Bloomberg News

Soybeans Lead Advance as Coffee Tumbles: Commodities at Close

January 22, 2013

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.5 percent to 664.22 at 5:22 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.4 percent at 1,598.282.

GRAINS, OILSEEDS

Soybeans surged to the highest in more than a month as dry weather threatens crops in South America and demand for U.S. inventories increases. Corn also rose, while wheat fell.

Soybean futures for March delivery gained 1.6 percent to $14.5275 a bushel on the Chicago Board of Trade. The price touched $14.5375 a bushel, the highest since Dec. 19.

Corn futures for March delivery climbed 0.1 percent to $7.285 a bushel on the CBOT. The price has advanced in 10 of the past 11 sessions. Through Jan. 18, the most-active contract gained 4.2 percent this month. The exchange was closed yesterday for a public holiday.

Wheat futures for March delivery fell 0.8 percent to $7.8475 a bushel in Chicago.

Grain markets: NI GRMKTS

SOFT COMMODITIES

Cocoa futures fell the most in seven weeks on signs of ample supplies in Ivory Coast, the world’s top producer. Coffee also slid, while cotton and orange juice advanced. Sugar was little changed.

Cocoa futures for March delivery slumped 2.4 percent to $2,230 a ton on ICE Futures in New York. A close at that price would mark the biggest drop since Dec. 4. Earlier, the contract reached $2,207, the lowest since Jan. 8.

Arabica-coffee futures for March delivery dropped 4.4 percent to $1.4945 a pound on ICE.

Also in New York, cotton futures for delivery in March jumped 1.8 percent to 79.94 cents a pound, a fifth straight gain and the longest rally since June.

Orange-juice futures for March delivery gained 1.6 percent to $1.1635 a pound, after reaching $1.178, the highest since Jan. 2.

Raw-sugar futures for March delivery were unchanged at 18.37 cents a pound, after gaining 0.7 percent.

Soft commodities markets: NI SOMKTS

NATURAL GAS

Natural gas futures fell from a six-week high in New York amid speculation that frigid weather now and in February won’t be enough to erode a supply surplus.

Natural gas for February delivery fell 2.7 cents, or 0.8 percent, to $3.539 per million British thermal units at 10:59 a.m. on the New York Mercantile Exchange after reaching $3.645, the highest intraday price since Dec. 7. Gas has climbed 5.6 percent this month.

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

OIL PRODUCTS

Gasoline jumped to a three-week high on speculation that planned and unplanned refinery repairs may reduce inventories.

Gasoline for February delivery rose 3.3 cents, or 1.2 percent, to $2.8298 a gallon at 9:37 a.m. on the New York Mercantile Exchange.

Prices touched $2.8369, the highest intraday level since Dec. 28. Prices advanced 2.1 percent last week, the first gain in three weeks.

Heating oil for February delivery gained 2.18 cents, or 0.7 percent, to $3.0743 a gallon on the exchange. Prices were up 1.5 percent last week.

The retail price for regular gasoline, averaged nationwide, rose 0.5 cent to $3.310 a gallon, AAA said today on its website. That’s the fifth consecutive increase.

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

European Carbon Permits

European Union emission permits rebounded 9.7 percent to 5.43 euros a metric ton, the first increase since Jan. 15.

EU Carbon Emissions: NI ECBMKT

PRECIOUS METALS

Gold futures rose in New York after the Bank of Japan announced stimulus measures, increasing demand for the precious metal as a store of value.

Gold futures for February delivery rose 0.2 percent to $1,690 an ounce at 10:38 a.m. on the Comex in New York. Last week, prices jumped 1.6 percent and climbed to $1,697.80, the highest price for a most-active contract since Dec. 18. The exchange was closed yesterday for a public holiday.

Silver futures for March delivery climbed 0.2 percent to $32.005 an ounce in New York.

Precious metal markets: NI PCMKTS

LIVESTOCK

Cattle futures climbed for the first time in more than a week on signs of tightening beef supplies. Hog prices were little changed.

Cattle futures for April delivery rose 0.7 percent to $1.307 a pound at 9:54 a.m. on the Chicago Mercantile Exchange. A gain today would be the first increase for the most-active contract since Jan. 14.

Japan was the biggest buyer of U.S. beef before an outbreak of mad cow disease in 2003. It lifted a two-year ban in 2005 that was imposed to safeguard against the brain-wasting ailment.

Feeder-cattle futures for March settlement increased 0.4 percent to $1.4695 a pound on the CME.

Hog futures for April settlement added 0.1 percent to 88.2 cents a pound in Chicago. Livestock markets: NI LVMKTS

CRUDE OIL

Oil increased as German investor confidence climbed to a 2 1/2-year high and a Bloomberg survey showed that international optimism about equities gained.

Crude oil for February delivery rose 61 cents to the intraday high of $96.17 a barrel at 11:55 a.m. on the New York Mercantile Exchange. February futures expire today. The more- active March contract advanced 60 cents to $96.64. Yesterday’s transactions will be booked with today’s trades for settlement purposes as there was no floor trading because of the Martin Luther King Jr. Day holiday.

Brent oil for March settlement gained 37 cents, or 0.3 percent, to $112.08 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

BASE METALS

Copper reached a one-week high in New York after the Bank of Japan said it will shift to open-ended asset purchases to help spur economic growth.

Copper futures for delivery in March rose 0.1 percent to $3.682 a pound at 10:49 a.m. on the Comex in New York, after touching $3.701, the highest since Jan. 11. Floor trading was closed yesterday for the Martin Luther King Jr. holiday.

On the London Metal Exchange, copper for delivery in three months climbed 0.5 percent to $8,092.50 a metric ton ($3.67 a pound).

Aluminum, lead and zinc rose in London. Tin and nickel fell.

Base metals markets: NI BMMKTS

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

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


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