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

1522 ET - Lean hog futures on the CME close down 1.3% to 95.575 cents a pound. It marks the fourth straight day that hog futures finish lower for a 3.5% overall drop. The WASDE report showed greater pork production expected in 2026, on a higher rate of slaughter and heavier weights of animals slaughtered. Live cattle also settles lower, falling 0.3% to $2.3745 a pound. The USDA also raises its outlook for beef production on forecasts of a faster rate of slaughters. (kirk.maltais@wsj.com)

1515 ET - U.S. natural gas futures give back early gains and move lower, with selling aided by broadly warmer trends in midday forecasts. National demand is likely to be light through Friday, "as most of the U.S. experiences mild to nice temperatures with highs of 40s-70s," NatGasWeather.com says in a note. The exception will be the Great Lakes and Northeast, where chilly weather continues. While frigid air over southwestern Canada could at some point send frosty air into the Midwest, "for today, the data isn't cold enough or convincing enough," the forecaster adds. Nymex natural gas settles down 0.7% at $3.115/mmBtu.(anthony.harrup@wsj.com)

1502 ET - Crude futures post modest declines with the market appearing on hold, awaiting further talks between the U.S. and Iran while Israeli Prime Minister Benjamin Netanyahu visits Washington to make Israel's position known. In its latest oil market forecast, the EIA said it assumes Iranian oil production will remain stable, but acknowledges "that actions targeting oil infrastructure or a conflict that affects flows through Strait of Hormuz could obviously reduce Middle East oil production and exports." WTI settles down 0.6% at $63.96 a barrel and Brent falls 0.3% to $68.80 a barrel. (anthony.harrup@wsj.com)

1500 ET - The dollar is likely to weaken further as it remains overvalued by historical standards, First Eagle Investments' Idanna Appio says in a conference. "The real value of the dollar has depreciated about 10% last year, but still sits about 15% from its long-run average," she says. Interest rate differentials would drive the devaluation. "This just reflects an expectation that under the new Fed Chair we are likely to get a couple of interest rate cuts next year," she says. Appio also expects U.S. inflation to remain above 2%. "In contrast in other advanced economies, most of those central banks are on hold, some are hiking," she says. The WSJ Dollar Index is flat. (paulo.trevisani@wsj.com; @ptrevisani)

1451 ET - Gold and silver futures fall, snapping winning streaks for both, ahead of the January jobs report. The BLS releases payroll data Wednesday morning that was delayed because of the partial government shutdown. A weaker than expected reading could add pressure for the Federal Reserve to cut rates, and would follow a flat retail sales report for December. An eventual rate cut could help support precious metals. Front-month gold futures managed to stay just over the $5,000 a troy ounce mark, closing down 0.9% to $5,003.80/oz. Silver remains well off from its record-high reached in January, falling 2.3% to $80.218/oz. (kirk.maltais@wsj.com)

1419 ET - The EIA raises its forecast for U.S. natural gas prices this year after winter storm Fern sent average Henry Hub spot prices soaring 81% in January to an average $7.72/mmBtu. The EIA sees the Henry Hub price averaging $4.31/mmBtu in 2026, up from $3.46/mmBtu previously. Price increases will likely moderate as production rises, the agency says. "By the second half of 2026 we expect production to ramp up as new pipeline capacity comes online in the Permian and producers increase drilling activity in response to higher prices in 1H26." The EIA increased its 2026 dry gas production estimate to 110 Bcf/d from 108.8 Bcf/d. (anthony.harrup@wsj.com)

1354 ET - February's WASDE report didn't give wheat futures much support in afternoon trading, with the most-active contract remaining down 0.1%. The USDA lifted its ending stocks projection for wheat by 5 million bushels, to 931 million bushels. The higher stock figure comes along with a 5 million bushel reduction in feed usage for wheat. "Nothing in this report would suggest the bearish fundamental narrative is changing, and a continuation of the recent choppy trading action is likely to continue until new market moving news comes to the forefront," says the Hightower Report in a note. (kirk.maltais@wsj.com)

1245 ET - The USDA acknowledges the possibility that China may soon buy up substantially more U.S. soybean exports. "China is reported to be considering buying more U.S. soybeans," the agency says in its latest WASDE report. No changes were made to the U.S. soybean balance sheet, hinting that the USDA was unwilling to change its forecasts based on this possibility. Soybeans have been stronger in response to a post on Truth Social from President Trump last week, calling for China to buy 8 million metric tons-more of U.S. soybeans. Analysts are debating whether China will buck its typical seasonal activity of buying mostly South American soybeans in the winter months ahead of the next U.S. planting season. (kirk.maltais@wsj.com)

1232 ET - The USDA raises its projections for 2026 beef and pork production in its February WASDE report. Beef output estimate rises to 25.9 billion pounds from January's 25.7 billion pounds, on higher slaughter and "slightly heavier dressed weights," the USDA says. Steer price is forecast at $2.40 a pound, up from $2.36. Imports are expected to increase due an increase in Argentina's import quota. Pork production is estimated at 28.28 billion pounds, up from 28.22 billion pounds. Barrows and gilts price estimate rises to 69 from 67 cents a pound. Live cattle futures weaken after the report and are down 0.1%, to $2.38 a pound. Lean hogs fall 0.9% to 95.875 cents a pound. (paulo.trevisani@wsj.com; @ptrevisani)

1229 ET - CBOT corn futures rise 0.2% following the February WASDE report which showed an increase of 100 million bushels in the USDA's outlook for U.S. corn exports. The uptick corresponds with a 100 million bushel decrease in ending stocks, to 2.13 billion bushels. But the uptick in corn may stay limited, in part due to a trader bias toward soybeans, says Charlie Sernatinger of Marex in a note following the report's release. "The general attitude is that specs want to be long the bean complex, and short corn," says Sernatinger. Soybeans rise 0.8%, and wheat falls 0.4%. (kirk.maltais@wsj.com)

1223 ET - February's WASDE report shows adjustments to the USDA's grain supply outlooks domestically and globally, with a larger harvest of soybeans expected out of Brazil this year and growing ending stocks of U.S. wheat. Forecasts from the USDA, pegging Brazilian soybean production at 180 million metric tons and U.S. wheat ending stocks at 931 million bushels, landed at or near analyst expectations, making the report's impact on CBOT grain futures minimal. "Today's USDA report was neutral, mostly in line with expectations," says Naomi Blohm of Total Farm Marketing in a note following the report's release. CBOT corn is up 0.3%, soybeans rise 1%, and wheat is down 0.3%. (kirk.maltais@wsj.com)

1221 ET - The USDA keeps its projection for U.S. 2025/26 cotton production unchanged, amid lukewarm sales. The February WASDE report forecasts 13.9 million bales produced by U.S. growers in the current season. Ending stocks projection is raised slightly at 4.4 million bales from January's 4.2 million bales. World production is estimated at 119.86 million bales, up from 119.43 million bales, with ending stocks of 75.1 million bales, up from 74.5 million bales previously forecast. Cotton futures rise 0.3%, little changed from before the data report. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

February 10, 2026 16:15 ET (21:15 GMT)

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