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

1557 ET - Natural gas futures settled up 1% to $3.066 per mmBtu for the day, with analysts anticipating that this week's EIA storage report will show smaller-than-usual builds in natural gas storage. "Supplies continue tightening, evidenced by the last 8 EIA weekly storage reports printing smaller than normal builds," says NatGasWeather.com in a note. "The streak is expected to extend to 9-weeks after this Thursday's EIA report prints another smaller than 5-year average build." The EIA reported a 64 bcf build in inventory last week. (kirk.maltais@wsj.com)

1417 ET - CBOT wheat futures led the row crop complex higher throughout the day, driven by higher tensions between Russia and Ukraine. Specifically, other NATO countries are feeling the threat of the war spilling into their borders, with Germany's spy chief reported saying that the country is in "danger ‌of becoming embroiled in a violent conflict with Russia." A continuation or escalation in the war means that logistics issues affecting Russian wheat are likely to remain a problem for world supply. "Russian grain exporters continue dealing with war-related logistical challenges," says Joe Davis of Futures International in a note. CBOT wheat rises 1.3%. (kirk.maltais@wsj.com)

1312 ET - This morning's flash sales data is supporting CBOT grain futures, according to Brady Huck of EmpowerAg Trading. He says confirmation of strong export demand are needed to push grain futures forward. "It's important we continue to see these posted," says Huck. "[The] Weekly Export Sales [report] as well as inspection data will be closely watched by traders to provide clues on demand." The flash notice said 129,540 metric tons of corn were sold to Mexico for delivery in the 2026/27 marketing year, while 104,000 tons of soybeans were sold to unknown destinations for 2026/27 delivery. "Unknown destinations" is often a moniker for China in export sales notices. (kirk.maltais@wsj.com)

1249 ET - The U.S. harvest is seen as being behind its normal pace, due to excessive rainfall in much of the Corn Belt, says Tom Pawlicki of StoneX in a note. But that stretch of slower harvesting is expected to soon end, says Pawlicki. "Harvest delays have been significant across most states," he says. But most Corn Belt states are expected to receive an elongated period of dry conditions, allowing saturated fields to dry up and allow farmers to get back to work quickly. "Some fields remain soft or saturated, but most contacts expect combines to resume quickly, with soybeans generally taking priority before growers transition heavily into corn," says Pawlicki. CBOT corn rises 0.1%, soybeans climb 0.8%, and wheat is up 1.2%. (kirk.maltais@wsj.com)

1135 ET - This Friday's WASDE report from the USDA is expected to provide new projections for U.S. corn and soybean crops. The context of what these mean for larger market dynamics may have shifted since the release of the USDA's quarterly stocks report last week. "The larger than expected stocks on last week's report make it more difficult for U.S. corn supplies to drop to 'tight' levels," says Doug Bergman of RCM Alternatives in a note. In the case of soybeans, what the USDA projects on Friday may tell the story on how effective September rainfall was in reversing crop stress due to August heat, says Bergman. CBOT corn rises 0.2%, soybeans rise 0.9%, and wheat is up 1.4%. (kirk.maltais@wsj.com)

1116 ET - The combination of Flávio Bolsonaro's surprise victory in the first round of Brazil's elections and the possibility of a Democratic sweep of the House of Representatives and Senate in the U.S. elections in November is seen as a source of support for markets, says Stephen Coltman of 21shares in a note. "Electoral politics are becoming impossible for investors to ignore," says Coltman. He also points out that rising bond yields in Europe carry the risk of "morphing into a credit contagion risk for euro zone sovereign bonds." Agricultural and precious metals futures are higher, as is the equity markets and base metals. Energy and cryptocurrencies are mixed in morning trade. (kirk.maltais@wsj.com)

1041 ET - CME live cattle futures are down 0.9% in morning trade, this after cattle slaughters landed at their third-largest weekly kill last week. Cattle slaughters jumped 64,000 head to 548,000 head for the week, which is the largest since early January, says AgResource in a note. The higher slaughter and its resulting effect on prices is something often seen at this time of the year, says the firm. "Typically, the market forges a seasonal low within the next 10 days and then strengthens into mid-November," says AgResource. Lean hog futures are up 1.1% in early trading. (kirk.maltais@wsj.com)

1029 ET - The Brazilian election is heading into a runoff election for president later this month, and incumbent Luiz Inácio Lula da Silva is now expected to lose to challenger Flávio Bolsonaro, who finished first in the general Brazilian elections held Sunday. U.S. grain futures are getting support from the result, thanks to a stronger Brazilian real in anticipation of a conservative victory in Brazil. "The Brazilian real is expected to gain today, which will harm the profitability of Brazilian farmers," says AgResource in a note. The firm adds that a stronger currency "will slow future Brazilian farmland expansion." CBOT corn is up 0.1%, soybeans rise 0.6%, and wheat climbs 1.7%. (kirk.maltais@wsj.com)

1009 ET - A mild outlook for weather in the U.S. weighed on natural gas futures last week, and while that continues to be the case technical trading may be skewing futures toward the positive side, says BOK Financial in a note. "Quant funds have moved more to the short side, which could build a more bullish case longer term," says the firm in a note. "However without a real fundamental shift in demand the path of least resistance still looks lower." The most-active contract is up 0.3% in early trade. (kirk.maltais@wsj.com)

0955 ET - Crude oil futures are lower, with the market seen at a sort of tentative equilibrium, says Aaron Kildow of Sparta Commodities in a note. "An uneasy calm has spread over the market," says Kildow. "Flows from Hormuz continue to impress and news of either Iranian or U.S. forces striking oil tankers no longer seems to have the same impact on oil futures markets as it did before." The U.S. dollar continues to trend stronger, which is applying pressure to the commodities markets as a whole. WTI crude is down 1.6%, and Brent crude is off 0.6%. (kirk.maltais@wsj.com)

0808 ET - Suncor Energy's sale of interests in Eastern Canadian offshore assets for at least C$1.2 billion makes strategic sense, even if the transaction looks largely net present value-neutral, Raymond James' Michael Barth reckons. Suncor is selling its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy. Barth notes Suncor also is transferring about C$1.4 billion of liabilities. The assets have a relatively short current life, and an exit frees up cash for share buybacks or accelerated growth in Suncor's core portfolio, the analyst says. Raymond James retains an outperform call and C$118 target on Suncor's shares. (robb.stewart@wsj.com)

0614 ET - Singapore Exchange's September statistics were lackluster, and a repeat of this could indicate that the market cycle is turning against it, Citi Research analyst Yong Hong Tan writes in a note. SGX's securities daily average value fell below the run-rate of S$2 billion, while the derivatives daily average value for iron ore was lackluster. Equities derivatives softness was mitigated by volatility in the rupee and offshore yuan, he notes. There are increased risks facing the securities daily average value due to banks' concentration, while softer iron-ore activity could lead to weaker derivative fees, he says. Shares close 1.1% lower at S$20.75, extending Friday's 7.1% drop. Citi cuts its target price to S$17.70 from S$18.70 and retains a sell rating.