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

1552 ET - Mexico's pipeline imports of U.S. natural gas were a record near 7.9 billion cubic feet a day in August, with gas for electricity generation in Mexico last month at an all-time high 5.8 Bcf/d, Wood Mackenzie says in a release. The firm projects that exports to Mexico have reached their 2026 peak. While volumes remain strong in early September, "Mexican gas and power markets are set to enter a gradual seasonal decline, driven by easing cooling loads, shoulder-season maintenance windows, and holiday-related demand softness." The medium-term trend remains upward, however, as Mexico continues expanding its fleet of combined-cycle power plants, Wood Mackenzie adds. (anthony.harrup@wsj.com)

1530 ET - U.S. natural gas futures end the session lower as the market remains well supplied despite late-summer heat extending into September. Production and LNG export activity are expected to see limited impact from Tropical Storm Edouard, which was making landfall along the Texas-Louisiana coast, although rain from the storm is seen lowering temperatures and cooling demand.Nymex natural gas for October delivery settles down 1.1% to $2.904/mmBtu. (anthony.harrup@wsj.com)

1512 ET - Oil futures rise sharply as the U.S. launches new strikes against Iranian targets and President Trump warns "they will be hit at a much harder and higher level" if Iran retaliates against the latest "justified attack." WTI settles up 5.2% at $90.22 a barrel, its highest close since July 23. "While the escalated conflict in the Middle East continues to slow Strait of Hormuz traffic, along with the continued global tightness in diesel fuel, the near-term path of least resistance for oil prices still looks higher," Dennis Kissler of BOK Financial says in a note. Brent rises 4.6% to $94.65 a barrel. (anthony.harrup@wsj.com)

1502 ET - Livestock traders are looking for the floor of the downward trend seen in lean hog futures -- with that bottom potentially appearing soon, says Dave Toth of StoneX in a note. "Shorter-term traders are advised to pare or neutralize bearish exposure to circumvent the risk of lateral-to-higher prices in the period ahead," Toth says. He adds that longer-term commercial players may be ok to pare a conservative amount of their bearish bets, but need to be on-guard for quick reversals unless a higher resistance point gets tested - closer to 90 cents a pound instead of 80 cents. Lean hogs close down 0.2% to 73.975 cents a pound, while live cattle futures settle down 0.4% to $2.137 a pound. (kirk.maltais@wsj.com)

1424 ET - Gold futures fall for a third straight session as a global bond selloff pushes yields up and the flare-up in the Middle East sends crude prices higher. The rise in oil prices raises concerns about inflation and implications for Fed interest-rate policy, particularly after Fed Chairman Kevin Warsh expressed concerns about inflation last week. Front month gold settles down 1.9% in New York at $4,348.00 a troy ounce. Silver falls 2.4% to $64.618 a troy ounce. (anthony.harrup@wsj.com)

1315 ET - Oil futures add to earlier gains as the U.S. military says it's carrying out more strikes on Iranian targets in response to Iranian attacks on ships and U.S. servicemembers in the Middle East. The renewal of military action has rekindled concerns about oil flows out of the Persian Gulf being choked off. WTI is up 4.3% at $89.43 a barrel after nearing $90 a barrel for the first time in over a month. Brent rises 3.9% to $93.89 a barrel.(anthony.harrup@wsj.com)

1228 ET - A "super" El Niño climate system this winter is expected to push soft commodity futures higher--with prices already elevated from previous months. "Weather risks are becoming increasingly important across the ICE softs complex, but market outcomes remain highly differentiated by inventory levels and balance sheet dynamics," says Arkady Gevorkyan of Citi Research in a note. Gevorkyan forecasts that sugar futures have the most near-term upside, potentially climbing to 22 cents a pound over the next 12 months. Sugar futures are currently trading at 18.33 cents a pound on the ICE, which is up 3% for the day and more than 20% year-to-date. A more-severe El Niño is expected to make some global growing areas significantly wetter, supporting crop growth. (kirk.maltais@wsj.com)

1217 ET - Russia and Ukraine's conflict looks to be increasingly focused on either side disrupting the flow of commodity shipments from the other -- a tit-for-tat that's supporting higher CBOT wheat prices. Most-active CBOT wheat futures are up 0.7%, elevated by the squeeze on the flow of wheat coming from two of the world's leading exporters. "Both Ukraine and Russia appear to believe that the attacks on commodity logistics provides them an edge in bringing their opponent to their knees economically," says Arlan Suderman of StoneX in a note. "As such, the war on commodity logistics continues in both regions, threatening both energy and food commodity movement out of two commodity-rich regions of the world." (kirk.maltais@wsj.com)

1156 ET - Gold futures are lower for a third straight session in response to rising bond yields and the jump in oil prices on renewed Middle East tensions. "A pricier crude could continue to tighten monetary policy expectations and drive yields higher, limiting any rebound potential for gold," DHF Capital's CEO Bas Kooijman says in a note. U.S. economic data including ISM surveys and Friday's payrolls could shape rate bets ahead of the Sept. 16 FOMC meeting, he says. "Softer figures could ease the pressure on gold, while stronger data or more hawkish Fed comments may extend the decline." Most active gold is down 1.4% in New York at $4,418.50 a troy ounce. (anthony.harrup@wsj.com)

1105 ET - The jump in CBOT futures to their highest levels in years -- with corn at its highest in over 3 years and soybeans busting through the $13 a bushel mark for the first time since December 2023 -- is giving farmers new shots of optimism about their future prospects. The Purdue University-CME Group Ag Economy Barometer Index increased to 135 points in August from 126 points in July, which the group attributes mostly to an improvement among farmers to their future expectations. "For the first time since June 2025, a higher proportion of respondents expect their operation to be better off financially (28%) than worse off (24%) a year from now," says the group in a press release. CBOT grains are higher, led by a 1.9% gain in soybeans. (kirk.maltais@wsj.com)

1054 ET - Oil futures are higher with renewed strikes in the Persian Gulf, including attacks on two tankers carrying Saudi oil, increasing concerns about oil flows through the Strait of Hormuz. U.S. Treasury Secretary Scott Bessent says the strait will become less important as a chokepoint given alternative ways of getting oil out of the region. "In two years the Strait of Hormuz will be a worthless piece of water. The oil will be going on pipelines across land," he says in a fireside chat with Larry Kudlow of Fox Business. Bessent stressed the latest U.S. measures to squeeze Iran economically. The June MOU didn't work because Iran wasn't ready for a deal, he says. "My job is make sure they want to have a deal." WTI is up 2.2% at $87.62 a barrel. Brent rises 1.8% to $92.06. (anthony.harrup@wsj.com)

1023 ET - Live cattle futures on the CME are starting the month on the decline, with the most-active contract falling 0.4% to just above $2.13 a pound. Cattle continues to be under pressure as initiatives from the government to spark lower retail prices for ground beef and other beef products is making its presence felt in futures prices. "With increasing beef imports that are mostly lean trimmings, ground beef in stores should get cheaper and fast food restaurants should lower prices," says ADM Investor Services in a note. "It's certainly what the White House wants to happen." Lean hog futures are down 0.1% in morning trade.