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

1517 ET - Crude futures pick up from Monday's selloff following military exchanges between the U.S. and Iran, while talks keep hopes for an agreement alive. The continued closure of the Strait of Hormuz implies an even tighter supply situation ahead as drawdowns in SPRs and commercial stocks erode the supply cushion that has helped so far, says Tracy Shuchart of NinjaTrader Group. "My concern is once we start getting into June this is going to hit Europe really hard," she says. "July will start hitting the U.S., particularly as we see a drain on commercial crude stocks for another, say month-and-a-half to two months." Brent rises 3.6% to $99.48 a barrel after yesterday's 7.2% drop. WTI settles at $93.89 a barrel, above yesterday's levels but down 2.8% from Friday's close.(anthony.harrup@wsj.com)

1511 ET - Lean hog futures trading on the CME settle lower, with the most-active contract falling 0.4% to $1.00025 a pound.Lean hog futures have been mostly negative throughout this year, and last Friday's Commitment of Traders report from the CFTC showed fund traders adding new short positions in hogs -- reducing the net long position held by managed money. The decline in hog futures appears to be matching the shrinking of long positions among funds in hogs, says Ben Johnson of New Frontier Capital Markets in a note. According to the CFTC, through May 19 fund traders are holding a net long of nearly 34,000 contracts in hogs. Live cattle futures settle down 0.4% to $2.4835 a pound. (kirk.maltais@wsj.com)

1456 ET - U.S. natural gas futures settle little changed following the long Memorial Day weekend in which weather forecasts shed some near-term heat. "The early-season heat event was brief, and forecasts cooled further over the weekend, reducing immediate cooling demand risk," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Still, the surge in power-sector demand offers "a potential harbinger of strong summer burn if heat returns to major population centers." Nymex natural gas for June delivery slips 0.4% to $2.894/mmBtu. The contract expires Wednesday.(anthony.harrup@wsj.com)

1341 ET - Lower grain futures may be in part because headlines that would support higher prices are losing their luster, says Brady Huck of EmpowerAg. "The grain market still awaits a bullish catalyst," Huck says. "With funds holding sizeable long positions in the grains, it seems the path of least resistance right now is a slow exodus of long positions by the funds until a bullish story." That story might come in the way of new weather forecasts showing extended dryness in growing areas--which for some areas would squeeze crop health that's already barely hanging on. Huck adds that crude oil will remain a driver for movements in grains in the short-term. Most-active CBOT corn falls 1.4% this afternoon, while soybeans are down 0.9% and wheat declines 1.4%. (kirk.maltais@wsj.com)

1232 ET - Escalated hostilities while the U.S. and Iran attempt to hammer out a peace deal is one factor pressuring CBOT grain futures. Markets are also watching the status of agricultural trade agreements with China. While the White House did announce a new wave of buying agreed to by China, which state news sources there did confirm to some degree, the question of "when" remains for Chinese purchasing. China did lift HPAI-related export controls on poultry coming from 17 U.S. states, which is a good sign for continued cooperation between the two nations, says Jim Wiesemeyer of Ag Bull Trading in a note. Most-active corn is down 1%, soybeans slide 0.5%, and wheat falls 1.4%. (kirk.maltais@wsj.com)

1221 ET - Oil futures extend gains with Brent back at $100 as U.S. and Iranian military exchanges add tension to talks toward a peace agreement. Prices fell sharply Monday, when the U.S. and other markets were closed, on expectations that a deal was close. "Markets really want this conflict to be over with and for the Strait of Hormuz to be open," says Tracy Shuchart, senior economist at NinjaTrader Group. "It looks like the impasse is not going to change any time soon," she says, and even if an agreement were reached tomorrow "that doesn't mean that flows automatically return tomorrow." WTI is off 2.8% from Friday's close at $93.91 a barrel but above yesterday's levels. Brent is up 4.1% at $100.11 a barrel. (anthony.harrup@wsj.com)

1215 ET - The noise emerging from the oil-rich province of Alberta about a possibly separating from Canada poses yet another near-term headwind for the economy and the Canadian dollar, says Karl Schamotta, chief market strategist at global payments firm Corpay. Alberta is holding an Oct. 19 vote, asking residents whether they want to stay in Canada or begin the process of holding a binding referendum on sovereignty. Schamotta says the Alberta separation debate risks pulling policymakers' attention from more pressing economic concerns, namely low levels of investment and hiring due to trade-policy uncertainty; and a real-estate slump that's weighing on household borrowing and consumption. (paul.vieira@wsj.com; @paulvieira)

1137 ET - An influx of rain seen over the weekend into the next week may spur improvement in the crop quality of U.S. wheat seen in the USDA's weekly Crop Progress reports, the next one being published this afternoon. "Conditions are too dry in much of the U.S. Great Plains but have been improving with scattered showers now appearing in the region," says Jack Scoville of Price Futures Group in a note. Last week's publication showed only 27% of U.S. winter wheat in good or excellent condition, far lower than 52% at this time last year. CBOT wheat futures are down 1%, while corn slides 1% and soybeans fall 0.7%. (kirk.maltais@wsj.com)

1040 ET - Live cattle futures are up 0.1% in early trading to start the short week, with traders coming back from the long weekend with the war in Iran still ongoing and Friday's Cattle on Feed report from the USDA showing results mostly on par with what analysts forecast. Futures are expected to turn weaker as the day progresses, says AgResource in a note. "Weekend geopolitical events and the price response in other markets are expected to weigh on early CME cattle trade," says the firm. Lean hogs are down 0.1% in early trading. (kirk.maltais@wsj.com)

1031 ET - Weather has been a big focus in U.S. grain-growing areas. But now, with Memorial Day passed, the market now traditionally makes these two factors their prime drivers for trading. "The months of April and May were no doubt very good for early germination and from the roadside crops appear to be getting off to a good start, today's condition report should indicate that nearly all crops are in the ground and [good/excellent condition] should be in line with the 5 year average," says Gary Sandlund of Futures International in a note. The USDA will release its next Crop Progress report this afternoon. In early trading, CBOT corn is down 0.6%, soybeans fall 0.4%, and wheat is down 0.5%. (kirk.maltais@wsj.com)

0920 ET - CBOT grain futures are lower in pre-market trading, after a cease-fire deal between the U.S. and Iran failed to materialize over the long weekend. "The U.S./Iran conflict is fluid," says AgMarket.net in a note. "The U.S. carried out self-defense strikes in southern Iran as Iran tried to place mines in the Strait of Hormuz." Continued fighting and an extended closure of the Strait of Hormuz makes inflation concerns that much more acute. CBOT corn fall 0.6% pre-market, while soybeans are down 0.5% and wheat falls 0.5%. (kirk.maltais@wsj.com)

0908 ET - U.S. natural gas futures are modestly higher as the market reopens after the long weekend in which forecasts relinquished some cooling demand for early June. National demand remains light through the first week of June "as much of the U.S. experiences perfect temperatures with highs of 60s-80s," NatGasWeather.com says in a note. Hotter weather across the interior U.S. for mid and late June "would be more impressive if Texas was hotter," the forecaster adds. The Nymex June contract, which expires tomorrow, is up 1.2% at $2.943/mmBtu.(anthony.harrup@wsj.com)

(END) Dow Jones Newswires

May 26, 2026 16:15 ET (20:15 GMT)

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