RTRS:COMMODITIES-Grains slide on good crop weather, oil, metals slip
NEW YORK, Aug 5 (Reuters) - Commodities fell broadly for a
second straight session on Monday, with grains markets leading
the declines on technical selling and favorable crop weather
while oil and gasoline dipped too on concerns of higher output.
Copper prices edged lower after service sector data
from China failed to lift expectations for demand in the world's
top consumer of metals.
Gold dropped in quiet trading after signs of an
improving British business sector and stronger U.S.
manufacturing dampened bullion's appeal as an investment hedge.
Cocoa bucked the broader trend, with futures of the
confection-and-beverage commodity rallying to three-month highs
in New York as cool and dry weather in top cocoa grower
Ivory Coast threatened crop prospects there.
The 19-commodity Thomson Reuters-Jefferies CRB index
settled down 0.2 percent, extending Friday's half
percent drop.
Wheat fell more than 2 percent to lead the CRB's decline.
September wheat tumbled 15-1/4 cents to $6.45-1/4 a bushel
after touching a 1-year low of $6.41-1/2 on technical selling
and unwinding of spread trades.
U.S. corn futures slid to near three-year lows on
expectations of a record-large harvest from supportive weather.
September corn on the Chicago Board of Trade ended down
6-3/4 cents at $4.69-1/4 a bushel, after touching a low of
$4.65-1/2.
In oil, both U.S. crude and benchmark Brent
fell after news of rebounding production in Libya and the North
Sea. Euro zone retail sales also fell in June, for the first
time in three months, although that was offset partly by strong
growth in the U.S. services sector.
Prices at 4:51 p.m. EDT (2051 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 106.50 -0.44 -0.4% 16.0%
Brent crude 108.65 -0.30 -0.3% -2.2%
Natural gas 3.319 -0.028 -0.8% -1.0%
