Coffee Falls to Lowest Level in Two Years: Commodities at Close

The Standard & Poor’s GSCI Spot Index of 24 raw materials was little changed at 676.14 as natural gas and wheat gained. Sugar and nickel declined.

The UBS Bloomberg CMCI gauge of 26 prices fell 0.4 percent to 1,616.7061.


Coffee futures slumped to the lowest price in more than two years on signs that supply will outweigh demand because of a bumper crop in Brazil, the world’s largest grower and exporter.

Arabica-coffee for March delivery tumbled 1.4 percent to close at $1.421 a pound on ICE Futures U.S. in New York, the lowest settlement for a most-active contract since June 2010. Prices have fallen 35 percent from a year ago.

Raw sugar for delivery in March dropped 2 percent to 18.19 cents a pound on the exchange, the biggest loss since Jan. 3.

Cotton futures for March delivery declined 0.3 percent to 81.27 cents a pound on ICE.

Also in New York, orange-juice futures for March delivery dropped 1.5 percent to $1.20 a pound.

Soft commodities markets: {NI SOMKTS}


Natural gas futures advanced for a third day in New York, climbing to the highest price in more than a week. Forecasts showed colder-than-normal weather that would boost demand for the heating fuel.

Natural gas for March delivery increased 1.9 cents to $3.418 per million British thermal units on the New York Mercantile Exchange, the highest settlement price since Jan. 25.

U.S. gas: {NI NUSMKT}


West Texas Intermediate oil was little changed as an Energy Information Administration report showed supplies dropped at Cushing, Oklahoma, the biggest U.S. storage hub and delivery point for the New York-traded crude.

Crude oil for March delivery settled at $96.62 a barrel on the Nymex. It touched a two-week low of $95.04 in intraday trading.

Brent oil for March settlement climbed 21 cents to end the session at $116.73 a barrel on the London-based ICE Futures Europe exchange.

Oil futures: {NI CRMKTS}


Platinum rose to a 16-month high on concern that supplies will fall from South Africa, which accounts for about 73 percent of global output. Gold gained.

Platinum futures for delivery in April rose 1.7 percent on the Nymex to settle at $1,736.50 an ounce, the biggest jump since Jan. 15. Earlier, prices jumped to $1,744.50, the highest level for a most-active contract since Sept. 22, 2011.

Palladium futures for March delivery slipped 0.1 percent to $764.80 an ounce on the Nymex after reaching $772.90, the highest since Sept. 6, 2011.

Gold futures for April delivery added 0.3 percent to settle at $1,678.80 an ounce on the Comex in New York, advancing for the third time time in four sessions.

Silver futures for March delivery rose less than 0.1 percent to $31.877 an ounce on the Comex.

Precious-metal markets: {NI PCMKTS}


Nickel prices fell the most in three months amid signs that global supplies will be more than enough to meet demand this year. Copper also dropped.

Nickel for delivery in three months on the London Metal Exchange declined 2 percent to settle at $18,325 a metric ton, the biggest decline since Oct. 22.

Zinc, aluminum, tin, copper and lead also dropped in London.

In New York, copper futures for March delivery fell 0.8 percent to close at $3.7405 a pound on the Comex.

Base-metal markets: {NI BMMKTS}


March gasoline’s discount to April widened as supplies increased around New York Harbor, the Nymex contract’s delivery point.

Gasoline for March delivery increased 1.52 cents to 18.24 cents below April, the widest contango for the two contracts nearest to expiration in almost a year. Futures rose 0.23 cent to $3.0397 a gallon on the Nymex.

Heating oil futures fell 0.55 cent to $3.1858 a gallon on the Nymex.

Gasoline at the pump, averaged nationwide, rose 1.3 cents to $3.546 a gallon, AAA said on its website today. Prices gained for the 20th straight day and are 1.9 percent higher than a year ago.

Oil products markets: {NI OPFMKT}


Wheat futures rose, snapping the longest slump in almost eight weeks, as weather forecasts showed that rain this weekend will miss the main U.S. growing areas in the southern Great Plains.

Wheat futures for March delivery rose 0.5 percent to settle at $7.615 a bushel on the Chicago Board of Trade.

Soybean futures for March delivery dropped 0.5 percent to close at $14.875 a bushel on the CBOT. The price climbed 1.8 percent in the previous three sessions.

In Chicago, corn futures for March delivery fell 0.9 percent to $7.225 a bushel. The price dropped for the fourth straight session, the longest slump Dec. 20.

Grain markets: {NI GRMKTS}


Hogs prices fell to the lowest level in almost four weeks on signs of slack U.S. demand. Cattle futures also declined.

Hog futures for April settlement dropped 1.7 percent to 86.25 cents a pound on the Chicago Mercantile Exchange. Earlier, the price touched 86.2 cents, the lowest for the most-active contract since Jan. 10.

Cattle futures for April delivery declined 0.6 percent to $1.3145 a pound in Chicago. The price earlier touched $1.31175, the lowest since Jan. 25.

Feeder-cattle futures for March settlement slid 0.7 percent to $1.4755 a pound on the CME. The price has fallen four straight sessions, the longest slump since Jan. 17.

Livestock markets: {NI LVMKTS}