Bloomberg News

Natural Gas, Wheat Fall as Livestock Rises: Commodities at Close

May 29, 2012

The Standard & Poor’s GSCI gauge of 24 commodities declined 2.8 percent to 617.67. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.2 percent to 1,471.575 at 5:07 p.m. in New York.

NATURAL GAS

Natural gas futures in New York declined the most in three months on forecasts of milder weather that may reduce demand for the power-plant fuel.

Gas dropped 5.4 percent as Commodity Weather Group LLC in Bethesda, Maryland, predicted normal or below-normal temperatures in the Northeast from June 3 to June 12 as a heat wave dissipates.

Natural gas for June delivery fell 13.9 cents to settle at $2.429 per million British thermal units on the New York Mercantile Exchange. Today’s percentage decline was the biggest since March 1. The futures have advanced 6.3 percent this month, climbing 28 percent after falling to a 10-year intraday low of $1.902 per million Btu on April 19.

Gas market: NI GASMARKET

Americas natural gas: NI AGASMARKET

European natural gas: NI EGASMARKET

GRAINS

Wheat had the biggest drop in almost four weeks on speculation that rain is reviving dry crops in Russia and Ukraine while the start of the harvest season in the U.S. is adding to global supplies. Soybeans gained and corn fell.

Wheat futures for July delivery dropped 3.4 percent to settle at $6.5675 a bushel on the Chicago Board of Trade, the biggest decline since May 2. Prices are down 20 percent from a year ago.

Soybean futures for July delivery climbed 0.3 percent to close at $13.8675 a bushel.

Corn futures for July delivery fell 2.8 percent to settle at $5.625 a bushel. Earlier, the price touched $5.57, the lowest level for a most-active contract since Dec. 8, 2010. The grain has dropped 13 percent this year, partly on government forecasts that U.S. farmers would plant the most acres since 1937.

Grain markets: NI GRMKTS

LIVESTOCK

Cattle futures climbed the most in more than a week, on speculation that U.S. beef demand is rising. Hog prices rose to a one-week high.

Cattle futures for August delivery rose 0.4 percent to settle at $1.196 a pound on the Chicago Mercantile Exchange, the biggest gain since May 18.

Hog futures for July settlement rose 1.3 percent to settle at 87.675 cents a pound.The commodity has gained 2 percent this month and 4 percent this year.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil fell for the first time in three days after Egan-Jones Ratings Co. downgraded Spain’s credit, pushing the euro to the lowest level in almost two years.

Oil for July delivery settled at $90.76 a barrel on the Nymex, down 10 cents. Prices are down 13 percent this month. Futures touched $92.21, the highest level since May 22, in intraday trading. Floor trading was closed yesterday for Memorial Day.

Brent oil for July settlement fell 43 cents, or 0.4 percent, to $106.68 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

OIL PRODUCTS

Gasoline rose on the possibility that Petroplus Holdings AG will shut its 175,000-barrel-a-day Coryton oil refinery in the U.K., reducing European exports to the U.S.

Gasoline for June delivery increased 1.36 cents, or 0.5 percent, to settle at $2.9065 a gallon on the NYMEX, the third consecutive gain.

Gasoline: NI GASOLINE

U.S. oil products: NI OPUMKT

Asia oil products: NI OPAMKT

Europe oil products: NI OPEMKT

BASE METALS

Copper rose for the third straight session on speculation that China, the world’s biggest metals consumer, will take more action to stoke economic growth.

Copper futures for July delivery added 0.4 percent to settle at $3.462 a pound on the Comex in New York. Aluminum and nickel slid. Tin, lead and zinc gained.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold declined for the first time in three sessions as the dollar advanced on concern that Spain’s financial situation is worsening, lowering the appeal of precious metals as an alternative investment.

Gold futures for August delivery dropped 1.3 percent to settle at $1,551 an ounce on the Comex in New York, the first decline for a most-active contract since May 23.

Silver futures for July delivery slumped 2.1 percent to $27.791 an ounce on the Comex.

On the Nymex, platinum futures for July delivery advanced 0.1 percent to $1,428.10 an ounce, rising for the third straight session. Palladium futures for July delivery jumped 2.4 percent to $606.05 an ounce, the biggest gain since April 26.

Precious metal markets: NI PCMKTS

SOFT COMMODITIES

Sugar and coffee fell, while orange juice rallied to a two- week high on concern that storms will threaten Florida groves.

Orange juice for July delivery surged 2.2 percent to settle at $1.1165 a pound on ICE Futures U.S. in New York.

Raw sugar for July delivery declined 0.5 percent to settle at 19.53 cents a pound. The commodity has tumbled 16 percent this year.

Arabica-coffee futures for July delivery fell 1.4 percent to $1.654 a pound in New York.

Soft commodities markets: NI SOMKTS

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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