BLBG: Asia Commodities Day Ahead: Mosaic Looking for Acquisitions
Oct. 20 (Bloomberg) -- Mosaic Co., flush with $3 billion cash from selling crop nutrients at record prices, is prowling for acquisitions. Pilgrim's Pride Corp. plunged 24 percent in New York trading amid speculation the company may file for bankruptcy. Corn, soybeans and wheat rose. PPG Industries Inc. raised its quarterly dividend. Gold and silver fell; copper climbed.
Mosaic Co., flush with $3 billion cash from selling crop nutrients at record prices, is prowling for companies made vulnerable by the global credit crisis and plunging stock prices.
Pilgrim's Pride Plunges 24% Amid Bankruptcy Speculation
Pilgrim's Pride Corp., the largest U.S. chicken producer, plunged 24 percent in New York trading amid speculation the company may file for bankruptcy if it fails to refinance its debt. Pilgrim's Pride fell 76 cents to $2.47 in New York trading.
Corn, Soybeans Rise as Export Demand Climbs After Price Slump
Corn rose the most in five weeks and soybeans gained for a second straight day on signs that a price slump this month will revive demand for shipments from the U.S., the world's largest exporter of the crops. Corn climbed 18.5 cents, or 4.8 percent, to $4.03 a bushel in Chicago. Soybeans gained 26.5 cents, or 3 percent, to $9.0675 a bushel.
Wheat Rises on Bets U.S. Exports to Climb Following Price Slide
Wheat rose for the first time in four sessions on speculation that demand will increase for supplies from the U.S., the biggest seller of the grain, after prices touched a 16-month low yesterday. Wheat climbed 11 cents, or 2 percent, to $5.6625 a bushel in Chicago.
Hogs, Cattle Gain as Low Meat Prices May Spur Retailer Buying
Hog futures rose from a nine-month low and cattle gained on speculation that the lowest U.S. meat prices in six months will spur buying from retailers. Hogs rose 0.325 cent, or 0.6 percent, to 56.3 cents a pound in Chicago. Cattle rose 1.725 cents, or 1.9 percent, to 92.55 cents a pound. Feeder cattle gained 1.425 cents, or 1.5 percent, to 98.05 cents a pound.
PRECIOUS METALS, GEMS
Gold Drops Most in Week Since August on Ebbing Inflation Fears
Gold fell in New York, ending its worst week in two months, as a report showed single-family home construction sank to the slowest pace in 26 years, easing inflation concerns as the economy cools. Gold dropped $16.80, or 2.1 percent, to $787.70 an ounce. Silver declined 30 cents, or 3.1 percent, to $9.335 an ounce.
Platinum Drops to Lowest Close in Three Years on Demand Concern
Platinum, used in jewelry and car parts, plunged in New York to the lowest closing price since July 2005 on concern that an economic slump may curb demand for goods ranging from vehicles to wristwatches. Platinum fell $10.30, or 1.2 percent, to $881 an ounce in New York. Palladium rose $1.40, or 0.8 percent, to $174.50 an ounce.
INDUSTRIAL METALS, MINING
Copper Rebounds on Bets Demand to Increase After Price Slump
Copper rose, rebounding from the lowest price since January 2006, on speculation that a plunge in the past five months may encourage buyers to step up purchases as mine disruptions threaten supply. Copper climbed 9.4 cents, or 4.5 percent, to $2.1795 a pound.
CHEMICALS
PPG Increases Dividend Payout to 53 Cents a Share
PPG Industries Inc., the world's second-biggest paintmaker, raised its quarterly dividend a day after announcing that slowing demand for coatings hasn't hurt its ability to generate cash.
SOFT COMMODITIES
Sugar Rises in N.Y. as Weaker Dollar Boosts Oil, Ethanol Demand
Sugar rose for the first time in three sessions in New York on speculation that demand for cane-based fuel will increase as a weaker dollar fueled a gain in crude oil. Raw sugar gained 0.42 cent, or 3.8 percent, to 11.58 cents a pound. Orange juice jumped 3.4 cents, or 4.2 percent, to 83.55 cents a pound.
Coffee Price Gains as Equity Indexes Rise; Cocoa Futures Fall
Coffee prices climbed the most in almost four weeks in New York as U.S. equities headed for the first weekly gains in a month. Arabica coffee rose 2.65 cents, or 2.3 percent, to $1.156 a pound. Cocoa fell $2 to $2,122 a metric ton in New York. In London, robusta coffee rose $33, or 1.9 percent, to $1,794 a metric ton.
Cotton Futures Jump by Exchange Limit as U.S. Exports Increase
Cotton prices jumped the most allowed by ICE Futures U.S. on speculation that demand for U.S. exports will continue to climb. Cotton rose by the limit of 3 cents, or 6.1 percent, to 52.57 cents in New York.
