The Standard & Poor’s GSCI gauge of 24 commodities rose 0.9 percent to 675.47 at 4 p.m. in New York. The UBS Bloomberg CMCI index of 26 raw materials was up 1 percent at 1,597.013.
Soybeans surged to a record and corn jumped after participants on the Professional Farmer Midwest Crop Tour yesterday said yields would fall in both the eastern and western Corn Belt.
Soybean futures for November delivery rose 2.9 percent to settle at $17.325 a bushel at 2 p.m. on the Chicago Board of Trade, after reaching an all-time high of $17.34. The price has gained 32 percent since June 15. Soybean meal, used to make animal feed, touched a record $527.90 per 2,000 pounds today.
Corn futures for December delivery jumped 1.8 percent to $8.3875 a bushel. The most-active contract has gained 66 percent since mid-June.
Wheat futures for December delivery advanced 2.1 percent to
Natural gas settled little changed as forecasts showed an approaching tropical weather system and a U.S. court struck down a rule that would have prompted power generators to close coal-burning plants and switch to gas.
Natural gas for September delivery fell 0.1 cent to $2.775
Oil climbed to a three-month high in New York on speculation that euro-area leaders will make progress in resolving the region’s debt crisis this week.
Crude oil for September delivery rose 71 cents to $96.68 a barrel on the Nymex, the highest settlement since May 10. September futures expired today. The more actively traded October contract gained 58 cents, or 0.6 percent, to $96.84.
Brent oil for October settlement increased 94 cents, or 0.8
Gasoline rose amid speculation that European leaders will make progress this week on containing the region’s debt crisis, which has threatened the global economy and fuel demand.
September-delivery gasoline rose 3.44 cents, or 1.1 percent, to $3.0652 a gallon on the Nymex.
Heating oil for September delivery rose 3.12 cents, or 1
Orange-juice futures rose to a one-month high as severe weather in the Caribbean may threaten groves in Florida, the world’s second-biggest citrus grower.
Orange juice for November delivery rallied 4 percent to settle at $1.154 a pound on ICE Futures U.S. in New York.
Cotton futures for December delivery gained 3.3 percent to 77.3 cents a pound on ICE. Also in New York, cocoa futures for December delivery advanced 1 percent to $2,433 a metric ton.
Copper rose to the highest level in more than four weeks on optimism that the European leaders will make progress on the region’s debt crisis, easing economic concerns.
Copper futures for December delivery climbed 2.4 percent to settle at $3.461 a pound on the Comex in New York.
On the London Metal Exchange, copper for delivery in three
Gold rose to a three-month high after the dollar’s slump increased the metal’s appeal as an alternative investment, while higher commodity prices sparked inflation concerns. Platinum climbed.
Gold futures for December delivery increased 1.2 percent to settle at $1,642.90 an ounce on the Comex. The price reached $1,643.60, the highest level for a most-active contract since May 7.
Platinum futures for October delivery climbed 0.6 percent to $1,507.80 an ounce. Silver futures for December delivery gained 2.9 percent to $29.514 an ounce on the Comex.
Cattle futures fell to the lowest level in almost two weeks on signs that U.S. supplies are increasing as record feed costs encourage producers to slaughter more animals and high beef prices hurt demand. Hogs also dropped.
Cattle futures for October delivery fell 0.7 percent to settle at $1.24625 a pound on the Chicago Mercantile Exchange, after reaching $1.24575, the lowest price since Aug. 8.
Feeder-cattle futures for October settlement declined 1.1 percent to $1.424 a pound. That marks the biggest decline for the most-active contract since Aug. 3.
Hog futures for October settlement slipped 0.1 percent to