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

1207 ET - Base metal prices fall, with LME three-month copper down 3.35% at $9,130.5 a metric ton and LME three-month aluminum down 2.9% at $2,398.50 a ton. A stronger U.S. dollar has pressured metals lower, as it becomes more expensive for international purchasers to buy dollar-denominated commodities. Elsewhere, Chinese manufacturing data showed slumping output, with April factory activity recording the worst contraction since December 2023 on U.S. tariff effects and a persistent economic slowdown, SP Angel analysts say in a note. That said, while President Trump's tariffs threaten to create recessionary conditions in the global west, new fiscal stimulus in China and much of Asia should continue to keep manufacturers going and drive growth, SP Angel says. (joseph.hoppe@wsj.com)

1202 ET - Algoma Steel's state-of-the-art new steel electric arc furnaces will take a little longer to start up due to weather related delays. In its 1Q earnings call, executives say that "the factors the team has run into has primarily been weather related, which affected our ability to commission some of the critical systems like the water treatment plant." The Canadian steel maker began works on the EAFs in April of 2022, and had planned for first pour in April of 2025. "We were thinking second half of April, but the change today is that it's still happening in 2Q. "There are always things that cause you to slip a day or a week at a time," the execs said. (adriano.marchese@wsj.com)

1146 ET - Yum Brands says that sales in the Middle East have been recovering. The restaurant operator that owns KFC, Taco Bell and Pizza Hut, says that the fried chicken chain is responsible for about 85% of its international profits. CEO David Gibbs says they're continuing to monitor changes in consumer behavior in the Middle East amid the conflict, but they've seen "meaningful improvements" and feel good about their recovery. KFCs in the Middle East, Turkey and North Africa saw an 11% increase in system sales growth compared to the first quarter last year, the company says in its earnings release. Gibbs says they had not seen any anti-American sentiment impacting stores in the Middle East. (roshan.fernandez@wsj.com)

1133 ET - Yum Brands' $1 billion partnership with Nvidia involves more than 40 artificial intelligence initiatives, the restaurant's CEO says in a quarterly earnings call. The restaurant operator is currently working with Nvidia to advance voice-automated technology in its drive-throughs and to optimize its back-of-house processes with real-time analytics. The parent company of Taco Bell, KFC and Pizza Hut said it was Nvidia's first AI restaurant partner in a March announcement. The company also says there's potential for AI to enable a more personalized experience for customers. "They recognize that in the restaurant space, there's nobody that's built the capability that we have," CEO David Gibbs says. (roshan.fernandez@wsj.com)

1114 ET - Chicken tenders are emerging as a hot area for new restaurant products, with McDonald's recently launching its version. Wingstop is also pushing its option for tenders, and says in a 1Q investor call that it has an advantage in having more sauce options for its version than rivals. Wingstop shares climb 10% after reporting an increase in expectations for new units globally this year. (heather.haddon@wsj.com; @heatherhaddon)

1030 ET - Corn and wheat on the CBOT are higher in early trading. For both, the moves are technical--with traders seeing an opportunity to balance their books and get positions in order ahead of May 1."[We're] getting a little short covering as yesterday's downturn may have been a little overdone," says independent consultant Sterling Smith. Smith adds that if the selloff seen in the equity markets gains more strength, then that may curb the gains for corn and wheat. If corn and wheat finish the day higher, it'll reverse two consecutive days of losses for both contracts, according to data from FactSet. Corn is up 1.8%, wheat climbs 2.2%, and soybeans slide 0.7%. (kirk.maltais@wsj.com)

1007 ET - Live cattle futures on the CME are down 0.3% in early trading, backing away from the record-high close of over $2.10/lb seen yesterday. Traders were anticipating this drop, but many also anticipate that cattle futures still have some upside left. "The trend remains straight up and to the right, but caution should be warranted given the recent volatility we've seen across the markets, especially considering this velocity of this recent rally," says Ross Baldwin of AgMarket.net in a note. Lean hog futures are down 0.4% in morning trading. (kirk.maltais@wsj.com)

1004 ET - Oil futures are lower as weak economic data, including a 0.3% contraction in U.S. 1Q GDP, exacerbate market concerns about demand, while an industry report shows a large weekly build in U.S. crude stocks. The API reported a 3.8 million barrel rise in crude inventories, analysts note. Closely watched EIA data are due at 10:30 a.m. ET, with analysts in a Wall Street Journal survey estimating a build of 100,000 barrels. WTI is off 1.6% at $59.44 a barrel and Brent is down 1.6% at $62.25 a barrel. (anthony.harrup@wsj.com)

1002 ET - Republicans serving on the House Ag Committee have told reporters that some Farm Bill proposals will end up in the budget reconciliation bill that is being formulated by lawmakers. The absence of a new Farm Bill in the U.S. has left many U.S. farmers relying on safety nets that are old and outdated--having passed with the last update to the Farm Bill in 2018. Farmers and analysts alike say that further time spent under these outdated rules will damage farm income, which is why many hope the Republican majority in Congress will make crop insurance projections current, among other things. Legislators also told reporters that a separate Farm Bill is still in the works, to cover anything the budget reconciliation measure misses. (kirk.maltais@wsj.com)

0924 ET - The USDA reports another new flash sale of U.S. grains this morning, with 120,000 metric tons of corn being sold to unknown destinations for delivery in the 2024/25 marketing year. This sale comes on the heels of two reported yesterday--with Spain buying 120,000 tons of corn for 2024/25 delivery and unknown destinations purchasing 110,000 tons for 2024/25. "Unknown destinations" is a moniker that Chinese purchasers often like to assume, which is why CBOT futures briefly jumped on flash sale reports yesterday before turning negative. The CBOT is mostly lower in premarket trading, with corn down 0.1% and soybeans off 1%, while wheat is up 0.1%. (kirk.maltais@wsj.com)

0922 ET - CBOT wheat is flat pre-market, after the European Commission reported that soft-wheat exports for the 2024/25 marketing year were down 34% year-over-year, falling to 17.5 million metric tons as of April 27. "The export fall could be primarily attributed to the declining domestic production estimates for the ongoing season," says ING Economics in a note. Wheat across Europe and in Russia has been afflicted with weather issues hurting its health. The USDA said earlier this week that winter wheat conditions in the U.S. improved from the previous week, but are also generally weak--with 49% of the crop in good or excellent condition. Most-active corn slips 0.1% and soybeans fall 1%. (kirk.maltais@wsj.com)

0918 ET - Pizza, which tends to sell for higher prices to feed groups than other types of fast-food, is in a tough position when consumers are looking for sharp price points, restaurant executives say. Yum Brands reported a 5% same-store sales drop for Pizza Hut in the U.S., and said in an investor call that pizza overall is in a challenging place. The company has made management changes at its domestic Pizza Hut division and aims to return to growth by focusing on its value. (heather.haddon@wsj.com; @heatherhaddon)

(END) Dow Jones Newswires

April 30, 2025 12:15 ET (16:15 GMT)

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