Why High Beef Prices Are Here to Stay — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is down 0.7% to $92 a barrel.

--European benchmark gas is up 0.3% to 85.02 euros a megawatt-hour.

--Copper futures are down 1.5% at $13,675.50 a metric ton.

--Gold futures fall 2.2% to $4,024.80 a troy ounce.

TOP STORY:

Why High Beef Prices Are Here to Stay

EAGLE MOUNTAIN, Utah-Tyson Foods TSN maintenance worker Austin Campbell was checking his email in August for updates on a promotion when instead he saw a message from the company's chief executive.

"Our beef business is operating in a challenging environment due to the historic cattle shortage," Donnie King, Tyson's CEO at the time, wrote in an internal email announcing the closure of the Utah facility where Campbell worked. "These supply constraints are likely to persist."

The $300 million Utah plant was only five years old. It doesn't slaughter cattle but was filled with state-of-the-art automation to help employees cut and package beef cuts into steaks, roasts and ground beef for grocery stores.

OTHER STORIES:

Senate Advances Sweeping Energy Bill, but Odds of Passage Fade

The Senate moved to advance a wide-ranging energy permitting bill, despite dwindling odds that Congress will ultimately approve the legislation-and President Trump throwing a monkey-wrench into the process.

The bill, known as the Bipartisan American Affordability and Jobs Act of 2026, aims to speed up the permitting process that has long drawn complaints from energy developers. It proposes an overhaul of environmental rules, introduces changes aimed at strengthening the electric grid and mandates that data centers pay for all of their associated transmission costs.

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Oil Prices Extend Decline After Trump Signals Restraint on Iran

Oil prices extended their losses Tuesday, with Brent crude briefly falling below $90 a barrel before rebounding, as President Trump signaled that further U.S. military strikes on Iran weren't necessary for now, raising hopes of an easing in the Middle East conflict.

Front-month Brent crude, the global oil benchmark, fell 2.1% to $90.61 a barrel, while West Texas Intermediate futures declined 1.9% to $85.18 a barrel.

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U.S. Gasoline Prices Fall Below $4 a Gallon, Offering Drivers Some Relief

American drivers are getting some relief at the pump, with gasoline prices falling below $4 a gallon for the first time since July.

The national average for regular gasoline stood at $3.98 a gallon on Tuesday, down from $4.15 a week ago, according to the American Automobile Association. Prices remain significantly higher than last year, however, when the average was $3.07 a gallon.

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Commercial Metals Chief Financial Officer Paul Lawrence to Retire

Commercial Metals' top finance executive, Paul Lawrence, is retiring next year.

Commercial Metals on Tuesday said Lawrence, who has been senior vice president and chief financial officer since 2019, will leave the post Jan. 15 but will stay on with the Irving, Texas, maker of steel and metal products as a special adviser through June.

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Oil Prices Extend Decline After Trump Signals Restraint on Iran

Oil prices fell for a second consecutive session Tuesday, with Brent crude slipping toward $90 a barrel after President Trump said further U.S. military strikes on Iran didn't seem necessary for now, raising hopes of an easing in the Middle East conflict.

Front-month Brent crude, the global oil benchmark, fell 1.6% to $91.06 a barrel, while West Texas Intermediate futures declined 1.7% to $85.38 a barrel.

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Singapore's Central Bank Rolls Out Gold-Vaulting in Bid to Boost Hub's Appeal

Singapore's central bank is rolling out gold-vaulting services as part of efforts to make the city-state Asia's top gold-trading hub.

The service lets foreign central banks, international institution and sovereign entities hold gold reserves in the Southeast Asian country, alongside access to gold-market liquidity during Asian trading hours.

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Finning International 3Q Profit, Revenue Rise on Mining Demand

Finning International's third-quarter revenue and net income rose on robust mining demand in Canada and South America, driving its order backlog higher.

The largest independent dealer of Caterpillar heavy equipment and machinery on Tuesday posted a rise in net income to 155 million Canadian dollars ($109.8 million), or C$1.20 a share, up from C$154 million, or C$1.17 a share, in the comparable quarter a year ago.

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Occidental Signs CO2 Offtake Agreements for Permian Basin Ops

Occidental Petroleum said it agreed to a pair of long-term offtake agreements to pipe carbon dioxide from facilities in the Delaware Basin for use in its Permian Basin operations.

Under the terms of the deal, two companies will secure CO2 from third-party natural gas processing facilities to be shipped via pipeline from the Delaware Basin, which is located across eastern New Mexico and west Texas, to the Permian Basin, which is also located in those two states.

MARKET TALKS:

Gold Futures Decline After U.S. CPI Data -- Market Talk

1042 ET - Gold futures lose ground after U.S. consumer price inflation for October comes in above estimates, pushing up yields and firming expectations for a Fed December interest-rate increase. Outflows from ETFs are a headwind for gold, while central bank demand remains a support, Thadeu Dos Santos of Infinox says in a note. "Lower oil prices could provide some offset. Crude has fallen to its lowest level since late August, which may ease inflation pressures and, over time, temper expectations of tighter monetary policy." Gold for December delivery is off 1.4% in New York at $4,058.40 a troy ounce. Silver is down 1.4% at $51.98 a troy ounce. (anthony.harrup@wsj.com)

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Grains Futures Mixed Ahead of WASDE Report -- Market Talk

1021 ET - Grain futures are little changed in cautious trading ahead of the USDA's November WASDE report, due at 12pm ET. The market is looking for the USDA to lower its corn crop estimate from October, while raising its estimate for soybeans. "With CBOT grain futures already compressed, the report will need to be bearish to sustain a deeper correction," AgResource says in a note. Corn is up 0.5%, wheat is up 0.1% and soybeans are off 0.1%.(anthony.harrup@wsj.com)

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Oil Futures Extend Slide as Trump Indicates Restraint on Iran -- Market Talk

0931 ET - Oil futures extend Monday's selloff after President Trump reiterated that it's unlikely the U.S. will re-escalate its conflict with Iran. "We are seeing positive momentum toward an end to this conflict," he posted on Truth Social following his meeting with Qatar's prime minister. "The Democratic Party's gains in the U.S. midterms and President Trump's signal that the conflict could end fairly soon have revived hopes of a deal, while flows through the Strait of Hormuz are returning," market analyst Nikos Tzabouras says in a note. Hopes of a breakthrough have been dashed before, so "until diplomacy delivers, geopolitical uncertainty lingers and crude can rebound," he adds. WTI is down 2.7% at $84.47 a barrel, and Brent is down 3.3% at $89.50 a barrel. (anthony.harrup@wsj.com)

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U.S. Natural Gas Futures Extend Gains -- Market Talk

0844 ET - U.S. natural gas futures add to yesterday's weather-driven gains as a cold spell forecast for the weekend across the eastern U.S. lifts near-term demand expectations. "Nymex futures pricing may increase short term, particularly if weather shifts even colder and regional spot prices continue to incentivize producer shut-ins," Eli Rubin of EBW Analytics says in a note. The medium-term outlook remains bearish with inventories likely to approach 3.9 trillion cubic feet and "a seasonal production boom yet to drop," he adds. Nymex natural gas is up 0.9% at $3.246/mmBtu.(anthony.harrup@wsj.com)

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European Gas Prices Fall But Low Storage Keeps Risks Elevated -- Market Talk

1428 GMT - European natural-gas prices have fallen sharply in recent days, tracking declines in oil, but low storage levels across parts of the region remain a source of concern. The benchmark Dutch TTF contract slips 0.4% to 82.21 euros a megawatt hour in afternoon trading and is down more than 10% on the week on hopes for a diplomatic resolution of the Iran war. Still, inventories are well below the seasonal average, leaving the market particularly vulnerable to further disruptions or cold snaps. In Germany, for example, the gas storage system operator warned of potential supply shortages from January to March if the country experiences an extremely cold winter, citing low storage levels. (giulia.petroni@wsj.com)

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Gold Falls on Fed Governor Hawkish Remarks, Inflation Data -- Market Talk

1401 GMT - Gold prices reverse course in afternoon European trading after Federal Reserve governor Christopher Waller said he was leaning toward supporting a quarter-point interest-rate increase next month. Gold futures in New York fall 1.2% to $4,065.90 a troy ounce, giving up earlier gains. Prices are also pressured by a firmer U.S. dollar, which makes bullion more expensive for overseas buyers. Traders now see a 100% probability of a December rate increase, according to CME's FedWatch tool. Higher interest rates tend to weigh on nonyielding gold by increasing the opportunity cost of holding it. Meanwhile, the latest U.S. data showed consumer prices climbed notably again in October from the previous month. (giulia.petroni@wsj.com)

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Tanker Carrying Russian Diesel Stalls off U.S. East Coast, Kpler Says -- Market Talk

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November 10, 2026 12:10 ET (17:10 GMT)