Bloomberg News

Soybean Futures Advance Most in Six Months: Commodities at Close

January 14, 2013

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.9 percent to settle at 655.19 at 3:59 p.m. in New York, led by agriculture.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.5 percent to 1,582.34.

GRAINS, OILSEEDS

Soybeans rose the most in six months on signs that U.S. supplies are tightening amid higher demand from producers of livestock feed and overseas buyers.

Inventories on Dec. 1 fell 17 percent from a year earlier to 1.966 billion bushels, the lowest in nine years, the U.S. Department of Agriculture said Jan. 11. Exporters sold 120,000 tons to China, the world’s biggest consumer, the USDA said today. The agency increased its forecast for U.S. meat and poultry output by 1.4 percent last week from a December projection.

On the Chicago Board of Trade, soybean futures for March delivery jumped 3.3 percent to $14.18 a bushel, the biggest gain for a most-active contract since July 5.

Corn futures for March delivery advanced 2.2 percent to $7.24 a bushel after touching $7.2675, the highest since Dec. 17.

Wheat futures for March delivery climbed 1.6 percent to $7.67 a bushel.

LIVESTOCK

Hog futures climbed to a six-week high on signs that demand for U.S. pork is increasing.

On the Chicago Mercantile Exchange, hog futures for April settlement rose 0.8 percent to 87.85 cents a pound after reaching 87.975, the highest since Nov. 29.

Cattle futures for April delivery climbed 0.1 percent to $1.3475 a pound.

Feeder-cattle futures for March settlement slipped less than 0.1 percent to $1.51425 a pound.

CRUDE OIL

Crude oil rose to the highest in almost four months as service began on the expanded Seaway pipeline to the Gulf Coast from Cushing, Oklahoma.

On the New York Mercantile Exchange, oil futures for February delivery gained 0.6 percent to $94.14 a barrel, the highest settlement since Sept. 18.

Brent oil for February settlement increased 1.1 percent to $111.88 a barrel on the London-based ICE Futures Europe exchange.

BP Plc failed to sell a cargo of Forties blend for loading next month at an unchanged price from its offer on Jan. 11. Total SA bid for the grade without success at 10 cents less than BP’s offer.

Daily exports of the 12 main grades of North Sea crude for loading in February will increase 13 percent to the most in eight months, according to loading programs obtained by Bloomberg News.

OIL PRODUCTS

Heating oil rose the most since November on speculation that cold weather in the U.S. will boost demand for the fuel and that higher gasoil prices in Europe will attract distillate shipments.

On the Nymex, heating-oil futures for February delivery jumped 1.8 percent to $3.0625 a gallon, the biggest gain since Nov. 19.

Gasoline futures increased 0.5 percent to $2.7541 a gallon.

NATURAL GAS

Natural gas advanced to a two-week high on forecasts of colder-than-normal weather that would spur demand for the heating fuel.

On the Nymex, gas futures for February delivery rose 1.4 percent to $3.373 per million British thermal units, the highest settlement since Dec. 28.

U.K. gas fell as supplies rose the most in a month.

The next-day price declined 1.1 percent to 68 pence a therm at 4:24 p.m. London time. Month-ahead gas dropped 0.4 percent to 67.2 pence a therm. That’s equivalent to $10.79 per million Btu.

PRECIOUS METALS

Gold gained for the second time in three sessions amid speculation that the U.S. may continue stimulus measures, increasing demand for the precious metal as a store of value.

On the Comex in New York, gold futures for February delivery climbed 0.5 percent to $1,669.40 an ounce.

Silver futures for March delivery rose 2.3 percent to $31.11 an ounce.

On the Nymex, platinum futures for April delivery advanced 1.7 percent to $1,658.20 an ounce. Earlier, the prices reached $1,665, the highest since Oct. 18.

Palladium futures for March delivery gained 0.3 percent to $703.30 an ounce.

BASE METALS

Copper futures fell to the lowest in two weeks as a decline in U.S. equities sparked concern that the economic recovery may slow, dimming prospects for metal demand.

On the Comex, copper futures for March delivery slumped 0.5 percent to $3.634 a pound. Earlier, the price touched $3.633, the lowest since Dec. 31.

On the London Metal Exchange, copper for delivery in three months declined 0.6 percent to $8,000 a metric ton ($3.63 a pound). Aluminum, zinc, lead, nickel and tin also dropped in London.

SOFT COMMODITIES

Sugar futures fell the most in a week as Goldman Sachs Group Inc. cut its price forecast amid ample global supplies.

On ICE Futures U.S. in New York, raw sugar for March delivery slumped 1.4 percent to 18.9 cents a pound, the biggest decline since Jan. 3.

Orange-juice futures for March delivery dropped 1.2 percent to $1.115 a pound.

Cotton futures for March delivery fell 0.1 percent to 75.52 cents a pound.

Arabica-coffee futures for March delivery lost less than 0.1 percent to $1.533 a pound.

Cocoa futures for March delivery rose 0.5 percent to $2,267 a ton.

To contact the reporter on this story: Thomas Galatola in New York at tgalatola@bloomberg.net


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