Soybeans, Gasoline Slide as Coffee Climbs: Commodities at Close

The Standard & Poor’s GSCI gauge of 24 raw materials fell 0.4 percent to 664.18 in New York. Soybeans and reformulated gasoline, or RBOB, led the retreat while coffee posted the biggest advance.

The UBS Bloomberg CMCI index of 26 raw materials was down 0.4 percent at 1,630.053.

GRAINS, OILSEEDS

Soybean futures fell to a 11-week low on speculation that rain will boost yield potential in South America, reducing demand for supplies from the U.S., the world’s biggest exporter. Corn rose.

Soybeans for November delivery fell 1.9 percent to settle at $15.305 a bushel on the Chicago Board of Trade.

Corn futures for December delivery gained 0.2 percent to $7.5825 a bushel on the CBOT.

Wheat futures tumbled for the sixth time in seven sessions on signs of declining demand for inventories from the U.S., the world’s biggest exporter.

Wheat futures for December delivery fell 1.4 percent to settle at $8.715 a bushel on the CBOT. Prices jumped 19 percent in the third quarter as dry weather reduced crop prospects in Russia and the U.S.

OIL PRODUCTS

Gasoline declined for the first time in six days on speculation that a shortage of supply in New York Harbor will ease as refineries restart units.

Gasoline for November delivery fell 5.09 cents, or 1.7 percent, to settle at $2.8692 a gallon on the New York Mercantile Exchange.

CRUDE OIL

Oil fell for the first time in four days as gasoline dropped on expectations that a supply shortage in New York Harbor will ease.

Crude for November delivery slipped 59 cents, or 0.6 percent, to settle at $91.89 a barrel on the Nymex. Prices are down 7 percent this year.

Brent for November settlement fell 62 cents, or 0.6 percent, to $111.57 a barrel on the London-based ICE Futures Europe exchange.

NATURAL GAS

Natural gas futures gained for a sixth day in New York, rising to a 10-month high, on speculation that cold weather next week will boost demand for heating.

Natural gas for November delivery rose 5.1 cents to $3.531 per million British thermal units on the Nymex, the highest settlement price since Dec. 2. The futures are up 18 percent this year.

SOFT COMMODITIES

Coffee futures jumped to the highest price since July on signs that exporters are slowing sales in Brazil, the world’s largest producer. Cocoa also rose.

Arabica coffee for December delivery climbed 3.1 percent to settle at $1.8365 a pound on ICE Futures U.S. in New York. Prices have gained 11 percent since the end of August.

Cocoa futures for December delivery advanced 1 percent to $2,475 a metric ton on ICE.

Orange juice futures rose to a one-week high on speculation an Atlantic storm will threaten citrus groves in Florida, the world’s second-biggest grower. Orange juice for November delivery climbed 2.2 percent to close at $1.1605 a pound at on ICE.

Also in New York, raw-sugar futures for March delivery rose 2.2 percent to 21.59 cents a pound.

Cotton futures for December delivery advanced 0.9 percent.

PRECIOUS METALS

Gold futures fell from a 10-month high in New York on renewed concern that demand in Asia will remain slow. Silver also declined.

Gold futures for December delivery fell 0.4 percent to settle at $1,775.60 an ounce on the Comex in New York, dropping for the second time in three sessions. Yesterday, prices reached $1,794.40, the highest for a most-active contract since Nov. 14.

Silver futures for December delivery slid 0.8 percent to $34.669 an ounce on the Comex, after reaching $35.445 yesterday, the highest level since March 2.

Platinum futures for January delivery rose 0.1 percent to $1,687.20 an ounce on the Nymex, the sixth-straight increase.

Palladium futures for December delivery jumped 1.3 percent to $654.20 an ounce on the Nymex.

BASE METALS

Copper rose, extending the longest rally since June, on speculation that worldwide central-bank stimulus measures will stoke economies and lift metals demand.

Copper futures for December delivery rose 0.4 percent to settle at $3.801 a pound on the Comex. The metal has gained for four straight sessions, the longest stretch since June 19.

On the London Metal Exchange, copper for delivery in three months increased 0.3 percent to $8,325.50 a metric ton ($3.78 a pound).

Lead and tin gained in London. Nickel, zinc and aluminum fell.

LIVESTOCK

Hog futures climbed to the highest level in almost seven weeks on signs that U.S. meatpackers are increasing purchases of animals as pork demand advances. Cattle prices rose.

Hog futures for December settlement gained 2.3 percent to settle at 76.85 cents a pound on the Chicago Mercantile Exchange, the biggest gain since July 18.

Cattle futures for December delivery advanced 0.2 percent to settle at $1.26375 a pound in Chicago. The commodity has increased 4.1 percent this year.

Feeder-cattle futures for November settlement rose 0.6 percent to $1.465 a pound on the CME.

To contact the reporter on this story: Christine Harvey in New York at charvey32@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net