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

1532 ET - Crude futures settle higher after President Trump rejected as unacceptable Iran's counterproposal to end the war and said the cease-fire is on life support. The latest disagreement fuels concerns that the Strait of Hormuz will remain blocked for longer, and raises the possibility of renewed escalation. Some see Trump's meeting in China this week with Xi Jinping possibly helping to ease tensions. "Both sides have incentives to bring the conflict to a close, and this week's Trump-Xi summit could prove a pivotal moment toward a resolution," Nikos Tzabouras of Tradu says in a note. WTI rises 2.8% to $98.07 a barrel and Brent settles up 2.9% at $104.21.(anthony.harrup@wsj.com)

1527 ET - Live cattle futures finish up 0.3% to $2.4965 a pound,in choppy trading after a WSJ article briefly sent prices down by over 1%. The WSJ reported that the Trump Administration plans on lower tariff-rate quotas for beef imports in order to incentivize more beef arriving on U.S. shores. High beef prices continues to be a centerpiece of food inflation concerns, coinciding with record-high live cattle futures. The most-active contract set a record high at $2.55 a pound on April 29, according to data from FactSet. Lean hog futures settle up 1.5% to $1.00125 a pound. (kirk.maltais@wsj.com)

1457 ET - U.S. natural gas futures post their sharpest gain in two months with a mixed weather outlook and U.S.-Iran tensions lifting benchmark European prices along with oil. As heating demand in the northern U.S. eases, rising heat in the south is expected to lift power-sector use. "While shoulder-season fundamentals remain heavy with ample supply and storage well above average, the market is finding a floor on any signs of lingering demand and production discipline," Phil Flynn of the Price Futures Group says in a note. "LNG exports continue to provide a solid floor, even as some terminals see seasonal maintenance." Nymex natural gas settles up 5.5% at $2.91/mmBtu. (anthony.harrup@wsj.com)

1456 ET - Front-month silver futures jump 6.3% to $85.485 a troy ounce. It marks the fifth-straight trading session that silver has finished higher, and it's the largest uptick since late February. "Its clear that markets are focused more so on 'Growth Metals' as opposed to 'Fear Metals,'" says John Caruso of RJO Futures in a note. "Silver has a foot in both camps." President Trump's assertion that the Iran cease-fire is on "massive life support" has some traders feeling risk-adverse. Silver is typically regarded as having more industrial applications than gold. Meanwhile, front-month gold futures settle virtually flat at $4,718.70 a troy ounce. (kirk.maltais@wsj.com)

1358 ET - The USDA's WASDE report, which is due out at noon Eastern time tomorrow, may spark a rush of selling in CBOT grain futures - depending on what happens in the geopolitical spectrum this week. "The opportunity for a surprise for the trade is certainly there this week, via tomorrow's reports, as well as Thursday's anticipated trade deal announcement," says Arlan Suderman of StoneX in a note. The report is expected to show a smaller U.S. wheat crop and a larger soybean crop, and news showing larger-than-expected supplies could start a selling wave. But it's what happens in this week's U.S.-China summit and in negotiations between the U.S. and Iran that may push grains firmly into selling territory. "This week should tell us a great deal," says Suderman. (kirk.maltais@wsj.com)

1321 ET - Oil futures are higher as the Strait of Hormuz looks set to remain blocked for longer. Still, the market is underestimating the risk to supply, says Tracy Shuchart, senior economist at NinjaTrader Group. Price rises have been contained by high levels of floating storage at the outset of the conflict, SPR releases, and a drop in Chinese imports. "That has been a buffer that's keeping prices more depressed than one might think," she says. But excess storage "is pretty much gone" and "we're getting to a critical point where it's going to start to matter." WTI is up 3.8% at $99.03 a barrel and Brent is up 3.5% at $104.84. (anthony.harrup@wsj.com)

1241 ET - The summit between President Trump and Chinese President Xi may result in increased U.S. soybean export sales, which would support the larger crop expected out of the U.S. this marketing year. "Traders are looking optimistically at the China visit being a positive sign especially for beans," says Virginia McGathey of McGathey Commodities. McGathey adds that even though the sentiment around the meeting is mostly positive, the results of the summit may not move the needle that much. "I'm not expecting a blockbuster outcome so we could get the 'buy the rumor sell the fact' type of scenario," says McGathey. The summit is coming as negotiations between the U.S. and Iran for a cease-fire appear to be breaking down. CBOT soybeans rise 0.5%. (kirk.maltais@wsj.com)

1240 ET--Grain futures on the CBOT remain up for the day, even with the agricultural markets digesting a story from The WSJ saying that the Trump Administration is planning to temporarily lower tariffs on beef imports into the U.S., in an effort to lower steep consumer prices for beef. The news briefly weighed on live cattle futures, dropping them by more than 1% Monday afternoon. The most-active contract is currently down 0.1%. Grains didn't appear to react to the news, even as higher beef imports could impact demand for animal feedstock. "It feels like grains more focused on WASDE tomorrow," says Naomi Blohm of Total Farm Marketing. Corn rises 0.8% Monday, soybeans are up 0.4%, and wheat climbs 2.1%. (kirk.maltais@wsj.com)

1233 ET -- Live cattle futures are down 1.1% in afternoon trading, turning lower after trading up roughly 1% this morning. Driving the futures contract lower is a story published by The Wall Street Journal, reporting that the Trump Administration intends to temporarily lower tariffs on beef imports, with the action potentially happening Monday. The WSJ reports that the move would suspend the annual tariff-rate quota-which applies a higher tariff rate after a certain level of beef imports are reached-on all beef-exporting nations, enabling more of the product to enter the U.S. at low rates. Market reaction is swift, with Tyson Foods stock down 4.2%, and JBS down 1.6%. (kirk.maltais@wsj.com)

1116 ET - Gold prices are forecast to reach $5,000 by year-end even as uncertainty around a U.S.-Iran peace deal adds volatility, analysts at ING say. "Recent months have shown that short-term price action can still be dominated by macro forces--particularly real yields, the dollar and expectations for Fed policy," they say. "Once those headwinds begin to ease, gold's underlying support should reassert itself." A durable resolution to the Iran war, however, remains a key catalyst for a sustained price recovery. Traders are now awaiting Tuesday's U.S. CPI data for further signals on the interest-rate outlook. Gold futures rise 0.1% to $4,736 a troy ounce. (giulia.petroni@wsj.com)

1115 ET - Cascades faces a sluggish industry demand for corrugated cardboard." While near-term fundamentals are soft, CIBC's Hamir Patel says that Cascades' risk profile is improving as its Bear Island mill continues to ramp and leverage trends lower. Patel also notes that major North American containerboard producers plan to hike prices to make up for "higher manufacturing costs, as well as surging oil, fuel and transportation expenses." The situation is still precarious, says Patel, noting that "industry participants remain cautious, as the ongoing conflict in the Middle East could weigh on consumer confidence and spending, further dampening demand." (adriano.marchese@wsj.com)

1058 ET - CME lean hog futures are up 1.9% to $1.005 a pound morning, seeming to turn the corner after an extended losing streak seen so far this month. Lean hog futures have closed lower in six of the prior seven trading sessions, according to data from FactSet. Technical selling has been the reason for the slide, says Joe Davis of Futures International in a note. "Analysts noted that the near-term chart structure remains bearish, though cash hog prices have held relatively stable despite futures weakness," says Davis. Live cattle futures are up 0.5% to just over $2.50 a pound, according to LSEG data. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

May 11, 2026 16:15 ET (20:15 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.