Soybean Futures Decline Most in Two Weeks: Commodities at CloseThomas Galatola
The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.4 percent to settle at 647.17 at 4 p.m. New York time, led by soybeans.
The UBS Bloomberg CMCI gauge of 26 prices declined 0.4 percent to 1,545.56.
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.
About 17.1 million bushels of soybeans were inspected for export in the week through March 7, down 58 percent from the prior seven days and the lowest since September, U.S. Department of Agriculture data show. In Brazil, 48 percent of the crop was harvested as of March 8, researcher Safras & Mercado said. The country may collect a record 83.5 million metric tons this year, according to the USDA.
On the Chicago Board of Trade, soybean futures for May delivery fell 1.5 percent to $14.47 a bushel, the biggest decline for a most-active contract since Feb. 22.
Corn futures for May delivery slumped 0.6 percent to $7.1025 a bushel, ending four-session rally.
Copper dropped the most in a week amid concern that policy makers will expand efforts to cool the housing market in China, the biggest consumer.
On the Comex in New York, copper futures for May delivery slid 0.8 percent to $3.525 a pound, the biggest decline since March 1.
On the London Metal Exchange, copper for delivery in three
Gold fell, ending the longest rally since August, as economic data in the U.S. eased pressure on the Federal Reserve to expand stimulus measures.
On the Comex, gold futures for April delivery slipped 0.2 percent to $1,588.40 an ounce. Prices rose in the previous four sessions.
Silver futures for May delivery dropped 0.7 percent to $28.958 an ounce.
On the New York Mercantile Exchange, platinum futures for April delivery slid 0.1 percent to $1,593.10 an ounce.
Hogs fell the most in a week on signs of slowing demand for U.S. pork.
On the Chicago Mercantile Exchange, hog futures for June settlement slid 1.1 percent to 90.075 cents a pound, the biggest decline for the contract since March 5.
Cattle futures for April delivery dropped 0.1 percent to $1.2855 a pound.
Coffee futures fell to a one-week low as U.S. inventory rose to the highest in three years.
On ICE Futures U.S. in New York, arabica coffee for May delivery dropped 1.2 percent to $1.406 a pound after touching $1.401, the lowest in a week.
Cocoa futures for May delivery slid 0.5 percent to $2,147 a ton.
Orange-juice futures for May delivery fell 0.1 percent to $1.374 a pound.
Raw-sugar futures for May delivery slipped 0.1 percent to 18.8 cents a pound.
Crude oil was little changed after an Energy Information Administration report showed that U.S. inventories climbed to a seasonal high.
On the Nymex, oil futures for April delivery slid 2 cents to $92.52 a barrel.
Brent oil for April settlement dropped 1 percent to $108.52 a barrel on the London-based ICE Futures Europe exchange.
Total SA bought three cargoes of North Sea Forties crude as the price rebounded from the lowest in 11 months. The Paris-based company failed to buy Russian Urals grade and CPC Blend.
Gasoline fell the most in two weeks as Brent crude weakened versus West Texas Intermediate and the dollar strengthened, reducing the investment appeal of commodities.
On the Nymex, gasoline futures for April delivery fell 0.3 percent to $3.1423 a gallon.
Natural gas climbed to a three-month high on speculation that unusually cold weather heading into spring will spur heating demand.
On the Nymex, gas futures for April delivery rose 1 percent to $3.68 per million British thermal units, the highest settlement since Dec. 5.
U.K. gas dropped from the highest in more than a year as demand waned on milder weather.
The day-ahead price tumbled 9.1 percent to 87 pence a therm