June 30 (Bloomberg) -- Gerdau SA Chief Executive Officer Andre Gerdau plans to expand in Asia, the Middle East and Europe. U.S. hog producers reduced their breeding herds 0.8 percent in the three months ended May 31. Corn and soybeans fell; cattle rose. Golden Star Resources Ltd. dropped the most in six years after Ghana said it would double the cost of electricity. Gold and silver climbed. Sugar declined the most in three weeks.
STEEL, IRON ORE, COAL & URANIUM
Gerdau Chief Says He's Planning Global Expansion
Gerdau SA Chief Executive Officer Andre Gerdau, who took over as head of Latin America's largest steelmaker 18 months ago, plans to expand in Asia, the Middle East and Europe to make the company a global steel producer.
AGRICULTURAL COMMODITIES
U.S. Hog-Breeding Herd Reduced on Record Corn Costs
U.S. hog producers reduced their breeding herds 0.8 percent in the three months ended May 31 as record corn prices resulted in seven straight months of losses. Still, the total hog herd grew 5.8 percent from a year earlier.
Iowa Farmer Sees `Years' of Damage to Corn Crops From Flooding
Hard work and a bulldozer will help Kim Dummermuth finish planting his corn and soybeans. The rich topsoil lost to floods this month won't be restored so quickly.
Corn, Soybeans Fall on Concern High Prices May Curb Feed Demand
Corn fell from a record and soybeans dropped from a three- month high on speculation high prices will curb demand for both crops as animal feed. Corn dropped 1 cent, or 0.1 percent, to $7.87 a bushel in Chicago. Soybeans fell 2 cents, or 0.1 percent, to $15.595 a bushel.
Wheat Tumbles Most in Three Weeks on Grain-Council Forecast
Wheat fell the most in three weeks after the International Grains Council raised its global production forecast. Wheat slid 30.75 cents, or 3.3 percent, to $9.12 a bushel in Chicago.
Cattle Rise on Improved Demand, Shrinking U.S. Herds; Hogs Gain
Cattle rose the first time this week on improving demand and on speculation that record corn prices may force some producers to shrink their herds. Cattle rose 1.25 cents, or 1.2 percent, to $1.051 a pound in Chicago. Feeder cattle rose 0.275 cent, or 0.2 percent, to $1.11725 a pound in Chicago. Hogs rose 0.025 cent to 72.7 cents a pound.
PRECIOUS METALS, GEMS
Golden Star Drops Most in Six Years on Power-Cost Surge
Golden Star Resources Ltd., owner of the Bogoso/Prestea and Wassa mines in Ghana, fell the most in six years after the west African country said it would double the cost of electricity because of record crude-oil prices. Golden Star, based in Littleton, Colorado, plunged 69 cents, or 20 percent, to C$2.79 in Toronto.
Gold Rises as Oil's Surge Boosts Demand for Inflation Hedge
Gold rose to the highest price in a month as record energy costs boosted demand for the precious metal as a hedge against inflation. Gold gained $16.20, or 1.8 percent, to $931.30 an ounce in New York. Silver rose 49 cents, or 2.8 percent, to $17.71 an ounce.
Platinum Falls in New York on Demand Concern; Palladium Steady
Platinum fell in New York on concern that a 36 percent gain this year may diminish demand from automakers facing plunging sales and from consumers confronted with soaring energy costs. Platinum dropped $7.40, or 0.4 percent, to $2,062.40 an ounce. Palladium was little changed, falling 5 cents to $471.20 an ounce.
INDUSTRIAL METALS, MINING
Copper Climbs in N.Y. on Inflation Concerns, Weakening Dollar
Copper jumped to the highest in a month in New York as concerns that inflation may accelerate boosted demand from investors while supplies tightened. Copper gained 5.3 cents, or 1.4 percent, to $3.878 a pound in New York.
SOFT COMMODITIES
Sugar Falls on Brazilian Sales, Concern India May Boost Exports
Sugar fell the most in three weeks on renewed speculation that exports will increase from Brazil and India, the world's two largest producers of the sweetener. Sugar dropped 0.21 cent, or 1.6 percent, to 12.74 cents a pound in New York.
Coffee Falls Most in Week as Brazil May Revive Lagging Exports
Coffee fell the most in more than a week on speculation that Brazil, the world's biggest grower, will accelerate the harvest and revive slumping exports. Coffee dropped 1.1 cents, or 0.7 percent, to $1.5255 a pound in New York.
Orange Juice Rises as Slumping Dollar Spurs Commodity Demand
Orange-juice futures rose for the third time in four days as the sagging dollar spurred demand for commodities as an alternative investment. Orange juice rose 0.6 cent, or 0.5 percent, to $1.1365 a pound in New York.
Cotton Falls in N.Y. as Grain Prices Decline, Demand Diminishes
Cotton fell in New York as corn, wheat and soybeans gave up earlier gains, reducing the incentive for U.S. farmers to plant alternative crops and easing the interest of investors in the fiber. Cotton fell 0.37 cent, or 0.5 percent, to 81.4 cents a pound.
Cocoa Prices Climb on Crop-Quality Concerns, Commodity Rally
Cocoa futures rose to the highest since at least 1986 on concern crop quality in Ivory Coast, the world's biggest grower, and Indonesia is worsening. Cocoa climbed $11, or 0.3 percent, to $3,178 a metric ton in New York.
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Monday, June 30, 2008
Asia Commodities Day Ahead: Gerdau Chief Plans Global Expansion
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