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

0910 ET - Oil futures are lower for a third consecutive session with the market optimistic about the amounts of crude being shipped out of the Persian Gulf. Improving confidence in near-term supply suggests further declines are likely, but limited by continued geopolitical risk, BankPro CEO Paolo Broccardo says in a note. "Shipping through the Strait of Hormuz still faces constraints, while rising tensions in the Red Sea fuel concerns," he says. The stalemate in U.S.-Iran negotiations "also leaves no clear path towards a full normalization of regional traffic." WTI is down 2.4% at $87.26 a barrel and Brent is off 2.7% at $97.58 a barrel. (anthony.harrup@wsj.com)

0850 ET - The pace of the U.S. corn and soybean harvest is behind the 5-year average, the USDA says in its latest Crop Progress report. As of Oct. 4, the soybean crop is 25% harvested, versus the 5-year average of 33%. Corn is 23% complete, versus a 5-year average of 27%. Wet weather is behind the delays, says Michael Cordonnier of Soybean and Corn Advisor. "Last week was very wet across the Midwest, especially in the state of Iowa where rainfall records were broken for the month of September," he says. "The weather this week looks much dryer, but it is going to take a few days of dryer weather for the seed moisture to decline and the combines to be able to get in the fields." (kirk.maltais@wsj.com)

0614 ET - Palm oil prices ended lower as profit-taking activities emerged following Monday's strong rebound, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Softer crude oil prices and concerns over elevated domestic inventories weighed on sentiment, he adds. Ng sees prices to find support at 4,500 ringgit a ton and face resistance at 4,650 ringgit a ton. The Bursa Malaysia Derivatives contract for December delivery ended 18 ringgit lower at 4,560 ringgit a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

0349 ET - Gold prices tick higher in early European trading, with focus on U.S. Treasury yields and the dollar, as well as fiscal and political turmoil in the eurozone. New York futures rise 0.2% to $4,164.50 a troy ounce, though they remain 7% lower on the month. "Gold edged higher as investors sought safe-haven assets amid growing fiscal concerns in Europe," ING analysts say. "However, gains may remain capped by elevated Treasury yields, persistent inflation concerns and a firmer U.S. dollar." Meanwhile, expectations of another Federal Reserve interest-rate hike have eased following the latest U.S. inflation and economic data. Traders now see just a 22% chance of a rate increase in October, according to the CME Group's FedWatch tool, reducing one of the key headwinds for gold. (giulia.petroni@wsj.com)

0237 ET - SK Innovation is likely to benefit from higher lubricant base oil prices, LS Securities analyst K.H. Chung says. The South Korean refiner is a global leader in premium lubricant base oils, producing about 80,000 barrels of Group III base oils a day, Chung writes in a note. She expects the supply shortage of lubricant base oils to persist for more than a year. Tight supply of kerosene and diesel and wider refining margins could also continue to boost the company's earnings, she adds. LS Securities upgrades the stock to buy from hold and raises its target price to 187,000 won from 126,000 won. Shares end 2.6% higher at 158,000 won. (kwanwoo.jun@wsj.com)

0211 ET - Valuations at India's fast-moving consumer goods sector continue to derate amid weak earnings visibility, says HDFC Securities. "With sustained cost headwinds, we may see growth moderation ahead, which alongside margin strain could stress FY27 earnings," it says in a note. While fiscal 2Q revenue growth could improve versus recent quarters on a softer base and selective price increases, persistent raw material inflation is set to weigh on margins. HDFC remains positive on India's long-term consumption opportunity, but reckons that a focus on premium products alone is no longer sufficient to drive broad-based growth. Any demand moderation combined with sustained inflation could further pressure earnings delivery. Against this backdrop, HDFC remains selective and favors stronger execution-led companies such as Nestlé India, Godrej Consumer, Britannia, Honasa Consumer, Emami and Bikaji. (monica.gupta@wsj.com)

2257 ET - Palm oil rises in Asian trading, tracking gains in soybean oil on the Chicago Board of Trade, says David Ng, trader at Kuala Lumpur-based Iceberg X. Bargain hunting after recent weakness is also supporting prices, although high domestic inventories may continue to cap gains, he adds. The Bursa Malaysia Derivatives contract for December delivery is up 27 ringgit at 4,605 ringgit a ton. (yingxian.wong@wsj.com)

2201 ET - Higher minimum wages in Malaysia could raise labor costs for plantation companies, with a 2,000 ringgit monthly rate estimated to add around 110 ringgit a ton to crude palm oil production costs, UOB Kay Hian analyst Amerul Iqmal and team say in a note. The minimum wage rate is due to be announced in the Budget 2027 on Oct. 9, with 2,000 ringgit-2,200 ringgit being discussed as possible new rates, up from the current 1,700 ringgit a month. Smaller estates and smallholders could remain exempt, limiting their cost impact, they say. Higher wages could also accelerate mechanization as planters seek to improve worker productivity and offset rising costs. UOB KH maintains an overweight stance on Malaysia's plantation sector.(yingxian.wong@wsj.com)

2134 ET - Copper rises in early Asian trade. The base metals sector is being supported by the U.S. technology-stock rally and supply concerns, ANZ Research analysts say in a note. Copper is a major beneficiary of the artificial-intelligence investment boom, given the amount of metal used in data centers and electricity infrastructure, they add. There are also continuing supply-side issues, including lower copper production in Chile in August, they note. The three-month LME copper contract is up 0.2% at $14,443.00 a ton. (amanda.lee@wsj.com)

2008 ET - Gold makes a subdued start in Asia as high bond yields offset pared-back rate-hike expectations. The 10-year Treasury yield touched another fresh high overnight, increasing the opportunity cost of holding non-interest-bearing metals. However, that relationship can change when the risks behind those yields become more important than the income they offer, says GivTrade's Hassan Fawaz. Borrowing costs rising alongside worries about government finances and purchasing power can be a warning. If a cycle of higher refinancing costs and insufficient fiscal adjustment undermines investor confidence, gold could benefit as an asset that doesn't depend on a government's repayment promise. "The turning point comes when investors stop asking how much a bond pays and start asking why it needs to pay so much." Spot gold slips 0.1% to $4,134.92/ounce. (fabiana.negrinochoa@wsj.com)

1910 ET [Dow Jones]--If Rio Tinto can agree sales of stakes in its infrastructure assets on attractive terms, it "could demonstrate execution, improve balance-sheet flexibility and facilitate capital recycling," says Morgan Stanley. "However, value accretion would largely depend on the terms of sale," says MS. The bank views any deals as more of an incremental positive and says it doesn't change its underweight recommendation. "We ... do not see potential asset monetization as transformative to materially alter the outlook for enhanced shareholder returns," MS says. The bank thinks Rio Tinto's valuation is stretched and that it will face headwinds from an increasingly challenged iron-ore market and comparatively limited visible copper growth beyond the Oyu Tolgoi ramp-up. Australian shares in the miner are up 0.5% early in Sydney, at A$166.78. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1557 ET - Natural gas futures settled up 1% to $3.066 per mmBtu for the day, with analysts anticipating that this week's EIA storage report will show smaller-than-usual builds in natural gas storage. "Supplies continue tightening, evidenced by the last 8 EIA weekly storage reports printing smaller than normal builds," says NatGasWeather.com in a note. "The streak is expected to extend to 9-weeks after this Thursday's EIA report prints another smaller than 5-year average build." The EIA reported a 64 bcf build in inventory last week.