MARKET MOVEMENTS:
–Brent crude oil is up 0.3% at $66.04 a barrel
–European benchmark gas is down 0.7% to 31.05 euros a megawatt-hour
–Gold futures are down 0.1% at $3,378.70 a troy ounce
–LME three-month copper futures are down 0.2% at $9,740.0 a metric ton
TOP STORY:
BlueScope Steel Studying Whether It Could Buy, Not Build, More U.S. Growth
BlueScope Steel is considering whether it could buy a midstream U.S. steelmaking operation before making a decision on a postponed $1.2 billion investment in the Midwest, said Chief Executive Mark Vassella.
The Australia-based steelmaker, whose U.S. operations include an Ohio steel plant, in February deferred a planned cold-rolling and metal-coating investment because of heightened market uncertainty. The American steel industry is being reshaped by punitive new tariffs on imported steel and the takeover of Pittsburgh-based U.S. Steel by Japanese giant Nippon Steel, which was completed in June.
"Now that Nippon Steel and U.S. Steel have settled, we're just thinking about whether there's any implications or opportunities that might come out of that would affect our decision," Vassella said Monday in an interview. "For example, are there assets that Nippon Steel might not want? They're the things that we're thinking through."
OTHER STORIES:
Weekly Corn Export Inspections Decline
Inspections of corn declined last week from the previous one, according to data from the Department of Agriculture.
In its latest weekly Grain Export Inspections report Monday, the USDA said corn export inspections for the week ended Aug. 14 totaled 1.05 million metric tons, slowing from 1.52 million tons in the prior period, and also lower than 1.22 million tons a year ago.
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European Renewable Stocks Rise After U.S. Tax Credit Guidance
Shares in European renewable companies rose in opening trade after the Trump administration on Friday published better-than-expected guidelines on which projects will qualify for wind and solar tax credits.
In early morning European trade, Vestas Wind Systems shares jumped 13%, EDP Renovaveis rose 5.5%, Nordex was up 3.6% and Orsted ticked up 2.5%.
After the European markets closed on Friday, the U.S. Treasury issued guidance that said projects must begin "physical work of a significant nature" by July 5, 2026, in order to qualify for the tax credits. In doing so, it removed a previous 5% capital expenditure requirement for the project to qualify.
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Google to Help Power Data Centers With Energy From Kairos Nuclear Plant
A Kairos Power nuclear energy plant in Tennessee will deliver energy to the grid that powers Google data centers in Tennessee and Alabama, the companies said Monday.
Kairos agreed to a power purchase agreement with the Tennessee Valley Authority in which Kairos will provide up to 50 megawatts from its nuclear energy plant in Oak Ridge, Tenn.
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New Hope FY Coal Output Up 18% On Year
New Hope on Monday reported an 18% increase in annual coal output, reflecting the ramp-up of production at its New Acland mine in Australia's Queensland state.
The miner said it produced 10.7 million metric tons of saleable coal in the year through July, up from 9.1 million tons in the year earlier. New Hope had forecast annual output of between 10.6 million and 11.6 million tons.
MARKET TALKS:
Gold Ticks Lower on Lower Expectations for U.S. Interest Rate Rut -- Market Talk
1538 GMT - Gold futures edge lower on a stronger U.S. dollar and lower expectations for monetary policy easing. Futures are down 0.1% at $3,378.90 a troy ounce. The precious metal is down 0.7% on week as U.S. tariff-driven inflation dims interest rate cut hopes, MUFG analysts say in a note. A sharp increase in U.S. wholesale inflation in July has left markets scaling back expectations for a rate cut in September, lowering the appeal of non-interest bearing bullion, MUFG says. While markets still expect up to two rate cuts this year, traders are closely watching geopolitical developments. President Trump is meeting Ukraine's Volodymyr Zelensky today, which could affect gold's safe-haven demand, MUFG writes. Still, gold remains up nearly 28% in the year to date, supported by geopolitical tensions, economic concerns and diversification away from the dollar, analysts add. (joseph.hoppe@wsj.com)
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Dryness Found in Indiana/Ohio Crops -- Market Talk
1113 ET - Crop scouts moving through Ohio into Indiana are reporting issues with crop development that were not otherwise expected in today's surveying. While rainfall has been plentiful in most areas, some counties like Jay County, Ind. are showing soils that are cracked and absent of soil moisture near the top. "I wasn't expecting it to be that dry," says crop scout Rob Ruppert of Blue Line Futures. Other scouts posting their finds on X are also reporting pollination issues and low ear count for corn in western Ohio -- while local farmers report that rain events have been scarce in recent weeks. Most-active corn on the CBOT is up 0.4%. (kirk.maltais@wsj.com)
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Live Cattle Takes a Break From Last Week's Rally -- Market Talk
1020 ET - Cattle futures give away some of last week's gains as it remains unclear how far the ban on Mexican imports because of New World Screwworm will go. AgResource says that cattle slaughter this year has been higher than a year earlier only for two weeks. That includes last week, when slaughter fell by 75,000 from a year ago, to 530,000. On the CBOT, prices remain close to historic highs. Live cattle for October fall 0.4% to $2.298 a pound. Lean hogs, on the other hand, rise slightly to 90.2 cents a pound. (paulo.trevisani@wsj.com; @ptrevisani)
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Tip Back Seen in Eastern Corn Crop -- Market Talk
0957 ET - Corn observed in eastern Indiana during the first day of the Pro Farmer Midwest Crop Tour is showing signs of tip back -- which means that corn ears have a dead spot near their edge. This is a sign of heat stress for the corn crop. One local farmer in eastern Indiana says that the heat stress is coming from it being too hot at night, meaning that corn isn't allowed to recuperate and dew evaporates instead of being soaked in by the corn plant. The eastern leg of the Crop Tour proceeds through Indiana today. Most-active corn futures on the CBOT are up 0.3% in early trading. (kirk.maltais@wsj.com)
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Grain Prices Mixed as Traders Tour U.S. Crops -- Market Talk
0949 ET - Grain futures are mixed ahead of the Trump-Zelensky meeting and as the U.S. crop-tour gets underway. Traders on the tour expect robust production. The USDA reports flash export sales of 124,000 metric tons of corn to unknown destinations. In Brazil's center-south farm belt, the safrinha corn harvest reaches 94%, while summer planting gains traction, according to AgRural. On the CBOT, corn for December delivery struggles to remain above $4 a bushel. Soybeans for November are slightly down, at $10.42 and wheat for September rises 0.4% to $5.09. (paulo.trevisani@wsj.com; @ptrevisani)
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Oil Futures Edge Up As Zelensky to Meet With Trump -- Market Talk
0837 ET - Crude oil futures continue rangebound with the market focused on prospects for ending the Russia-Ukraine war as Ukrainian President Zelensky travels to Washington following the Trump-Putin summit Friday. "While we believe a peace deal is in the making, we also think that international markets may not react positively to Trump's push for Putin, particularly in pressuring Zelensky to give up the quest for NATO membership and certain territories," Peter Cardillo of Spartan Capital says in a note. "This is likely to be unfavorable for both international and U.S. markets; in other words, skepticism and cautiousness could emerge." WTI is up 0.5% at $63.10 a barrel and Brent is 0.4% higher at $66.09. (anthony.harrup@wsj.com)
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Gold Futures Rise on Increased Safe-Haven Demand -- Market Talk
1157 GMT - Gold futures rise after Friday's Alaska summit between President Trump and Russia's Vladimir Putin ended without a ceasefire in Ukraine. Futures are up 0.3% at $3,392.30 a troy ounce. The precious metal is attracting safe-haven demand on persistent geopolitical uncertainty, Tradu.com's Nikos Tzabouras says in a note. Moderating inflation and a weakening labor market have also increased expectations for the U.S. Federal Reserve to lower interest rates, Tzabouras says. This has weighed on the U.S. dollar and makes non-interest bearing bullion more attractive, Tzabouras writes. Still, any progress in talks between Trump and Putin alongside potential U.S. security guarantees to Ukraine could temper safe-haven demand and there is no guarantee of aggressive monetary policy easing, Tzabouras adds. (joseph.hoppe@wsj.com)
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Rugged Corn Looks to Maintain Record Size -- Market Talk
1151 GMT - The Pro Farmer Midwest Crop Tour is underway on Monday, and traders and analysts alike are expecting to see strong crops with only minimal development and disease issues. For corn, one reason for that is because the ever-improving genetics of corn seeds--which are designed to create corn plants that can withstand excessive heat and dryness, neither of which have been observed in much of the Corn Belt. "It's hard to see what weather event could derail a crop," says Oliver Sloup of Blue Line Futures, who is also a crop scout on the eastern leg of this year's tour. The eastern leg travels through Ohio and Indiana today. (kirk.maltais@wsj.com)
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Grain Markets Still Eyeing Trade Headlines -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
August 18, 2025 11:58 ET (15:58 GMT)
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