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

1530 ET - Oil futures rise after the U.S. struck Iranian rocket launchers which it said were preparing to mine the Strait of Hormuz, and Iran responded firing missiles at U.S. targets in Jordan. The skirmishes "tend to be non-escalatory and the gains tend to be limited," Samer Hasn of XS.com says in a note. Oil prices "may remain stuck in their broad sideways path until elections in Israel and the United States are concluded," he says. Meanwhile there are no signs of a near-term return to negotiations or intentions by either side to make concessions, "keeping escalation risks present." WTI settles up 2.8% at $85.76 a barrel for a 1.3% monthly gain. Front month Brent rises 1.3% to $90.49 for a 0.4% gain in August. (anthony.harrup@wsj.com)

1509 ET - Pork cutout values climb in the USDA's morning report, with the average carcass cutout price rising $3.49 per hundredweight to $99.55 per cwt. Pork bellies posted a $12.08 per cwt rise in that report, climbing to $166.86/cwt. Higher cutout prices are supportive for higher hog futures, with the most-active contract trading on the CME settling up 2.4% to 74.05 cents a pound. Live cattle futures bounce off a 9-month low, climbing 0.4% to $2.1265 a pound. (kirk.maltais@wsj.com)

1504 ET - U.S. natural gas futures settle higher as hot weather keeps up cooling demand and LNG feedgas flows continue recovering. Gains are likely due to the "impressively hot versus normal weather pattern the next 6-7 days," NatGasWeather.com says in a note. The tropical depression that has formed in the Gulf of Mexico and is expected to reach the coast between Texas and Louisiana Tuesday evening as a tropical storm will likely have little impact "including the loss of demand through showers and cooling," the forecaster says. "Very minor disruptions to LNG and U.S. production are also possible." Nymex natural gas settles up 1.6% at $2.935/mmBtu.(anthony.harrup@wsj.com)

1454 ET - The kind of heavy oil with high sulfur content that the U.S. looks to secure with its Venezuela deal could be attractive to refiners either set up to process it, or if it's discounted enough to blend with lighter crudes, but there are problems, Mizuho's Robert Yawger says in a note. As Venezuelan production slid and relations with the U.S. deteriorated over the years, Canada filled the void and supplies U.S. refiners with 4 million barrels a day of heavy crude, he says. "No geopolitical mayhem. Every barrel arrives at the refinery on time." The U.S. already has the heavy oil it needs to meet diesel demand, and Venezuela will have little chance penetrating the U.S. market as long as cost of carry weighs heavily in Canada's favor. "It will be a tough sell," Yawger adds. (anthony.harrup@wsj.com)

1445 ET - Front-month gold futures finish August up $382, or 9.4%, to $4,431.10 a troy ounce, which is the best month for the yellow metalpercentage-wise and in total dollars since February, according to data from FactSet. It's also the second-straight month that gold has finished higher, but analysts say that macro conditions appear to be turning less supportive toward precious metals. "Following the pessimistic statements by Kevin Warsh at Jackson Hole on Friday, the market returned to favor more pessimistic paths for interest rates," says Simon-Peter Massabni of XS.com in a note. Silver gained 15% for the month. (kirk.maltais@wsj.com)

1422 ET - Gold futures post back-to-back losses as a renewal of military action in the Persian Gulf follows what were seen as hawkish comments on Friday by Fed Chairman Kevin Walsh. "The metal could remain exposed to the geopolitical developments in the Middle East, where a rebound in oil prices could fuel inflation concerns again," Critical Metals CEO Tony Page says in a note. "Any softness in incoming inflation and labor data could ease the pressure, while firmer figures or more hawkish Fed comments may extend the decline." Front month gold settles down 1% in New York at $4,431.10 a troy ounce, while ending the month up 9.4%. Silver falls 1.2% to $66.221 a troy ounce, for a 15% monthly gain. (anthony.harrup@wsj.com)

1358 ET - CBOT wheat futures are now down 1.7%, after being off nearly 3% earlier. Wheat is generally lower on profit-taking, says Karl Setzer of Consus Ag Consulting. Traders settling books ahead of September is another factor. Helping pare the early losses are reports that Russian President Putin rejected a proposal for safe grain shipping lanes for wheat exports. Most-active corn is up 0.5%, while soybeans climb 0.2%. (kirk.maltais@wsj.com)

1333 ET - CBOT corn futures are now in positive territory, as traders eye the building of long positions in the market. On Friday, the CFTC reported managed money held a net long position of just over 376,500 contracts, which includes the addition of 89,470 longs for the week ended Aug. 25. "Friday's COT showed massive fund buying in corn," says AgMarket.net in a note. Most-active corn rises 0.1%, while soybeans climb 0.2% but wheat is down 2.9%. (kirk.maltais@wsj.com)

1243 ET - Restaurants are bringing back menu items and marketing from the past in a bid to win over today's consumers with nostalgia, Deutsche Bank analysts say in a note. Taco Bell and Buffalo Wild Wings have rolled out throwback menus inspired by their offerings from years ago, while Starbucks brought back its Unicorn Frappuccino for just one weekend to drive its biggest North America sales weekend ever, the analysts say. Other chains are getting in on the action too, with Olive Garden relaunching its Never-Ending Pasta Pass for the first time since 2019, Burger King offering its Crown Nuggets for a limited time after a more than decade-long hiatus, and McDonald's bringing back Spicy Chicken McNuggets for the first time since 2024, they say. (kelly.cloonan@wsj.com)

1107 ET - CME live cattle futures are up 0.3% in morning trade, bringing the most-active contract up to $2.13 a pound. The contract is bouncing off of its lowest level seen since late November 2025, having shed nearly 17% since finding an all-time record high in late April. The drop-off in cattle comes amid a push for lower beef prices on U.S. store shelves, which include higher imports and lowered tariffs for those imports. It also comes as the rate of cattle slaughters picks up. "Last week, cattle slaughter rose 19,000 head to a 4-week high of 523,000 head but was still 25,000 head less than a year ago," says AgResource in a note. Lean hogs are up 1.9%. (kirk.maltais@wsj.com)

1017 ET - Tariffs Canada will impose in retaliation for new U.S. levies will help some industries but hurt most and weaken economic growth by raising costs for producers and consumers, Oxford Economics argues. And Oxford's analysis suggests fiscal relief planned by Ottawa will briefly soften the economic impact of the Trump administration's tariffs but won't offset the overall drag from bilateral levies. It says paper, wood, steel, and aluminum product manufacturers will see the largest marginal benefit from Canadian counter-tariffs, since they will reduce U.S. imports and encourage substitution toward domestic production. But Oxford adds nearly all Canadian manufacturers will feel net negative impacts from the bilateral tariff escalation.(robb.stewart@wsj.com; @RobbMStewart)

1012 ET - The USDA says 159,000 metric tons of U.S. soybeans were sold to unknown destinations for delivery in the 2026/27 marketing year. The announcement signals fresh demand as grain traders attempt to gauge whether futures have extended themselves too far on dwindling production expectations. "At this point all these markets may have gotten over their skis a bit too much," says Gary Sandlund of Futures International in a note. Today's USDA announcement follows sales of soybeans to China as well as soymeal to Germany and the Netherlands that were published Friday. Soybeans are down 0.5% in early trading.