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

1555 ET - Crude oil futures settled higher as Hurricane Isaias heads for the U.S. Gulf coast, shutting in production. The market reacts less to proclamations from President Trump regarding the status of negotiations with Iran and a pause on attacks until after the midterm elections on Nov. 3. Even though Trump's comments would suggest that negotiations are progressing, their effect on price movement appears to have weakened. "The market has heard it all before, and the pullback just isn't what it was in the past," says Robert Yawger of Mizuho Securities USA in a note. WTI finished up 3.6% to $91.49 a barrel, and Brent crude settled up 4.1% to $104.28 a barrel. (kirk.maltais@wsj.com)

1530 ET - Lean hog futures settle down 0.7% to 68.65 cents a pound. Hogs settle lower for the third straight day, with demand for pork products weak. In the USDA's weekly export sales report, U.S. pork export sales fell from both the prior week and prior year, with 26,900 metric tons sold on the export market for the week endedOct. 1. That's down 24% from the previous week, and down 16% from the prior 4-week average. "Loins have at least bounced off their lows and as cheap as pork has been, demand should increase - especially export demand," says ADM Investor Servicesin a note. Live cattle futures settled virtually unchanged for the day at $2.237 a pound. (kirk.maltais@wsj.com)

1459 ET - Natural gas futures settle lower, down 1.1% to $3.168 per mmBtu. Natural gas slid in afternoon trading after the EIA released its latest natural gas storage numbers. The agency reported that 85 billion cubic feet were added to natural gas stocks for the week ended Oct. 2. That's more than the 79 bcf that analysts surveyed by The Wall Street Journal anticipated would be added. "The year-on-year deficit remains, though the larger than expected build has taken some force out of the rally that preceded the release," says Gelber & Associates in a note. Even so, the firm adds, the wrath of Hurricane Isaias may shake up the demand picture more than expected. (kirk.maltais@wsj.com)

1349 ET - Soybean futures are leading the CBOT grains complex lower, with the most-active contract down 0.7%. There is a general lack of fresh new Chinese demand confirmed by the USDA, says Charlie Sernatinger of Marex in a note. That includes either morning flash sales, or less-than-hoped-for sales in the weekly report. Traders are also being cautious ahead of tomorrow's WASDE report, says Sernatinger. Corn falls 0.2%, and wheat slides 0.4%. (kirk.maltais@wsj.com)

1319 ET - There are no obvious revenue synergies between Starbucks and Chipotle Mexican Grill, William Blair analysts Sharon Zackfia and Tania Anderson say in a research note, after the Financial Times reported that the coffeehouse has explored a takeover of burrito chain. Still, a tie-up could have other benefits, such as a shared loyalty ecosystem, cross-brand product placement, the expansion of Chipotle's licensed international business through Starbucks' existing relationships, the analysts say. "Traditional supply chain efficiencies are likely limited given very different supply chains," they write. "G&A savings would likely center in corporate G&A and technology, which we very roundly estimate could be in the $300 million range." (connor.hart@wsj.com)

1311 ET - Crude oil futures pare their earlier gains, with WTI now up 2.9% to $90.86 a barrel and Brent crude up 3.2% to $103.38 a barrel. WTI was briefly over $93 a barrel in morning trade, but quickly backed-off from highs after President Trump posted on Truth Social that the U.S. would not attack Iran before the midterm elections are held on Nov. 3. Escalating fighting in the Middle East has been a factor pushing up crude oil prices in recent sessions. The U.S. dollar, which has strengthened on rising Treasury yields, is flat. (kirk.maltais@wsj.com)

1159 ET - Qatar's LNG exports are likely to remain constrained in the near term, but a sustained recovery in Hormuz transits could trigger a sharp increase in flows next year as the expansion of the North Field offsets lasting damage to existing capacity, Capital Economics' Jason Tuvey says. Current indicators suggest exports remain very low, although the data may understate flows as some tankers appear to be switching off their transponders. A sustained recovery in transits is expected from early next year, according to the economist. Damage to the Ras Laffan facility has knocked out around 17% of Qatar's LNG capacity for three to five years. However, the first train of the North Field East project is reportedly ready to start, Tuvey says, raising capacity by 43%. The second and third phases, due by 2030, are expected to lift capacity by a further 30%. (giulia.petroni@wsj.com)

1127 ET - El Niño is getting stronger, says the NOAA's Climate Prediction Center. It's now more than likely that the system will continue to be a stronger-than-usual condition into January through March 2027, the agency says in an update. This widens the window for when unusually-severe weather events may take place due to El Niño. "With an event of this magnitude, the chances of experiencing impacts consistent with El Niño are larger, though not guaranteed," says the Climate Prediction Center in its update. The agency adds that in some places, El Niño is right now raising water temperatures by as much as 4 degrees Celsius in areas of the equatorial Pacific Ocean - creating weather patterns that are more-severe departures from what's usually seen in the winter months. (kirk.maltais@wsj.com)

1115 ET - Gold futures pick up from yesterday's two-month low with the market digesting the minutes of the Federal Reserve's latest meeting. "Most policymakers judged another increase would likely be appropriate by year-end, keeping the yellow metal under pressure," Critical Metals CEO Tony Sage says in a note. "A strong dollar and elevated U.S. and European yields kept the opportunity cost of holding bullion high, further limiting the possibility of a rebound." Further Fed tightening could keep gold at risk, while demand from central banks may limit losses, he adds. Gold for December delivery is up 0.5% in New York at $4,161.10 a troy ounce. Silver is down 1.1% at $59.62 a troy ounce. (anthony.harrup@wsj.com)

1101 ET - U.S. natural gas futures give up gains as a weekly inventory build comes in above expectations. Gas in underground storage increased by 85 billion cubic feet to 3,500 Bcf in the week ended Oct. 2, the EIA reports. The increase was below the five-year average for the week of 96 Bcf, but above the 79 Bcf estimate in a WSJ survey of analysts. Inventories stood 68 Bcf above the 2021-2025 average, compared with a surplus of 79 Bcf the previous week. Nymex natural gas is off 0.8% at $3.177/mmBtu. (anthony.harrup@wsj.com)

1059 ET - Live cattle futures on the CME are down 0.6%, continuing a slide that started yesterday. Cattle slaughters are up 19,000 head from a historic low hit last week, says AgResource in a note. On the demand side, export sales of U.S. beef for the week ended Oct. 1 fell back from the prior week-- totaling 13,000 metric tons for delivery in 2026. That's down 11%, says the USDA, but it's also up 11% from the previous 4-week average. South Korea was the leading buyer, followed by Japan and Mexico. Lean hog futures are down 0.5%. (kirk.maltais@wsj.com)

1047 ET - A strong El Nino could provide some relief for Europe's natural-gas market over the coming months, says Capital Economics' David Oxley. Warmer-than-average temperatures would reduce heating demand from households and small businesses, lowering overall gas consumption. At the same time, stronger winds could increase electricity generation from wind power, further reducing reliance on gas-fired power generation. This would be particularly helpful given that European gas storage levels are currently around 18 billion cubic meters below their five-year average, according to the economist. Lower demand could therefore reduce competition with Asia for limited global LNG supplies and limit the risk of a sharp increase in gas prices. Capital Economics forecasts the Dutch TTF contract, Europe's benchmark, to end the year at 80 euros a megawatt-hour, broadly in line with current levels.