Soybeans Fall Most in Two Weeks on Demand: Commodities at Close
Soybeans dropped the most in more than two weeks as demand for supplies from the U.S. declines and the harvest advances in Brazil, set to be the world’s largest grower this year. Corn also fell.
Soybean futures for May delivery fell 1.6 percent to $14.45 a bushel on the Chicago Board of Trade, heading for the biggest decline since Feb. 22.
Corn futures for May delivery slumped 1.3 percent to $7.0525 a bushel in Chicago, heading for the first drop in five sessions. The price gained 2.3 percent this year through yesterday.
Grains markets: NI GRMKTS
Gold futures for April delivery fell 0.3 percent to $1,586.70 an ounce on the Comex in New York.
Silver for May delivery declined 0.8 percent to $28.94 an ounce.
Precious metal markets: NI PCMKTS
West Texas Intermediate retreated after an Energy Information Administration report showed that U.S. inventories climbed an eighth straight week. WTI’s discount to Brent narrowed to the lowest level in six weeks.
Crude oil for April delivery slipped 52 cents, or 0.6 percent, to $92.02 a barrel on the New York Mercantile Exchange. It fell as low as $91.96.
Brent oil for April settlement dropped $1.60, or 1.5 percent, to $108.05 a barrel on the London-based ICE Futures Europe exchange. Futures touched $107.91, the lowest level this year. April futures expire tomorrow. Oil markets: NI OILMARKET
Orange-juice futures rose to the highest in almost 12 weeks on mounting concern that dry weather will reduce output in Florida, the world’s second-biggest grower.
Orange-juice for May delivery rose 0.3 percent to $1.379 a pound on ICE Futures U.S. in New York. Earlier, the price reached $1.403, the highest for a most-active contract since Dec. 20. Brazil is the top producer.
Cocoa futures for May delivery fell 0.3 percent to $2,152 a metric ton. Raw-sugar futures for May delivery were unchanged. Arabica-coffee futures for May delivery slumped 1 percent to $1.4095 a pound.
Soft commodities markets: NI SOMKTS
Copper fell the most in a week amid concern that policy makers will expand efforts to cool the housing market in China, the world’s biggest consumer.
On the Comex in New York, copper futures for delivery in May slid 0.7 percent to $3.53 a pound, heading for the biggest decline since March 1.
Nickel, aluminum and zinc also fell in London. Tin and lead were higher.
Base metals markets: NI BMMKTS
Natural gas futures climbed in New York for the fourth time in five days, reaching a three-month high, on speculation that unusually cold weather heading into spring will spur heating demand.
Natural gas for April delivery rose 1.3 percent to $3.693 per million British thermal units on the New York Mercantile Exchange after rising to $3.696, the highest intraday price since Dec. 6.
U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET
Wholesale beef rose 0.3 percent to $1.9795 a pound, USDA data show.
Livestock markets: NI LVMKTS
To contact the reporter on this story: Sharon Lindores in London at firstname.lastname@example.org