May 4 (Bloomberg) -- Dean Foods Co. fell in New York trading after saying it plans to sell new shares and forecasting quarterly profit that trailed estimates. Corn, soybeans and wheat climbed. Smithfield Foods Inc. said Mexican authorities found no evidence that the company’s joint-venture farm in Veracruz state is linked to the outbreak of swine flu. Gold and platinum fell; silver and copper rose. Alcoa Inc. reached an agreement with unionized employees at the Becancour smelter in Quebec to reduce hours worked.
AGRICULTURAL COMMODITIES
Dean Foods Falls on Share-Sale Plan, Quarterly Profit Forecast
Dean Foods Co., the biggest U.S. dairy producer, fell the most in five months in New York trading after saying it plans to sell new shares and forecasting second-quarter profit that trailed analysts’ estimates. Dean Foods dropped $1.77, or 8.6 percent, to $18.93.
Smithfield Says No Link Found Between Mexican Farm, Virus
Smithfield Foods Inc., the world’s largest pork processor, said Mexican authorities found no evidence that the company’s joint-venture farm in Veracruz state is linked to the outbreak of swine flu.
Corn Rises to 16-Week High as Rains May Slow Midwest Planting
Corn rose to the highest price since January on speculation that wet, cool weather in the Midwest may delay planting and erode yield potential for crops in the U.S., the world’s biggest grower and exporter. Corn climbed 10.25 cents, or 2.5 percent, to $4.1375 a bushel in Chicago.
Soybeans Jump to Seven-Month High as U.S. Export Sales Improve
Soybeans rose to a seven-month high as declining South American output boosts demand for shrinking inventories in the U.S., the largest grower and shipper. Soybeans gained 36 cents, or 3.4 percent, to $10.91 a bushel in Chicago.
Wheat Jumps Most in Five Months; Russia, Ukraine Output May Ebb
Wheat jumped the most in five months on speculation that dry weather will curb yields from crops in Russia and Ukraine, where farmers plan to start harvesting next month. Wheat rose 33.5 cents to $5.70 a bushel in Chicago.
Hogs Jump on Speculation Pork Demand Will Rebound; Cattle Fall
Hog futures jumped the most in four weeks on speculation that demand for U.S. pork will rebound once the world’s consumers recognize that the swine-flu virus isn’t transmitted through the meat. Hogs rose 1.05 cents, or 1.6 percent, to 65.575 cents a pound in Chicago. In other livestock markets, cattle fell 0.4 cent, or 0.5 percent, to 82.1 cents a pound. Feeder cattle dropped 1.175 cents, or 1.2 percent, to 98.45 cents a pound.
INDUSTRIAL METALS, MINING
Alcoa’s Quebec Workers Agree to Reduce Working Hours
Alcoa Inc., the largest U.S. aluminum producer, reached an agreement with unionized employees at the Becancour smelter in Quebec to reduce hours worked in exchange for keeping all production lines running.
Copper Rises on Demand Outlook as China Manufacturing Expands
Copper rose to the highest price in more than a week after a report showed China’s manufacturing expanded for a second straight month, improving the demand outlook for metals. Copper gained 5.35 cents, or 2.6 percent, to $2.101 a pound in New York.
STEEL, IRON ORE & URANIUM
Cameco Net Falls as Spot-Uranium Buys Increase Costs
Cameco Corp., the world’s largest uranium producer, said first-quarter profit slid 38 percent because of higher expenses as the company increased speculative purchases of uranium on the spot market.
PRECIOUS METALS, GEMS
Gold Falls, Caps Biggest Weekly Drop in Month, as Equities Gain
Gold futures fell, capping the biggest weekly decline in a month, as rising equities reduced demand for the precious metal as an alternative investment. Gold dropped $3, or 0.3 percent, to $888.20 an ounce in New York. Silver gained 17.5 cents, or 1.4 percent, to $12.50 an ounce.
Platinum, Palladium Fall in N.Y. on Weaker Auto Demand Outlook
Platinum and palladium fell on speculation that demand for the metals used in catalytic converters for cars and trucks will weaken after some carmakers reported sales fell more than expected in April. Platinum declined $10.20, or 0.9 percent, to $1,096.40 an ounce in New York. Palladium slid $4.30, or 2 percent, to $213.90 an ounce.
SOFT COMMODITIES
Cotton Futures Jump to Six-Month High as Economic Woes Ease
Cotton prices surged to the highest since October on signs that consumer spending and demand for commodities may improve. Cotton rose 2.85 cents, or 5.2 percent, to 57.2 cents a pound in New York. Orange juice rose 1 cent, or 1.2 percent, to 84.25 cents a pound.
Sugar Prices Surge to Highest Since July 2006 on Supply Deficit
Sugar prices in New York surged to the highest since July 2006 on forecasts for a global supply deficit sparked by a record drop in output in India, the world’s second-largest producer. Raw sugar rose 0.69 cent, or 4.8 percent, to 15.05 cents a pound in New York. Cocoa fell $51, or 2.1 percent, to $2,324 a metric ton.
Coffee Prices Jump Most Since January as Inventories Decline
Coffee prices in New York jumped the most since January as inventory declines spurred speculation that supplies will trail demand. Arabica coffee added 4.5 cents, or 3.9 percent, to $1.204 a pound in New York.
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