Corn, Wheat Leads Advance as Cocoa Tumbles: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 commodities climbed 1 percent to 628.68 by 5:05 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 1.2 percent at 1,486.988.

GRAINS, OILSEEDS

Corn futures rose, heading for the biggest gain since October, on speculation that rain and frigid weather is slowing the pace of planting in the U.S., the world’s largest exporter. Wheat and soybeans also advanced.

Corn futures for delivery in July advanced 4.8 percent to $6.4925 a bushel on the Chicago Board of Trade, heading for the biggest gain since Oct. 11. The grain touched $6.5025, the highest for a most-active contract since April 2. Corn for delivery in December, after the harvest, jumped 4.6 percent to $5.4825, headed for the contract’s biggest gain since June 18.

Wheat futures for delivery in July climbed 2.5 percent to $7.0975 a bushel, rebounding from last week’s 2.7 percent drop.

Soybean futures for delivery in July rose 0.8 percent to $13.9175 a bushel, after touching $13.93, the highest for a most-active contract since April 19.

Grains markets: NI GRMKTS

SOFT COMMODITIES

Cocoa extended losses to the lowest level in almost two weeks in London and declined in New York on speculation investors may sell futures after bets on higher prices on NYSE Liffe neared a five-month high. Coffee slid.

Cocoa for delivery in July declined 1.7 percent to 1,519 pounds ($2,359) a metric ton on NYSE Liffe in London. The intraday price decline accelerated after the bourse data were published, and touched 1,516 pounds, the lowest for a most-active contract since April 16. Cocoa for the same delivery month was down 1.1 percent at $2,337 a ton on ICE Futures U.S. in New York.

Robusta coffee for delivery in July retreated 0.3 percent to $2,000 a ton on NYSE Liffe. Arabica coffee futures for July delivery slid 0.2 percent to $1.3365 a pound on ICE.

White, or refined, sugar for delivery in August was 0.3 percent lower at $499.20 a ton in London. Raw sugar for delivery in July declined 0.7 percent to 17.29 cents a pound in New York.

Soft commodities markets: NI SOMKTS

BASE METALS

Copper advanced for the third time in four sessions on speculation that efforts by central banks to boost their economies, coupled with an improving U.S housing market, will underpin demand for the metal.

Copper futures for July delivery climbed 1.7 percent to $3.239 a pound at 11:53 a.m. on the Comex in New York. The metal gained 0.7 percent last week.

On the LME, copper for delivery in three months on the LME rose 1.7 percent to $7,150 a ton ($3.25 a pound).

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

Base metals markets: NI BMMKTS

CRUDE OIL

West Texas Intermediate crude advanced to the highest level in more than two weeks on optimism that central banks will decide to maintain economic stimulus to bolster growth.

WTI oil for June delivery climbed $1.12, or 1.2 percent, to $94.12 a barrel at 11:27 a.m. on the New York Mercantile Exchange. The contract touched $94.39, the highest intraday price since April 11. Trading was 9 percent below the 100-day average for this time of day.

Brent crude for June settlement increased 37 cents, or 0.4 percent, to $103.53 a barrel on the London-based ICE Futures Europe exchange. Volume was 4.6 percent above the 100-day average.

Oil markets: NI OILMARKET

PRECIOUS METALS

Gold futures rose on speculation that the Federal Reserve will maintain bond purchases to bolster the U.S. economy, while demand for coins and jewelry climbed. Platinum jumped the most in 10 months.

Gold futures for June delivery rose 1.1 percent to $1,469.90 an ounce at 11:59 a.m. on the Comex in New York. The price headed for the biggest monthly drop since December 2011 after entering a bear market on April 12.

Platinum futures for July delivery rose 2.8 percent to $1,518.30 an ounce on the New York Mercantile Exchange. A close at that price would mark the biggest gain for a most-active contract since June 29.

Silver futures for July delivery gained 2.2 percent to $24.305 an ounce on the Comex.

Precious metal markets: NI PCMKTS

LIVESTOCK

Hog futures for June settlement fell 0.2 percent to 92.3 cents a pound on the Chicago Mercantile Exchange.

Cattle futures for June delivery gained 0.4 percent to $1.2305 a pound.

Feeder-cattle futures for August settlement declined 0.9 percent to $1.49875 a pound.

Livestock markets: NI LVMKTS

NATURAL GAS

Natural gas gained in New York on speculation that lingering cold spurred fuel demand last week, widening a supply deficit.

Natural gas for June delivery rose 10 cents, or 2.4 percent, to $4.323 per million British thermal units at 10:06 a.m. on the New York Mercantile Exchange. Trading was 17 percent below the 100-day average for the time of day. Gas sank 5.8 percent last week, snapping a record nine-week streak of gains.

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

OIL PRODUCTS

Gasoline futures fell and crack spreads narrowed as refineries in Louisiana and California returned from planned and unplanned maintenance outages.

Gasoline for May delivery fell 1.98 cents, or 0.7 percent, to $2.8151 a gallon at 9:53 a.m. on the New York Mercantile Exchange on volume that was 33 percent below the 100-day average for the time of day.

Gasoline at the pump, averaged nationwide, was unchanged at $3.50 a gallon, AAA said on its website today.

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

European Carbon Permits

European Union emission permits rallied 7.1 percent to 3.33 euros a metric ton.

EU Carbon Emissions: NI ECBMKT

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

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