The outlook for commodity markets is weaker as China's growth slows, Europe's debt crisis intensifies and because the Federal Reserve is less likely to purchase more debt to stimulate growth, ABN Amro Bank NV said in a report May 2. The S&P GSCI rose more than 80 percent from December 2008 to June 2011 as the Fed bought $2.3 trillion of debt in two rounds of quantitative easing and held borrowing costs at a record low.

Soy Crops

Commodity prices may prove resilient as drought damages soybean crops in South America, copper inventories tumble and rains disrupt sugar supplies in Brazil, the biggest grower.

Sixteen of 24 analysts surveyed by Bloomberg expect soybeans to gain this week and one was neutral, the highest proportion since March 16. Prices reached $15.125 a bushel on May 2, the most since July 2008. Hedge funds lifted their wagers by 4.3 percent to 253,889 contracts, the CFTC data show.

Stockpiles of copper monitored by the London Metal Exchange tumbled 38 percent this year to the lowest level since October 2008. Jiangxi Copper Co. plans to ship metal to nearby LME warehouses to bring down prices, China's largest producer of the metal said May 2.

"While there may be some slack from Europe, if the U.S. and emerging market economies continue to show signs of improvement, that will bode well for the commodity markets longer term," said Nelson Louie, the global head of commodities at New York-based Credit Suisse Asset Management who helps manage $11 billion of assets.

Investors withdrew $357 million from commodity funds in the week ended May 2, according to data from Cambridge, Massachusetts-based EPFR Global, which tracks money flows. Gold and precious-metals outflows totaled $349 million, Cameron Brandt, the director of research, said by phone.

Speculators raised bets on higher crude-oil prices by 12 percent to 219,817 contracts, the biggest gain since Feb. 14, the CFTC data show. Crude oil declined 6.1 percent in New York last week.

U.S. crude stockpiles increased 2.84 million barrels to 375.9 million in the seven days ended April 27, the most since September 1990, according to an Energy Department report May 2. Domestic output gained 8,000 barrels a day to 6.12 million, the highest level since November 1999.

Wagers on copper increased sevenfold to 15,582, as prices slumped 2.7 percent, the first weekly drop in three. Bullish gold bets climbed 7.9 percent to 116,061, a four-week high. Bullion slumped 1.2 percent in New York last week on speculation that the Fed will be reluctant to buy more debt to shore up growth, easing concern that inflation will accelerate.