Returning worries about the debt crisis in the European Union also hurt the commodities. European leaders were meeting yesterday at summit in Brussels. Investors are concerned that previously planned measures won’t be enough to contain spread of the problems across the eurozone.

Corn traded near $6.3200 per bushel today as of 00:43 GMT on CBoT, following the slump from $6.3925 to $6.3200 yesterday. Soybeans traded at $11.8900 per bushel today after falling from $12.1425 to $11.8525.
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The continuing drought in Brazil and Argentina is worse than forecasters previously estimated and yield may be lower than was anticipated. The US Department of Agriculture predicted that Argentina will harvest 29 million metric tons of corn and 52 million tons of soybeans.

The problems in the European Union reduced demands for commodities, including corn and soybeans. A report of the European Commission showed that the economic sentiment in the eurozone declined.

Corn closed at $6.4350 per bushel on CBoT today after opening at $6.4200 and climbing to $6.4950. Soybeans fell from $11.9800 per bushel to close at $11.8852, following the advance to $12.0900.
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Oil declined as concerns about the European debt crisis intensified. The European Central Bank boosted lending to banks of the eurozone, spurring speculation that the European financial system is failing. February futures for crude oil delivery dropped $1.98 to $99.36 per barrel on NYMEX. Brent crude declined from $109.06 to 107.41 per barrel today on ICE after falling earlier to $106.77.
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Coffee fell as inventories grew. ICE-monitored stockpiles rose for the fifth consecutive week and have increased 20 percent since November 1. The prices may still rebound as the forecast of the US Department of Agriculture showed that the balance of supply and demand may result in deficit. Coffee prices declined from $2.1340 to $2.1095 per pound on ICE.
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Corn was up from $5.8000 to $5.8575 per bushel on CBoT today, following the intraday drop to $5.7000 per bushel. Soybean price advanced from $11.2550 to $11.3000 per bushel today after falling earlier to $11.2025 per bushel.

Wheat was a different story as it declined on the forecast that the demand will decrease, while stockpiles will grow, yet the crop was also trying to erase its losses by the end of the trading session. Economists expect China to reduce its wheat import as the nation’s economy is slowing. Market forecasters predict that the report of the US Department of Agriculture on December 9 will show that the global wheat inventories rose 202.89 million tons, compared to the November estimate of 202.6 million tons.

Wheat closed at $5.9775 per bushel on CBoT down from the opening price of $6.0050, but significantly above the daily low of $5.8825.
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The Grain Industry Association of Western Australia predicted that output from Western Australia may double to 9.24 million metric tons, above the 9.12 million tons estimated last month. Rainy weather in Argentina may help accelerate planting. Oil World forecast that Argentine farmers will increase sowing 6.8 percent to 4.87 million hectares (12 million acres).

Growing production in the Southern Hemisphere added to increasing supply from Russia and Ukraine. As a result, demand for the US wheat shrank. US exports are expected to drop to 26.54 million tons in the 2011–12 season from 35.1 million tons a year ago, according to the Department of Agriculture.

Wheat spot price was near its opening level of $6.1625 per bushel as of 8:09 GMT on CBoT.
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The forecasts of good weather drove soybeans down. Dry weather in Brazil and rains in Argentina should boost harvest. The problems of Europe and the resulting worries also weighted down the oilseed. Soybean prices retreated from $12.2525 to $12.2350 per bushel today on CBoT.

The European crisis also caused the drop of rubber to the lowest level in 14 months. The leaders of European nations will discuss the situation in Europe at the summit this weekend. Some economists argue that the bailout fund will be boosted. Yet others speculate that the politicians won’t be able to reach an agreement and such speculation weight the commodity down. January future fo delivery of rubber slumped as much as 4.4 percent to 25,445 yuan ($3,985) per ton in Shanghai.
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There are some concerns regarding soybeans and soybeans meals as the high prices may curb demand. The Oil Crops Outlook by the United States Department of Agriculture supported the outlook for lower demand. Soybean crushing decreased by 2 million bushels to 153.1 million bushels in December. The US exports of soybean meal dropped 1.9 million short tons as of February 3 from a year earlier. Crops in Argentina may be boosted by rains, but the harvest will be likely smaller because of the previous drought. The lower supplies from Argentina will be easily offset by output from Brazil and Paraguay.

Soybean oil is excluded from this negative trend, even though the prices for the commodity are high. In fact forecasts suggest that the price for soybean oil may reach the record average monthly level. The USDA raised its 2010/11 forecast for this month by 100 million pounds to 2.8 billion. China is the biggest buyer, purchasing 38 percent of the US soybean oil.

Despite the not encouraging outlook for the demand, the World Agricultural Supply and Demand Estimates predict an increase of the prices for the soybean group of commodities. The soybean price range for 2010/11 is projected at $11.20 to $12.20 per bushel, the soybean oil prices are forecast at $0.51 to $0.55 per pound and the soybean meal prices are forecast at $340 to $380 per short ton.
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Prices also rose on the signs of increasing demand from China. The USDA reported that US exporters sold 20,000 tons of soybean oil to China in the year ending September 30.

March futures for corn delivery rose $0.065 (1 percent) to $6.66 per bushel. Prices touched the highest level in 30 months of $6.67 on January 21. March futures for soybean delivery gained $0.25 (1.8 percent) to $14.38 per bushel by 13:15 on CBoT, the biggest increase since January 12. The contract earlier reached $14.405, the highest price since July 21, 2008.
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Copper extended its decline today on the speculation that demand in China may drop. Chinese copper imports fell 2 percent in September, following the 29 percent jump in November. March futures for copper delivery dropped $0.018 (0.4 percent) to $4.2645 per pound by 13:16 on COMEX.

Gold and silver rallied today as concerns about potential spreading of the European debt crisis strengthened. Costs of insuring Portugal’s and Spain’s debt against a default jumped to the record ahead of the planned bond sales. February futures for gold delivery climbed $5.20 (0.4 percent) to $1,374.10 per ounce at 13:55 on COMEX. March futures for silver delivery rose $0.19 (0.7 percent) to $28.861 per ounce.
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Favorable weather also hurt prices for corn and soybeans as rains in Argentina and Brazil may increase output. The regions will receive substantial amount of precipitation over next two weeks to improve prospects for crops. Speculation about declining demand from China drove the prices further down. March futures for corn delivery went down $0.07 (1.2 percent) to $5.95 per bushel by 13:15 on CBoT. March futures for soybean delivery lost $0.13 (0.9 percent) to $13.65 per bushel.

Oil dropped to the lowest level in two weeks today as US nonfarm payrolls were worse than predicted, causing commodities to fall. Payrolls increased by 103,000 in December, while traders expected an increase by 159,000. February settlement for oil delivery slipped $0.35 to $88.03 per barrel on NYMEX, the lowest price since December 17th, after it previously advanced to $89.48.
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Corn and soybeans gained today on prediction that dry weather in Argentina and Brazil will diminish output. Forecasts promise that unfavorable weather will persist for about 10 days. March futures for soybean delivery gained $0.24 (1.8 percent) to $13.935 per bushel as of 13:15 on CBoT. March futures for corn delivery advanced $0.1075 (1.8 percent) to $6.1925 per bushel.

Natural gas declined today as specialists predicted that temperatures in the US will be in normal range next week. Previously gas climbed on anticipation of colder-than-normal winter. February delivery for natural gas dropped $0.196 (4.2 percent) to $4.473 per million British thermal units on NYMEX.
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