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

1553 ET - U.S. natural gas futures settle at their highest level in a month as hot weather lingers into late August and early September, maintaining high power-sector demand. Market focus turns to Thursday's EIA weekly storage report, which coincides with the September contract expiration. Analysts in a Wall Street Journal survey see an inventory build of 21 Bcf for last week, smaller than the five-year average of 33 Bcf. That would reduce the inventory surplus to 173 Bcf from 185 Bcf the previous week. Nymex natural gas rises 2.6% to $2.842/mmBtu. (anthony.harrup@wsj.com)

1546 ET - Crude futures extend losses to three sessions on cautious expectations that the U.S. economic isolation of Iran, rather than military action, could bring about a reopening of the Strait of Hormuz. "The de-escalation and fears of tighter global supplies are easing, which is tripping some long liquidation by funds," Dennis Kissler of BOK Financial says in a note. Rising U.S. commercial crude stocks are also a bearish factor, he adds. The EIA reported a 95,000 barrel increase in crude inventories, which was smaller than expected but still a fourth consecutive weekly rise. WTI edges down 0.2% to $82.23 a barrel, and Brent falls 0.8% to $87.84.(anthony.harrup@wsj.com)

1427 ET - Private exporters reported to the USDA sales of 333,000 metric tons of soybeans to China for the 2026/27 marketing year, supporting futures. Soybeans are trying to catch up with gains in corn, but "bean production ideas are increasing with beans expected to underperform corn moving forward," Doug Bergman of RCM Alternatives says in a note. Soybeans are up 2.4% on CBOT, while corn rises 2.6% and wheat soars 6.4% on fears of further escalation in the Russia-Ukraine war. (anthony.harrup@wsj.com)

1422 ET - Gold futures ease back from the three-month highs reached early this week after PCE inflation--a consumer price gauge favored by the Fed--picked up in July. The report was closely watched given its implications for Fed policy. "The metal could continue to benefit from concerns over U.S. debt levels as well as expectations of a Fed hold at its next meeting," Critical Metals CEO Tony Sage says in a note. "However, a hike is still expected at the following meeting, which could fuel some pressure." Front month gold finishes down 0.86% to $4598.20 a troy ounce. Silver drops 0.94% to $67.990 a troy ounce.(anthony.harrup@wsj.com)

1326 ET - The breakdown in trade relations between Canada and the U.S. is part of a wider continuing trade realignment, a story that is still being written, says BMO Capital Markets' Francois Trahan. The investment strategist says while people in Canada may think all that is needed is a new U.S. administration in two years and things can return to the norm, that isn't necessarily what lies ahead. "Friendly reminder that the Biden administration didn't remove the tariffs that were imposed on China during the first Trump administration." Trahan says a future administration may not have the ability to change the tariff policy because of the fiscal situation in the U.s. (robb.stewart@wsj.com; @RobbMStewart)

1323 ET - There is a divide between Canada and the U.S. that may make future negotiations over the U.S.-Mexico-Canada trade pact tough, says Steve Verheul, former chief trade negotiator for Canada. Speaking during a briefing organized by Bank of Montreal, Verheul says the two countries are increasingly in markets that move them further apart. Canada is likely to redouble efforts to diversify trading relationship, and there could be action on procurement and possible defense and energy-related issues, says the principal at public affairs agency GT. He doubts Canada will use energy or defense in any kind of retaliation against the U.S., but it will aggressively seek opportunities with other countries on areas like energy and critical minerals. (robb.stewart@wsj.com; @RobbMStewart)

1116 ET - The grain market needed fresh news to justify the rise above $5 a bushel for the December contract and that came with last week's Pro Farmer Crop Tour and its low yield estimate, Naomi Blohm of Total Farm Marketing says in a note. "$5.00 will now be support for Dec 26 corn!" she says. Drought in Europe, extreme heat in the U.S. and ending stocks for corn in U.S. and around the globe "should keep prices supported for now, and if South America has weather issues in January and February, then a significant price rally might occur in early 2027."The December contract is up 0.4% on CBOT at $5.25 3/4 a bushel. (anthony.harrup@wsj.com)

1012 ET - Grain futures are higher with wheat leading on continued disruptions to Black Sea exports. Proposed Russian measures to address the situation including a temporary suspension of export duties are "unlikely to provide meaningful support either to Russian grain exports or to domestic prices," SovEcon says in a note. "Unless Black Sea and Azov logistics improve, grain will continue to accumulate inside Russia, keeping domestic prices under pressure while reduced Russian availability supports global wheat prices." The consulting firm cut its estimate for Russia's August wheat exports by an additional 300,000 metric tons to 1.9 million tons. CBOT wheat is up 2.1%. Corn rises 1.1% and soybeans climb 0.4%.(anthony.harrup@wsj.com)

0937 ET - U.S. natural gas futures are higher with several more weeks of hot weather likely to drive cooling demand, along with a pickup in LNG feedgas flows. "The 1-15 day weather forecast may vie for the hottest on record," Eli Rubin of EBW Analytics says in a note. September options and contract expirations today and tomorrow will guide near-term price moves, but as October moves to the front of the curve "medium-term likelihood for a moderate rally may be accelerated due to searing heat, soft production, and returning LNG export demand," he adds. The Nymex September contract is up 2.4% at $2.837/mmBtu.(anthony.harrup@wsj.com)

0911 ET - Coffee prices provided a jolt to J.M. Smucker's sales during the latest quarter. CEO Mark Smucker says in prepared earnings remarks that net sales from coffee grew 13%, reflecting higher prices and volume/mix growth. "Net sales growth was driven by increases across all brands, demonstrating the strength of our portfolio, which includes three of the top six brands in the at-home coffee category," he adds. Still, green coffee commodity costs remain volatile, and the company says it will continue to adjust pricing as its cost structures evolve. "In a sustained deflationary environment, we would consider additional pricing actions as lower costs flow through our results," Smucker says. J.M. Smucker is up 5% premarket after lifting its outlook for the year. (connor.hart@wsj.com)

0900 ET - The slide in oil futures extends into a third session with renewed moves seen toward a reopening of the Strait of Hormuz after the U.S. outlined tighter economic sanctions on Iran. The oil market had been "seriously spooked" by the announcements of new measures a week earlier, but "breathed a sigh of relief at the Treasury's rather modest measures and began to unwind their long positions in Brent in line with the 'buy the rumor, sell the fact' principle," FxPro chief market analyst Alex Kuptsikevich says in a note. "The selloff then continued against the backdrop of a de-escalation of the conflict in the Middle East." WTI is down 2.4% at $80.39 a barrel and Brent is off 2.5% at $86.38.(anthony.harrup@wsj.com)

0751 ET - Metal miners' stocks rise in London as copper prices hold near record highs. Higher copper prices are the result of markets adjusting for potential U.S. import tariffs next year, AJ Bell's Russ Mould writes. Copper trades flat at $14,385 a metric ton. Gold and silver slip but remain elevated, with gold contracts down 0.4% at $4,675.50 a troy ounce while silver contracts fall 0.2% to $68.52 an ounce. Hochschild Mining leads the sector, rising 7.3% after posting strong first-half earnings. Antofagasta adds 2.8%, while Fresnillo and Endeavour Mining jump 1.4% and 1.2%, respectively. Anglo American adds 1.1%.