The Standard & Poor’s GSCI gauge of 24 commodities fell 0.7% to 626.86 by 4 p.m. New York time. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.6% to 1,473.338.
Cotton futures rose to a three-week high on concern that a persistent drought will reduce output in Texas, the top U.S. producer.
- Cotton for July delivery jumped 2.1% to settle at 86.65c/lb on ICE Futures U.S. in New York
- Arabica-coffee futures for July delivery advanced 1.4% to $1.2875/lb on ICE
- Orange-juice futures for July delivery rose 0.3% to $1.518/lb
- Raw-sugar futures for July delivery declined 0.3% to 16.38c/lb
- Cocoa futures for September delivery were unchanged at $2,368/t
- Soft commodities markets: NI SOMKTS
Gasoline fell on speculation that Midwest supplies will increase as refineries return from maintenance and BP Plc completes work on the largest crude unit at its Indiana refinery this month.
- Gasoline for July delivery 0.8% to $2.8481/gal on the New York Mercantile Exchange
- Ultra-low-sulfur diesel for July delivery fell 0.3% to $2.8838/gal
- Oil Products U.S.: NI OPFMKT
Natural gas futures dropped to a 12-week low in New York as forecasts for milder weather in the eastern U.S. signaled lower consumption.
- Natural gas for July delivery fell 0.7% to $3.80/mmBtu
- U.S. natural gas: NI NUSMKT Gas Market: NI GASMARKET U.K. natural gas: NI NUKMKT European natural gas: NI EGASMARKET
West Texas Intermediate crude slid from a two-week high after industrial production slowed in China, the world’s second-biggest oil-consuming country.
- WTI for July delivery slipped 0.3% to $95.77/bbl on the Nymex
- Brent for July settlement dropped 0.6% percent to $103.95/bbl on ICE Futures Europe exchange
- Oil markets: NI OILMARKET
Hog futures rose the most allowed by the Chicago Mercantile Exchange, extending a rally to the highest in more than two years, on signs of tight supplies in the U.S. Cattle prices fell to the lowest in two weeks.
- Hog futures for July settlement climbed 1.8 percent to close at 97.9c/lb
- Cattle futures for August delivery dropped 0.7% to $1.18425/lb
- Livestock markets: NI LVMKTS
Corn fell the most in five weeks and soybeans dropped on speculation that hot, dry weather in the U.S. Midwest will improve crop prospects after heavy rains delayed spring planting. Wheat also declined.
- Corn for December delivery plunged 2.2% to $5.46/bu
- Soybean futures for delivery in November fell 0.8% to $13.19/bu
- Wheat futures for delivery in July slid 0.9% to $6.8975/bu *Grains markets: NI GRMKTS
Gold futures rose from the lowest almost two weeks on bets that demand for the precious metal as store of value will increase in Asia, the world’s top consumer.
- Gold futures for August delivery rose 0.2% to $1,386/oz on the Comex in New York
- Silver futures for July delivery rose 0.8% $21.925/oz
- Platinum futures for July delivery rose 0.3% to $1,506.90/oz
- Palladium futures for September delivery advanced 1.1% to $769.40/oz
- Precious metal markets: NI PCMKTS
Copper fell to a five-week low after weaker-than-estimated economic figures increased concern that demand will slow in China, the world’s top metals user.
- Copper futures for delivery in July fell 0.8% to at $3.241/lb
- Base metals markets: NI BMMKTS