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

1545 ET - Live cattle futures settle up 0.7% to $2.2945 a pound. Consumer demand has been a question for beef amid the high prices shoppers have to pay. But another factor driving cattle trade is the competition between meatpackers and cattle producers to see who can get the upper hand in the market. "This is a battle of attrition between producers and packers to see who can outlast the other," says Chris Swift of Swift Trading Co. "This week may be a win for producers, but I think it will difficult getting more." Lean hog futures settle down 1.5% to 83.075 cents a pound. (kirk.maltais@wsj.com)

1504 ET - Oil futures end little changed in a choppy session as Iran says it has agreed with Oman on a shipping route through the Strait of Hormuz, but that safe passage will depend on third parties not obstructing the process, an apparent reference to the U.S. "The deal to open the Strait of Hormuz just got closer to reality," Mizuho's Robert Yawger says in a note. "Perhaps the biggest question is whether Iran's Islamic Revolutionary Guard Corps are on board with the agreement," he adds, noting that IRGC breached the June agreement by shooting at ships in the strait. WTI settles down 0.7% at $75.22 a barrel and Brent inches up 0.1% to $79.45 a barrel. (anthony.harrup@wsj.com)

1445 ET - U.S. natural gas futures edge up in rangebound trading ahead of the EIA's weekly storage report. Comfortable storage levels, with inventories more than 6% above the five-year average, have kept a lid on prices even with hot summer weather driving power-sector demand for gas. Analysts in a WSJ survey expect a 31 Bcf storage build for last week, which would extend the inventory surplus to 193 Bcf from 185 Bcf the week before. "A result below 30 Bcf could offer prices some support, but an in-line or larger build would reinforce the market's focus on elevated storage as summer demand approaches its seasonal decline," Gelber & Associates says in a note. Nymex natural gas settles up 0.2% at $2.688/mmBtu.(anthony.harrup@wsj.com)

1411 ET - Analysts with Hedgepoint Global say that they expect Brazil's corn output to be around 140 million metric tons this year. That would be 2 million tons-more than forecast by the USDA in its last WASDE report. "The consultancy maintains a positive revision bias in August, as the second crop delivered favorable results in several states despite the problems recorded in Goiás," says the firm in a research note. Last month, Brazilian crop agency Conab forecast corn production at a record high of 141.73 million tons. Any weather stress seen in Brazilian corn appears limited. "There are no signs of major availability issues in the country," says the firm. CBOT grain futures are mixed in late trading, with corn down 1%, soybeans off 0.2%, but wheat up 0.9%. (kirk.maltais@wsj.com)

1343 ET - StoneX projecting a 1.8 bushel per acre increase in corn yields from where the USDA saw them in July triggered a slide in most-active corn futures. "The larger yield figure in corn was a bearish surprise and has weighed on values despite a private export sales announcement," says Brian Hoops of Midwest Market Solutions. StoneX's estimate pegged the average corn yield at 184.8 bushels an acre, versus the USDA's last forecast of 183 bushels an acre. Hoops also points to temperate weather forecasts for Midwest growing areas as keeping stress on crops limited. Most-active corn falls 1.1%, while soybeans are down 0.4%. Wheat is up 0.9%. (kirk.maltais@wsj.com)

1338 ET - CBOT grain futures, particularly in the case of corn, may push lower ahead of next week's WASDE report. "The trade continues to be primarily led by updated weather models, and it seems futures may be wanting to test some key support levels before the August WASDE," says AgMarket.net in a note. The exception is with wheat, although the firm also notes that geopolitical volatility has played less of a role this week than it did last week. Most-active corn futures are down 1.1%, while soybeans fall 0.3% and wheat is up 1%. (kirk.maltais@wsj.com)

1128 ET - Gold prices jump 4% on a weaker U.S. dollar and lower Treasury yields, while traders closely watch developments in the Middle East and U.S. data for cues on the monetary policy outlook. In midmorning U.S. trading, New York gold futures are up 4% to $4,315.90 a troy ounce, while the U.S. dollar index is down 0.1% to 99.17, making dollar-priced bullion more affordable for overseas buyers. Renewed diplomatic efforts to end the Iran war have pushed Brent crude, the global oil benchmark, below $80 a barrel, easing fears over energy-driven inflation and interest-rate increases. According to the CME Group's FedWatch tool, traders are now pricing in a nearly 57% chance of a September hike. (giulia.petroni@wsj.com)

1124 ET - U.S. commercial crude oil stocks rose by 2.5 million barrels last week, contrary to market expectations for a moderate withdrawal. The increase followed a 7.2 million barrel decline the previous week. "It's a welcome sign for investors worried about an energy crunch. The nerve-racking drawdowns are abating for now," says David Russell of TradeStation in a note. "Oil markets may have a window to stabilize if the Hormuz traffic resumes soon." Crude futures are lower in expectation of an agreement being reached between the U.S. and Iran to reopen the waterway. WTI is off 0.8% at $75.16 a barrel and Brent is off 0.5% to $78.97.(anthony.harrup@wsj.com)

1045 ET - European natural-gas prices plunge 7% in afternoon trading, with the benchmark Dutch TTF at 51.99 euros a megawatt-hour as renewed diplomatic efforts to end the Iran war lift sentiment. Fundamentals, however, remain supportive. A prolonged heatwave across Europe is lifting cooling demand at a time when gas storage is around 57% full, well below last year's level. "In Hungary, the Paks nuclear power plant was taken offline over the weekend after cooling-water levels from the Danube River fell to their lowest in more than four decades," says Antonia Syn from Rystad Energy. "The plant normally supplies around 40% of the country's electricity." At the same time, Norwegian pipeline maintenance is curbing supply, while a drone strike on Egypt's Damietta LNG import terminal has reduced the country's regasification capacity, tightening global LNG market conditions. (giulia.petroni@wsj.com)

1029 ET - Hog futures on the CME are down 1.4% as the government reports a higher number of pig slaughters. The USDA says 728,000 animals will be slaughtered this week, at an average of 281.2 pounds per animal. That's more pigs than both last week and this time last year, while the average weight per animal is slightly down from the prior week but up from the prior year. Live cattle futures are up 0.1% to $2.2805 a pound. (kirk.maltais@wsj.com)

0956 ET - Rainfall continues to move through U.S. growing areas, easing heat stress that set in for crops over the last month. "Midwest coverage should be mostly solid over the next five days, except for the far northwestern Corn Belt," says Joe Davis of Futures International in a note. "Iowa and Illinois, the two largest U.S. corn and soybean producers, are expected to receive rainfall through the rest of the week." Davis adds that temperatures should cool over the next 6-10 days, with precipitation continuing. Most-active CBOT corn is down 0.8% pre-market, soybeans fall 0.7%, and wheat is up 1.1%. (kirk.maltais@wsj.com)

0946 ET - The USDA has announced another flash sale, this time of corn exports to Mexico. In total the USDA says that 120,000 metric tons have been sold -- with 30,000 tons sold for delivery in the 2026/27 marketing year and the remaining 90,000 tons sold for delivery in 2027/28. It's the latest flash sale reported by the USDA this week, this after reporting a sale of soybeans to China yesterday. Grain futures are mixed in pre-market trading, with most-active CBOT corn down 0.8%, soybeans down 0.7%, while wheat is up 1.1%.