US Commodities Market Recap for July 22, 2025: Mixed Signals Across Energy, Metals, and Agriculture
ST. LOUIS, MO (STL.News) US Commodities Market — U.S. commodities markets delivered a mixed performance on Tuesday, July 22, 2025, with energy markets sliding slightly, metals showing divergent trends, and agricultural futures seeing varied responses to global trade policy and domestic weather concerns. With equities climbing to new highs and the U.S. dollar gaining strength, commodities reacted accordingly as investors gauged inflation data, trade developments, and technical market thresholds.
US Commodities Market – Energy: Crude Oil Sees Slight Pullback on Stronger Dollar
West Texas Intermediate (WTI) crude for September delivery closed modestly lower at $65.53 per barrel, down roughly $0.40 from the prior session. Brent crude, the global benchmark, edged down to $69.23, retreating by approximately $0.05. The recent dip reflects a mix of technical resistance near the $70 handle and macroeconomic factors, including a firmer dollar and investor repositioning ahead of the next OPEC+ meeting.
On the technical chart, WTI remains within a consolidation range, trading below its 50-day moving average but supported above its 200-day moving average. Relative Strength Index (RSI) levels for WTI hovered near 47, indicating neutral momentum, while trading volume remained stable. Analysts are closely watching the $64.50 support level and the $68.25 resistance level as key near-term targets.
Oil’s minor decline came amid broader concerns about demand stability. China’s slowing industrial output and fading summer travel demand in the U.S. have capped bullish momentum. However, geopolitical tensions in the Middle East, paired with OPEC+ supply discipline, continue to offer longer-term support.
US Commodities Market – Metals: Copper Surges, Gold Retreats Modestly
Copper futures jumped 2.5% to settle at $5.74 per pound, marking one of the strongest daily moves in the industrial metals space. This rally was largely driven by fresh tariff threats issued by the U.S. Trade Representative’s office, which announced plans to impose a 50% import duty on refined copper from select countries starting August 1. Market participants reacted strongly, anticipating tight supply and speculative buying pressure ahead of the policy implementation.
From a technical standpoint, copper broke through key resistance near $5.60, reaching new 12-month highs. Momentum remains firmly bullish, with RSI surpassing 70—an overbought reading that often signals either continued strength or a pending pullback. Support now rests near $5.50.
Meanwhile, gold futures drifted slightly lower to $3,355 per ounce, off $2.90 on the session. The move was attributed to profit-taking and a stronger U.S. dollar, which weighed on the prices of precious metals. As investor appetite shifted toward riskier assets amid a record-breaking equities rally, gold lost some of its safe-haven appeal.
Gold remains in a holding pattern, trading between $3,330 and $3,380 in recent sessions. The RSI for gold came in at 49, signaling market indecision. Support lies at $3,320, with resistance overhead at $3,375.
US Commodities Market – Agriculture: Grains React to Weather and Trade; Livestock Mixed
In the grain markets, wheat futures for September delivery advanced 7¼ cents to $5.495 per bushel, responding to hot, dry conditions in key U.S. growing regions and concerns over tightening global inventories. Kansas City wheat followed suit with modest gains. Analysts noted the potential for below-trend yields in the Midwest as a bullish factor.
Corn futures slipped by 4 cents as traders squared positions ahead of upcoming USDA crop progress updates. Weather models remain mixed, with forecasts showing possible rain relief for drought-stricken parts of Iowa and Illinois later this week. Despite the pullback, corn prices remain supported by uncertainty surrounding yield estimates and export demand.
Technical indicators for wheat and corn remain mildly bullish. Wheat has bounced from oversold conditions, while corn sits just below its 20-day moving average. Key technical support for wheat is at $5.40, with upside resistance near $5.65.
Livestock markets showed a split performance. October live cattle futures dipped $0.50 to close at $221.12 per hundredweight (cwt), while August feeder cattle rose $0.67 to $328.27/cwt, supported by strong feedlot demand and tight supply.
October lean hogs fell $0.47 to $90.50/cwt, reflecting seasonal supply increases and softer wholesale pork demand. RSI levels for cattle and hogs remain neutral to slightly bearish, suggesting consolidation.
US Commodities Market – Dairy & Other Soft Commodities: Butter Slips, Cheese Flat
Spot dairy prices held relatively stable. Barrel cheese remained unchanged at around $1.66 per pound, while butter slipped modestly to $2.48 per pound. The decline in butter followed weaker retail buying ahead of August contract rollovers. Meanwhile, dry whey and nonfat dry milk futures remained flat as demand remains sluggish.
Soft commodities, such as orange juice and cotton, remained essentially unchanged on the day, with no major weather disruptions reported in the key growing zones.
US Commodities Market – Technical Summary: Momentum Diverges by Sector
Across the board, U.S. commodities exhibited diverging technical momentum. Energy prices are in a sideways holding pattern, while industrial metals, especially copper, continue their bullish trajectory. Agricultural contracts remain responsive to both short-term weather forecasts and long-term global trade trends. Precious metals are showing signs of fatigue, possibly awaiting a clearer macroeconomic signal.
Key technical levels to watch:
- WTI Crude Oil: Support at $64.50, resistance at $68.25
- Gold: Support at $3,320, resistance at $3,375
- Copper: Support at $5.50, resistance at $5.80
- Wheat: Support at $5.40, resistance at $5.65
- Corn: Support at $4.78, resistance at $5.05
US Commodities Market – Broader Market Influence: Dollar, Equities, and Tariffs
The strength of the U.S. dollar played a significant role in shaping commodity moves on Tuesday. The U.S. Dollar Index (DXY) gained 0.3%, putting pressure on dollar-denominated commodities by making them more expensive for foreign buyers. Concurrently, equity markets rallied to new all-time highs, drawing capital away from traditional hedges, such as gold and oil.
Investor attention remains focused on Washington, where recent announcements regarding tariffs—particularly the forthcoming 50% copper import duty—have injected fresh volatility into the metals markets. These developments could spill over into other sectors in the coming weeks, especially if foreign governments introduce retaliatory measures.
US Commodities Market – Outlook: Volatility Ahead as Summer Winds Down
Looking ahead, commodity traders are bracing for an active August, with key events such as:
- The next OPEC+ policy meeting on supply strategy
- USDA crop condition reports and updated yield forecasts
- Inflation and jobs data, which could shape Federal Reserve policy expectations
- Potential trade retaliation amid rising global tariff tensions
With volatility returning to select corners of the commodity complex, active risk management and close attention to technical levels will be essential for traders and investors alike.
STL.News will continue to monitor the US commodities market daily and provide timely updates on pricing trends, policy impacts, and technical indicators across the energy, metals, agricultural, and soft commodity sectors.
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