Commodities sell off as dollar rises

Commodity traders sold off their futures positions, depressing prices, as the dollar showed signs of stabilizing around a nine-month low. The pessimism about risk assets in commodity positions extended to equities, which declined about 1 percent globally.Commodity traders sold off their futures positions, depressing prices, as the dollar showed signs of stabilizing around a nine-month low. The pessimism about risk assets in commodity positions extended to equities, which declined about 1 percent globally.

Copper, oil, gold and silver futures all retreated, though some agricultural futures - like soybeans and corn - gained amidst an increasingly dire supply picture.Copper, oil, gold and silver futures all retreated, though some agricultural futures - like soybeans and corn - gained amidst an increasingly dire supply picture.

Copper futures slid 0.29 percent to 377.85 cents per pound, while gold futures dropped $5.30 to $1,349.10 per troy ounce. Silver futures retreated 0.79 percent to $23.165 per troy ounce.Copper futures slid 0.29 percent to 377.85 cents per pound, while gold futures dropped $5.30 to $1,349.10 per troy ounce. Silver futures retreated 0.79 percent to $23.165 per troy ounce.

Corn was nearly flat today, climbing just a quarter of a cent to $5.56 per bushel, while soybeans climbed 8 and 3/4 cents to $11.61 and 1/4 per bushel.Corn was nearly flat today, climbing just a quarter of a cent to $5.56 per bushel, while soybeans climbed 8 and 3/4 cents to $11.61 and 1/4 per bushel.

West Texas Intermediate light, sweet crude oil futures dropped 0.78 percent to $81.75 per barrel.West Texas Intermediate light, sweet crude oil futures dropped 0.78 percent to $81.75 per barrel.

The markets are preparing for the next earnings season, when companies report their quarterly revenue, profit and cash flow to shareholders. Expectations are high after a solid second quarter - but if corporate earnings end up disappointing, the reaction could be swift and brutally negative.The markets are preparing for the next earnings season, when companies report their quarterly revenue, profit and cash flow to shareholders. Expectations are high after a solid second quarter - but if corporate earnings end up disappointing, the reaction could be swift and brutally negative.

Commodity futures aren't necessarily tied to equity returns - just look at stock markets and the price of gold - but for many commodities, rising prices are dependent on growing industrial consumption.Commodity futures aren't necessarily tied to equity returns - just look at stock markets and the price of gold - but for many commodities, rising prices are dependent on growing industrial consumption.