Bloomberg News

Soybeans Hit a Record, Corn Advances: Commodities at Close

July 20, 2012

The Standard & Poor’s GSCI gauge of 24 commodities fell 0.9 percent to 648.69 in London. The UBS Bloomberg CMCI index of 26 raw materials was down 0.6 percent at 1,569.677.

GRAINS, OILSEEDS:

Soybeans extended a rally to a record and corn approached an all-time high as forecasts for dry weather next week boosted concern that the persistent Midwest drought will cut output in the U.S., the world’s top grower.

Soybean futures for November delivery jumped 2.1 percent to $16.87 a bushel on the Chicago Board of Trade. Earlier, the price reached a record $16.9025.

Corn futures for December delivery rose 2 percent to $7.9475 a bushel. Yesterday, the grain reached $7.99, the highest for the most-active contract since the all-time high of $7.9925 in July 2008.

Wheat futures for September delivery fell 0.8 percent to $9.2775 a bushel on the Chicago Board of Trade, after reaching $9.3875.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cocoa advanced in New York and London as concerns about supplies in the season starting in October continue to attract investment from money managers even as processing falls in Europe and North America. Coffee fell.

Cocoa for September delivery advanced 0.3 percent to $2,236 a metric ton on ICE Futures U.S. in New York. Cocoa for December delivery was up 0.7 percent to 1,531 pounds ($2,400) a ton on NYSE Liffe in London.

Raw sugar for October delivery advanced 0.4 percent to 23.35 cents a pound on ICE. White, or refined, sugar for October delivery rose 0.8 percent to $641.60 a ton on NYSE Liffe.

Arabica coffee for September delivery was down 1.3 percent to $1.8655 a pound in New York. Robusta coffee for September delivery fell 0.6 percent to $2,179 a ton in London.

Orange-juice futures for September delivery fell 0.8 percent to $1.117 a pound on ICE Futures U.S. in New York, heading for a ninth straight decline. Yesterday, prices slipped to a three-week low of $1.1125.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures climbed to a two-week high in New York on forecasts of hotter-than-normal weather that may erode surplus inventories of the fuel.

Natural gas for August delivery rose 1.9 cents, or 0.6 percent, to $3.018 per million British thermal units at 11:01 a.m. on the New York Mercantile Exchange, after rising to $3.058, the highest intraday price since July 6.

U.K. natural gas for immediate delivery rose as the network manager forecast lower supply after Dutch pipeline deliveries halted and flows from a liquefied natural gas terminal slumped.

Gas for today added as much as 0.8 penny to 55.3 pence a therm. It was at 54.9 pence, according to broker prices compiled by Bloomberg. That’s equal to $8.62 a million British thermal units. A therm is 100,000 Btu. The next-month contract was unchanged at 53.85 pence.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

CRUDE OIL

Oil fell for the first time in eight days on concern that European governments aren’t doing enough to contain the worsening debt crisis, raising worries that demand will slip.

Crude for August delivery fell $1.44, or 1.6 percent, to $91.22 a barrel on the New York Mercantile Exchange. Oil closed at the highest level since May 16 yesterday, capping a seven-day gaining streak that’s the longest since Feb. 24. Prices are down 7.7 percent this year.

Brent oil for September slid $1.43, or 1.3 percent, to $106.37 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline fell from an eight-week high on concern that Europe’s debt crisis, slower growth in China and a stagnant U.S. economy will reduce fuel demand.

August-delivery gasoline sank 3.19 cents, or 1.1 percent, to $2.907 a gallon at 9:55 a.m. on the New York Mercantile Exchange, after settling yesterday at the highest level since May 21.

August-delivery heating oil declined 3.4 cents, or 1.2 percent, to $2.913 a gallon, the first loss in eight days.

Regular gasoline at the pump, averaged nationwide, increased 1 cent to $3.447 a gallon, according to AAA. Prices are the highest since June 21 after rising every day but two since July 1, gaining 12.1 cents. Gasoline reached a year-to- date high of $3.936 on April 4.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

BASE METALS

Copper futures fell the most in two weeks after China said it won’t ease restrictions on home purchases, dimming demand prospects from the world’s largest metal-consuming country.

Copper futures for September delivery declined 2.3 percent to $3.453 a pound on the Comex in New York. A close at that price would mark the biggest decline since July 6.

On the London Metal Exchange, copper for delivery in three months fell 1.6 percent to $7,603.25 a ton ($3.45 a pound).

Aluminum, zinc, tin, lead and nickel also declined in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures declined for the fourth time in five sessions on speculation that a stronger dollar will curb demand for the metal as an alternative investment.

Gold futures for August delivery fell 0.3 percent to $1,576.40 an ounce on the Comex in New York. Prices slid 0.7 percent this week through yesterday.

Silver futures for September delivery slipped 1.2 percent to $26.89 an ounce in New York, extending the weekly loss to 1.7 percent.

Precious metal markets: NI PCMKTS

LIVESTOCK

Feeder-cattle prices fell 3 cents a pound, the most allowed by the Chicago Mercantile Exchange.

Feeder-cattle futures for August settlement dropped 2.2 percent to $1.361 a pound.

Livestock markets: NI LVMKTS

European Carbon Permits

Futures for December advanced as much as 4.7 percent today to 7.20 euros ($8.76) a metric ton on the ICE Futures Europe exchange in London and were at 7.13 euros. They were earlier down as much as 1 percent.

EU Carbon Emissions: NI ECBMKT

To contact the reporter on this story: Tom Metcalf in London at tmetcalf7@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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