.com says in a note. "The market has reacted not only to military developments but also to the growing possibility of disruptions to oil flows." Prices are likely to remain well supported as long as geopolitical tensions persist and no meaningful diplomatic breakthrough emerges, she adds. WTI settles up 9.4% at $78.14 a barrel, its biggest single-day percentage gain since April 2, and Brent rises 9.6% to $83.30, its sharpest one-day rise since May 5, 2020. (anthony.harrup@wsj.com)

1452 ET - Live cattle futures close down 0.1% to $2.3495 a pound. Cattle has been sliding, with consumer demand seen as stagnant post-Independence Day. "We still find ourselves in mid-July which is not traditionally a good time to get bullish, and amid increased warring, weak equities, and firmer corn markets this morning," says StoneX in a note. Lean hog futures close down 0.9% to 98.15 cents a pound. (kirk.maltais@wsj.com)

1426 ET - Front-month gold figures finish below $4,000 a troy ounce, closing down 2.6% to $3,997/oz. It's the second-straight day that gold futures have declined, with pressure for the futures contract coming from the sentiment around inflation globally. "Gold is fighting shy of the risk of higher rates internationally, especially given the line that the FOMC, under Chair Kevin Warsh, is taking and the possibility that the ECB will raise rates again if inflationary forces intensify," says Rhona O'Connell of StoneX in a note. Silver futures finish down 3.6% to $57.634/oz. (kirk.maltais@wsj.com)

1243 ET - CBOT wheat futures trade lower in choppy trading after briefly turning positive. Technical selling dominates trading with profit-taking after a strong week last week, says Karl Setzer of Consus Ag Consulting. "Wheat is really just seeing some profit taking and flushing of weak longs," says Setzer. "The contracts had a good run last week so to see some longs leak out is not a shock." Performance in corn and soybean futures helps support wheat prices. CBOT wheat is down 0.2%, while corn rises 1.3% and soybeans are up 0.7%. (kirk.maltais@wsj.com)

1102 ET - Oil futures extend gains as President Trump says the U.S. is reinstating its blockade of ships in and out of Iran while protecting other vessels through the Strait of Hormuz. He says the U.S. will charge 20% of the value of all cargo shipped to cover the cost of providing safety. The U.S. and Iran stepped up strikes over the weekend, including Iranian attacks on vessels crossing on the Omani side of the waterway.WTI is up 4.5% at $74.64 a barrel and Brent rises 4.4% to $79.38. (anthony.harrup@wsj.com)

1058 ET - July heat continues to be a factor giving corn and soybean futures support. The latest outlook issued by the National Weather Service shows that above-average heat looks to be in place in U.S. Plains for the next two weeks, with states on the eastern side of the Corn Belt beginning to see temperature relief near the end of the month. For today, the heat outlook for both the U.S. and Europe looks to support grain futures, says Joe Davis of Futures International. "The U.S. and EU are experiencing heat this week from high pressure heat domes sitting over growing areas," says Davis. CBOT corn is up 1.3%, soybeans rise 0.4%, and wheat falls 0.1%. (kirk.maltais@wsj.com)

1054 ET - Gold plunges 2.5% as oil prices extend gains on escalating tensions between the U.S. and Iran. "If oil prices continue to push higher, that will only reinforce expectations that the Fed could remain more hawkish over the coming months," says Fawad Razaqzada, market analyst at Forex.com. "On top of that, the stronger U.S. dollar is adding further pressure." In afternoon trading, New York gold futures fall 2.5% to $4,010 a troy ounce. Market focus now turns to a busy week for U.S. economic data and speeches from Federal Reserve officials. (giulia.petroni@wsj.com)

1008 ET - Seasonal strength typically seen in hog prices at this time of year appears to be returning, with the most-active contract up 1%. "For the first time yet this summer, the hog and pork markets are finally starting to act a little more summer-ish," says StoneX in a note. "The pork cutout at $101.34 [per hundredweight] on Friday afternoon is a fresh eight-month high there, and with finally some support out of those processing items being seen -hams and bellies." The firm notes that some short-covering is being seen - with Friday's Commitment of Traders report from the CFTC showing a net short position of just over 29,000 contracts. Live cattle futures are up 0.1%. (kirk.maltais@wsj.com)

0959 ET - The USDA has announced another flash sale of soybeans to China, with 136,000 metric tons sold for delivery in the 2026/27 marketing year. This comes after several sales announced last week by the USDA. While sales to China seem to confirm the reports that surfaced of state buyers procuring more U.S. soybeans, grain traders appear more focused on what Friday's WASDE report said about U.S. and world supply and demand. CBOT grains are mixed in early trade, with corn up 0.7%, soybeans up 0.1%, and wheat down 0.5%. (kirk.maltais@wsj.com)

0947 ET - U.S. natural gas futures continue their slide as weather forecasts are revised cooler and exports are seen falling on maintenance at Freeport LNG. "We are searching for a new area of support," Gary Cunningham of Tradition Energy says in a note. Power-sector demand will start the week lower with heat in the south dissipating and Texas even trending toward cooler than normal for mid-July, he says. Still, "at some point soon we should see some recovery as short sellers take some profit and give us a small bounce and prices firm." Nymex natural gas is down 2.9% at $2.854/mmBtu.(anthony.harrup@wsj.com)

0924 ET - The restart of fighting in the U.S.-Iran conflict is lifting crude oil prices 3.5% this morning, giving grain futures a boost in pre-market trading. "The grains surged out of the gate last night along with crude, with the most-traded CBOT December corn contract gapping higher," says Matt Zeller of StoneX in a note. Also supporting grains is the return of hot temperatures, says Zeller - expected to stress U.S. crops. Grains have been following the movement of crude oil, due to their use in renewable fuels. Most-active CBOT corn is up 1.1% in pre-market trading, and soybeans are up 0.3%. Wheat is down 0.5%. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

July 13, 2026 16:15 ET (20:15 GMT)

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