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

1105 ET - The NOAA's Climate Prediction Center says that cooler than average temperatures are moving through the U.S. Corn Belt over the next two weeks--this while higher precipitation is expected. This is seen as being good for winter wheat being planted, although potentially less beneficial for farmers in the process of harvesting corn and soybeans. "The latest overnight outlook shifts meaningful rain back into the central and southern Plains wheat belt, improving prospects for hard red winter wheat establishment after September heat," says Jim Wiesemeyer of Ag Bull in a note. CBOT wheat is down 0.8%, while corn is off 0.1% and soybeans inch lower. (kirk.maltais@wsj.com)

1048 ET - U.S. natural gas inventories increased by 53 billion cubic feet last week to 3,351 Bcf, reducing the storage surplus over the five-year average to 95 Bcf from 118 Bcf the week before, the EIA reports. The net injection into underground facilities was smaller than the 76 Bcf average increase for the week, and landed in line with the 53 Bcf estimate in a WSJ survey of analysts. Nymex natural gas futures are steady in the wake of the report, trading at $3.0230/mmBtu. (anthony.harrup@wsj.com)

1013 ET - Lean hog futures are down in early trading, ahead of this afternoon's quarterly Hogs and Pigs report. "The report will provide an updated gauge of whether U.S. hog supplies are beginning to contract," says Joe Davis of Futures International in a note. Analysts are largely forecasting a slight contraction of roughly 1 percentage point. The USDA reported pork export sales for the week ended September 17 at 35,300 metric tons, which is up 17% from the prior week. CME lean hog futures are down 0.4%, while live cattle futures are off 0.4%. (kirk.maltais@wsj.com)

0955 ET - U.S. natural gas futures are holding around the $3 level as the market awaits weekly inventory numbers that are expected to show a below-normal storage injection. Analysts in a WSJ survey expect a 53 Bcf build for last week that would lower the inventory surplus over the five-year average to 95 Bcf from 118 Bcf the previous week. The EIA report is due at 10:30 a.m. ET. "Near-term volatility risks remain elevated into October contract final settlement on Monday, while storage figures are projected to subsequently loosen in late September and early October," Eli Rubin of EBW Analytics says in a note. Nymex natural gas is off 0.6% at $3.006/mmBtu. (anthony.harrup@wsj.com)

0953 ET - Oil futures extend their recovery into a second session with little progress seen toward direct talks between the U.S. and Iran. Prices have been contained by continuing flows through the Strait of Hormuz and the restart of Saudi Arabia's East-West pipeline, but the market remains cautious as long as the conflict drags on. "Crude oil remains in strong demand, as there is still no evidence of a breakthrough toward a diplomatic solution that would bring the parties back to the negotiating table," Peter Cardillo of Spartan Capital says in a note. WTI is up 1.9% at $93.92 a barrel and Brent is 2.2% higher at $105.36 a barrel. (anthony.harrup@wsj.com)

0940 ET - The World Cup was a net negative for Darden Restaurants, CFO Raj Vennam says on a call with analysts. The company's Olive Garden and LongHorn Steakhouse brands aren't really restaurants that people go to watch sporting events, and as a result, traffic trends took a hit. There was one bright spot, though. Darden's Yard House banner--which serves classic American fare and has over a hundred beers on tap--is a natural gathering place for sporting events, CEO Rick Cardenas says. Yard House's same-restaurant sales climbed 10% during the recent quarter. Darden is off 2.3% in early trading.. (connor.hart@wsj.com)

0931 ET - The USDA says that 120,000 metric tons of U.S. soybeans have been sold to China, for delivery in the 2026/27 marketing year. The new sale comes as President Trump and Chinese president Xi meet today, and on the heels of a statement from Treasury Secretary Scott Bessent that the two sides have extended their trade truce into 2027. The truce negotiated in South Korea last year was set to expire in November. CBOT grain futures are mixed in pre-market trading, with soybeans up 0.3%, corn down 0.3%, and wheat down 0.7%. (kirk.maltais@wsj.com)

0801 ET - Starbucks is looking to trim more underperforming locations from its footprint under CEO Brian Niccol. The coffee chain plans to close around 250 cafes across North America this week, after it said around the same time last year it would shutter hundreds of stores. Niccol joined Starbucks two years ago and has been looking to streamline its operations and boost profitability.(kelly.cloonan@wsj.com)

0650 ET - Palm oil futures closed higher, snapping a multiday losing streak. The Bursa Malaysia Derivatives contract for December delivery rose 3 ringgit to 4,771 ringgit a ton. Despite the rebound, prices are likely to be under pressure due to expectations of higher inventories, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. He expects palm oil prices to be supported at around 4,700 ringgit to 4,750 ringgit a ton, and sees them facing resistance near 4,850 ringgit-4,900 ringgit a ton. (tracy.qu@wsj.com)

0444 ET - India's latest edible oil duty cuts are mildly positive for Malaysian planters, says Ivy Ng Lee Fang of CIMB Securities. She expects Indian import demand to rise as a result of the lowered duties, but not significantly. The reduced duties suggest that edible oil prices have reached a pain point for Indian consumers, with the government now prioritizing lower domestic prices, Ng adds. The analyst notes that the duty reduction for sunflower oil was twice that for crude palm oil. That would improve sunflower oil's relative competitiveness, which could temper demand growth for palm oil, Ng says. For Malaysian planters, the earnings impact is largely expected come through CPO prices, rather than a direct increase in export volumes, she adds. (kimberley.kao@wsj.com)

0425 ET - Copper prices ease from near-record levels amid a stronger dollar, volatile oil prices and expectations for a hawkish Federal Reserve. In early European trading, three-month LME futures are down 0.3% at $14,578 a metric ton, as some profit-taking emerged and participants appeared increasingly reluctant to add fresh long positions at elevated valuations. "With the upcoming Chinese holidays also likely to reduce market participation, liquidity should thin further, particularly during overnight trading hours," analysts at Sucden Financial say. Meanwhile, supply risks remain in focus, with union workers at Escondida--the world's largest copper mine in Chile--calling for a strike after rejecting a wage offer, according to ANZ. Other factors supporting prices include uncertainty around potential U.S. tariffs and tight sulphur availability in the Gulf. (giulia.petroni@wsj.com)

0425 ET - First Resources' stronger earnings growth and dividend outlook will likely be supported by higher crude palm oil price estimates, says DBS Group Research's William Simadiputra in a note. The analyst expects crude palm oil prices to remain firm through 2027, buoyed by El Nino-related supply risks and elevated oil prices. He raises his 2027 earnings estimates for First Resources by 5% to US$500 million, which implies a 13% on-year growth. The Singapore-listed palm oil producer also remains committed to an up to 60% dividend payout ratio, he adds. DBS raises its target price to 6.30 Singapore dollars from S$5.00 and retains its buy rating. Shares rise 4.7% to S$4.65.