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

1518 ET - Oil futures add to yesterday's gains but settle off the day's highs after President Trump withdrew a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz. "That was exponentially higher than the $1 per barrel that the Iranians were charging," says Mizuho's Robert Yawger. "That cost-of-carry issue is out the window and you see prices coming off accordingly." Yawger expects the U.S. would lift its blockade of Iranian ports when a certain number of ships are seen crossing the strait unmolested by Iran. That could mean 20 to 40 ships a day, well below pre-conflict levels, he says. "That's the new reality until we get some kind of bad deal that everybody can live with." WTI rises 1.5% to $79.34 a barrel and Brent gains 1.7% to $84.73. (anthony.harrup@wsj.com)

1516 ET - U.S. natural gas futures recover early losses to snap a four-session losing streak, while still struggling to make headway given adequate domestic supply. "Escalating Middle East tensions have lifted global energy prices, but Henry Hub has struggled to benefit because the immediate U.S. balance remains comfortable," Gelber & Associates says in a note. "A sizable storage cushion, softer late-July weather expectations, and reduced LNG demand during terminal maintenance are keeping sellers in control." Nymex natural gas edges up 0.2% at $2.904/mmBtu. (anthony.harrup@wsj.com)

1507 ET - As Darden Restaurants' Olive Garden franchise lags, Guggenheim analysts Gregory Francfort and Arian Razai say that investors should appreciate the strengths of the company's smaller brands, including LongHorn, Yard House and Cheddar's. They added Darden is asking more of its smaller brands for both sales and margins, but also development. Store growth for the smaller brands is also accelerating due to a change in Darden's development leadership four years before and Chief Executive Rick Cardenas' view that Darden has previously demanded an excessively wide gap between the internal rate of return for new stores and the cost of capital. (grace.yoon@wsj.com)

The Brazilian government's decision to raise the mandatory ethanol blend in gasoline to save on gasoline imports will increase its domestic corn consumption, adding to an existing trend of leaving less corn available for export, Mike Castle of StoneX says in a note. "Brazil's Higher Ethanol Blend to Limit Corn for Export -- Market Talk," at 2:15 p.m ET, incorrectly attributed comments to Arlan Suderman. The note was from Mike Castle.

1415 ET - The Brazilian government's decision to raise the mandatory ethanol blend in gasoline to save on gasoline imports will increase its domestic corn consumption, adding to an existing trend of leaving less corn available for export, Mike Castle of StoneX says in a note. "This is one of the driving forces behind record U.S. corn exports in the current marketing year, as well as USDA's expectation for maintaining near-record exports (3.2 billion bushels) in the year ahead." The Brazilian ethanol will be made from both sugar cane and corn, he notes. (anthony.harrup@wsj.com) Corrections & Amplifications

This was corrected at 2:50 p.m. ET because it incorrectly attributed comments to Arlan Suderman. The Brazilian government's decision to raise the mandatory ethanol blend in gasoline to save on gasoline imports will increase its domestic corn consumption, adding to an existing trend of leaving less corn available for export, Mike Castle of StoneX says in a note.

1346 ET - Shares of Taco Bell owner Yum Brands are down after The Washington Post reported that federal and state authorities are investigating possible links between the restaurant chain and the multistate cyclosporiasis outbreak, citing two people familiar with the investigation. Taco Bell didn't respond to the Post's requests for comments, but reports indicate that some restaurants in Michigan have temporarily pulled items including lettuce, pico de gallo, and guacamole from menus. BTIG analysts wrote last week that extended media coverage tying Taco Bell to the outbreak could impact same-store sales. Shares of Yum Brands fall 2.7%. (elias.schisgall@wsj.com)

1339 ET - Brazil has completed its soybean harvest with production at a record 180.6 million metric tons, up 5.3% from the previous harvest thanks to a larger area planted and favorable weather, government agency Conab reports. Corn production from the three crops in the current cycle is expected to reach 141.7 million tons, while wheat, which is in its final planting stage, is expected to see a production decline of 23.5% to 6 million tons. CBOT wheat futures are up 1.6%, corn is 0.6% lower and soybeans are off 0.2%. (anthony.harrup@wsj.com)

1232 ET - Despite Hormel Foods' previous guidance that pork commodity costs would stay flat, input prices for pork have been down year over year, say BNP Paribas analysts. They raised their 3Q and 4Q adjusted earnings per share estimates for the food processing company, though they anticipate the decline in pork costs would be more impactful in 4Q than 3Q. The firm attributes the favorable pork commodity costs to improved supply and softer demand, as bacon dollar sales and volumes decline across the U.S. (grace.yoon@wsj.com)

1148 ET - Cattle futures continue their more than two-week decline following yesterday's drop in boxed beef prices. Cattle futures "continue to twist and turn on major support levels, waiting for fresh news," Naomi Blohm of Total Farm Marketing says in a note. She notes Monday's $7.07 per hundredweight drop in choice beef prices and $3.16 decline in select. "The continued weakness is likely to result in lower cash again this week." Live cattle on CME are down 1.3%. Lean hogs gain 0.2%. (anthony.harrup@wsj.com)

1123 ET - The planned rerouting of Russian grain exports as Ukrainian attacks on vessels in the Sea of Azov and Kerch Strait restrict shipping is easier said than done, AgResource says in a note. "Such transhipment requires additional logistics, including truck and rail costs, which amid limited domestic gasoline and diesel supplies could prove costly and problematic if the rail cars or trucks are even available," the firm says. Shipping insurance in the Black Sea is getting expensive, and Ukraine and Russia are likely to keep attacking each other's port facilities, AgResource adds. CBOT wheat futures are up 0.5%. Corn is off 1.1% and soybeans are 0.5% lower.(anthony.harrup@wsj.com)

1037 ET - The Houthis' attacks on Saudi Arabia suggest the geography of the Middle East conflict could be expanding from the Strait of Hormuz to the Red Sea, according to Kpler's Michelle Brouhard. "If the Red Sea becomes an active theater of the conflict, governments will no longer be managing a disruption in one chokepoint," the head of policy and geopolitical risk says. "They will be managing two." That would put additional crude and refined product supply at risk, particularly through the Bab el-Mandeb--one of the world's most important energy corridors--and Saudi Arabia's East-West Pipeline to Yanbu, which was built to bypass the Strait of Hormuz. (giulia.petroni@wsj.com)

1001 ET - Gold prices climb 2% as a cooler-than-expected U.S. inflation reading weighs on the dollar and boosts hopes for a less hawkish Federal Reserve. Consumer prices were up 3.5% in June from a year earlier, slowing more than expected and improving from the 4.2% inflation rate in May, leading investors to reduce bets that the Federal Reserve will raise rates at its meeting at the end of the month. Gold futures in New York are up 2% to $4,084.50 a troy ounce. The U.S. dollar index is down 0.5% to 100.70, making dollar-denominated commodities less expensive for overseas buyers. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

July 14, 2026 16:15 ET (20:15 GMT)

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