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