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

1203 ET - U.S. farmers say that they need the Farm Bill, which advanced past the Senate agricultural committee this week, to pass in order to help finances to keep up with elevated input costs that are making profitability on farm acres difficult. The National Farmers Union says in a note that it flew in 250 family farmers and ranchers to Washington this week for what it says is "hundreds of meetings with members of Congress and government officials to demand a farm bill that works for family farmers." In its note, NFU president Rob Larew says that passage of the bill is needed to "deliver real, lasting change that reflects the realities of farming in today's world and sets farms up for the next generation." (kirk.maltais@wsj.com)

1127 ET - Higher fuel prices and costs for other inputs like fertilizer look to be weighing on farmers in South America. "Crude oil is easing off but still at painfully high levels for all corners of the globe as this will surely cause issues in South American planting from fertilizer to acres planted," says Gary Sandlund of Futures International in a note. The weather in growing areas in Brazil and Argentina is dry as well, which looks to impact soil moisture in those regions. Planting in South America typically begins in September, continuing into the end of the year. CBOT corn futures are down 1.1% in morning trade, while soybeans inch down 0.3% and wheat is 0.8% lower. (kirk.maltais@wsj.com)

1123 ET - The U.S. had net injections into natural gas storage of 44 billion cubic feet last week, putting inventories at 3,298 Bcf or 118 more than the five-year average, the EIA reports. The storage build was smaller than the 74 Bcf average for the week and reduced the surplus from 148 Bcf the week before. The injection was below the 49 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are up 0.9% at $2.917/mmBtu.(anthony.harrup@wsj.com)

1118 ET - Gold futures recover losses that followed the Fed's rate hike as Treasury yields move lower and the dollar slips, while oil prices extend their pullback to a second day. "Gold is rangebound with two-way risk, but the large bull market we had seen earlier in the year is considered on pause for now," Pepperstone strategist Ahmad Assiri says in a note. The bull market could continue at some stage with underlying drivers such as central bank demand, macro uncertainty, and fiscal concerns, he says. But "the path of oil prices and their transmission into Fed policy remains the single most important variable from now till year-end." The December contract is up 0.4% in New York at $4,404.90 a troy ounce. Silver rises 2.3% to $66.44 a troy ounce. (anthony.harrup@wsj.com)

1017 ET - CME live cattle futures are up 0.2% after recent selling. "Cattle continued their pullback yesterday, closing sharply weaker on profit-taking and reports the USDA is set to reopen a border crossing in New Mexico this week," says the Hightower Report in a note. That recent weakness is seen as a "normal" correction, says the firm. Live cattle futures closed lower over the past two sessions, according to data from FactSet. Lean hog futures are flat in morning trading. (kirk.maltais@wsj.com)

1012 ET - CBOT grain futures are lower as markets turn their focus toward meetings between the U.S. and China heading into next week. "The next big input will be the Sunday meeting between Treasury Secretary Bessent and Chinese Economy Minister He," says Charlie Sernatinger of Marex in a note. "Then the big enchilada is the Thursday meeting between Xi and Trump." The grain markets hope for clarity on forward Chinese export demand, but futures are bogged down after Wednesday's interest rate hike by the Federal Reserve. Most-active corn is down 0.8%, while soybeans fall 0.3% and wheat is off 1%. (kirk.maltais@wsj.com)

1001 ET - Oil continues its retreat from this week's earlier highs with Saudi Arabia increasing shipments via Oman and expectations that it could soon resume flows through the East-West pipeline. Diplomatic signals are providing some relief to fears of broader escalation, although the physical market remains tight, limiting downside, Christopher Tahir of Exness says in a note. "Tanker traffic through the Strait of Hormuz continues to fall, while tensions between Saudi Arabia and the Houthis leave Red Sea shipping and regional energy infrastructure exposed to renewed disruption," he says. WTI is down 1.9% at $100.46 a barrel and Brent falls 2.8% to $102.86 a barrel. (anthony.harrup@wsj.com)

0608 ET - Palm oil closed lower in Asia. Prices were likely weighed by weakness overnight in rival edible oils and potential profit-taking, Kenanga Futures analysts say in a note. Kenanga pegs support and resistance for the December futures contract at 4,935 ringgit a ton and 5,025 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for December delivery fell 58 ringgit to 4,940 ringgit a ton. (amanda.lee@wsj.com)

0442 ET - Middle East countries investing in oil pipelines to diversify export routes remains useful but not risk-free, J.P. Morgan analysts write after Saudi Arabia's East-West pipeline was hit. The attack doesn't invalidate the regional strategy of building alternative export routes but does highlight how physical diversification alone can't eliminate geopolitical risk, they say. "Protecting hundreds of kilometers of energy infrastructure remains challenging, suggesting that durable regional de-escalation and security arrangements ultimately provide a more effective solution than additional infrastructure alone," they say. (adam.whittaker@wsj.com)

0341 ET - Gold slips after trading higher in early Asia trade. Its price trajectory is increasingly dependent on the pace of U.S. interest increases, MUFG's Soojin Kim writes. The Fed hiked rates Wednesday after higher energy prices and stronger-than-expected underlying inflation added to price pressures. Inflation and elevated Treasury yields limit gold's upside despite geopolitical and safe-haven providing support, she says. In New York, the precious metal falls 0.5% to $4,365.50 a troy ounce. (adam.whittaker@wsj.com)

0155 ET - Carnaby's fiscal results are immaterial for its stock now that it has agreed to a takeover by gold producer Evolution Mining, says MA Moelis Australia. "What the results do show is that the company continued to spend on exploration through the year, and were able to uncover some exciting incremental additions as a result," such as the Miniboom discovery, MA says. It expects the all-stock deal with Evolution to close as planned in November. In the meantime, Carnaby will likely trade as a proxy for Evolution and therefore the gold price, it says. According to FactSet, the consensus price target on Evolution is A$13.50/share, indicating a price around A$0.92/share for Carnaby, MA says. It has a buy rating and a A$1.30 target on the stock. Shares are down 3.4% at A$0.86. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0126 ET - Citi comes away from South32's Hermosa tour more confident in the Taylor project under construction. Both shafts are near primary production level and first sales remain on track for mid-2028, says the bank. Roughly 80% of the US$3.3 billion budget is contracted, with about US$230 million of contingency intact, it adds. "In our view, capex overrun risk is very low," Citi says. Beyond Taylor, growth options are being quantified, while overhead savings leave room for higher shareholder returns, it says. Citi reiterates a buy rating and a A$6.00/share price target. The stock is down 3.6% at A$4.83.