Dwight Anderson News
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Marubeni Corp. won approval from Chinese antitrust authorities for its $3.6 billion purchase of U.S. grain supplier Gavilon Group LLC, the Japanese commodities trader’s biggest acquisition.
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Palm oil is rebounding from a seven- month bear market after Malaysia, the second-biggest grower, cut export taxes to diminish record stockpiles.
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Olam International Ltd., the commodity trader that Muddy Waters LLC says may fail, is facing “exaggerated” allegations about its accounting, said Dwight Anderson, founder of commodity and industry hedge fund Ospraie Management LLC.
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Freeport-McMoRan Copper & Gold Inc.’s $9 billion bet on Gulf of Mexico oil and gas assets is the latest example of mining companies’ move into energy that ends up hurting investors.
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Palm oil, the world’s most-used cooking oil, may climb 16 percent this year as economies rebound in China and India, the biggest importers, the Indonesian Palm Oil Association said.
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Palm oil shipments from Indonesia, the world’s largest grower, may decline to the lowest level in four months in February as more buyers turn to Malaysia after it extended duty-free shipments to clear record stockpiles. Futures fell to a two-week low.
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Cotton futures climbed by the exchange limit in New York as dwindling stockpiles renewed speculation that supplies will fall short of climbing demand. Orange-juice prices dropped.
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Marubeni Corp., Japan’s biggest grain trading company, is in exclusive talks to buy closely held U.S. grain handler Gavilon Group LLC for about $5 billion, including debt, according to a person familiar with the situation.
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Gavilon Group LLC has drawn interest from suitors including Bunge Ltd. and Glencore International Plc as the closely held grain handler weighs a sale that could fetch as much as $5 billion, said people familiar with the matter.
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For the third straight year, May proved a disaster for hedge funds that specialize in commodities as raw materials from copper to oil fell into bear markets.
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