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

1527 ET - U.S. natural gas futures inch higher as the market digests warmer weather patterns going into July. "We're moving higher just because we're still early in summer," says long-time natural gas trader John Woods. While most of the heat, which drives power-sector demand for gas, is currently concentrated in the west and southwest, eventually the eastern U.S. will heat up. "We have summer. We're waiting for it to actually prove itself, which it will, and then the market's going to react to it," Woods says. "We can hit $3.50 before you know it, and I think that's our next mark." Nymex natural gas settles up 0.6% at $3.253/mmBtu.(anthony.harrup@wsj.com)

1510 ET - Oil futures settle lower on reports of progress in U.S.-Iran talks and more ships crossing the Strait of Hormuz. The market appears to think the agreement will hold for the 60-day negotiation period, says Tracy Shuchart of NinjaTrader Group. But most of the barrels that have so far gone through the strait are Iranian barrels, she adds. "We have been assured that the strait is open, but open to whom is the big question." Shuchart sees WTI likely to hold in the $70 to $80 a barrel range as talks continue. A risk is that with net length drained from the market, if the deal doesn't work out or the strait is closed again for any reason, "you now have most of the market offside and you could get a potential short squeeze." July WTI goes off the board at $74.82 a barrel, down 2.3%. Brent falls 3.3% to $77.90.(anthony.harrup@wsj.com)

1509 ET - CME lean hog futures settle virtually flat, closing slightly lower at 96.7 cents a pound. Demand for pork products appears to be under pressure, says Austin Schroeder of Price Futures Group in a note. "Hogs are having a tough time finding footing with the lack of seasonal strength," he says. But offsetting the sentiment of slacking demand is an uptick seen in cutout prices both late Friday and midday today, according to USDA data. Average pork carcass cutout price rose 21 cents to $96.98 per hundredweight, the USDA said in its midday report. Live cattle futures rose 0.4% to $2.47675 a pound. (kirk.maltais@wsj.com)

1431 ET - Front-month gold and silver futures settle lower, with further downside seen in the near term. "Removing the Fed bias to easing will likely put pressure on last gasp gold support just in front of the strategic 4000 [per troy ounce] level, with cascading stop levels possibly pushing sharply lower with no significant support level below," says Robert Yawger of Mizuho Securities USA in a note, referencing the hawkish move taken by the Federal Reserve in its commentary last week. For both metals, it's the second straight session that they've finished down. Gold closes 1% lower to $4,181.90/oz, while silver settles off 1.1% to $65.527/oz. (kirk.maltais@wsj.com)

1409 ET - CBOT grain futures are lower with traders seen as potentially building larger short positions. "Weather conditions for the majority of key crops in the U.S. and Brazil are non-threatening, combine this market narrative with fading war premium and lower energy prices the path of least resistance for now, seems to be lower," says Brady Huck of EmpowerAg. The CFTC's Commitment of Traders report--delayed in observance of the Juneteenth holiday--and expected later today, may provide clarity for this narrative. Huck notes that next week's acreage report will also be a big factor on how futures move heading into July. CBOT corn falls 1.1%, soybeans are flat, and wheat slides 1%. (kirk.maltais@wsj.com)

1351 ET - Demand for U.S. crops domestically is expected to see an increase this year and next, due in large part to the changes made by the EPA to the Renewable Fuel Standards. "EPA is purposefully building a domestic market for U.S. farmers," says Donnell Rehagen of the Clean Fuels Alliance America. "The agency anticipates biomass-based diesel production from soybean oil to nearly double from approximately 1.3 billion gallons in 2025 to more than 2.5 billion gallons in 2027. It also projects increasing use of other crop oils -- canola in particular -- and co-products of crops like distillers corn oil." The EPA released changes to the RFS earlier this year, and Rehagen says in a note that these changes are driving capacity utilization for renewable fuels refineries. (kirk.maltais@wsj.com)

1231 ET - Weather forecasts are now firmly center stage in the minds of grain traders, says Brian Hoops of Midwest Market Solutions. "It certainly seems that the war and energy values are now distant directional indicators with weather and growing conditions the primary driver," says Hoops. Moisture in the Corn Belt continues to be ample, allowing for row crops to have a stellar start to the summer. "Weather looks very favorable for the most part," says Hoops. Corn is down 1.1%, soybeans are up 0.2%, and wheat falls 0.7%. (kirk.maltais@wsj.com)

1152 ET - Oil futures add to losses as the market takes an optimistic view of peace talks between the U.S. and Iran. "The market's immediate direction still appears tilted to the downside as tensions in the Middle East ease," Fawad Razaqzada of Forex.com says in a note. But additional weakness may prove more measured if demand remains robust through the third quarter, or the return to pre-war production levels proves more difficult than expected, he adds. Further declines could also be met by efforts to replenish strategic reserves, he says. "Such buying activity could provide an important source of support for the crude oil forecast over the coming weeks." Most active WTI is down 3.1% at $73.54 and Brent is off 3.6% at $77.67. (anthony.harrup@wsj.com)

1143 ET - Four ballast LNG tankers either owned by a Qatari shipping company or operating under long-term charter agreements with the country crossed the Strait of Hormuz on Monday, according to Kpler's ship-tracking data. The crossings follow reports that state-owned QatarEnergy is preparing to resume LNG shipments and aims to restore most of its export capacity as U.S. and Iranian officials negotiate the terms of a peace agreement. Qatar, one of the world's top three LNG exporters, halted LNG production early in the conflict after the near-closure of Hormuz and Iranian attacks on Ras Laffan, the world's largest liquefied-natural-gas export hub. On Monday, a blast hit a key natural gas facility at the Ras Laffan industrial complex, but Qatari authorities said the country's LNG facilities and export capabilities remain unaffected. (giulia.petroni@wsj.com)

1115 ET - A supply deficit in aluminum isn't expected to materially ease in the coming months, even with an agreement to end the Middle East conflict increasingly likely to happen. "While the agreement lowers the risk of additional supply losses, it does not materially change our outlook for the aluminium market," says ING Economics in a note. The firm says that production of the base metal is under pressure because of the cutoff to energy supplies like natural gas, and that won't simply change overnight, even if the war were to completely end immediately. "Aluminium supply cannot be restored overnight," says ING. "Smelters are designed to operate continuously, and restarting idled capacity can take months and require significant investment." LME prices drop 0.4% to $3,382 per metric ton, says LSEG. (kirk.maltais@wsj.com)

1045 ET - The amount of sugarcane and refined sugar coming out of Brazil in the 2026/27 marketing year is down from the prior year, says Unica in its latest research note. Through the second week of May, sugarcane produced in the south-central region of Brazil totaled 41.55 million metric tons, down 13.1% from the same time last year. Sugar production totaled 2.2 million tons, down 25.6% from the previous year. But total ethanol production rose to 2.13 billion liters, up 4.6% from the previous year. The firm adds that ethanol demand is up in Brazil this year. "All sampled municipalities in São Paulo, Paraná, Goiás, Mato Grosso, Mato Grosso do Sul, and Minas Gerais presented economically advantageous ethanol prices compared to gasoline," says Unica. (kirk.maltais@wsj.com)

1024 ET - The USDA's Animal and Plant Health Inspection Service now reports 15 cases of New World screwworm on the U.S. side of the U.S.-Mexico border. That's up from 12 at the end of last week. The increase as well as supportive data from the latest Cattle on Feed report are lifting prices, says Joe Davis of Futures International in a note. "The broader tone remains supported by tight supply concerns and New World screwworm risks," says Davis. Live cattle futures are up 1.2% to nearly $2.50 a pound--while lean hog futures fall 0.1% to 96.6 cents a pound. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

June 22, 2026 16:15 ET (20:15 GMT)

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