Trump Tasks Top Advisers With Finding Way to Lower Soaring Beef Prices -- Commodities Roundup

MARKET MOVEMENTS:

-- Brent crude oil is down 1.6% to $62.75 a barrel.

-- European benchmark gas is down 1.5% to 26.85 euros a megawatt-hour.

-- Gold futures are down 0.8% to $4,207.3 a troy ounce.

-- LME three-month copper futures are down 0.6% to $11,598.50 a metric ton.

TOP STORY:

Trump Tasks Top Advisers With Finding Way to Lower Soaring Beef Prices

A group of President Trump's top advisers have convened to tackle soaring beef prices, according to people familiar with the discussions, showing how the administration is escalating efforts to wrangle food inflation.

Steak and ground beef have hit record highs this year, sending everyone including meatpackers, supermarkets and restaurants looking for ways to ease the pain.

The problem: There is no easy way to bring down prices, which have climbed steadily since 2021.

OTHER STORIES:

Repsol, HitecVision to Merge JV With TotalEnergies UK's Upstream Business

Repsol and HitecVision said they would merge their joint venture Neo Next Energy with TotalEnergies' U.K. offshore oil and gas production business.

The Spanish energy company said Monday that under the terms of the transaction, TotalEnergies UK would acquire a 47.5% stake in Neo Next Energy.

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Sembcorp Industries Confirms Talks to Buy Australia's Alinta Energy

Sembcorp Industries is mulling the acquisition of an Australian energy supplier as it seeks to boost its shareholder value through potential buys.

The Singapore-based energy solutions provider said Monday that it is in discussions with relevant parties for some acquisition opportunities, including Alinta Energy.

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NextEra Energy, Google Expand Partnership to Develop Data Centers

NextEra Energy and Google Cloud are teaming up to develop several gigawatt-scale data-center campuses.

Under the expanded partnership between the Juno Beach, Fla., electric-power company and the Sunnyvale, Calif., search giant, NextEra will also use Google Cloud's artificial intelligence and infrastructure to accelerate its AI deployment and innovation, the companies said Monday.

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Kloeckner & Co Shares Rise on Takeover Talks With Worthington Steel

Shares in Kloeckner & Co surged Monday on takeover talks with U.S. metals processor Worthington Steel.

Shares were 21% higher in early European trade and have now risen 64% in the year to date.

MARKET TALKS:

Oil Falls 1% With Russia-Ukraine in Focus -- Market Talk

1601 GMT - Oil prices extend losses as traders continue to monitor negotiations to end the war in Ukraine and Russian oil exports. Brent crude falls 1.1% to $63.07 a barrel, while WTI is down 1% to $59.45 a barrel. "India's imports of Russian crude are expected to decline sharply in December and further into January, following U.S. sanctions on Rosneft and Lukoil," analysts at DNB say. "However, volumes could rebound after January as unsanctioned suppliers squeeze in and a vast number of new trading intermediaries appear to circumvent sanctions to profit from deep discounted Russian oil." Traders also await the release of monthly reports from OPEC and the IEA later this week for more cues on supply-and-demand trends. ([e-mail])

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Soybean Price Support in 2026 Rests on Biofuels Policy -- Market Talk

1047 ET - The impasse between the U.S. and China has been the dominant topic in the soybean market in 2025, and looks to be what will be most watched as 2026 gets underway. But underneath that is another topic that may be just as important, if not more -- U.S. biofuels policy, which could spark a much-higher consumption of soybeans to produce renewable fuels like biodiesel. "Increased domestic crush capacity to meet growing soybean oil demand means the U.S. will become a larger soymeal exporter and less reliant on China as a soybean buyer," says ING Economics in a note. The firm maintains that the clear threat to this increased consumption is if the U.S. government decides to pull back on renewable fuels rules next year. ([e-mail])

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Oil Futures Retreat After String of Gains

0846 ET - Oil futures are lower after rising the previous three sessions with the market continuing to balance between ample supply and geopolitical risk premium. "Bearish world oil balances are still slowly translating into increased visibility, especially within the U.S.," Ritterbusch and Associates says in a note. "This week's trade will be jostled not only by headlines regarding Ukraine-Russia and Venezuela that will keep geo-risk fluctuating, but also by the Fed rate decision that will have demand implications for petroleum products." WTI and Brent are down 0.9% at $59.52 and $63.17 a barrel, respectively. ([e-mail])

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U.S. Natural Gas Futures Give Back Some Gains -- Market Talk

0808 ET - U.S. natural gas futures are returning some of last week's hefty gains after weather outlooks aren't quite as cold as previously expected. "Weekend model runs now show the most severe cold limited to northwestern Canada and the cold in the U.S. much more tame and confined to the Northeast," Gary Cunningham of Tradition Energy says in a note. "The shift warmer should also help limit any production impacts from freeze-offs which had been anticipated in the prior runs." The January contract should hold above $5, "but look for spring to see some selling as the weather revisions get modeled into storage projections," he adds. Nymex natural gas for January is down 4.3% at $5.062/mmBtu. ([e-mail])

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Gold Inches Lower, With Eyes on Fed Meeting -- Market Talk

1356 GMT - Gold prices edge lower, with focus on the Federal Reserve's policy meeting later this week. Futures in New York fall 0.3% to $4,232.40 a troy ounce, while spot gold is down 0.2% to $4,198.69 an ounce. "The dot-plot projections will be key to watch and could drive the market's response," Aaron Hill from FP Markets says. A major shift is unlikely due to high levels of uncertainty after a prolonged U.S. government shutdown, with only one rate cut expected next year, according to the analyst. Meanwhile, the looming selection of a new Fed chair could reshape expectations for next year and heighten volatility around inflation and interest rates. ([e-mail])

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Copper Well Supported Despite Softer Chinese Demand, MS Says -- Market Talk

1339 GMT - Copper prices are likely to remain well supported into next year despite signs of demand weakness in China, analysts at Morgan Stanley say. LME futures hit a fresh record on Monday, reaching $11,771 a metric ton, driven by concerns over tighter supply due to major mine disruptions and large shipments of the metal to the U.S. China's copper demand growth is expected to slow to 2% in 2026, down from 4% this year, with consumption from key sectors--including air conditioning and EVs--declining. However, stronger demand from energy-storage systems and continued growth from data centers are expected to provide a boost, MS says. The bank forecasts copper at an average of $12,780 a ton next year. ([e-mail])

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Five Anglo American Mines Go Back on Sale -- Market Talk

1048 GMT - Five Australian coal mines owned by Anglo American will soon be on sale again, with a buyer likely to come from a handful of places, Panmure Liberum analysts Duncan Hay and Tom Price write. Peabody Energy backed out of an agreement to buy the mines for $3.78 billion in August. That price implied a value of $280 a metric ton, below the $298 average across recent deals, the analysts write. A buyer could be found among Glencore; Stanmore, based on its prior interest in Queensland mines; Coronado or Yanzhou, given the miners' presence in Australian met-coal; a Japanese industry player; or private equity as miners retreat from coal. Anglo shares are down 0.8% at 29.57 pounds. ([e-mail])

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Palm Oil Falls Amid Concerns Over Rising Inventories -- Market Talk

1007 GMT - Palm oil closed lower, likely dragged by lingering concerns over rising Malaysian inventories amid a seasonal demand slowdown, Kenanga Futures said in a note. Potential profit-taking after a recent rally may have also weighed on CPO prices, it added. Kenanga Futures pegs support and resistance for the February futures contract at 4,080 ringgit a ton and 4,195 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for February delivery closed 58 ringgit lower at 4,094 ringgit a ton. ([e-mail])

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Geoeconomic Uncertainty Likely to Shape Gold Performance in 2026 -- Market Talk

0943 GMT - Gold's outlook for 2026 is likely defined by ongoing geoeconomic uncertainty, the World Gold Council says in a research note. Unexpected events, such as Trump's Liberation Day tariffs this year, are impossible to anticipate, they note, adding that the frequency of tail risk events is on the rise. The trade association thinks the forces of softer economic growth, accommodative policy and persistent geopolitical risks could support gold rather than undermine it. Investors will likely maintain some exposure to gold given the unpredictability of current geoeconomic dynamics. "In a world where shocks and surprises are increasingly the norm, gold's capacity to provide diversification and downside protection remains as relevant as ever," it adds. ([e-mail])

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Gold Inches Lower But Remains Supported by Fed Rate-Cut Expectations -- Market Talk

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12-08-25 1123ET