COMMODITIES-Corn, soy and natgas tumble on good weather; oil up

Mon Oct 28, 2013 4:57pm EDT

By Barani Krishnan
    NEW YORK, Oct 28 (Reuters) - Corn and soybean prices fell
their most in nearly a month on Monday after friendly weather at
the weekend that led to big harvests of U.S. crops, and natural
gas futures tumbled too following moderate temperature
forecasts.
    Wheat, coffee, cocoa and orange juice
 also posted strong losses after weak demand outlook for
those commodities. 
    Crude oil and the broader energy complex, including heating
oil and gasoline, rallied as falling Libyan oil exports revived
supply concerns. Strong gains in U.S. industrial output further
boosted the demand prospects for energy. 
    Aluminium also gained, hitting two-month highs on
the London Metal Exchange, as investors bet the exchange would
make changes to warehouse rules that would boost the price of
the metal. 
    The Thomson Reuters/CoreCommodity CRB index 
settled down a quarter percent after losses in 10 of the 19
futures markets it tracks. Natural gas led the CRB's
decline, falling 4 percent, after mild weather forecasts in the
near-term that should allow homeowners and businesses to turn
down their heaters. 
    Corn and soybeans prices fell more than 2 percent -- their
most since Sept. 30 -- as U.S. farmers hit their fields hard
over the weekend after dry conditions that allowed them to work
unhindered. 
    Soybeans for November delivery settled down 28-3/4
cents at $12.71-1/4 on the Chicago Board of Trade.  
    CBOT corn for December delivery finished down 9-1/4
cents at $4.30-3/4 per bushel.
    A Reuters poll of analysts pegged the U.S. soybean harvest
at 77 percent complete and the corn harvest at 59 percent done
as of Sunday, up from 63 and 39 percent respectively a week ago.
 
    On the energy front, oil's benchmark Brent crude jumped 2.5
percent, its biggest gain in more than two weeks, as a drop in
Libyan oil exports revived supply concerns. 
    Oil production of OPEC-member Libya fell after new protests
over the weekend at its oil fields and ports, boosting Brent's
premium over U.S. oil prices by nearly $2 a barrel.
    Brent's front-month contract ended up $2.68 a barrel
higher at $109.61, snapping three days of losses. U.S. crude
 settled 83 cents higher at $98.68 per barrel.   

      Oct 28  - Prices at 4:29 p.m. EDT (2029 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
US crude              98.58     0.73   0.8%    7.4%
Brent crude         109.44     2.51   2.4%   -1.5%
Natural gas           3.569   -0.138  -3.7%    6.5%
                                                          
US gold             1352.20    -0.30   0.0%  -19.3%
Gold                1352.65     0.37   0.0%  -19.2%
US Copper              3.26     0.00  -0.1%  -10.7%
LME Copper         7190.00     5.00   0.1%   -9.3%
Dollar               79.345    0.151   0.2%    3.4%
CRB              281.871   -0.685  -0.2%   -4.5%
                                                          
US corn               430.75    -9.25  -2.1%  -38.3%
US soybeans          1271.25   -28.75  -2.2%  -10.4%
US wheat              681.00    -9.75  -1.4%  -12.5%
                                                          
US Coffee            107.55    -1.55  -1.4%  -25.2%
US Cocoa            2684.00   -29.00  -1.1%   20.0%
US Sugar              18.91    -0.12  -0.6%   -3.1%
                                                          
US silver            22.498   22.272   1.6%  -25.6%
US platinum         1470.10    17.60   0.0%   -4.5%
US palladium         749.45     2.55   0.3%    6.6%
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.