Spotlight: Crude oil falls to 1-month low on signs U.S. may slip into recession. Corn and soybeans fell for the same reason while wheat, sugar and cocoa rose. Coffee fell to a one-week low. Notably, gold fell to a one-week low, platinum and palladium dropped on concern slowing global economic growth will reduce demand for the metals used. Silver rose.
Energy: Crude oil fell to the lowest in more than a month on concern the U.S. economy may slip into recession, cutting fuel demand in the world's biggest energy consumer. Natural gas fell after a government report showed that U.S. inventories are probably ample for cold-weather heating needs. Heating oil futures also fell for a third day amid concern the U.S. economy may slow, reducing demand for oil products.
Agriculture: Corn and soybeans tumbled on speculation that a slowing U.S. economy will trigger a decline in global demand for fuel, food and animal feed made from crops. Wheat rose on signs of increased overseas demand for U.S. supplies.
Sugar rose to the highest price since October 2006 on speculation investors are boosting stakes in the commodity before a drop in production in India, the world's second-largest source of the sweetener. Cocoa rose $17 a metric ton in New York, on speculation a renewed strike by workers who process bean shipments in Ivory Coast, the world's biggest producer, will halt exports and cut supplies. Coffee fell to a one-week low on renewed concern that global bean production will outpace consumption next year.
Precious Metals: Gold fell to a one-week low as a decline in the cost of oil and gasoline eroded demand for the precious metal as a hedge against inflation. Platinum and palladium declined on concern slowing global economic growth will reduce demand for the metals used in cars. Silver rose.
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