Corn gained on speculation that cold weather in the U.S. Midwest may damage harvest. About 6 percent of the corn was harvested by September 27th. Corn prices declined earlier on expectations of record crop. December futures for corn delivery gained $0.08 (2.4 percent) to $3.415 per bushel on CBoT.

Hogs tumbled to a five-week low as increasing production and decreasing prices indicating that supplies may exceed demand. More than 2.3 million hogs was slaughtered a week for three straight weeks. Average hog weight reached 92 kilograms on October 1st, up 1.5 percent from a previous year, signaling higher pork output. December futures for hog settlement slid $0.0095 (2 percent) to $0.476 per pound on CME.
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Corn futures gained for a third day because of forecast that frost, expected next week in some parts of the northern Midwest, may reduce the size and quality of the crop in the U.S., the largest grower and exporter in the world. Crop loss may reach 13.2 billion bushels. December futures for corn delivery gained $0.0575 (1.7 percent) to $3.36 per bushel as of 11:37 on CBoT.

Hog futures slumped as U.S. pork prices declined on speculation that meat production may not be decreased enough to cope with dropping demand. Combination of low exports and domestic demand makes the pork market weak. The swine flu also discouraged people from buying pork. December settlement for hog futures slumped $0.0045 (0.9 percent) to $0.496 per pound by 12:22 on the Chicago Mercantile Exchange.
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U.S. hog farmers may cut their breeding herds to the lowest level since 1988 as two years of losses forced more operations to shrink or go out of business. Demand for pork declined significantly, yet farmers are slow to cut supplies as they have about $3,000 invested in every sow they own. The December contract for wholesale pork gained $0.0095 (1.9 percent) to $0.497 per pound by 10:40 on the CME.
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Hog futures slid to the two-weeks lowest and cattle dropped on speculation that China, the second-biggest buyer of U.S. chicken meat and pork last year, will halt imports of U.S. poultry. In this case more meat will be left on the U.S. market to compete with pork and beef. China said yesterday it will begin probes of alleged dumping and subsidies for U.S. chicken and auto products; today China filed a complaint to the World Trade Organization about U.S. President’s decision to impose a 35 percent tariff on Chinese tires. December futures for hogs slid $0.01075 (2.2 percent) to $0.4875 per pound by 11:36 on the Chicago Mercantile Exchange. December futures for cattle dropped $0.00325 (0.4 percent) to $0.866 per pound.
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Crude oil gained as the International Energy Agency increased its forecast for global demand in 2010 and a government report showed that U.S. stockpiles declined. World oil demand is likely to reach 85.7 million barrels a day next year, 450,000 barrels a day more than estimated in August. U.S. crude-oil stockpiles decreased 5.91 million barrels to 337.5 million last week. Expectations are based on stronger North American and Chinese demand. Crude oil for October delivery advanced $0.38 (0.5 percent) to $71.69 per barrel by 13:01 on the New York Mercantile Exchange.

Lead slid to 11-months low in London after a report that production in China will exceed local demand this year. China, the biggest lead producer and consumer in a world, will have a 2.87 million-metric-ton surplus. Lead for three-month delivery declined $289.50 (12 percent) to $2,115.50 per metric ton on LME at 17:18.
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Hogs decline as heavy animals may cause glut. Hog producers are trying to make money by overfeeding hogs and this cause concern about a pork glut leading to drop in hog futures. October futures for hog dropped $0.0055 (1 percent) to $0.5215 per pound by 9:48 on the Chicago Mercantile Exchange.

The world’s largest mining company, BHP Billiton Ltd., agreed to sell 30 percent of its iron ore under new pricing system putting an end for tradition of settling annual contracts in Asia. The ore will be sold through a mix of cash, quarterly and indexed pricing. BHP dropped 1.6 percent to $37.43 as of the 16:10 Sydney time close on the Australian stock exchange.
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Supply concerns rise causing sugar gain today. Demand in the world will surpass production resulting in concern that the worldwide supply deficit will increase. October futures for raw-sugar gain $0.0007 (0.4 percent) to $0.1787/pound as of 12:04 on ICE Futures  U. S. in New York.

The falling dollar increased the attractiveness of precious metals as an alternative investment causing gold to go up today. Federal Reserve Chairman Ben S. Bernanke reimplemented a plan to keep benchmark U.S. lending rates at historic lows for a continuous period. August futures for gold increased $5.50 (0.6 percent) to $952.40/ounce at 12:39 on the New York Mercantile Exchange’s Comex division.
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Platinum gains as the metals get into the focus of the investment banks and hedge funds. The gain was noticeable mainly in the industry-applicable metals such as platinum and palladium. Goldman Sachs recommends buying January platinum futures because auto-production may rise soon. October futures on platinum rose by $13.90, or 1.2 percent, to $1,171.80 per ounce as of 12:38 on NYMEX.

Copper prices remain mostly unchanged during the trading session in New York as the commodity optimism may be coming to an end. September copper futures declined by $0.004 to $2.388 per pound as of 13:03 on the Comex division of the New York Mercantile Exchange.
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