Corn futures fell from a four-week high on speculation that U.S. farmers boosted sales of grain harvested in 2012 and that drier weather will help ease planting delays for this year’s crop. Soybeans also dropped, while wheat rose.
Stocks, bonds and commodities posted monthly declines for the first time since the end of the financial crisis in February 2009, dragged down by concern Greece will default and signs economies are slowing.
Oil rose for the first time in four days in New York after U.S. stockpiles declined unexpectedly and political leaders in the world’s biggest crude consumer expressed optimism about agreeing on a federal budget.
At a time when Goldman Sachs Group Inc. and Credit Suisse Group AG are predicting the bear market in commodities will end, a gauge of prices for raw materials from cow hides to steel is extending the longest slump since it presaged the global recession in 2008.