Soybean Futures Rise on U.S. Crop Forecast: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.3 percent to 682.79 at 4 p.m. New York time, led by soybeans.

The UBS Bloomberg CMCI gauge of 26 prices advanced 0.3 percent to 1,638.27.

GRAINS, OILSEEDS

Soybean futures jumped the most in three weeks after the U.S. said a lingering Midwest drought will cut output more than estimated. Corn fell to a seven-week low on signs that the harvest will shrink less than analysts forecast.

Domestic soybean production will drop to 2.634 billion bushels this year, the smallest crop in nine years and down 14 percent from 2011, the U.S. Department of Agriculture said today in a report. The average estimate of 34 analysts surveyed by Bloomberg was 2.659 billion.

On the Chicago Board of Trade, soybean futures for November delivery rose 2.6 percent to $17.4575 a bushel, the biggest gain for a most-active contract since Aug. 21.|

Corn futures for December delivery fell 1 percent to $7.695 a bushel, the third straight decline. Earlier, the price touched $7.5925, the lowest since July 24.

Wheat futures for December delivery increased 0.7 percent to $8.90 a bushel.

LIVESTOCK

Cattle prices climbed to a six-month high on signs of shrinking U.S. beef supplies and rising demand.

On the Chicago Mercantile Exchange, cattle futures for delivery in October rose 0.5 percent to $1.277 a pound after reaching $1.27875, the highest since March 6.

Feeder-cattle futures for October settlement advanced 0.7 percent to $1.47375 a pound.

Hog futures for December settlement increased 1.3 percent to 72.35 cents a pound.

NATURAL GAS

Natural gas climbed on estimates of a smaller-than-normal gain in inventories after Isaac shut production in the Gulf of Mexico.

On the Nymex, gas futures for October delivery rose 2.4 percent to $3.063 per million British thermal units.

U.K. gas for same-day delivery gained as demand jumped to the highest in almost two weeks.

Gas climbed 0.5 pence to 60.25 pence a therm at 4:44 p.m. London time. The October price rose 1.1 percent to 59.65 pence a therm. That’s equivalent to $9.61 per million Btu. A therm is 100,000 Btu.

PRECIOUS METALS

Platinum futures rallied to the highest in more than five months on concern that supplies will be disrupted by labor unrest in South Africa, the world’s largest producer.

On the New York Mercantile Exchange, platinum futures for October delivery surged 2.7 percent to $1,649.60 an ounce. The price earlier reached $1,659.50, the highest for a most-active contract since April 3.

Palladium futures for December delivery rose 0.7 percent to $679.30 an ounce, after climbing to $683.35, the highest since May 1.

On the Comex in New York, gold futures for December delivery slid 0.1 percent to $1,733.70 an ounce. Earlier, the metal reached $1,749.50, the highest since Feb. 29.

Silver futures for December delivery fell 0.8 percent to $33.292 an ounce after reaching $34.145, the highest since March 12.

BASE METALS

Copper fell from a four-month high on concern that demand prospects are dimming in China, the world’s biggest consumer of the metal.

On the Comex, copper futures for December delivery slid 0.1 percent to $3.6925 a pound. Prices earlier reached $3.7315, the highest since May 8, on speculation that policy makers in Europe, China and the U.S. will be able to revive global growth.

On the London Metal Exchange, copper for delivery in three months climbed 0.1 percent to $8,096 a metric ton ($3.67 a pound). nickel and lead fell, while tin, zinc and aluminum gained.

CRUDE OIL

Crude oil declined for the first time in six sessions after an Energy Department report showed an unexpected increase in U.S. petroleum inventories.

On the Nymex, oil futures for October delivery slid 0.2 percent to $97.01 a barrel.

Brent oil for October settlement rose 0.5 percent to $115.96 a barrel on the London-based ICE Futures Europe exchange.

BP Plc failed to sell North Sea Forties crude. No bids or offers were made for Russian Urals in Europe for a second day.

Two Forties cargoes for loading in October were deferred by three to nine days, three people with knowledge of the shipping schedule said.

OIL PRODUCTS

Gasoline slid as Philadelphia Energy Solutions started a fluid catalytic cracker and Gulf Coast refinery units opened following shutdowns caused by Hurricane Isaac. Demand for the motor fuel declined last week.

On the Nymex, gasoline futures for October delivery fell 1.4 percent to $3.0016 a gallon.

Heating-oil futures for October delivery rose 0.9 percent to $3.2152 a gallon.

SOFT COMMODITIES

Cotton fell to the lowest in more than three weeks on forecasts for higher global supplies as demand wanes in China, the world’s largest user.

On ICE Futures U.S. in New York, cotton for delivery in December dropped 2.1 percent to 73.33 cents a pound, after falling to 72.75 cents, the lowest since Aug. 17.

Arabica-coffee futures for delivery in December slid 0.05 cent to $1.775 a pound.

Cocoa futures for December delivery slipped $1 to $2,631 a ton.

Orange-juice futures for November delivery climbed 2.1 percent to $1.2675 a pound.

Raw-sugar futures for March delivery advanced 1.2 percent to 20.41 cents a pound.

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

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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