Corn, Wheat Lead Advance

(Businessweek) – The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 674.93 at 5 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials was up 0.5 percent at 1,561.386.

GRAINS, OILSEEDS

Wheat rose for the first time in a week on speculation that the lowest prices in almost three months will spur demand for the grain as an alternative to corn in livestock feed.

Wheat futures for July delivery advanced 1.9 percent to $6.2725 a bushel on the Chicago Board of Trade. The price of corn rose as much as 2.8 percent, heading for the biggest gain since March 30.

Grain markets: NI GRMKTS

BASE METALS:

Copper, little changed in New York, may fall for a second day on concern that demand is slowing in China and the U.S., the world’s top consumers.

Copper futures for July delivery slid less than 0.1 percent to $3.638 a pound on the Comex in New York. Before today, the metal dropped 4.9 percent this month.

On the London Metal Exchange, copper for delivery in three months declined 0.1 percent to $8,039.75 a metric ton.

Base metals markets: NI BMMKTS

CRUDE OIL

Oil fluctuated in New York after more Americans than forecast filed applications for unemployment benefits and the index of U.S. leading indicators rose for a sixth month in March.

Futures traded in a $1.18-a-barrel range after the Labor Department reported jobless claims fell by 2,000 to 386,000 last week.

Crude oil for May delivery rose 6 cents to $102.73 a barrel on the New York Mercantile Exchange. Brent oil for June settlement rose 86 cents, or 0.7 percent, to $118.83 a barrel on the London-based ICE Futures Europe exchange.

Crude oil futures: NI CRMKTS

OIL PRODUCTS

Gasoline fell for a fifth straight day on speculation the U.S. economic recovery may have stalled. Heating oil advanced.

Gasoline for May delivery declined 0.15 cent to $3.2012 a gallon on the New York Mercantile Exchange.

Heating oil for May delivery rose 1.18 cents, or 0.4 percent, to $3.13 a gallon.

Morgan Stanley sold four barges of European gasoline within yesterday’s price range. Front-month gasoil was at the biggest premium to the June contract on the ICE Futures Europe exchange in two months.

Royal Dutch Shell Plc (RDSA) is starting units this week after maintenance at its Pernis oil refinery in Rotterdam, Europe’s largest, according to two people with knowledge of the work.

Gasoline for immediate loading in the Amsterdam-Rotterdam- Antwerp region traded from $1,119 to $1,126 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. That’s within yesterday’s range from $1,097 to $1,137 a ton.

Oil Products Europe: NI OPEMKT Gasoline: NI GASOLINE Heating oil: NI HEATOIL

LIVESTOCK

Cattle futures climbed for the third time this week on signs of increasing demand for U.S. beef. Hogs also advanced.

Cattle futures for June delivery rose 0.5 percent to $1.15425 a pound on the Chicago Mercantile Exchange. Hog futures for June settlement increased 0.6 percent to 87.875 cents a pound in Chicago.

Feeder-cattle futures for August settlement fell less than 0.1 percent to $1.55475 a pound in Chicago.

Livestock markets: NI LVMKTS

SOFT COMMODITIES

Orange-juice futures rose the most in eight weeks on signs that supplies are shrinking in the U.S. Coffee, sugar and cotton also advanced, while cocoa slid.

Orange-juice futures for July delivery rose 2.3 percent to $1.4895 a pound on ICE in New York. A close at that price would mark the biggest gain for a most-active contract since Feb. 23.

Arabica-coffee futures for July delivery rose 0.8 percent to $1.7635 a pound in New York.

Raw-sugar futures for July delivery climbed 0.7 percent to 22.17 cents a pound.

Cotton futures for July delivery gained 1 percent to 90.95 cents a pound.

Cocoa futures for July delivery fell 1.6 percent to $2,220 a ton.

In London futures trading, robusta coffee and cocoa dropped, while refined sugar gained on NYSE Liffe.

Soft commodities markets: NI SOMKTS

PRECIOUS METALS

Gold futures rose as the dollar pared gains, boosting demand for the precious metal as an alternative asset.

Bullion for June delivery rose 0.4 percent to $1,646.70 an ounce on the Comex in New York. Earlier, the price dropped as much as 0.5 percent.

Silver futures for May delivery gained 1.1 percent to $31.825 an ounce.

Precious metal markets: NI PCMKTS

NATURAL GAS

Natural gas futures dropped to a 10-year low in New York after a government report showed little change to a U.S. stockpile surplus.

Gas for May delivery fell 2.4 cents, or 1.2 percent, to $1.927 per million British thermal units on the New York Mercantile Exchange after sliding to $1.915, the lowest intraday price since Jan. 29, 2002.

U.K. natural gas: NI NUKMKT Gas market: NI GASMARKET Americas natural gas: NI AGASMARKET European natural gas: NI EGASMARKET

To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net