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Cocoa and Lean Hogs Climb as Coffee Falls: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 0.8 percent to 637.05 at 4 p.m. New York time, led by cocoa and silver.

The UBS Bloomberg CMCI gauge of 26 prices fell 0.4 percent to 1,582.902.

SOFT COMMODITIES

Orange-juice futures jumped to a seven-month high on concern that dry weather will curb production in Florida, the world’s second-largest citrus grower.

Orange juice for January delivery rose 3.2 percent to settle at $1.341 on ICE Futures U.S. in New York, after touching $1.3825, the highest for a most-active contract since May 1. It’s fallen 41 percent from a record $2.2695 on Jan. 23.

Sugar futures slumped to a 28-month low as signs mounted that global supplies remain ample.

Raw sugar for March delivery fell 1.8 percent to settle at 18.54 cents a pound on ICE Futures U.S. Earlier, the price touched 18.5 cents, the lowest for a most-active contract since Aug. 12, 2010.

Arabica-coffee futures slumped 2 percent to settle at $1.465 a pound on ICE Futures U.S.

Cocoa futures for March delivery jumped 2.6 percent to $2,441 a metric ton on ICE, the biggest gain since Nov. 14.

Cotton futures for March delivery rose 0.3 percent to 75.12 cents a pound.

LIVESTOCK

Cattle futures fell for the third time in four sessions on signs of weakening demand for U.S. beef. Hog prices advanced.

Cattle for February delivery fell 0.1 percent to settle at $1.318 a pound on the Chicago Mercantile Exchange, after gaining as much as 0.3 percent.

Feeder-cattle futures for January settlement climbed 0.4 percent to $1.5275 a pound on the CME, the sixth straight gain.

Hog futures for February settlement advanced 1.8 percent to close at 85.65 cents a pound in Chicago. Prices are up 1.6 percent this year.

GRAINS, OILSEEDS

Wheat futures fell, extending a slump to a five-month low, after a U.S. Department of Agriculture report yesterday showed global inventory was bigger than analysts forecast.

Wheat futures for March delivery dropped 1.2 percent to settle at $8.12 a bushel on the Chicago Board of Trade. The price touched $8.09, the lowest for a most-active contract since July 11.

Soybean futures fell as rain in the next two weeks is expected to boost crops in Brazil, which is set to overtake the U.S. as the world’s largest exporter. Corn capped the longest slump in six weeks on reduced ethanol output.

Soybean futures for March delivery fell 0.1 percent to close at $14.705 a bushel on the Chicago Board of Trade. The oilseed has dropped 18 percent from a record $17.89 on Sept. 4.

Corn futures for March delivery slid 0.3 percent to $7.255 a bushel. The grain dropped for the fifth straight session, the longest slump since Oct. 29.

CRUDE OIL

Crude gained the most in almost two weeks after the Federal Reserve unveiled a new round of measures to bolster the U.S. economy and as the International Energy Agency increased its demand forecast.

Crude for January delivery rose 98 cents, or 1.1 percent, to settle at $86.77 a barrel on the New York Mercantile Exchange. Prices are down 12 percent this year, heading for the first annual decrease since 2008.

Brent for January settlement on the London-based ICE Futures Europe exchange gained $1.49, or 1.4 percent, to $109.50 a barrel.

NATURAL GAS

Natural gas futures dropped to the lowest price in more than 10 weeks amid forecasts of a smaller-than-normal inventory decline.

Natural gas for January delivery fell 3 cents to $3.382 per million British thermal units on the Nymex, the lowest settlement price since Sept. 28. The futures are up 13 percent this year.

OIL PRODUCTS

Heating oil and gasoline futures jumped after a crude unit was shut at Motiva Enterprises LLC’s Port Arthur, Texas, plant, the largest oil refinery in the U.S.

Heating oil for January delivery advanced 3.98 cents to settle at $2.9868 a gallon on the Nymex after touching $3.0002.

Gasoline for January delivery advanced 3.6 cents, or 1.4 percent, to settle at $2.6465 a gallon.

BASE METALS

Copper rose on bets that moves by the Federal Reserve to expand economic stimulus will weaken the dollar and boost demand in the U.S., the world’s second-largest user of the metal.

Copper futures for delivery in March advanced 0.8 percent to settle at $3.716 a pound on the Comex in New York. Earlier, the metal touched $3.721, the highest for a most-active contract since Oct. 19.

On the London Metal Exchange, copper for delivery in three months rose 0.4 percent to $8,130 a metric ton ($3.69 a pound).

Aluminum, tin, zinc and lead also gained. Nickel fell.

PRECIOUS METALS

Gold futures rose to a one-week high after the Federal Reserve said it will buy $45 billion a month of Treasury securities starting in January, expanding its asset-purchase program to bolster the U.S. economy.

Gold futures for February delivery climbed 0.5 percent to settle at $1,717.90 an ounce on the Comex. Earlier, the metal reached $1,725, the highest for a most-active contract since Nov. 30.

Silver futures for March delivery added 2.3 percent to $33.782 an ounce on the Comex, the biggest gain since Nov. 19.

On the New York Mercantile Exchange, platinum futures for January delivery climbed 0.4 percent to $1,646.40 an ounce. The metal has risen for six straight sessions, the longest string of gains since Oct. 4.

Palladium futures for March delivery increased 0.6 percent to $701.15 an ounce.

To contact the reporter on this story: Joshua Falk in New York at jfalk19@bloomberg.net

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

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