The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.8 percent, the most since Dec. 13, to settle at 673.87. Coffee and crude oil led the descent.
The UBS Bloomberg CMCI gauge of 26 prices retreated 0.5 percent to 1,618.615.
Coffee futures fell to a one-month low on signs of ample U.S. inventory. Cocoa, cotton, sugar and orange juice also dropped.
Arabica-coffee futures for March delivery fell 2.4 percent to settle at $1.4435 a pound on ICE in New York. The price touched $1.4395 in intraday trading, the lowest level for a most-active contract since Jan. 4.
Cocoa futures for March delivery dropped 0.6 percent to $2,192 a metric ton on ICE.
Cotton futures for March delivery declined 1.5 percent to 81.74 cents a pound in New York, while raw-sugar futures for March delivery fell 0.8 percent to 18.73 cents a pound.
Orange-juice futures for March delivery dropped 1.1 percent to $1.204 a pound on ICE, snapping a six-session rally.
Soft commodities markets: NI SOMKTS
Oil tumbled the most in two months on political turmoil in Europe and as Middle East tension eased on the prospect of renewed talks between Western countries and Iran.
Crude oil for March delivery dropped $1.60 to settle at $96.17 a barrel on the New York Mercantile Exchange.
Brent oil for March settlement fell $1.16, or 1 percent, t end the session at $115.60 on the London-based ICE Futures Europe exchange. It was the first decline since Jan. 21. Brent’s 14-day relative strength index was at 70, a technical level that suggests prices have climbed too quickly.
Oil futures: NI CRMKTS
Platinum futures rose to the highest level in almost 17 weeks as output declined at Anglo American Platinum Ltd., the world’s biggest producer. Palladium extended a rally to the highest since September 2011. Gold gained.
Platinum futures for April delivery rose 0.6 percent to settle at $1,698.10 an ounce on the Nymex.
Palladium futures for March delivery rose 0.2 percent to $757.80 on the Nymex. Earlier, the price reached $761.90, the highest since Sept. 9, 2011.
Gold futures for April delivery gained 0.3 percent to $1,676.40 an ounce on the Comex in New York.
Silver futures for March delivery slid 0.8 percent to $31.716 an ounce on the Comex.
Precious-metal markets: NI PCMKTS
Copper futures fell from a four-month high in New York on political turmoil in Europe.
Copper futures for March delivery fell 0.4 percent to $3.7685 a pound on the Comex in New York.
On the London Metal Exchange, copper for delivery in three months climbed 0.2 percent to $8,305 a metric ton ($3.77 a pound). Nickel and zinc also rose, while aluminum declined. Tin and lead were unchanged.
Base-metal markets: NI BMMKTS
Gasoline followed crude oil lower as Iran expects to resume talks later this month with world powers over its nuclear program, easing concerns that Mideast oil production would be disrupted.
Gasoline for March delivery declined 4.21 cents, or 1.4 percent, to settle at $3.0115 a gallon on the Nymex.
Heating oil for March delivery declined 0.66 cent to settle at $3.154 a gallon on the Nymex.
Gasoline: NI GASOLINE
Heating oil: NI HEATOIL
Natural gas futures rose in New York for the third time in four days on forecasts of below-normal temperatures in the central U.S. that would increase demand for the heating fuel.
Natural gas for February delivery rose 1.4 cents to settle at $3.315 per million Btu on the New York Mercantile Exchange. Trading volume was 40 percent below the 100-day average for the time of day. The futures have gained 33 percent from a year ago.
U.S. gas: NI NUSMKT
Soybeans reached a seven-week high on speculation that warm, dry weather will reduce yield potential in Argentina, boosting demand for U.S. supplies. Corn fell on slowing export demand and reduced ethanol output.
Soybean futures for March delivery gained 1 percent to close at $14.8875 a bushel on the Chicago Board of Trade.
In Chicago, corn futures for March delivery slid 0.2 percent to $7.3425 a bushel.
Wheat fell for the third straight session after a government report showed inspections of U.S. grain for overseas delivery plunged 32 percent last week.
Wheat futures for March delivery dropped 0.3 percent to close at $7.63 a bushel in Chicago. Prices have fallen 1.9 percent this year after surging 19 percent in 2012.
Grain markets: NI GRMKTS
Cattle futures rose for the first time in a week after a government report showed the size of the U.S. herd fell to 61-year low, signaling tightening beef supplies. Hog prices dropped.
Cattle futures for April delivery climbed 0.1 percent to settle at $1.32275 a pound on the Chicago Mercantile Exchange, marking the first gain since Jan. 28.
Feeder-cattle futures for March settlement dropped 0.2 percent to close at $1.48875 a pound.
Hog futures for April settlement fell 0.5 percent to close at 88.35 cents a pound on the CME.
Livestock markets: NI LVMKTS