COMMODITIES-Mostly down despite weaker dollar; soybeans tumble
* CRB down more than half pct despite weak dollar
* Soybeans see biggest drop in two weeks
* Oil down too, along with natgas, sugar and coffee
* Copper and gold up, but only slightly
By Barani Krishnan
NEW YORK, June 13 (Reuters) - Commodities were mostly lower on Wednesday with soybeans dropping the most in two weeks in reaction to favorable weather for the U.S. crop while crude oil was pressured by plentiful global supplies.
The losses came despite the dollar's nearly half a percent drop against the euro on optimism that the winner of Sunday's Greek elections might keep Athens in the euro zone. A Financial Times report suggesting growing openness among European leaders to relax Greece's bailout terms also helped the single currency.
While a weaker dollar is usually supportive for commodities, Wednesday's session showed the contrary for most raw materials traded in the greenback.
The Thomson Reuters-Jefferies CRB index, a global benchmark for commodities, settled down more than half a percent after 13 of its 19 components finished in the red. Markets that lost more than 1 percent each included soybeans, oil , natural gas, raw sugar and arabica coffee.
Copper and gold closed up, but only slightly. [MET/L/
"Macroeconomic nervousness has a grip on the markets right now", off-setting the benefits from a weaker dollar, said Sterling Smith, agricultural analyst for Citigroup in Chicago.
New-crop corn and soybeans both posted significant losses largely due to forecasts calling for beneficial rain in U.S. Midwest crop areas. Worries about the struggling global economy continued to also weigh on crops.
Corn on the CBOT was mixed with old-crop July up 8-1/2 cents, or 1.46 percent, at $5.92-1/2 per bushel, while new-crop December tumbled 12 cents, or 2.3 percent, to $5.10-1/2.
The front-month soybean futures on the Chicago Board of Trade, July fell 26-3/4 cents, or nearly 2 percent, to close at $14.08-1/4 a bushel, pressured by worries about the economy. It was the oilseed's biggest percentage drop in a day since May 31.
New-crop November soybeans were pressured by beneficial forecasts and closed down 17-1/4 cents, or 1.29 percent, at $13.19-3/4 per bushel.
Oil fluctuated in choppy trading before ending lower as investors in energy markets nervously eyed the outcome of the weekend elections in Greece and next week's OPEC policy meeting in Vienna.
London's Brent crude settled a cent lower at $97.13 a barrel for its fifth consecutive drop after marking a fresh 16-month low. Brent has fallen 24 percent from its year high of $128.40 hit in March.
New York-traded U.S. crude slid 70 cents to close at $82.62 a barrel, its lowest settlement since Oct. 6 last year. U.S. crude has dropped 25 percent from its year high of $110.55 also struck in March.
Oil prices initially rose on U.S. government data showing domestic crude stockpiles down 191,000 barrels last week, for a second straight week of declines.
The gains eventually faded on worries that there were still plentiful supplies of oil both in the United States and outside -- particularly if Europe's finances and its demand for the basic materials that feed growth continued to weaken.
Analysts said traders also had doubts that price hawks within OPEC, including Venezuela, will be able to convince main producer Saudi Arabia to agree to cut oil production to defend prices when the group meets in Vienna on Thursday. Prices at 4:25 p.m. EDT (2025 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG US crude 82.60 -0.72 -0.9% -16.4% Brent crude 97.21 0.07 0.1% -9.5% Natural gas 2.185 -0.047 -2.1% -26.9% US gold 1618.10 5.40 0.3% 3.3% Gold 1618.19 8.69 0.5% 3.5% US Copper 333.95 0.40 0.1% -2.8%
Dollar 82.133 -0.289 -0.4% 2.4% CRB 269.290 -1.570 -0.6% -11.8% US corn 592.50 8.50 1.5% -8.4% US soybeans 1408.25 -26.75 -1.9% 17.5% US wheat 616.00 0.00 0.0% -5.6% US Coffee 152.50 -1.70 -1.1% -33.2% US Cocoa 2257.00 8.00 0.4% 7.0% US Sugar 19.92 -0.44 -2.2% -14.2% US silver 28.941 -0.008 0.0% 3.7% US platinum 1466.80 12.40 0.9% 4.4% US palladium 622.00 -0.45 -0.1% -5.2%
(Editing by Bob Burgdorfer)
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