Dec. 15 (Bloomberg) -- Platinum prices fell, trading almost on par with gold for the first time since 1996. Goldcorp Inc. Chief Executive Officer Kevin McArthur will retire and be replaced by Charles “Chuck” Jeannes, a vice president in charge of development. Steel Dynamics Inc. said it will post a fourth- quarter loss of 35 to 40 cents a share and cut its 2008 earnings forecast. Copper tumbled. U.S. farmers will plant 4.2 percent fewer acres with corn in 2009 and increase the area seeded with soybeans by 7.3 percent, Informa Economics forecast. Corn and wheat rose, and soybeans fell.
PRECIOUS METALS, GEMS
Platinum Falls, Trades Near Parity With Gold, as Demand Slumps
Platinum prices fell, trading almost on par with gold for the first time since 1996, on concern that the near-collapse of the U.S. auto industry will erode demand for the white metal used in pollution-control devices in cars. Platinum dropped $23.40, or 2.8 percent, to $822.10 an ounce in New York. Gold slipped $6.10, or 0.7 percent, to $820.50 an ounce. Silver declined 19.5 cents, or 1.9 percent, to $10.23 an ounce. Palladium tumbled $9.20, or 5 percent, to $175 an ounce.
Goldcorp Chief McArthur to Retire, Replaced by Jeannes
Goldcorp Inc., the world’s second-largest gold producer by market value, said Chief Executive Officer Kevin McArthur will retire and be replaced by Charles “Chuck” Jeannes, a vice president in charge of development.
STEEL, IRON ORE, COAL & URANIUM
Steel Dynamics Expects Fourth-Quarter Loss, Cuts 2008 Forecast
Steel Dynamics Inc., the third-largest U.S.-based steelmaker by market value, said it will post a fourth-quarter loss of 35 to 40 cents a share and lowered its 2008 earnings forecast because demand fell.
INDUSTRIAL METALS, MINING
Copper Prices Tumble Most in a Week After Auto Bailout Fails
Copper tumbled the most in a week after the U.S. Senate failed to pass a $14 billion bailout plan last night for the country’s automakers. Copper fell 8.35 cents, or 5.5 percent, to $1.4285 a pound in New York.
AGRICULTURAL COMMODITIES
Farmers to Switch Corn Acres to Soybeans, Informa Says
U.S. farmers will plant 4.2 percent fewer acres with corn in 2009 and increase the area seeded with soybeans by 7.3 percent on expectations of higher returns, Informa Economics forecast.
Corn Caps Record Week, Soybeans Drop on Shifts in U.S. Planting
Corn rose, capping a record weekly gain, and soybeans fell on speculation that U.S. farmers will plant less of the grain next year, favoring more profitable oilseeds. Corn gained 22 cents, or 6.3 percent, to $3.735 a bushel in Chicago. Soybeans fell 4.25 cents, or 0.5 percent, to $8.5625 a bushel.
Wheat Rebounds as U.S. Northwest Freeze May Hurt Winter Crops
Wheat rebounded on speculation that frigid weather in Washington, Idaho and Montana may damage winter crops. Wheat rose 5.5 cents, or 1.1 percent, to $5.13 a bushel in Chicago.
Cattle Drop on Signs U.S. Beef Demand to Dwindle; Hogs Decline
Cattle prices fell the most in a week on speculation that U.S. demand for beef is waning as more people lose their jobs and have less money to spend. Cattle dropped 1.025 cents, or 1.2 percent, to 82.8 cents a pound in Chicago. Feeder cattle slipped 0.875 cent to 86.45 cents a pound. Hogs declined 0.1 cent, or 0.2 percent, to 62.275 cents a pound.
CHEMICALS
H.B. Fuller’s Profit, Revenue Decline on Lower Demand
H.B. Fuller Co., the world’s third-largest adhesives maker, said profit and revenue fell in the fourth-quarter because the global financial crisis cut demand.
FORESTRY PRODUCTS
Papermakers Face ‘Bleak’ 2009 as Demand Plunges, Fitch Says
Paper and wood-pulp makers in North America face a “bleak” 2009 as slowing economic growth and the loss of demand to the Internet erode the industry’s financial health, according to Fitch Ratings.
SOFT COMMODITIES
Cotton Drops as Commodities Slump After Auto-Rescue Vote Fails
Cotton prices fell as commodities slumped after the U.S. Senate rejected a bailout plan for automakers, spurring concern a prolonged recession will damp demand for raw materials. Cotton dropped 1.03 cents, or 2.3 percent, to 43.43 cents a pound. Orange juice slipped 0.55 cent, or 0.7 percent, to 76.55 cents a pound.
Sugar Falls as Commodities, Equities Drop on Auto-Bailout Vote
Sugar slumped as commodities and equities dropped after the Senate failed to pass a bailout for U.S. automakers, threatening to deepen the recession. Raw sugar declined 0.25 cent, or 2.1 percent, to 11.64 cents a pound in New York.
Coffee Price Falls as Recession May Spur Commodity Sell-Off
Coffee prices fell for the first time this week in New York on concern investors may sell off commodity futures amid a deepening U.S. recession and threat of an auto-industry collapse. Arabica coffee dropped 0.55 cent, or 0.5 percent, to $1.1215 a pound in New York. In London, robusta coffee slid $3, or 0.2 percent, to $1,902 a metric ton.
Cocoa Price Falls on Bets Auto Job Losses Will Extend Recession
Cocoa fell in New York for the first time in three days on concern that an auto-industry collapse may deepen the U.S. recession and reduce consumption of commodities. Cocoa dropped $4, or 0.2 percent, to $2,396 a metric ton.
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