Bloomberg News

Corn Jumps to Record as Drought Hurts Crop: Commodities at Close

July 30, 2012

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.4 percent to 644.25 at 5:22 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.7 percent at 1,568.761.

GRAINS, OILSEEDS

Corn surged to a record, heading for the biggest monthly gain since 1988, as the worst drought in at least a generation lingered in the U.S., threatening yields in the world’s biggest grower and exporter. Soybeans and wheat also rallied.

Corn futures for December delivery climbed 2.5 percent to $8.1275 a bushel on the Chicago Board of Trade, after touching an all-time high of $8.1725. The most-active contract has surged 28 percent in July.

Soybean futures for November delivery gained 2.6 percent to $16.4375 a bushel on the CBOT. The oilseed, which reached a record $16.915 on July 23, is up 15 percent in July.

Wheat futures for September delivery rose 1.8 percent to $9.14 a bushel in Chicago. The grain, which can replace corn in livestock feed, has surged 21 percent this month.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures climbed for the second time in three days on forecasts of hotter-than-normal weather that may boost demand from power plants.

Natural gas for September delivery rose 15.6 cents, or 5.2 percent, to $3.171 per million British thermal units on the New York Mercantile Exchange. The futures have risen 6 percent this year, rebounding from a 10-year low of $1.902 on April 19.

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

SOFT COMMODITIES

Sugar futures rose the most in a week on speculation that below-average rain in India, the world’s second-biggest producer, will cut output and limit exports. Coffee, cocoa and orange juice gained. Cotton slid.

Raw sugar for October delivery climbed 1.2 percent to 22.8 cents a pound on ICE Futures U.S. in New York. A close at that price would mark the biggest gain for a most-active contract since July 20. Brazil is the top producer.

Arabica-coffee futures for September delivery advanced 1.4 percent to $1.762 a pound in New York.

Cocoa futures for September delivery climbed 0.1 percent to $2,332 a metric ton.

Orange-juice futures for September delivery rose 2.5 percent to $1.1275 a pound. A close at that price would mark the biggest advance since July 5.

Cotton futures for December delivery dropped 0.2 percent to 71.28 cents a pound.

Soft commodities markets: NI SOMKTS

CRUDE OIL

Oil fluctuated in New York on speculation that central banks will act to bolster the global economy after European economic confidence worsened in July.

Crude oil for September delivery slipped 27 cents, or 0.3 percent, to $89.86 a barrel on the New York Mercantile Exchange. Prices are down 9.1 percent this year.

Brent oil for September settlement fell 33 cents, or 0.3 percent, to $106.14 a barrel on the London-based ICE Futures

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline rose on speculation that the shutdown of an Enbridge Energy Partners LP oil pipeline and refinery outages in the Chicago area will tighten supplies of the motor fuel.

Gasoline for August delivery rose 1.54 cents, or 0.5 percent, to $2.9032 a gallon on the New York Mercantile Exchange. The more actively traded September contract gained 0.91 cent to $2.8058.

Heating oil for August delivery slipped 0.48 cent to $2.8847 a gallon on the exchange. The September contract declined 0.42 cent to $2.8863.

Regular gasoline at the pump, averaged nationwide, rose 0.1 cent to $3.486 a gallon, AAA said today on its website. Prices have fallen 11 percent from a year-to-date high of $3.936 on April 4, according to AAA, the nation’s largest motoring organization.

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

BASE METALS

Copper fell for the first time in four sessions as investors awaited signals from central banks this week on bolstering the faltering global economy.

Copper futures for September delivery declined 0.2 percent to $3.419 a pound on the Comex in New York. The metal rose 2.2 percent in the previous three sessions in the longest rally since mid-June.

On the London Metal Exchange, copper for delivery in three months fell 0.4 percent to $7,538 a metric ton ($3.42 a pound).

Aluminum, nickel, tin, lead and zinc advanced in London.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold, little changed in New York, may climb for a fourth straight session, on speculation that the Federal Reserve and the European Central Bank will take further steps to spur growth.

Gold futures for December delivery rose less than 0.1 percent to $1,623 an ounce on the Comex in New York. Four sessions of gains would mark the longest rally since June 15.

Silver futures for September delivery jumped 1.8 percent to $27.99 an ounce.

Precious metal markets: NI PCMKTS

LIVESTOCK

On the Chicago Mercantile Exchange, hog futures for October settlement were up 0.6 percent at 81.8 cents a pound.

Cattle futures for August delivery rose 0.4 percent to $1.20075 a pound.

Feeder-cattle futures for August settlement were little changed at $1.38 a pound.

Livestock markets: NI LVMKTS

EUROPEAN CARBON PERMITS

European Union carbon for December fell 33 cents, or 4.8 percent, to 6.59 euros ($8.07) on the ICE Futures Europe exchange in London.

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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