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

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. (kirk.maltais@wsj.com)

1004 ET - CBOT grain futures are pulling back after touching multi-year highs last week. "The trend as of this morning seems to be one of correction," says Charlie Sernatinger of Marex in a note. He adds that temperatures are expected to be hotter this week, which comes as crops hit the late side of their growth cycle and harvesting draws closer. Most-active CBOT corn is down 0.2%, while soybeans fall 0.5% and wheat is off 2%. (kirk.maltais@wsj.com)

1003 ET - Gold futures are lower as U.S. strikes on Iranian targets push oil prices up, adding to the metal's losses seen Friday on Fed Chairman Kevin Warsh's inflation comments. "U.S. strikes near the Strait of Hormuz added a fresh headwind as oil rose, lifting inflation expectations," Kaynat Chainwala of Kotak Neo says in a note. "Direction from here stays tied to the Fed's rate path as further hawkish signals would extend the pullback, while a pause in yields could stabilize prices." Most active gold is off 1.3% in New York at $4,473.90 a troy ounce. Silver is down 0.9% at $67.16 a troy ounce. (anthony.harrup@wsj.com)

0945 ET - Capstone Copper's completed acquisition of the copper assets at the San Pietro copper-gold-iron-cobalt project adds scale to its Mantoverde-Santo Domingo District at a good price. TD Cowen's Craig Hutchison notes that the district now encompasses about 60,000 hectares, of which San Pietro makes up about 27%. The addition adds a "considerable resource base" of about 4.4 billion pounds of copper and 770,000 ounces of gold. At the $25 million transaction price in Capstone shares, Hutchison calculates that Capstone paid less than a cent per pound for the copper resources alone, excluding by-product credits. The analyst says that while the transaction is accretive on its own merits, there is more upside from consolidated district control, exploration potential and district synergies. (adriano.marchese@wsj.com)

0849 ET - U.S. natural gas futures are lower at the start of the week. Warmer-than-normal weather extending well into September maintains some price support, with significant near-term heat driving cooling demand. But "with normal temperatures beginning to fall quickly at this point in the season, it will take extreme anomalies to drive outsized energy demand as the calendar rolls deeper into September," Andy Huenefeld of Pinebrook Energy Advisors says in a note. Nymex natural gas is down 0.6% at $2.871/mmBtu.(anthony.harrup@wsj.com)

0815 ET - Oil futures rise after the U.S. attacked Iranian rocket launchers, renewing military action in the Persian Gulf for the first time in weeks. "The longer geopolitical uncertainty and supply disruptions continue, the tighter the market gets, keeping upward pressure on crude," Nikos Tzabouras of Tradu says in a note. But the U.S. may have limited appetite for broader military action with its shift in focus to economic measures against Tehran and its enablers, he adds. Although below prewar levels, crude is finding its way out of the Middle East and with lower consumption the market could return to balance, he adds. WTI is up 3.4% at $86.21 a barrel, and Brent is 3.1% higher at $90.85. (anthony.harrup@wsj.com)

0546 ET - Gold prices fall as elevated U.S. Treasury yields and a more hawkish Federal Reserve outlook weigh on the non-yielding metal. The 10-year Treasury yield trades at around 4.71% while markets have raised expectations for a September rate increase following Fed Chairman Kevin Warsh's Jackson Hole remarks. Persistent inflation and the prospect of Fed rate increases risk lifting yields and the dollar, limiting gold's recovery, says Ewa Manthey, commodities strategist at ING. Gold futures are last 0.2% lower at $4,442.49 a troy ounce, having earlier fallen to a near two-week low of $4,395.89. (farhan.rafid@wsj.com)

0533 ET - Oil prices rise as renewed fighting between the U.S. and Iran revives concerns over crude flows through the Strait of Hormuz. November Brent rises 3.4% to $91.08 a barrel, while October WTI gains 3.3% to $86.19 a barrel. U.S. forces struck Iranian missile launchers on Larak Island, prompting retaliation from Tehran and renewed fears over safe passage through the key Gulf shipping route. Recent disruptions have shown how quickly uncertainty around Hormuz can feed back into oil prices, say ING commodity strategists Warren Patterson and Ewa Manthey. (farhan.rafid@wsj.com)

2322 ET - Copper is little changed in early Asia trade. Strong fundamentals continue to provide support while growing expectations for the Fed's rate increases cap the upside, Guangzhou Futures analysts say in a note. Copper's fundamentals remain solid as supply stays tight and inventories continue to decline, they say. The three-month LME copper contract is flat at $14,285.00 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

2240 ET - Iron ore is higher in early Asian trading. The commodity's supply and demand dynamics have improved, Nanhua Futures analysts say in a note. Investors expect demand to recover due to seasonal factors, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.7% higher at 726.50 yuan a ton.