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

1523 ET - Live cattle futures on the CME maintain their losing streak, making it the 14th straight lower close. Prices drop 1.4% to $2.2685 a pound, the lowest since December. Boxed beef prices reported by the USDA keep sliding as well, which is weighing on the futures contract, says Naomi Blohm of Total Farm Marketing in a note. However, heat hitting pasture areas in the past week appears to be putting stress on livestock animals, which may eventually be felt in cattle prices. Lean hog futures settle flat at $1.00325 a pound. (kirk.maltais@wsj.com)

1521 ET - Oil futures end lower in an indecisive session with the market awaiting clarity on whether the U.S. steps up its strikes on Iran or the sides look to resume talks. "Markets have largely absorbed the geopolitical premium tied to U.S. strikes on Iranian targets and the heightened naval presence around the Strait of Hormuz," Gelber & Associates says in a note. "For now, traders remain focused on incoming headlines, but in the absence of a meaningful escalation or supply disruption, WTI appears content to consolidate just below the key $80 a barrel threshold." WTI settles down 0.8% at $78.95 a barrel and Brent falls 0.8% to $84.23. (anthony.harrup@wsj.com)

1517 ET - U.S. natural gas futures retreat with a slightly below-normal inventory build leaving the storage surplus over the five-year average practically intact at 181 Bcf. The 41 Bcf injection was roughly in line with consensus estimates after storage builds exceeded expectations the preceding three weeks, notes Andy Huenefeld of Pinebrook Energy Advisors. Another wave of major heat across the Midwest and East this week lifting power-sector demand should be reflected in next week's storage report, although "estimates have been highly variable in recent weeks, primarily because of fluctuations in wind generation output," he adds. Nymex natural gas settles down 2.3% at $2.858/mmBtu. (anthony.harrup@wsj.com)

1512 ET - Heightened hostilities in conflicts overseas pressed on precious metal futures. Front-month gold fell 1.4% to $3,985.60 a troy ounce. It is the lowest gold has traded since November. Media reports of Iran courting the Houthis to close Red Sea trading routes if the U.S. makes another strike hitting Iranian power infrastructure have investors on guard for new waves of energy-price inflation. "The Red Sea now carries around 7% of global energy supplies, and is the main alternative route for regional exports," says ADM Investor Services in a note. Silver falls 2.1% to $55.898/oz. (kirk.maltais@wsj.com)

1407 ET - CBOT grain futures on the CME are lower following Wednesday's gains. "Bull markets need constant fuel," says AgResource in a note. The firm adds that wheat prices have entered into an "overbought" condition, meaning that profit-taking is likely hitting the complex. Most-active CBOT corn is down 1.2%, soybeans drop 0.5%, and wheat is off 0.4%. (kirk.maltais@wsj.com)

1330 ET - A fresh tariff of 25% on Brazilian goods being shipped to the U.S. could be supportive for the U.S. ethanol industry, says the Renewable Fuels Association in a press release. USTR Jamieson Greer confirmed the new tariffs Wednesday, which launched under authority of Section 301 of the Trade Act of 1974. Ethanol market access is a stated goal for the tariffs in the USTR's press release, garnering support from the RFA. "After Brazil rebuffed numerous attempts by the U.S. to negotiate a return to free and fair ethanol trade between our two nations, our leaders were left with no choice but to establish reciprocal treatment," says Geoff Cooper of the RFA in a note. (kirk.maltais@wsj.com)

1311 ET - U.S. farmers may see larger losses on planted crops in 2027 than they're already dealing with this year. According to data from the American Farm Bureau Federation, losses for planted corn acres are projected to increase from $131 per acre in 2026 to $167 per acre in 2027. Soybean losses are projected to increase from $80 per acre to $138 per acre, and wheat losses are seen from $114 per acre to $145 per acre. In response to these projections, the AFBF sent a letter to Congress calling for "sufficiently robust and broadly structured" relief more than the one-time payments offered by the Trump Administration this year. Aid payments are expected to make up roughly 30% of farm income this year. (kirk.maltais@wsj.com)

1235 ET - The rebound in oil prices shows the market was underestimating the fragility of the U.S.-Iran ceasefire, and "serves as a reminder that crude prices still warrant a geopolitical risk premium over the coming weeks and months," BCA Research's chief commodity strategist Roukaya Ibrahim says in a report. Even if tensions ease and supply disruptions abate, fundamentals will prevent Brent from breaking below a floor around $70 a barrel, she adds. Weakness in oil consumption is unlikely to persist, and efforts to replenish or even increase strategic reserves should add to demand. "We expect geopolitics and fundamentals to cause oil prices to trade in a wide range over the remainder of the year, with Brent averaging $80 a barrel," Ibrahim says.WTI is up 0.1% at $79.70 a barrel and Brent is up 0.3% at $85.16.(anthony.harrup@wsj.com)

1144 ET - CBOT grain futures are mixed, with the July WASDE report from the USDA last week resetting the market's sentiment about the health of U.S. crops. "The tone is neutral for now - it all depends on where the U.S. corn and soybean yields end up this fall," says Naomi Blohm of Total Farm Marketing in a note. "The market is currently trading trendline yield." This means that how the weather fares over the next month will be critical in shaping how bountiful this year's harvest may be. CBOT corn is down 1%, while soybeans are virtually unchanged and wheat falls 0.4%. (kirk.maltais@wsj.com)

1118 ET - Oil prices look to be a considerable risk factor for agricultural futures this quarter, including row crops and soft commodities like coffee and sugar, says Hedgepoint Global in a note. "The energy sector is expected to continue exerting strong influence on commodities markets throughout the third quarter," says the firm in its report. "The evolution of global oil inventories, refining margins, and geopolitical tensions will continue to influence… different commodities supply chains, especially those linked to biofuels and logistics costs." Corn and soybeans in the U.S. have been influenced by rule changes to the EPA's Renewable Fuel Standard programs, increasing demand for oils to fulfill blending requirements. CBOT corn falls 1% in morning trade, while soybeans slide 0.2% and wheat is up 0.1%. (kirk.maltais@wsj.com)

1111 ET - A Russian response to the drone strikes carried out on Russian vessels by Ukraine threatens to crimp Ukrainian crop exports, says Daniel Flynn of Price Futures Group in a note. "There are strong cash rumors that several Ukraine corn cargoes have declared force majeure due to the inability to execute amid the attacks by Russian vessels and Ukraine port infrastructure," says Flynn. Russia is seen as having reinvigorated its campaign against Ukrainian ports in recent days, according to an assessment from the Institute for the Study of War. Most-active CBOT corn futures are down 1% in morning trade, while soybeans fall 0.3% and wheat is flat. (kirk.maltais@wsj.com)

1103 ET - U.S. natural gas inventories rose by a little less than usual last week, trimming the storage surplus over the five-year average to 181 Bcf from 185 Bcf the previous week, according to data released by the EIA. Gas in underground storage facilities increased by 41 billion cubic feet to 3,024 Bcf. The injection was smaller than the 45 Bcf five-year average for the week, and below the 44 Bcf estimate in a WSJ survey of analysts. The report does little for Nymex natural gas futures which are off 1.3% at $2.885/mmBtu. (anthony.harrup@wsj.com)

(END) Dow Jones Newswires

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

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