Corn, Soybeans Surge on Hot, Dry Weather: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials rose 0.3 percent to settle at 620.15 at 4:05 p.m. in New York, led by grains.


Corn futures jumped to a nine-month high and soybeans reached the highest since July 2008 as a heat wave and drought threatened to limit output in the U.S., the world’s top exporter. Wheat rose to a 14-month high.

The National Weather Service issued excessive heat warnings from Idaho to Ohio. As of July 3, 53 percent of the Midwest had moderate to extreme drought conditions, compared with none a year ago, the U.S. Drought Monitor showed.

On the Chicago Board of Trade, corn futures for December delivery advanced 5 percent to $7.085 a bushel. Earlier, the price reached $7.13, the highest for the most-active contract since Sept. 15.

Soybean futures for November delivery rose 3.5 percent to $15.265 a bushel. The oilseed reached $15.29, the highest since July 2008.

Wheat futures for December delivery gained 4.8 percent to


Natural gas advanced to a six-month high amid speculation that government data will show a smaller-than-normal increase in stockpiles for last week because of hot weather.

On the New York Mercantile Exchange, gas futures for August delivery rose 1.6 percent to $2.945 per million British thermal units, the highest settlement since Jan. 9.

U.K. gas rose as Statoil ASA said it is preparing to shut output on Norway’s continental shelf as employers lock out striking workers.

Gas for next week climbed 1 pence, or 1.7 percent, to 58.5 pence a therm at 4:07 p.m. London time. August gas gained 1.2


Crude oil dropped after the dollar rose against the euro as European Central Bank President Mario Draghi said economic risks remain after the bank cut rates to a record.

On the Nymex, oil futures for August delivery 0.5 percent to $87.22 a barrel.

Brent oil for August settlement advanced 0.8 percent to $100.55 a barrel on the London-based ICE Futures Europe exchange.

Total SA bought two cargoes of North Sea Forties after the blend rose to a one-month high, while Eni SpA failed to buy Russian Urals crude in the Mediterranean at a higher price. Nigerian Qua Iboe’s premium to Dated Brent dropped to a 25-month low.

Norwegian oil producers led by Statoil ASA plan to shut all


Gasoline gained to a five-week high as Brent crude rose after Norway’s largest oil producer said a strike forced a production halt and U.S. motor fuel demand climbed last week before the July 4 holiday.

On the Nymex, gasoline futures for August delivery rose 1.5 percent to $2.7648 a gallon.


Copper futures dropped the most in two weeks after the U.S. added more workers than forecast in June, easing concern that the labor market is deteriorating and reducing pressure on the Federal Reserve to loosen U.S. monetary policies.

On the Comex in New York, copper futures for September delivery slid 1.3 percent to $3.493 a pound, the biggest fall since June 21.

Copper for delivery in three months slipped 0.4 percent to $7,695 a metric ton ($3.49 a pound) on the London Metal Exchange.


Gold fell the most in a week on bets that the Fed may refrain from more stimulus measures, while the dollar’s rebound eroded the appeal of the metal as an alternative investment.

On the Comex, gold futures for August delivery fell 0.8 percent to $1,609.40 an ounce, the biggest drop since June 28.

Silver futures for September delivery slid 2.1 percent to $27.672 an ounce.

On the New York Mercantile Exchange, platinum futures for October delivery dropped 0.9 percent to $1,477.70 an ounce.


Cotton futures fell the most in two weeks on speculation that rain will help crops in Texas, the biggest U.S. grower, amid signs of rising global stockpiles.

On ICE Futures U.S. in New York, cotton for December delivery tumbled 2.8 percent to 70.58 cents a pound, the biggest drop since June 21.

Orange-juice futures for September delivery surged 3.4 percent to $1.248 a pound.

Raw-sugar futures for October delivery dropped 0.3 percent to 21.92 cents a pound.

Arabica-coffee futures for September delivery slid 0.1 percent to $1.8035 a pound.


Hog futures posted the biggest drop in more than a week on signs that a U.S. heat wave is discouraging consumers from grilling outdoors, lowering meat demand.

On the Chicago Mercantile Exchange, hog futures for August settlement fell 2.1 percent to 92.875 cents a pound, the biggest decline since June 25.

Cattle futures for August delivery slipped 0.3 percent to settle at $1.1915 a pound.

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