The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1201 ET - Next week's Prospective Plantings report from the USDA is usually a center focus among grain traders ahead of the start of planting season in the Corn Belt. But trader focus this year remains primarily on the war in Iran. "The grains and commodities will continue to be at the mercy of crude and the Middle East situation; we've still got more than a week until March acreage and stocks," says Matt Zeller of StoneX in a note. The weekly Crop Progress report is also set to resume beginning next month, which will provide fresh data for grain futures to move on outside of the situation around the Strait of Hormuz. CBOT corn is down 1%, soybeans are up 0.6%, and wheat falls 1.4%. (kirk.maltais@wsj.com)
1112 ET - The war with Iran has pushed risk premium into CBOT grain futures, but futures may trend back toward the downside once the war ends, says AgResource in a note. "Oversupplies of world grain have not changed, and the seizing up of the ocean freight market, with costs running 30-60% above pre-war levels, is slowing world grain trade," says the firm. AgResource adds that in the case of soybeans, China appears to have stockpiled plenty of imported soybeans - and so has less need to go to the world market with any urgency. CBOT corn falls 1.2%, soybeans are up 0.2%, and wheat drops 2%. (kirk.maltais@wsj.com)
1025 ET - Live cattle futures are up 0.3% in early trading, with livestock getting a lift following President Trump's post on Truth Social stating that the U.S. would pause plans to strike Iranian power plants for five days to allow for negotiations. Easing energy costs are seen easing the squeeze on consumers wallets, but it's also taking focus away from other factors that are less promising for cattle, says the Hightower Report in a note. Friday's Cattle on Feed report from the USDA showed higher inventories than expected by analysts, with total inventories slid 0.2 percentage points versus the expected 0.8 percentage points by analysts surveyed by The Wall Street Journal. Lean hogs are up 0.4% this morning. (kirk.maltais@wsj.com)
0955 ET - CBOT grains are lower in early trading, as they continue to follow the energy complex. Oil and natural gas are lower in reaction to President Trump's social media post stating that the U.S. would hold off on strikes on Iranian power plants for the next five days, calling for negotiations with Iran to end the war. Grains have been supported by higher oil due to the link between petroleum and renewable fuels. Outside of the war, grains are steady ahead of the start of planting season, says Naomi Blohm of Total Farm Marketing in a note. Corn falls 0.9%, soybeans down 0.2%, and wheat falls 1.4%. (kirk.maltais@wsj.com)
0952 ET - U.S. natural gas futures fall as President Trump postpones U.S. plans to attack Iranian energy infrastructure and early spring weather cuts into domestic demand. Trump's post about productive talks with Iran and loss of heating demand represent a "potent one-two combination" for natural gas, Eli Rubin of EBW Analytics says in a note. "While the end of the war remains far from certain, the breather may be sufficient to allow near-term, war-derived support for natural gas to ebb." Nymex natural gas is off 4.4% at $2.959/mmBtu. (anthony.harrup@wsj.com)
0929 ET - Oil futures are sharply lower after President Trump said the U.S. has postponed plans to attack Iranian power plants and energy infrastructure for five days following "productive conversations" with Iran. Losses are tempered by reports from Iranian state media saying the Foreign Ministry denies any dialogue between Washington and Tehran. WTI is down 8.1% at $90.24 a barrel, and Brent is off 8.9% at $102.12 after falling below $100 a barrel in the wake of Trump's post.(anthony.harrup@wsj.com)
0751 ET - South Africa's agricultural exports to the Middle East are under threat as the main harvest season nears Iran's worsening crisis, says Wandile Sihlobo, chief economist at the Agricultural Business Chamber. South Africa's main harvest for corn, citrus, and strawberries will get underway in a few weeks, despite the ongoing shipment interruptions in the Middle East. South Africa's agricultural exports to the region topped $1.3 billion in 2025, or nearly 10% of the country's overall agricultural exports. The country's overall agricultural exports rose 10% last year to a record $15.1 billion. "Shipping costs are rising. Agricultural businesses that export to the Middle East will now be exploring whether other markets can absorb their products," Sihlobo says. (nicholas.bariyo@wsj.com)
0424 ET - London's miners slide in opening trade as inflation fears cause metal prices to tumble. President Trump has threatened to "obliterate" Iranian power infrastructure if the Strait of Hormuz doesn't fully reopen. Iranian reprisals could further disrupt oil flows, pushing fuel prices higher and triggering inflation. This might result in interest-rate hikes. Higher interest rates can damp metal demand and weaken the appeal of nonyielding assets, like gold. New York gold futures drop 7.8% to $4,216.90 a troy ounce, while silver falls 7.7% to $64.29 an ounce. LME copper futures fall 0.8%, while aluminum is down 0.3%. Precious metal miner Hochschild Mining loses 5.15%, while peers Fresnillo and Endeavour Mining are down just under 4%. Copper miner Antofagasta drops 3.3%. (adam.whittaker@wsj.com)
0354 ET - Oil prices rise as the U.S. and Iran threaten to widen their targets and escalate the war, with President Trump giving Tehran a deadline to reopen the Strait of Hormuz. Brent crude rises 1.5% to $113.88 a barrel, while WTI is up 3.5% to $98.06 a barrel. Trump said Iran must "fully open" the waterway by Monday evening Washington time, or its power plants will be hit. Meanwhile, Tehran said it would attack key infrastructure across the Middle East if Trump followed through. "With production and exports heavily constrained, investors are sensitive to any threats to supply that could drag on the post-conflict recovery," analysts at BMI say. Brent could reach the $110-$130 a barrel range over the next one-to-two weeks if the conflict drags on, they add. (giulia.petroni@wsj.com)
0335 ET - Gold prices fall to their weakest level this year as the Middle East conflict escalates, raising concerns over inflation and prospects of higher interest rates. In early European trading, New York futures drop 9.5% to $4,132.90 a troy ounce, extending last week's losses. "Prices recorded their biggest weekly loss since 1983 on concerns higher inflation will see the Fed hike rates," analysts at ANZ say. Surging energy prices--with Brent crude above $100 a barrel--have raised expectations for higher interest rates, dampening the outlook for non-yielding assets. Meanwhile, other precious metals follow suit, with silver futures falling 11.5% to $61.66 an ounce and platinum down 11.4% to $1,745.40 an ounce. (giulia.petroni@wsj.com)
0112 ET - Gold's huge weekly decline and its break below key support levels signal possible further weakness, based on technical analysis, says Quek Ser Leang of UOB Global Economics & Markets Research in a report. The commodity posted its largest one-week drop since 1983 last week, the senior technical strategist notes. It also broke below the $4,381 an ounce to $4,403 an ounce support zone today. Moreover, the weekly moving average convergence divergence indicator has moved deep into negative territory, with the next weekly support level at $4,004 an ounce, the strategist says. Spot gold is 2.9% lower at $4,360.17 an ounce. (ronnie.harui@wsj.com)
2333 ET - Iron ore rises in early Asian trading. The current surge in prices is due to a structural inventory shortage, Nanhua Futures writes in a note. How long the event-driven shock will last remains to be seen, it says. However, as the costs of raw material rise, steel mill profits are weakening, and demand is expected to remain under pressure, it adds. The most-traded iron-ore contract on the Dalian Commodity Exchange gains 0.8% to 818.0 yuan a ton. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
March 23, 2026 12:15 ET (16:15 GMT)
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