COMMODITIES-Big S. America crop hits soy; gold at 1-mth low

Mon Oct 15, 2012 9:15pm BST

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* Soybeans set 3-1/2 mth low as U.S. yields improve
    * Gold, copper hit one-month bottom
    * Raw sugar near 3-week low
    * Oil up slightly, recovering from early lows


    By Barani Krishnan
    NEW YORK, Oct 15 (Reuters) - A greater supply versus demand
scenario led to losses across the commodity markets on Monday,
with soybean prices hitting a 3-1/2-month low as investors sold
off ahead of a looming bumper crop in South America and on
improving U.S. harvest yields.
    Copper hit a one-month low on concerns about poor offtake
for the metal in China -- the world's largest market for base
metals -- and uncertainties about what Beijing can do to
reenergize its economy.
    Gold also fell to a month-low after better-than-expected
U.S. economic data led to worries that the Federal Reserve may
scale back economic stimulus measures that have been supportive
to bullion.
    Raw sugar hovered near a three-week low in New York. 
    Oil prices also fell initially, falling by up to 2 percent
before recovering to settle slightly higher.
     The Thomson Reuters-Jefferies CRB index, a
commodities bellwether, finished down 0.7 percent. Fifteen of
the CRB's 19 components ended lower, with natural gas leading
declines with a 4 percent drop as investors took profits on gas
prices which hit 2012 highs last week. 
        
  
    
    SOYBEANS AT JULY LOWS 
    U.S. soybean futures were lowest since early July as a
potential bumper crop loomed in South America. The front-month
contract for soybeans on the Chicago Board of Trade settled at 
$14.92-1/2 a bushel, down nearly 2 percent and breaking below
the $15 support level. 
    Soybeans are down 17 percent from the record high of
$17.94-3/4 that was set on Sept. 4 on fund buying as a U.S. 
drought fueled fears of a shortfall of soybean supplies. 
    "Funds were big buyers on the way up and they're sellers
now, I don't see any support until we get down to $14.75, the
bottom of the gap...basis November," said Sterling Smith,
futures specialist for Citigroup. 
    
    COPPER, GOLD LOWEST SINCE SEPTEMBER
    Benchmark copper on the London Metal Exchange fell
0.4 percent to close at $8,094.50 a tonne in the second session
of losses after touching a low of $8,050, the weakest since
Sept. 13. 
    The spot price of gold traded at below $1,738 an
ounce by 3:50 EDT (1950 GMT), down about 1 percent, after
touching a one-month low at under $1,729. 
    Data released on Monday showed U.S. retail sales rose in
September as Americans bought more of everything, from cars to
gasoline and electronics, pointing to stronger-than-expected
economic growth in the third quarter. 
    The report followed news on Friday that U.S. consumer
sentiment unexpectedly hit a five-year high, while weekly U.S.
jobless claims the previous day showed a surprise drop.  
    That has called into question the possible extent of the
Fed's latest bond-buying program, which has been explicitly tied
to economic needs. It may be curtailed sooner than expected if
data is positive enough. 
    
    OIL REBOUNDS FROM EARLY LOWS
    U.S. crude oil ended virtually flat at $91.85 a
barrel, after falling more than 2 percent at one point to below
$90. London's Benchmark Brent crude closed up 1 percent
at $115.80. 
    Oil was weakened earlier by data showing exports to the
European Union down for a fourth straight month.
    Crude demand in China, the world's second largest economy,
remained relatively weak, underlining a worsening outlook for
global fuel consumption.
    
 Prices at 3:52 p.m. EDT (1952 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
 US crude                    91.70    -0.16  -0.2%   -7.2%
 Brent crude                115.70     1.08   0.9%    7.7%
 Natural gas                 3.486   -0.125  -3.5%   16.6%
 
 US gold                   1737.60   -22.10  -1.3%   10.9%
 Gold                      1736.64   -17.11  -1.0%   11.1%
 US Copper                  370.15    -0.15   0.0%    7.7%
 LME Copper                8094.50   -35.50  -0.4%    6.5%
 Dollar                     79.714    0.047   0.1%   -0.6%
 
 
 US corn                    737.25   -15.50  -2.1%   14.0%
 US soybeans               1491.75   -30.25  -2.0%   24.5%
 US wheat                   860.50    -8.75  -1.0%   31.8%
 
 US Coffee                  160.85    -0.85  -0.5%  -29.5%
 US Cocoa                  2354.00   -12.00  -0.5%   11.6%
 US Sugar                    19.85    -0.20  -1.0%  -14.6%
 
 US silver                  32.743   -0.926  -2.8%   17.3%
 US platinum               1635.30   -24.00  -1.4%   16.4%
 US palladium               632.60    -6.45  -1.0%   -3.6%
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