Patrick Mckiernan News
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The Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent to settle at 622.29 at 3:41 p.m. New York time, led by industrial metals.
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Corn futures fell, capping a second weekly loss, on expectations for higher global output as U.S. farmers prepare to plant a record crop amid forecasts for drier weather in the Midwest. Wheat slid, while soybeans rose.
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Gold futures fell, trimming the biggest weekly gain in 15 months, as the U.S. economy expanded less than forecast, driving commodities lower and crimping demand for the precious metal as a hedge against inflation.
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Hog futures extended a climb to a three-week high on speculation that U.S. demand for pork will increase as higher temperatures send people outdoors for barbeques. Cattle fell.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials rose 1.7 percent, the most since November, to settle at 625.15 at 4 p.m. New York time, led by precious metals.
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The University of Texas Investment Management Co., the third-largest U.S. academic endowment, sold $375 million in gold bars from holdings of about $1.4 billion and reinvested the proceeds in gold futures and equities.
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Soybeans rose the most in five weeks on signs of increased demand for U.S. products made from the oilseed amid tightening supplies. Corn and wheat also advanced.
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CME Group Inc., the world’s biggest agricultural futures exchange, set a condition for canceling corn and soybean shipments from most terminals along the Illinois River following flooding and a barge accident.
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Gold futures rose the most since June following purchases by central banks and signs of increasing investor demand on the heels of last week’s biggest plunge in three decades. Silver posted the biggest gain in 15 months.
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Hog futures climbed to the highest in almost three weeks on signs of increasing demand for U.S. pork. Cattle were little changed.
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