Spotlight: Crude oil fell from record after a government report showed that U.S. inventories increased a seventh week. Wheat surged to a record in Chicago as prices seesawed from the biggest gain ever to the largest decline and then back again. The European Union will ease restrictions on Brazilian beef imports. Corn and soybeans futures declined as record prices may boost plantings. Gold rose to a record.
Energy: Crude oil fell from a record after a government report showed that U.S. inventories increased a seventh week as the economy of the world's biggest energy-consuming country slows. Gasoline futures fell after an Energy Department report showed that supplies rose for the 16th consecutive week to the highest in 14 years. Natural gas fell on outlook for warmer weather and lower demand.
Agriculture: Wheat surged to a record in Chicago as prices seesawed from the biggest gain ever to the largest decline and then back again. Corn fell for a second straight session, and soybeans dropped on signs U.S. crop planting will increase, boosting grain and oilseed output and building inventories.
Coffee rose the most in a week reaching a 10-year high in London as speculators hedge against a declined in the Dollar. Sugar rose to the highest in 18 months on speculation investors seek lagging commodities. Separately, cotton fell from 4-year high as prices hurt exports and falling corn and soybean futures damped speculation of reduced cotton planting.
Precious Metals: Gold and silver futures rose as the dollar fell to the lowest ever against the euro, boosting the appeal of the metal as an alternative investment. Platinum futures fell after orders for U.S. durable goods in January dropped.
Industrial Metals: Copper jumped to the highest price since May 2006 as a decline in the dollar sparked purchases of commodities by investors as a hedge against inflation.
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