May 23 (Bloomberg) -- The Standard & Poor’s GSCI gauge of 24 commodities dropped 0.4% to 623.54 by 5:25 p.m. in London. The UBS Bloomberg CMCI index of 26 raw materials dropped 0.1% to 1,546.233.
Cotton futures fell to the lowest in almost three months on concern that a slowing economy will curb demand in China, the world’s biggest importer. Sugar, coffee and orange juice rose, while cocoa dropped. * Arabica coffee gained 0.8% to $1.2945/lb on ICE * Raw sugar rose 1% to 16.81c/lb * Cocoa dropped 0.6% at $2,303/mt * Cotton declined 1.4% to 82.27c/lb * Orange juice advanced 1.6% to $1.4835/lb
Soft commodities markets: NI SOMKTS
Soybean futures headed for the longest rally since March 2012 on signs of rising demand from China, the world’s largest buyer. * Soybean gained 1.3% to $15.1425/bu * Corn futures rose 0.3% to $5.325/b on CBOT * Wheat futures gained 1.8% to $7.0075/b
Grains markets: NI GRMKTS