Asia Commodities Day Ahead: Hormel Falls After Profit Decline

Aug. 11 (Bloomberg) -- Hormel Foods Corp. tumbled the most in two years in New York after saying fiscal third-quarter profit fell. Corn, soybeans and wheat dropped. Bunge Ltd. said it bought a wheat mill and three distribution centers in Brazil for about $20 million. Gold, silver and platinum declined. Thompson Creek Metals Co. will delay a decision on building a C$109 million ($102 million) mine until the company receives government approval.

AGRICULTURAL COMMODITIES

Hormel Tumbles as Profit Falls on Turkey Feed Costs

Hormel Foods Corp., the maker of Spam luncheon meat, tumbled the most in two years in New York trading after saying fiscal third-quarter profit fell because of higher feed and fuel costs at the Jennie-O Turkey unit. Hormel fell $1.96, or 5.2 percent, to $35.64 at 4:15 p.m. in New York.

Corn, Soybeans Plunge as Commodities Slump on Dollar's Rally

Corn and soybeans fell to the lowest prices in more than four months, extending this week's declines, as a surging dollar reduced the appeal of commodities as a hedge against inflation. Corn dropped 23.75 cents, or 4.4 percent, to $5.1825 a bushel in Chicago. Soybeans declined 58.5 cents, or 4.7 percent, to $11.805 a bushel.

Wheat Falls as Rising Global Supplies May Reduce U.S. Exports

Wheat fell the most in more than four months, snapping a three-day rally, on speculation that rising production in Australia and Europe will reduce demand for supplies from the U.S., the world's biggest exporter. Wheat declined 56.75 cents, or 6.7 percent, to $7.9025 a bushel in Chicago.

Hogs Surge on Signs of Tightening U.S. Pork Supply; Cattle Fall

Hogs rose, reaching the biggest weekly gain in three months, on signs of improved U.S. demand for pork and reduced supplies for meatpackers. Hogs gained 0.925 cent, or 1.2 percent, to 77.9 cents a pound in Chicago. Cattle fell 0.75 cent, or 0.7 percent, to $1.0645 a pound. Feeder cattle rose 0.675 cent, or 0.6 percent, to $1.1655 a pound.

Bunge Buys Brazilian Wheat Mill for $20 Million

Bunge Ltd., the world's biggest oilseed processor, said it bought a wheat mill and three distribution centers in Brazil from Cargill Inc. for about $20 million.

PRECIOUS METALS, GEMS

Gold Falls, Capping Longest Slide Since 2006, as Euro Plunges

Gold fell for the sixth straight session, the longest slide since June 2006, as the euro slumped against the dollar, eroding the appeal of the precious metal as an alternative investment. Gold declined $13.10, or 1.5 percent, to $864.80 an ounce in New York. Silver tumbled 92.7 cents, or 5.7 percent, to $15.33 an ounce.

Platinum, Palladium Fall as Dollar's Gain Reduces Hedge Demand

Platinum fell, capping a fourth straight weekly decline, and palladium dropped the most since March as a rally in the dollar reduced demand for metals and commodities as alternative investments. Platinum dropped $23, or 1.5 percent, to $1,559.60 an ounce in New York. Palladium declined $17.25, or 5 percent, to $330.75 an ounce.

INDUSTRIAL METALS, MINING

Thompson Creek Delays Decision on New Canadian Mine

Thompson Creek Metals Co., the world's fifth-largest molybdenum producer, will delay a decision on whether to build a C$109 million ($102 million) mine until the company receives government approval.

Copper Futures Post Biggest Weekly Decline Since May 2007

Copper fell, capping the biggest weekly drop since May 2007, on heightened concern that slumping economies worldwide will erode demand for industrial commodities. Copper dropped 8.5 cents, or 2.5 percent, to $3.333 a pound in New York.

PAPER PRODUCTS

Domtar Rises Most in 17 Months as Paper Prices Gain

Domtar Corp., the world's second-largest maker of office paper, rose the most in 17 months in Toronto trading after the company forecast wider profit margins because of higher paper prices. Domtar increased 70 cents, or 12 percent, to C$6.35 at 3:58 p.m. on the Toronto Stock Exchange.

SOFT COMMODITIES

Cocoa Has Biggest Weekly Decline Since March as Dollar Gains

Cocoa fell, capping the biggest weekly drop since March, as the dollar rallied, eroding the appeal of U.S. commodity futures. Cocoa dropped $97, or 3.4 percent, to $2,716 a metric ton in New York.

Coffee Falls Most in Month as Dollar Rallies, Commodities Slump

Coffee fell the most in a month as the dollar's rally caused a slump in commodities and traders speculated that exports from Brazil, the biggest producer, will increase. Coffee dropped 4.65 cents, or 3.3 percent, to $1.358 a pound in New York.

Cotton Falls as Dollar Jumps, Rains Boost Texas Crop Prospects

Cotton fell as the dollar's rally prompted a slump in commodities, and rains in Texas, the biggest U.S. grower, boosted crop prospects. Cotton dropped 2.21 cents, or 3.1 percent, to 69.17 cents a pound.

Sugar Falls in N.Y. as Dollar Rally Lifts Raw Materials' Costs

Sugar fell, capping the biggest weekly decline since mid-July, as the dollar's rally against the euro and yen increased the cost of commodities for traders using other currencies. Sugar dropped 0.23 cent, or 1.7 percent, to 13.56 cents a pound in New York.

Orange Juice Declines on Speculation Florida Crop Will Expand

Orange juice fell for the third straight week on speculation the size of the crop will expand for a second consecutive year in Florida, the world's second-biggest producer. Orange juice dropped 1.15 cents, or 1.2 percent, to 98.75 cents a pound in New York.