Soybean Slumps as Natural Gas Gains: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities declined 0.3 percent to 634.52 at 4 p.m. in New York. The UBS Bloomberg CMCI index of 26 raw materials was down less than 0.1 percent at 1,551.353.

GRAINS, OILSEEDS

Soybeans fell, extending a slump to a four-month low, on signs of increasing supplies in the U.S. Midwest and South America. Corn dropped to the cheapest in six weeks.

World soybean inventories will be 60 million metric tons on Oct. 1, 4.3 percent more than forecast in October, the U.S. Department of Agriculture said on Nov. 9. The U.S. harvest will be 2.97 billion bushels, up 3.9 percent. Rain in northern Brazil will aid crop development, while drier weather accelerates planting in Argentina, World Weather Inc. said in a report today.

Soybean futures for January delivery tumbled 3.2 percent to $14.05 a bushel on the Chicago Board of Trade.

Corn futures for March delivery declined 2.7 percent to $7.2225 a bushel.

Wheat futures plunged the most in a month on signs of slowing demand for grain from the U.S., the world’s largest exporter.

Wheat futures for December delivery fell 3.2 percent to $8.5775 a bushel in Chicago, the biggest decline since Oct. 12.

Grain markets: NI GRMKTS

BASE METALS

Copper rebounded from a fifth straight weekly decline after a jump in exports by China, the world’s biggest user of the metal, bolstered the outlook for demand.

Copper futures for delivery in December rose 0.7 percent to settle at $3.468 a pound on the Comex in New York. Prices on Nov. 9 reached $3.403, the lowest since Aug. 21. Last week’s drop capped the longest stretch of losses since June 8.

On the London Metal Exchange, copper for delivery in three months climbed 0.9 percent to $7,638 a ton ($3.46 a pound).

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

Base metals markets: NI BMMKTS

CRUDE OIL

Oil in New York dropped for the first time in three days as European policy makers met to discuss aid for Greece and Japan’s economy shrank.

Crude oil for December delivery declined 50 cents to settle at $85.57 a barrel on the New York Mercantile Exchange. Prices are down 13 percent this year.

Brent oil for December settlement declined 33 cents, or 0.3 percent, to $109.07 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline slid, reversing an earlier gain, on concern the European debt crisis will linger and U.S. lawmakers won’t reach consensus on how to avoid a looming so-called fiscal cliff, curbing growth and fuel demand.

Gasoline for December delivery fell 2.29 cents to settle at $2.6763 a gallon on the Nymex.

December-delivery heating oil fell 0.63 cent to $2.9992 a gallon on the exchange.

The average nationwide cost for regular gasoline fell 0.2 cent to $3.437 a gallon, AAA said today on its website. That’s the lowest level since July 18. The pump price reached a 2012 high of $3.936 on April 4.

U.S. oil product futures: NI OPFMKT

Oil Products Europe: NI OPEMKT

Gasoline: NI GASOLINE

Heating oil: NI HEATOIL

SOFT COMMODITIES

Cotton futures gained the most in three weeks on signs of improved demand in China, the world’s top consumer. Coffee, sugar and cocoa also climbed while orange juice slid.

Cotton for March delivery rose 1.1 percent to settle at 71.2 cents a pound on ICE Futures U.S., the biggest gain since Oct. 17.

Arabica-coffee futures for March delivery climbed 1.7 percent to $1.582 a pound. The price tumbled 30 percent in 2012.

Raw-sugar futures for March delivery rose 1.6 percent to 19.36 cents a pound, the biggest increase since Oct. 19.

Cocoa futures for March delivery advanced 0.7 percent to $2,375 a metric ton.

Orange-juice futures for January delivery dropped 1 percent to $1.061 a pound, the third consecutive decline.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Platinum futures rose, capping the longest rally in five weeks, on supply concerns in South Africa, the world’s biggest source of the metal used in pollution-control devices in vehicles. Gold was unchanged.

Platinum futures for January delivery climbed 0.5 percent to settle at $1,566.50 an ounce on the Nymex. The metal rose for the third straight session, the longest rally since Oct. 4. The price has gained 12 percent this year.

Gold futures for December delivery were unchanged at $1,730.90 an ounce on the Comex. The metal has advanced 10 percent this year.

Silver futures for December delivery slipped 0.2 percent to $32.522 an ounce on the Comex. The price has jumped 17 percent this year.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures gained in New York as colder weather spurred demand for the heating fuel.

Natural gas for December delivery gained 6.7 cents, or 1.9 percent, to $3.57 per million British thermal units on the Nymex.

U.S. natural gas: NI NUSMKT

U.K. natural gas: NI NUKMKT

LIVESTOCK

Cattle futures fell on signs of weak demand for U.S. beef. Hogs also dropped.

Cattle futures for December delivery dropped 0.3 percent to close at $1.2535 a pound on the Chicago Mercantile Exchange. The price is still up 3.2 percent this year.

Feeder-cattle futures for January settlement rose 0.2 percent to $1.4595 a pound in Chicago.

Hog futures for December settlement slid 0.5 percent to close at 80.325 cents a pound in Chicago. Prices climbed 3.9 percent last week, the biggest gain since June 1.

Livestock markets: NI LVMKTS

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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