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COMMODITIES-Mostly up on Fed, US data; corn, soy slump for July
July 31, 2013 / 9:33 PM / 4 years ago

COMMODITIES-Mostly up on Fed, US data; corn, soy slump for July

NEW YORK, July 31 (Reuters) - Metals, oil and crop prices
mostly rose on Wednesday on bullish U.S. data and the likelihood
of ongoing Federal Reserve stimulus, although corn and soybeans
posted steep monthly losses as July trade ended.
    U.S. corn fell nearly 27 percent on the month, its
most in 17 years, following expectations earlier in the month
about a looming big harvest. Soybeans lost 12 percent for
July, the biggest monthly decline since September 2011.
    The Fed helped send prices of most risk assets, including
stocks, up for the day as the central bank ended a 2-day
policy meeting without saying whether it will cut its $85
billion in monthly bond purchases by September to support the
economy.
    Base metals posted the biggest gains in commodities,
followed by crude oil, soybeans and wheat.
    Nickel prices rose 2.7 percent and copper 2.5 percent after
a surprise rise in second quarter U.S. GDP data and an ADP
National Employment Report showing private employers maintaining
a higher pace of hiring in July.
    "ADP and GDP data was better than expected so that is
supportive for base metals," VTB Capital analyst Andrey
Kryuchenkov said, although he cautioned that the improving
growth could also bring a quicker end to the Fed's stimulus.
    Nickel closed at $13,875 a tonne and copper 
at $1,804. 
    Gold was one of the few commodities markets that bucked
Wednesday's broadly higher trend, falling in volatile trade. The
spot price of gold was down 0.2 percent at $1,324.11 an
ounce by 4:15 p.m. EDT (2015 GMT). 
    Even so, the metal posted a rise of more than 7 percent in
July, its biggest monthly gain since January 2012. 
    U.S. crude settled at $105.03 a barrel, up 1.9
percent for the session and about 9 percent higher for the
month. 
    Wheat was the outlier in grains, rising for a fourth
straight day on concerns about falling world output and a
pick-up in U.S exports of the grain.
    "The world balance sheet for wheat is in a precarious
position," said Ken Smithmier, analyst with the Hightower Group.
Wheat futures rose 1.4 percent on the day to close at
$6.64-1/4 a bushel.
    
 Prices at 5:04 p.m. EDT (2104 GMT)      
                              LAST/      NET    PCT     YTD
                              CLOSE      CHG    CHG     CHG
 US crude                    105.35     2.27   2.2%   14.7%
 Brent crude                 107.87     0.96   0.9%   -2.9%
 Natural gas                  3.446    0.014   0.4%    2.8%
 
 US gold                    1312.40   -11.60  -0.9%  -21.7%
 Gold                       1323.85    -2.84  -0.2%  -20.9%
 US Copper                     3.12     0.00   0.0%  -14.7%
 LME Copper                 6880.00   145.00   2.2%  -13.3%
 Dollar                      81.669   -0.160  -0.2%    6.4%
 CRB                        283.943    2.263   0.8%   -3.8%
 
 US corn                     499.00     3.50   0.7%  -28.5%
 US soybeans                1374.00    24.00   1.8%   -3.2%
 US wheat                    664.25     9.00   1.4%  -14.6%
 
 US Coffee                   118.60    -1.70  -1.4%  -17.5%
 US Cocoa                   2298.00    11.00   0.5%    2.8%
 US Sugar                     16.97     0.04   0.2%  -13.0%
 
 US silver                   19.628   19.431   1.5%  -35.1%
 US platinum                1429.30    -8.20   0.0%   -7.1%
 US palladium                726.35    -2.30  -0.3%    3.3%

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