Cattle Rally to Record on Shrinking Supply: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities rose 0.2 percent to 638.28 by 5:08 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was little changed at 1,581.865.

LIVESTOCK

Cattle futures extended a rally to a record amid signs of shrinking supplies of U.S. beef. Hog prices fell.

Cattle futures for February delivery climbed 0.6 percent to $1.33375 a pound on the Chicago Mercantile Exchange, after reaching $1.33425 a pound, the highest ever for the most-active contract.

Feeder-cattle futures for January settlement rose 0.5 percent to $1.53775 a pound on the CME.

Hog futures for February settlement dropped 0.1 percent to 85.275 cents a pound in Chicago.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil rose for a second day in New York as investors weighed prospects for a budget deal in Washington.

West Texas Intermediate crude for January delivery advanced 73 cents, or 0.8 percent, to $87.46 a barrel on the New York Mercantile Exchange. Prices are down 12 percent this year.

Brent for February settlement fell 27 cents to $107.91 a barrel on the London-based ICE Futures Europe exchange.

Oil markets: NI OILMARKET

OIL PRODUCTS

Gasoline advanced on optimism that President Barack Obama and House Speaker John Boehner are making progress in negotiations to avert the so-called fiscal cliff.

Gasoline for January delivery rose 0.85 cent to $2.6706 a gallon on the New York Mercantile Exchange in Houston.

Heating oil for January delivery declined 0.67 cent to $2.974 a gallon on the exchange.

The average nationwide cost for regular gasoline fell 0.9 cents to a $3.248 a gallon, AAA said today on its website.

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

SOFT COMMODITIES

Cotton futures rose to the highest in almost eight weeks amid improving demand outlook in China, the world’s largest consumer. Sugar jumped to the highest in more than a week. Coffee gained, while orange juice and cocoa fell.

Cotton for March delivery increased 1.1 percent to 75.91 cents on ICE Futures U.S. in New York. Earlier, the price reached 76.25 cents, the highest for a most-active contract since Oct. 23.

Raw-sugar futures for March delivery climbed 0.9 percent to 19.19 cents a pound in New York, after touching 19.30 cents, the highest since Dec. 7. The commodity has dropped 18 percent this year amid forecasts for record output in Brazil, the world’s top producer.

Arabica-coffee futures for March delivery added 1.3 percent to $1.4445 a pound on ICE.

Orange-juice futures for March delivery fell 0.2 percent to $1.3785 a pound.

Cocoa futures for March delivery dropped 0.4 percent to $2,426 a metric ton.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper fell in New York after stockpiles monitored by the London Metal Exchange jumped the most in more than four years adding to concerns demand for the metal is weak.

Copper for March delivery fell 0.5 percent to $3.664 a pound on the Comex in New York. The contract gained 6.6 percent this year. Copper for delivery in three months declined 0.4 percent to $8,036.25 a ton on the LME.

Base metals markets: NI BMMKTS

PRECIOUS METALS

Gold futures erased losses after a report showed manufacturing in the New York area contracted more than expected, bolstering prospects for expanded U.S. monetary stimulus from the Federal Reserve.

Gold futures for February delivery were little changed at $1,697.40 an ounce on the Comex in New York. Earlier, the metal fell as much as 0.6 percent.

Silver futures for March delivery gained 0.3 percent to $32.38 an ounce on the Comex.

Precious metal markets: NI PCMKTS

GRAINS, OILSEEDS

Corn fell the most in a week on slowing demand for supplies from the U.S. the world’s biggest exporter. Wheat futures dropped for the sixth time in seven sessions on slack demand for inventories from the U.S. Soybeans also declined.

Corn futures for March delivery declined 1 percent to $7.2325 a bushel on the Chicago Board of Trade. The price through Dec. 14 had gained 13 percent after drought cut U.S. production to a six-year low. The price reached a record $8.49 on Aug. 10.

Wheat futures for March delivery fell 0.3 percent to $8.115 a bushel on the Chicago Board of Trade.

Soybean futures for March delivery fell 0.2 percent to $14.8875 a bushel in Chicago.

Grain markets: NI GRMKTS

NATURAL GAS

Natural gas futures climbed in New York for the first time in eight days as revised forecasts showed below-normal temperatures that would spur heating demand.

Natural gas for January delivery rose 1.7 percent to $3.369 per million British thermal units on the New York Mercantile Exchange.

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

To contact the reporter on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net

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

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