Cocoa Leads Advance as Kansas Wheat Falls: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 0.6 percent to 677.55 at 5:01 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.2 percent to 1,623.714.

SOFT COMMODITIES

Orange juice rose for the seventh time in eight sessions as dry weather hurts citrus crops already damaged by disease in Florida, the world’s top grower after Brazil. Cocoa jumped 2.5 percent.

Orange juice for March delivery advanced 1.6 percent to $1.223 a pound on ICE Futures U.S. in New York. Through yesterday, prices climbed 2.6 percent this year.

Arabica-coffee futures for March delivery climbed 0.3 percent to $1.448 a pound in New York. In the year starting Oct. 1, consumption may exceed supplies by 2 million bags after a surplus this season, according to Shawn Hackett, the president of Hackett Financial Advisors.

Raw-sugar futures for March delivery advanced 0.4 percent to 18.81 cents a pound on ICE, while cotton futures for March delivery fell 0.5 percent to 81.32 cents a pound.

Soft commodities markets: NI SOMKTS

GRAINS, OILSEEDS

Wheat fell to a three-week low on speculation that U.S. stockpiles are higher than the government estimated last month.

Wheat futures for March delivery slumped 0.9 percent to $7.5625 a bushel on the Chicago Board of Trade, after touching $7.5175, the lowest since Jan. 11. Kansas wheat dropped 1 percent.

Soybeans rose for a third session in Chicago on speculation excess rain will delay shipments from Brazil, set to become the world’s largest exporter.

Soybeans for delivery in March gained 0.1 percent to $14.9075 a bushel on the Chicago Board of Trade, erasing a decline of as much as 0.4 percent. The oilseed reached $14.98 yesterday, the highest level since Dec. 17.

Corn for delivery in March fell 0.5 percent to $7.305 a bushel.

Grain markets: NI GRMKTS

PRECIOUS METALS

Platinum futures rose to a 17-week high on mounting concern that global demand may outpace supplies. Gold declined.

On the New York Mercantile Exchange, platinum futures for delivery in April rose 0.2 percent to $1,702.10 an ounce at 10:28 a.m. Earlier, the price reached $1,711, the highest for a most-active contract since Oct. 9. Through yesterday, the metal gained 10 percent this year.

Platinum is used in jewelry and pollution-control devices for vehicles.

Gold futures for April delivery fell 0.3 percent to $1,671.50 an ounce on the Comex in New York.

Silver futures for March delivery rose less than 0.1 percent to $31.725 an ounce on the Comex.

Precious metal markets: NI PCMKTS

OIL PRODUCTS

Heating oil rose to the highest level since October and gasoline advanced on speculation that refinery shutdowns are reducing inventories of East Coast stockpiles.

Heating oil for March delivery advanced 3.71 cents, or 1.2 percent, to $3.1911 a gallon at 11:11 a.m. on the New York Mercantile Exchange. Prices touched $3.1995, the highest intraday level since Oct. 19. Volume was 66 percent above the 100-day average for the time of day.

Gasoil on the ICE Futures Europe exchange climbed $8 to $1,012 a metric ton, indicating greater demand for distillate exports from the U.S.

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

NATURAL GAS

Natural gas futures gained for a second day in New York on forecasts of unusually cold weather that will stoke demand for the heating fuel.

Natural gas for March delivery rose 1.8 cents, or 0.5 percent, to $3.333 per million British thermal units at 10:05 a.m. on the New York Mercantile Exchange. Trading volume was 44 percent below the 100-day average for the time of day. The futures have gained 33 percent from a year ago.

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

European Carbon Permits

European Union emission permits climbed 2.6 percent to 4.43 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

LIVESTOCK

Hog futures fell, heading for the longest stretch of losses this year, on signs that U.S. pork supplies are outpacing demand. Cattle were little changed.

Hog futures for April settlement dropped 0.7 percent to 87.75 cents a pound at 9:31 a.m. on the Chicago Mercantile Exchange. A close at that price be the third straight decline, the longest slump since Dec. 31.

Cattle futures for April delivery rose 0.1 percent to $1.3235 a pound.

Feeder-cattle futures for March settlement climbed 0.4 percent to $1.4945 a pound.

Livestock markets: NI LVMKTS

CRUDE OIL

Oil rebounded after the biggest loss in two months as U.S. service industries expanded at a better-than-expected pace in January, signaling growth in 90 percent of the U.S. economy and stronger demand for crude.

West Texas Intermediate crude for March delivery rose 49 cents, or 0.5 percent, to $96.66 a barrel at 11:25 a.m. on the New York Mercantile Exchange. Prices dropped the most since Dec. 6 yesterday. Trading was 18 percent above the 100-day average. Prices have gained 5.3 percent this year.

Brent oil for March settlement climbed $1.16, or 1 percent, to $116.76 on the London-based ICE Futures Europe exchange. Trading volume was 32 percent above the 100-day average.

Oil markets: NI OILMARKET

BASE METALS

Nickel fell for the first time in three sessions in London on signs of ample supply, as mining projects get set to boost production of the metal used to make stainless steel.

Nickel for delivery in three months on the LME declined 0.2 percent to $18,687 a metric ton in London. Nickel has risen 9.5 percent this year, the best performance among six metals tracked by the London Metal Exchange LMEX Index.

Zinc also fell in London, while aluminum, tin and lead advanced.

In New York, copper futures for March delivery fell less than 0.1 percent to $3.767 a pound on Comex.

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.