NEW YORK, Nov 11 (Reuters) - Oil rallied for a second straight session on Monday after the West's failure to reach a nuclear deal with Iran reignited worries about Middle East crude supplies, and corn prices rose on concerns about U.S. stockpiles of the feed grain. Copper edged higher as a weak dollar and a pickup in factory output in China helped offset fears that the U.S. Federal Reserve will start paring its economic stimulus as soon as next month. Natural gas futures also closed up for a fifth straight day as the onset of colder weather indicated more demand for heating in key U.S. consuming regions. Cocoa bucked the higher trend in commodities, tumbling on both sides of the Atlantic after U.S. data from last week showed fears of a short supply drove speculators to build extraordinarily bullish positions in the confection and beverage material. The Thomson Reuters/Core Commodity CRB index settled up 0.14 percent, with 10 out of the 19 commodities it tracks finishing in positive territory. Corn dominated gains on the CRB, rising nearly 2 percent. Cocoa led losses, slipping more than 2 percent. Oil's benchmark Brent crude rose more than $1 per barrel after Iran and six world powers fell short of reaching a deal on Tehran's nuclear program. Sanctions against Iran have helped support Brent prices by removing more than 1 million barrels per day (bpd) of oil from world markets. Any rise in Iranian supply could push oil prices lower, analysts say. Talks between Iran and western nations will resume on Nov. 20. In the meantime Iran said it would allow United Nations inspectors "managed access" to a uranium mine and heavy-water plant within three months. "If we do get an agreement, where they ease some of the sanctions, you'll see that reflected in the price of Brent," said Gene McGillian, analyst with Tradition Energy in Stamford, Connecticut. "Time will tell whether the Iranians will let people in to explore their nuclear sites." Brent settled up $1.28 per barrel at $106.40, after trading as high as $106.47. On Friday, Brent hit a four-month low, then rebounded to close the day up $1.66, although it posted a fourth straight decline on the week. Corn posted its biggest daily gain since August as commodity funds covered their short positions in the grain after the U.S. Department of Agriculture last week forecast domestic corn stocks below trade expectations. The front-month corn contract on the Chicago Board of Trade, December settled up 8 cents at $4.34-3/4 a bushel, after reaching $4.37-1/4, its highest since Oct. 28.
Prices at 4:06 p.m. EDT (2106 GMT)
LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 95.07 0.47 0.5% 3.5% Brent crude 106.47 1.35 1.3% -4.2% Natural gas 3.574 0.015 0.4% 6.7% US gold 1281.10 -3.50 -0.3% -23.6% Gold 1283.31 -5.29 -0.4% -23.4% US Copper 3.26 0.01 0.2% -10.8% LME Copper 7173.00 5.50 0.1% -9.6% Dollar 81.062 -0.236 -0.3% 5.6% CRB 274.778 0.392 0.1% -6.9% US corn 434.75 8.00 1.9% -37.7% US soybeans 1308.00 2.00 0.2% -7.8% US wheat 646.25 -3.50 -0.5% -16.9% US Coffee 103.25 -0.80 -0.8% -28.2% US Cocoa 2586.00 -61.00 -2.3% 15.7% US Sugar 17.97 -0.11 -0.6% -7.9% US silver 21.282 21.069 1.6% -29.6% US platinum 1432.40 -10.50 0.0% -6.9% US palladium 754.55 -3.35 -0.4% 7.3%
(Editing by Jim Marshall)