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

1542 ET - Live cattle futures on the CME close up 0.3% to $2.2335 a pound, as the push/pull between producers and packers continues. "The positive basis keeps futures tethered, but more like with a rubber band than a string," says Chris Swift of Swift Trading Co. "I anticipate more stagnation of price than direction as consumers are continually having to adjust to the rampant inflation making the relationship between cattle and beef complicated." Lean hog futures settle 0.8% lower at 68.85 cents a pound. (kirk.maltais@wsj.com)

1351 ET - Regions where corn and soybeans are being planted in Brazil are either receiving ample rainfall or facing drought, according to analysts. The Super El Niño that's growing in strength appears to be exaggerating the weather being received in these crop-growing areas - affecting not only row crops, but soft commodities like coffee as well. "One area needs relief from the heat," says Jim Roemer with WeatherWealth in a note. "Another could use a break from the watering can - for the developing 2027 crop, the timing matters enormously." Soybeans and first-crop corn are being planted in Brazil currently. Planting for coffee also begins this month. (kirk.maltais@wsj.com)

1349 ET - China is rumored to be sitting on large inventories of soybeans, with crushing margins unprofitable for refiners there. This is the rationale used to explain why China hasn't purchased much in the way of U.S. soybeans since the Trump-Xi summit in Washington last week. "Soybeans are seeing additional pressure from reports China crushers are sitting on large stocks and Chinese crush margins are dropping," says Karl Setzer of Consus Ag Consulting. China was the main customer for export buying seen in the USDA's weekly export sales report, but traders appear to want evidence of more. CBOT soybean futures are down 1.2% to $12.93 a bushel. Corn falls 0.8%, and wheat is virtually flat for the day. (kirk.maltais@wsj.com)

1301 ET - As Canadian Prime Minister Carney lauded the benefits of a proposed new oil pipeline to the country's west coast, opposition parties offered critical assessments. Carney designated the pipeline a project of national interest, which he forecast would create 140,000 jobs and generate over C$20 billion in GDP a year. New Democratic Party leader Avi Lewis, however, says the government was throwing billions in public money beyond a pipeline at a time of climate breakdown, "while sweeping aside environmental protections." Conservative lawmaker Michelle Rempel Garner says the pipeline represents another promise from Ottawa without a clear plan, adding her party will push for details on construction, the timeline, costs, and how and when Carney will ensure completion. (robb.stewart@wsj.com)

1203 ET - Managed money traders are seen trimming the size of the net long positions they hold in grain futures to open trading in October, says Brian Hoops of Midwest Market Solutions. "The biggest issue the grains are facing today is margin call type selling from traders, including the funds as increased margin requirements are forcing them to pare down positions," says Hoops. Fund traders accumulated large net long positions in grains in recent months, according to CFTC data. Also pressing on grain futures is a stronger U.S. dollar, this as bond yields continue to climb. "The dollar is bearish as it slows down our exports," says Hoops. Most-active CBOT corn falls 0.6%, soybeans are down 1.4%, and wheat inches down 0.1%. (kirk.maltais@wsj.com)

1149 ET - The ongoing war between Russia and Ukraine isn't expected to be resolved until some point after 2027, says SovEcon in a note this week. As a result, the firm has reduced its forecast for Russian wheat exports by 4.7 million metric tons to 36.7 million tons in the 2026/27 marketing year. That's 20% below last year, says the firm - and the lowest since 2021/22, says SovEcon. "The forecast was lowered as we no longer expect Black Sea and Azov Sea exports to normalize before 2027," says the firm. CBOT wheat futures are up 0.1%. (kirk.maltais@wsj.com)

1144 ET - The EIA says that 64 billion cubic feet of natural gas were added to U.S. reserves for the week ended Sept. 25. This brings net storage to 3.42 trillion cubic feet, which is nearly 4% lower than this time last year, according to the EIA. The result is spot-on with the average estimate from analysts surveyed by The Wall Street Journal this week. Prior to the report, analyst say they were looking for a surprise in the report to cause a big move in natural gas futures in either direction. Instead, natural gas has gradually floated lower, with the most-active contract down 1% to $2.996 per mmBtu. (kirk.maltais@wsj.com)

1031 ET - Lean hog futures on the CME continue to slide, with the most-active contract off 0.9%. If hogs finish down, then it'll be the sixth losing session out of the past seven, according to data from FactSet. "Lean hog futures edged lower as the broader technical downtrend remained intact, but cash indicators showed tentative signs of stabilizing," says Joe Davis of Futures International in a note. October is National Pork Month, which may stimulate consumer demand. Live cattle futures are down 0.4% in morning trade. (kirk.maltais@wsj.com)

1000 ET - CBOT corn is up 0.6%, after weakness seen following the USDA's quarterly stocks report. "Yesterday's report was bearish," says Naomi Blohm of Total Farm Marketing in a note. "Convenient for the USDA to find more old crop corn--lots more old crop corn." The latest weekly export sales report also showed corn sales on the low end of forecasts, an indicator of less demand following the showing of more supply than expected. Soybeans fall 0.3%, and wheat rises 0.4%. (kirk.maltais@wsj.com)

0953 ET - Natural gas futures are down 0.3% to $3.017 per mmBtu, with trading centered around the $3 mark. Weather across the country remains the main factor weighing on natural gas prices. "Cooling rains in Texas may create more physical market weakness, and Week 3 warming is lowering projected heating demand," says EBW Analytics in a note. The upcoming storage report from the EIA is projected to show an injection of 64 bcf, according to a survey of analysts by WSJ. A surprise in either direction may spark a stronger move for natural gas, says EBW Analytics. (kirk.maltais@wsj.com)

0943 ET - Crude oil futures are higher, with December Brent up 1.8% to around $100 a barrel. "Supply concerns remain under the microscope, with the conflict continuing to drag on despite improved traffic through the Strait of Hormuz," says Peter Cardillo of Spartan Capital Securities in a note. Brent crude is outpacing WTI crude futures which are up 0.2% to around $91 a barrel--exhibiting the premium between Brent and WTI on the possibility of renewed attacks on oil infrastructure. (kirk.maltais@wsj.com)

0942 ET - Continental is expected to have had a strong third quarter and could upgrade its full-year guidance when the company reports earnings, UBS analysts write. "We would expect Continental to guide towards the very top end of the FY26 range, particularly given that Q4 is not typically a seasonally weaker quarter," they say. The German tire maker had forecast sales of between 13.2 billion euros and 14.2 billion euros and an adjusted EBIT margin of around 12.0%-13.5%. The analysts add that free cash flow is expected to be "neutral to slightly positive" in the third quarter, consistent with normal seasonal patterns. UBS has a buy rating on the stock and 90.00-euro target price. Shares are up 0.2% at 67.26 euros.