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

1516 ET - Live cattle futures on the CME settle up 0.9% to $2.24125 a pound. Even with the gradual reopening of the U.S.-Mexico border to feeder cattle imports, demand is seen as keeping prices well-supported, says Chris Swift of Swift Trading Co. "Beef demand remains stable," says Swift, meaning that stable beef production is needed to meet that demand. Friday will contain the CFTC's latest Commitment of Traders report, which will update on managed money fund holdings. Lean hog futures settle down 3.1% to 85.575 cents a pound. (kirk.maltais@wsj.com)

1513 ET - U.S. natural gas futures settle higher, snapping a four-session losing streak as the August contract expires. Some profit-taking was possible after strong recent selling, while midday weather models added some heat to the outlook, NatGasWeather.com says in a note. Countering solid power-sector demand has been buoyant production, soft LNG feedgas flows and abundant storage. Tomorrow's EIA inventory report is expected to show a 38 Bcf storage injection, according to a WSJ survey of analysts. That would increase the surplus over the five-year average to 195 Bcf from 183 Bcf the week before. Nymex gas for August goes off the board at $2.725/mmBtu, up 2.4%. (anthony.harrup@wsj.com)

1512 ET - Oil futures bounce back from a three-session slide on resumed military strikes after Iran fired missiles at U.S. targets in Jordan. The return of fighting reduces optimism for talks to settle the conflict. "Irreconcilable differences over commercial transit rights and sovereignty in the Strait of Hormuz quickly restored the geopolitical risk premium," Gelber & Associates says in a note. Houthi attacks on Red Sea shipping and ongoing OPEC+ production shortfalls "reinforced expectations of tighter physical balances," the firm adds. WTI settles up 6.6% at $84.46 a barrel and Brent rises 7.9% to $90.74 a barrel.(anthony.harrup@wsj.com)

1417 ET - Treasury yields and the dollar fall on the Fed's decision to keep rates steady. Markets had been mostly pricing a hold, but nearly a third of investors bet on a hike, according to fed futures markets via CME. The decision has three dissents voting for a rate increase, likely boosting odds of a September hike. Energy prices driven by the war in Iran remain a worrisome factor in monetary-policy decisions. The two-year Treasury yield, which is more sensitive to Fed moves, falls to 4.281% from 4.316% ahead of the decision. The 10-year slips to 4.627% from 4.637%. The WSJ Dollar Index is down 0.2% after trading flat earlier. (paulo.trevisani@wsj.com; @ptrevisani)

1404 ET - Corn and soybeans are down big in today's session, but wheat is only moderately down -- falling 0.3% this afternoon. Today's smaller decline is in part due to wheat having already turned back after briefly peaking over the $7 a bushel mark. But escalation in the Russia-Ukraine conflict continues to scare traders, which is keeping wheat from falling as much as corn or soybeans today. "The Russian/Ukraine war is providing support to wheat as it appears a couple of export ports will be out of commission for an extended period," says Brian Hoops of Midwest Market Solutions. Meanwhile, improved rainfall in the U.S. has traders paring back their bets on weather-related crop risks, which is why corn is down 1.8% and soybeans slide 2.3%. (kirk.maltais@wsj.com)

1350 ET - U.S. commercial crude oil inventories fell by a larger-than-expected 7.2 million barrels last week as refineries ran near full capacity and imports fell, while an additional 3.8 million barrels were released from the Strategic Petroleum Reserve, the EIA reports. "Barrels keep disappearing, with little sign of that trend improving," says David Russell of TradeStation. "The market could enter winter with seriously depleted stockpiles because inventories will need time merely to stabilize before the normal late-fall rebuilding season can begin. Risks increase if the conflict drags on." WTI is up 6.5% at $84.41 a barrel and Brent rises 7.3% to $90.26.(anthony.harrup@wsj.com)

1342 ET - A moderating weather outlook heading into August has grain traders pulling risk premium off grain futures. "While temperatures are forecast to remain seasonal to above normal over at least the two-week window, there isn't any threatening heat in the outlook," says Brian Grete of Commstock Investments. Grete adds that technical factors are also at play. "Weather pressure has pressed futures below support levels, which has spurred long liquidation in soybeans and corn." CBOT corn is off 1.8%, while soybeans drop 2.4% and wheat is down 0.2%. (kirk.maltais@wsj.com)

1058 ET - The WSJ Dollar Index is flat ahead of a Fed decision that remains unusually uncertain. Goldman Sachs economists expect a hold with at least one dissent for a hike. War-driven energy price volatility clouds the outlook, they say in a note. Markets are pricing about one-in-three odds of a hike today. Goldman says the key question for FX if the Fed holds is how much of the hike pricing is redistributed to upcoming meetings. CME data shows investors already pricing a hike in September. The dollar weakens slightly against the euro and the yen. (paulo.trevisani@wsj.com; @ptrevisani)

1047 ET - Soybean futures on the CBOT are down 1.8% as the weather outlook turns wetter and temperatures moderate in U.S. growing areas. "The eastern half of the Plains and the rest of the Midwest will see beneficial rains through early next week and by the weekend much cooler temperatures will move into the Midwest as well," says the Hightower Report in a note. The USDA recently reported a decrease in the amount of crops in good-or-excellent condition for both soybeans and corn. Soybeans are typically less advanced in maturation at this time of year versus corn, making weather changes increasingly important. Corn falls 1.1%, and wheat is virtually unchanged. (kirk.maltais@wsj.com)

1027 ET - U.S. natural gas futures are holding their ground after four sessions of losses with the August contract set to expire at the close. Power-sector demand from summer heat has been offset by strong production, weak LNG feedgas and above-average storage. While further weakness appears likely into August, prices could rebound in the autumn as lower gas prices encourage coal-to-gas fuel switching, and producers curtail output and delay bringing drilled wells on line, Eli Rubin of EBW Analytics says in a note. Nymex natural gas for August delivery is near flat at $2.663/mmBtu and the September contract is up 0.3% at $2.709/mmBtu. (anthony.harrup@wsj.com)

0945 ET - Lean hog futures on the CME are down 0.4% in early trading as seasonality typically seen in pork prices sets in. "Seasonally, pork prices should begin to decline in the coming days," says Ben Johnson of New Frontier Capital Markets. "We've had a couple disappointing prints in a row now." Average pork cutout prices published by the USDA late yesterday showed a slight drop in carcass cutout prices, falling by 54 cents per hundredweight to $103.91 per cwt. Live cattle futures rise 0.3%. (kirk.maltais@wsj.com)

0856 ET - A surprise attack on U.S. forces by Iran briefly pushed CBOT grain futures higher, but corn and soybeans have since retreated as more rainfall materializes. "It's Central U.S. weather that dominates CBOT grain trading, with a ridge-riding storm forecast to bring needed T-storms to the North Central U.S. starting tomorrow," says AgResource in a note. The firm adds that the rainfall is expected to benefit growing soybean crops more than corn, with corn nearing the end of its pollination phase. CBOT corn falls 0.8% premarket, while soybeans are down 1.1%. Wheat is up 0.4%.