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

1555 ET - Oil futures settle lower with the market eyeing efforts at Middle East diplomacy while remaining cautious about the possibility of escalation after the U.S. midterm elections. "Considering the limited odds of the U.S. striking Iran before the midterm elections on Nov. 3 versus a much greater chance after the elections, I find it rather odd that the backwardation continues to expand despite the fact the [Brent] December contract expires on Friday before the election," Mizuho's Robert Yawger says in a note. The January contract will be at the front of the curve "through what could be a very active month of November." December Brent settles down 0.8% at $115.81 a barrel, and the January contract falls 0.9% to $110.74. WTI falls 1.5% to $101.76 a barrel.(anthony.harrup@wsj.com)

1535 ET - U.S. natural gas futures recover much of their early losses that followed further warning in near-term weather outlooks at the weekend, but still settle lower on the day. Friday's commitment of traders reported showed an increase in net-short positions, but driven entirely by a drop in long positions, Eli Rubin of EBW Analytics says in a note. "While fundamentals remain weak, any short profit-taking or stabilization together with a technically oversold natural gas market may lay the groundwork for a relief rally," he adds. Nymex natural gas for November delivery settles down 1.4% at $2.602/mmBtu after falling briefly below $2.50. (anthony.harrup@wsj.com)

1406 ET - Gold futures settle higher with support from a pullback in oil prices, while shrugging off U.S. dollar gains and an uptick in 2-year yields. Metals picked up after falling to "a psychologically and technically important level," Peter Cardillo of Spartan Capital says in a note. "We view the move as constructive for gold, which appears to be presenting another solid entry point." Front-month gold settles up 0.8% at $4,022.30 a troy ounce, and silver edges up 0.7% to $54.108 a troy ounce. (anthony.harrup@wsj.com)

1307 ET - Mexico's growing share of U.S. pork exports has increased reliance on the USMCA partner, especially for hams, with the greater concentration leaving the U.S. exposed to changes in trade terms or competitive conditions, Rabobank senior protein analyst Christine McCracken says in a note. Rather than try to reduce dependence on Mexico, U.S. pork exporters should look to strengthen and broaden existing relationships, she says. Even a modest decline in Mexican demand could leave substantial U.S. ham volumes in search of alternative destinations, and "given the limited number of markets capable of absorbing this volume, the resulting market imbalance would put considerable pressure on the cutout, and ultimately hog prices." Lean hogs are off 0.8% on CME at 64.025 cents a pound.(anthony.harrup@wsj.com)

1237 ET - Russian ruble wheat prices rose for a second week, largely on slower farmer selling as the need to raise working capital eased, grains consultancy SovEcon says in a note. Export demand is also helping. The firm estimates Russia's October wheat exports at 2.8 million metric tons, up from 2.1 million tons in August on stronger shipments through the Baltic Sea. Government plans to buy 3 million tons of grain between Nov. 1 and June 30 may have provided some support, although the impact should be limited as constraints on Black Sea exports leave Russia roughly 2 million to 3 million tons per month short of normal export volumes, SovEcon adds. CBOT wheat futures are off 1.3%. (anthony.harrup@wsj.com)

1205 ET - Questions remain about the overall size of the U.S. corn crop and national yield, but funds aren't willing to hold on to their record net-long positions, Cory Bratland of AgMarket.net says in a note. "The feeling is they think the corn crop is still big enough to meet the U.S. demand, and the corn global stocks are still in good shape." Adding to that is a strong U.S. dollar and the slide in the Brazilian real that gives the U.S. a hard time competing on the global market, he adds. Corn is off 0.5% on CBOT. (anthony.harrup@wsj.com)

1020 ET - The depreciation of the Brazilian real following President Luiz Inacio Lula da Silva's surprise re-election victory is pushing soybean futures down as a weaker Brazilian currency makes the country's exports cheaper. Friday's Commitments of Traders report showed funds still very long on beans, "and the move lower in the Brazilian real following their election added fuel to the fire," Doug Bergman of RCM Alternatives says in a note. Soybeans are down 1.8% on CBOT. Corn is off 1% and wheat is 1.1% lower.(anthony.harrup@wsj.com)

0955 ET - The transition by Gulf states from oil and gas dependency to knowledge-based economies has not been fully successful, says Qatar Financial Centre Chief Economist Kamal Naji. During a panel at the World Investment Forum in Doha, he says that the region has seen some success in transitioning but no state can say that it has achieved all of its aims. "Whether or not we can totally wean ourselves off oil and gas is an open question," he adds. (joseph.wilkins@wsj.com)

0933 ET - Oil futures start the week cautiously lower with the market unsure whether the Middle East will see a renewed major conflict between the U.S. and Iran. "At its core, this is a binary outcome: war, or no war, and the market has not resolved which way it falls," Aaron Kildow of Sparta Commodities says in a note. He adds that while stronger flows through the Strait of Hormuz are helping keep a lid on regional differentials "we doubt that Asian buyers are putting cargos into storage, especially at these high price levels." WTI is down 1.2% at $101.99 a barrel and Brent is off 0.8% at $115.81 a barrel. (anthony.harrup@wsj.com)

0903 ET - U.S. natural gas futures start the week lower, extending losses ahead of this week's November contract expiration amid a milder outlook for weather-driven demand. "With the November contract about to expire the focus is firmly on December, which is now struggling to hold the $3 level," Gary Cunningham of Tradition Energy says in a note. Gas prices are in a range where their impact on electricity prices is negligible, so power prices are firm and even slightly higher in some regions, he adds. "Once the key fuel becomes this cheap, other factors take over and electricity markets hold their ground." Nymex natural gas for November is down 4% at $2.534/mmBtu.(anthony.harrup@wsj.com)

0718 ET - Coffee, soybean and sugar prices fall after President Luiz Inacio Lula da Silva's surprise election victory prompted a selloff in the Brazilian real. Brazil is the world's largest exporter of soybeans, sugar and coffee, analysts at Peak Trading Research note. "A weaker Brazilian real makes Brazilian exports more competitive globally and encourages farmer selling, as producers receive more local currency for their crops," they say. As a result, dollar-denominated contracts for major Brazilian commodities fall. Sugar futures slip 2% to 19.84 cents a pound, while coffee contracts drop 1.7% to trade just above $3 a pound. Soybean contracts drop 1.2% in Chicago to $12.41 a bushel.(josephmichael.stonor@wsj.com)

0615 ET - Palm oil prices ended lower, pressured by concerns over elevated Malaysian inventories and expectations for strong October production, while uncertainties surrounding export demand continue to weigh on market sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng expects CPO futures to find support around 4,650 ringgit a ton and face resistance at 4,850 ringgit a ton, with traders closely monitoring soybean oil and crude oil prices for further direction, he adds. The Bursa Malaysia Derivatives contract for January delivery ended 25 ringgit lower at 4,793 ringgit a ton.