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

1539 ET - Lean hog futures trading on the CME close down 0.9% to 70.775 cents a pound. After snapping a four-session losing streak yesterday, lean hogs have gone back to sliding. "The cash hog market remains in a downtrend, and seasonal expectations for higher slaughter ahead favor the bearish side," says Joe Davis of Futures International in a note. Yesterday's uptick was attributed to a wave of short-covering by investors. Live cattle futures settle up 0.4% to $2.1805 a pound. (kirk.maltais@wsj.com)

1537 ET - U.S. natural gas futures settle lower with little consolation from the smallest inventory build of the season to date. The EIA reported a below-average 16 Bcf storage increase for last week, which reduced the inventory surplus over the 2021-2025 average by 13 Bcf to 185 Bcf. "The small build confirms that current heat and power-sector demand are limiting injections, but stocks remain comfortably above the five-year average and are still projected to approach 4 Tcf by the end of the injection season," Gelber & Associates says in a note. Nymex natural gas settles down 2.9% at $2.733/mmBtu. (anthony.harrup@wsj.com)

1506 ET - Oil futures rise for a fifth straight session as the U.S. plans what President Trump called unprecedented economic isolation on Iran. Traders' reaction was that it's better to take it seriously and see what happens next, says Baron Lamarre, co-founder of Index Litro and former head of trading at Petronas. "It's noise, but it doesn't change the fundamentals of markets at all. We want to see if there's any significant change in terms of the flow of oil." With alternative shipping routes and ship-to-ship transfer of crude to avoid the Strait of Hormuz, the market is reaching a "sort of equilibrium" where operations aren't as disrupted as much as before, he adds. WTI for September delivery goes off the board at $87.83 a barrel, up 2.3%, and the October contract rises 2.9% to $86.83. Brent settles up 2.4% at $93.78.(anthony.harrup@wsj.com)

1436 ET - Oil futures continue higher after President Trump said the U.S. will step up economic pressure on Iran, including consequences for countries that do business with Iran. "I'm not sure why oil has popped up on this," Treasury Secretary Scott Bessent told CNBC. "If we are doing maximum economic pressure then that means that likely there will not be a large-scale kinetic restart." Oil prices have been rising the past two weeks as the market sees no progress toward an agreement and shipping through the Strait of Hormuz remains limited. Brent is up 2% at $93.48 a barrel and most active WTI gains 2.5% to $86.50.(anthony.harrup@wsj.com)

1434 ET - The U.S. Drought Monitor shows some drought conditions easing up in the northern plains area, although drought area in the southern portion of the country shows some growth. Drought conditions are a pressure point for U.S. grains, including corn and wheat. July was the hottest month on record, according to the NOAA -- with night temperatures staying higher than they normally would have been overnight. CBOT corn is up 1.2%, while wheat is up 0.4% and soybeans are virtually flat. (kirk.maltais@wsj.com)

1404 ET - July was the hottest month ever recorded by the NOAA, which meant that growing crops faced temperatures as high as 110°F during the day. But what might have been a bigger issues for crops is what temperatures did overnight -- not dropping enough to give them a brief relief period. "From the 1990s' to today, you've seen a consistent upward trend of higher low temperatures overnight," says Stephen Nicholson of RaboResearch. "The plant isn't getting that time to relax and recoup for the next hot day." This interrupted the pollination process for many corn plants this year, Nicholson added. CBOT corn is up 1.3% in afternoon trading, while soybeans are flat and wheat is down 0.1%. (kirk.maltais@wsj.com)

1353 ET - Jack in the Box named Taylor Montgomery, Taco Bell's chief brand officer, to the role of president with plans for Montgomery to ultimately become chief executive. At Taco Bell, Montgomery oversaw marketing, which TD Cowen analysts say they see as the brand's core competency. "We expect Mr. Montgomery to bring this creative mindset to Jack and restore the brand's marketing & menu innovation muscle," the analysts say. Still, they back their hold rating on Jack's stock given years of underperformance. "Meanwhile, the deficient state of quick service burger and the lower income consumer do not provide tailwinds," they say.(kelly.cloonan@wsj.com)

1235 ET - Yesterday's survey of Illinois by scouts on the third day of the Pro Farmer Midwest Crop Tour shows a decline in corn yields from the prior year. Corn yields for Illinois were assessed at 184.2 bushels an acre, which is down 7.7% from last year's finding of 199.6 bushels an acre. Illinois soybean pod counts were also lower than last year, average 1,430.4 pods per 3-foot by 3-foot square, down from 1,479.2 pods last year. Grains are mostly higher with corn up 1.1%, soybeans up 0.1%, and wheat up 0.2%.The Crop Tour concludes in Rochester, Minn. Thursday. (kirk.maltais@wsj.com)

1052 ET - U.S. natural gas inventories saw their smallest increase so far in the current injection season, trimming the surplus over the five-year average, EIA data show. Gas in underground storage rose by 16 billion cubic feet last week to 3,169 Bcf, which was 185 Bcf above the five-year average and 28 Bcf below the year-earlier level. The injection was smaller than the five-year average build for the week of 29 Bcf, and reduced the surplus from 198 Bcf the week before. Natural gas futures are off 3.1% at $2.727/mmBtu as a small storage increase was widely expected. Analysts in a Wall Street Journal survey had predicted a build of 18 Bcf.(anthony.harrup@wsj.com)

1046 ET - A lack of progress in ending the U.S.-Iran war is giving crude oil prices a boost, rising 1.8% to $87.36 a barrel. This is giving CBOT corn futures support as well, with the tie being ethanol and renewable fuels. "Volatility likely remains elevated, but over time, higher prices are looking more likely," says Doug Bergman of RCM Alternatives in a note, also pointing out at the Russia-Ukraine war strangling shipments out of the Black Sea is lifting grain prices, wheat in particular. CBOT corn is up 1.3%, while soybeans are up 0.1% and wheat rises 0.9%. (kirk.maltais@wsj.com)

1031 ET - Live cattle futures are up 0.2%, inching higher as cattle attempts to fight out of its downtrend. The continuous contract has finished lower in six out of the past seven trading sessions, finding new year-to-date lows. One factor at play is cutout prices, which have been rising but not translating to higher live cattle futures prices. "These last two sessions make it clear that what is happening in the cutout isn't what's happening in the cash fed or cattle futures markets," says StoneX in a note. Lean hog futures are down 0.8%. (kirk.maltais@wsj.com)

0946 ET - Thyssenkrupp's planned capital markets day for its steel operations in September is likely a prelude to an IPO, according to Bank of America. Factors related to tariffs, restructuring and a possible exit from the Huettenwerke Krupp Mannesmann steel plant could help significantly boost operating earnings and drive a reassessment of the German industrial company's steel business, BofA writes in a research note. Investors might be wary of how the steel business will develop but BofA says the company's agreement with German unions on restructuring is "a very positive starting point." Thyssenkrupp trades 3.1% lower at 12.56 euros.