Oil hovers above $91 ahead of U.S. inventory data
SINGAPORE, Dec 30 (Reuters) - Oil held above $91 a barrel, ahead of U.S. weekly inventory data expected to show a drawdown in crude stocks for the fourth consecutive week due to an abnormally icy winter.
"The oil market continues to alternate small gains with small declines, as prices idle quietly on light between-holiday volume," said Timothy Evans, energy analyst at Citi Futures Perspective.
U.S. corn, wheat dip from highs, market eyes export data
SINGAPORE, Dec 30 (Reuters) - U.S. corn futures slid around half a percent, ending a string of 10 consecutive days of gains, while wheat dropped from a near 5-month top as investors liquidated positions ahead of the year-end.
"It is not surprising to see profit-taking as traders tend to close their books and settle accounts before the end of the year," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
OIL: Oil steadies above $91, U.S. EIA stocks data eyed
SINGAPORE, Dec 30 (Reuters) - Oil steadied above $91 on Thursday ahead of U.S. inventory data that was expected to show a drawdown in crude stocks for the fourth consecutive week.
Warmer weather forecasts after the blizzard that pummeled the U.S. Northeast also cast doubts on sustained domestic demand for heating fuel, weighing on crude prices.
COMMODITY MARKETS: Gold to 3-week high as dollar sags; crude down
CHICAGO, Dec 29 (Reuters) - Gold climbed to a three-week high on Wednesday on economic uncertainty and a weaker dollar, while crude oil fell and copper set back from an all-time peak as traders took profits in light volume.
"Volume is light and somebody's making a decision on whether to own some gold or to cover some short positions at the end of the year. It can change in any given time during the day," said George Nickas at futures broker FC Stone.
GLOBAL MARETS: Stocks rise as growth outlook boosts risk assets
NEW YORK, Dec 29 (Reuters) - World stocks climbed to their highest levels in more than 27 months on Wednesday and the S&P 500 headed for its best December in nearly two decades as investors seized on indications of stronger economic growth in 2011.
"The first few days of the new year will be good as a lot of new money will flow into the market," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets in Brussels. "But people will become cautious again."
OPEC caution on output may help bring back $100 oil
LONDON, Dec 29 (Reuters) - Oil has burst above top exporter Saudi Arabia's preferred $70-$80 range and yet OPEC is unlikely to stop the rally, helping to prepare the way for the market to bound above $100 a barrel.
At meetings this month -- a full conference of the Organization of the Petroleum Exporting Countries in Quito and talks among Arab oil ministers in Cairo -- oil producers stood by OPEC's two-year-old set of output curbs.
Snow in US Plains to protect wheat from cold snap
CHICAGO, Dec 28 (Reuters) - Snowfall expected in the southern U.S. Plains late this week should help insulate and protect the region's winter wheat crop from a weekend cold snap likely to bring subzero temperatures, forecasters said Tuesday.
"They will see some cold weather. We probably get down to minus 10 degrees (Fahrenheit) (minus 23 degrees Celsius) in western Nebraska and northeast Colorado, and negative single digits in northwest Kansas," said Drew Lerner, a meteorologist with World Weather Inc.
Argentine corn at critical juncture due to dryness
BUENOS AIRES, Dec 28 (Reuters) - Hot, dry conditions linked to the La Nina weather phenomenon threaten to dent corn and soy production in Argentina, where some corn crops are drying up as they enter a key growth stage, experts said on Tuesday.
The South American country is the world's second-biggest corn exporter, No. 3 soybean supplier and the top global provider of soyoil and meal. Argentine crop weather often moves corn and soy futures prices at the Chicago Board of Trade.
Raw sugar nears 30-year peak, cocoa slips
London white sugar futures rose in early trade supported by strength in ICE raw sugar futures , which hovered near their 30-year high of 34.60 cents a lb. Light volumes of trade over the holiday period made the market vulnerable to sharp moves.New York sugar is expected to retrace to 33.39 cents per lb or lower to 32.03 cents as neither its wave pattern nor the RSI indicator supports a further gain.
World stocks up, Treasuries recover from sell-off
LONDON, Dec 29 (Reuters) - World stocks were close to fresh 27-month highs as investors headed towards the new year buoyed by hopes of a global growth spurt in 2011."The one thing the market has got going for it is the U.S. economy regaining momentum. At the moment the market doesn't want to know the bad news -- and it's very reluctant to give up any ground whatsoever," said Mike Lenhoff, chief strategist at Brewin Dolphin Securities, in London.
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