Thursday, April 14, 2011

20110414 1629 Global Market & Commodities Related News.

Asian stocks ease, Singapore GDP impresses
SYDNEY, April 14 (Reuters) - Asian stocks slipped on Thursday as the market consolidated after a recent run-up to near three-year highs, although Singapore's impressive growth data underscored investor confidence in the region.
"We've had a fantastic run in the previous three weeks. We're easing back a bit now and that's probably the way we'll glide into Easter," said Austock Securities senior client adviser, Michael Heffernan.

Oil steady after U.S. gasoline stocks drop, demand outlook weighs
SINGAPORE, April 14 (Reuters) - Brent crude fell  trading below $123 a barrel on concern about the impact of high prices on demand, although continued unrest in the Middle East and a sharp fall in U.S. gasoline stocks limited losses.
Demand destruction has "probably just started, but it doesn't look like it is going to be that big a deal," said Michael Lo, a Hong Kong-based analyst at Nomura International.

U.S. wheat recovers from 2-week low; corn, soy steady
SINGAPORE, April 14 (Reuters) - Chicago wheat futures rose around half a percent as the market recovered from a two-week low on concerns over dry weather in Europe and Australia's wheat producing areas.
"It seems like the weather is improving for the wheat crop in the U.S., but we are still watching dryness in Europe, China and Western Australia, so there is little bit of concern," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.

Brazil cocoa slows to trickle, awaits May mid-crop
SAO PAULO, April 13 (Reuters) - Deliveries of cocoa to warehouses in Brazil's main growing regions were slow in the last week, data from Bahia Commercial Association showed, but will pick up again in May once the mid-crop harvest starts.
Total Brazilian cocoa arrivals, including imports, reached 3.96 million 60-kg bags from May 1, 2010 to April 10, up 15 percent from the same period of last season, data from the Bahia Commercial Association showed.

Colombia coffee exports soar 53 pct in March-fed
BOGOTA, April 13 (Reuters) - Colombia's coffee exports shot up 53 percent to 884,000 60-kg bags in March versus the same month last year, a trade group said on Wednesday, as growers took advantage of record high prices.
The coffee futures market has doubled in value in a sustained rally that began in June 2010, with much of the latest push driven by a scramble for high-quality beans. Coffee prices hit a 34-year high last month.

Paraguay sees record 8.4 mln T soy harvest-minister
ASUNCION, April 13 (Reuters) - Paraguay's 2010/11 soy harvest was projected at a record 8.4 million tonnes, 1 million tonnes above the start-of-season estimate, the Agriculture Ministry said Wednesday.
The forecast would put the small South American country's soy production 12.3 percent above last season's record output, and matched the crop estimate by the Paraguayan Chamber of Cereals and Oilseeds Exporters (CAPECO).

Gold extends gains on shaky U.S. dollar
SINGAPORE, April 14 (Reuters) - Gold rose for a second day on Thursday as the U.S. dollar held near a 16-month low against a basket of currencies.
"Gold could be supported by the weak dollar and the loose monetary policy from the Federal Reserve," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

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