The Standard & Poor’s GSCI gauge of 24 commodities fell 0.5 percent to 642.59 at 4 p.m. The UBS Bloomberg CMCI index of 26 raw materials was down 0.6 percent at 1,572.599.
Oil dropped to the lowest level in almost two weeks as concern mounted that negotiations to address the U.S. budget deficit will fail.
Crude oil for January delivery declined 69 cents to $86.49 a barrel on the New York Mercantile Exchange, the lowest settlement since Nov. 15. Prices are down 12 percent this year.
Brent oil for January settlement declined 36 cents, or 0.3 percent, to end the session at $109.51 a barrel on the London-based ICE Futures Europe exchange.
Oil markets: NI CRMKTS
Natural gas futures declined for the third time in four days as forecasts for mild weather next week signaled reduced demand for the heating fuel.
Natural gas for December delivery fell 7.3 cents, or 1.9 percent, to $3.696 per million British thermal units on the New York Mercantile Exchange, the lowest settlement price since Nov. 12. December futures expired today. The more active January contract dropped 9.1 cents to $3.801 per million Btu.
U.S. natural gas: NI NUSMKT
U.K. natural gas: NI NUKMKT
Gasoline rose after Hess Corp. said its Port Reading, New Jersey, refinery lost power yesterday.
Gasoline for December delivery rose 0.18 cent to settle at $2.7339 a gallon on the New York Mercantile Exchange. The more actively traded January contract slipped 0.79 cent, or 0.3 percent, to $2.6877. December gasoline and heating oil futures will expire Nov. 30.
December-delivery heating oil fell 0.14 cent to settle at $3.008 a gallon. The more actively traded January contract slipped 0.38 cent to $3.0209.
U.S. oil product futures: NI OPFMKT
Oil Products Europe: NI OPEMKT
Gasoline: NI GASOLINE
Heating oil: NI HEATOIL
Coffee futures rose the most in 11 weeks after Rabobank International said demand will exceed production next season, signaling tighter supplies than expected by speculators.
Arabica-coffee for March delivery rallied 3.8 percent to settle at $1.5485 a pound on ICE Futures U.S. in New York, the biggest gain for a most-active contract since Sept. 10.
Orange juice for January delivery fell 2.2 percent to settle at $1.2325 a pound.
Cocoa futures for March delivery climbed 0.4 percent to close at $2,458 a metric ton.
Cotton futures for March delivery added 0.2 percent to 72.63 cents a pound.
Raw-sugar futures for March delivery slid 0.4 percent to 19.16 cents a pound.
Soft commodities markets: NI SOMKTS
Soybeans fell for the first time in four sessions on speculation that rain will aid crops in Brazil and spur Argentine farmers to plant more. Corn was unchanged.
Soybean futures for January delivery fell 0.2 percent to close at $14.4625 a bushel on the Chicago Board of Trade. The price gained 2.9 percent in the previous three sessions. The oilseed has climbed 20 percent this year after a U.S. Midwest drought crimped output.
Corn futures for March delivery closed at $7.64 a bushel. The grain has advanced 18 percent this year.
Wheat futures for March delivery climbed 0.3 percent to $8.9125 a bushel, the fourth straight gain.
Grain markets: NI GRMKTS
Copper dropped for the first time in a week in New York on concern that the U.S. is making little progress in talks to skirt looming tax increases and spending cuts that could erode economic growth and commodities demand.
Copper futures for delivery in March slumped 0.4 percent to settle at $3.5375 a pound on the Comex in New York, the first drop since Nov. 21.
On the London Metal Exchange, copper for delivery in three months fell 0.5 percent to $7,767.50 a metric ton ($3.52 a pound).
Aluminum, zinc and lead were also lower in London. Nickel and tin gained.
Base metals markets: NI BMMKTS
Gold futures fell the most in three weeks as pessimism on a U.S. budget resolution eroded demand for commodities.
On the Comex in New York, gold futures for February delivery tumbled 1.5 percent to settle at $1,718.80 an ounce, the biggest drop for a most-active contract since Nov. 2. In the first 30 seconds of floor trading, 7,700 contracts traded, according to PVM Futures Inc.
Silver futures for March delivery fell 0.9 percent to $33.77 an ounce on the Comex, the biggest decline since Nov. 16.
On the New York Mercantile Exchange, platinum futures for January delivery dropped 0.4 percent to settle at $1,611.70 an ounce.
Palladium futures for March delivery climbed 0.8 percent to $675.20 an ounce. Earlier, the price dropped as much as 3.5 percent.
Precious metal markets: NI PCMKTS
Hog futures rose the most in a week on speculation that increasing demand for pork will erode U.S. inventory as farmers reduce herds because of high feed costs. Cattle declined.
Hog futures for February settlement advanced 1 percent to 87.575 cents a pound on the Chicago Mercantile Exchange, the biggest increase for a most-active contract since Nov. 19.
Cattle futures for February delivery fell 0.5 percent to $1.3165 a pound. On Nov. 23, the commodity climbed to a record $1.32925.
Feeder-cattle futures for January settlement slid 0.6 percent to $1.46075 a pound.
Livestock markets: NI LVMKTS