The Standard & Poor’s GSCI gauge of 24 commodities rose 1.7 percent to 650.47 in London. The UBS Bloomberg CMCI index of 26 raw materials advanced 1.3 percent at 1,578.078.
Crop prices surged in Chicago, lifting soybeans to a record, as the worst U.S. drought since 1956 scorched fields and raised chances of higher food prices.
Soybeans reached $16.5125 a bushel today on the Chicago Board of Trade, surpassing the previous peak of $16.3675 on July 3, 2008. Corn rallied to the highest since 2008 and came within 1 percent of its all-time record, while wheat surged above $9 a bushel to the highest in almost four years.
Corn for December delivery rallied 1.3 percent to $7.945 a bushel after touching $7.98. The record for a most-active contract is $7.9925. Corn has surged 57 percent since mid-June. Futures for September delivery, the contract closest to expiration, rose as high as $8.115 today.
Wheat futures jumped to the highest price in almost four years as the worst drought since 1956 erodes crop prospects in the U.S. and dry weather hurts production in Australia and Russia.
Wheat futures for September delivery rose 2.2 percent to $9.2325 a bushel on the Chicago Board of Trade, after reaching $9.375, the highest for a most-active contract since Aug. 21, 2008. Prices surged 10 percent in the six sessions before today and were up 44 percent since mid-June.
Grain markets: NI GRMKTS
Natural gas futures fluctuated in New York after a government report showed that U.S. stockpiles increased by less than expected last week.
Natural gas for August delivery fell 0.1 cent to $2.972 per million British thermal units on the New York Mercantile Exchange. Gas traded at $2.94 before the storage number was released at 10:30 a.m. in Washington and rose as high as $3.032 after the release.
U.K. natural gas for delivery today was little changed as lower imports from Norway were offset by weaker demand. Next-day power surged.
Same-day gas lost 0.4 pence to 53.9 pence a therm. August U.K. gas slipped as much as 0.7 percent to 53.4 pence, a one- month low.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Cotton rose for a second straight day on speculation that farmers will plant fewer acres as surging grains prices boost the appeal of planting food crops. Coffee and cocoa advanced, while sugar and orange juice fell.
Cotton futures for December delivery advanced 0.5 percent to 72.31 cents a pound on ICE Futures U.S. in New York. The fiber gained 1.2 percent yesterday.
Arabica-coffee futures for September delivery rose 1.8 percent to $1.855 a pound in New York.
Also on ICE, cocoa futures for September delivery climbed 1.5 percent to $2,238 a metric ton. Raw-sugar futures for October delivery slid 0.6 percent to 22.81 cents a pound.
Orange-juice futures for September delivery slipped 3.5 percent to $1.12 a pound in New York.
Soft commodities markets: NI SOMKTS
Oil advanced to the highest level in seven weeks on rising concern that the Middle East will lose stability, disrupting supplies from a region responsible for about 30 percent of world production.
Crude for August delivery increased $1.94, or 2.2 percent, to $91.81 a barrel on the New York Mercantile
Exchange after climbing to $91.94, the highest intraday level since May 29. Oil’s seven-day gain is the longest since Feb. 24. Prices are down 7.1 percent this year.
Brent oil for September settlement advanced $2.08, or 2 percent, to $107.24 a barrel on the London-based ICE Futures Europe exchange.
Oil markets: NI OILMARKET
European gasoline gained for a fifth session as Gunvor Group Ltd. bought barges and crude jumped. Gasoil advanced to a two-month high on the ICE Futures Europe exchange in London.
Gasoline barges for immediate loading in Amsterdam- Rotterdam-Antwerp traded at $1,005 to $1,014 a metric ton, according to a survey of traders and brokers monitoring the Argus Bulletin Board.
Heating oil and gasoline rose as floor trading opened on the New York Mercantile Exchange.
Heating oil for August delivery gained 3.04 cents, or 1.1 percent, to $2.908 a gallon in New York, while August-delivery gasoline added 1.13 cents, or 0.4 percent, to $2.8947.
Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL
Copper rose for a second day in New York amid speculation China and the U.S., the world’s two largest users of the metal, may move to stoke their economies.
Copper for September delivery climbed 1.6 percent to $3.53 a pound on the Comex in New York. The London Metal Exchange’s three-month contract rose 2 percent to $7,787.75 a metric ton.
Aluminum, zinc, tin, nickel and lead rose in London.
Base metals markets: NI BMMKTS
Gold rose for the first time this week as more Americans than forecast filed first-time claims for unemployment-insurance payments last week, increasing pressure on the Federal Reserve to loosen monetary policy.
Gold futures for August delivery gained 0.9 percent to $1,584.50 an ounce on the Comex in New York. The contract fell 1.3 percent in the previous three sessions.
Silver futures for September delivery jumped 1.1 percent to $27.40 an ounce in New York.
Precious metal markets: NI PCMKTS
On the Chicago Mercantile Exchange, hog futures for October settlement were up 0.2 percent at 80.2 cents a pound.
Cattle futures for August delivery were little changed at $1.18 a pound.
Feeder-cattle futures for August settlement dropped 3 cents to $1.37 a pound.
Livestock markets: NI LVMKTS
European Carbon Permits
European Union carbon for December fell as much as 6.6 percent to 6.68 euros ($8.19), the lowest since June 14, on the ICE Futures Europe exchange in London.
EU Carbon Emissions: NI ECBMKT
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