Asia stocks fall, commodities drag on miners
SINGAPORE, May 3 (Reuters) - Asian shares fell on Tuesday, led by falls in Australian stocks on declining commodities prices and a firm local currency ahead of a central bank interest rate decision.
"Our number one headwind for equities right now is the Aussie dollar," said IG Markets institutional dealer Chris Weston.
Brent slips below $125 on dollar; eyes bin Laden effect
SINGAPORE, May 3 (Reuters) - Brent crude fell below $125 a barrel on Tuesday in volatile trade as the dollar rebounded from a three-year low and traders weighed the impact of al Qaeda leader Osama bin Laden's death on the market.
"The potential of violence from retaliation has more upside than downside risks, and would support the market," said Serene Lim, commodities analyst with ANZ Bank in Singapore.
U.S. corn advances on slow progress of U.S. planting
SYDNEY, May 3 (Reuters) - U.S. corn futures jumped more than 0.5 percent on Tuesday, boosted by a government report released after the market close on Monday that showed slower-than-expected planting of the U.S. crop.
Chicago Board of Trade corn for July delivery , the bellwether contract, rose 0.54 percent to $7.38-1/2 per bushel in early Asian trade after falling 3 percent on Monday on expectations that farmers will pick up the pace of planting.
Argentine 2011/12 wheat crop seen bigger due prices
BUENOS AIRES, May 2 (Reuters) - High global prices could spur Argentine farmers to plant more wheat when 2011/12 plantings kick off this month, and output could jump 20 percent, industry analysts and farmers said on Monday.
A healthy 2010/11 harvest has helped Argentine wheat exports recover after several harsh droughts and persistent government intervention that some farmers say has deterred them from planting the cereal in recent years.
US corn planting 13 pct complete, off average pace
CHICAGO, May 2 (Reuters) - Wet weather brought fieldwork to a standstill in the top corn-producing states east of the Mississippi River last week, pushing overall plantings below trader estimates and the average pace of seedings, U.S. Agriculture Department data showed late on Monday.
USDA put corn plantings at 13 percent complete as of Sunday, off last year's record pace of 66 percent complete and the five-year average of 40 percent.
Brazil soy crop raised to record 72.6 mln T-Celeres
SAO PAULO, May 2 (Reuters) - Brazil's 2010/11 soybean crop forecast was raised to a record 72.55 million tonnes, up from 70.56 million tonnes seen in early April, grains analysts Celeres said on Monday.
In its tenth report on the current crop, Celeres said average Brazil yields should reach 3.019 tonnes per hectare, up from 2.936 tonnes per hectare seen in April.
Sulawesi April cocoa exports slide, 2011 output seen down
JAKARTA, May 2 (Reuters) - Indonesia's cocoa bean exports from the key-producing island of Sulawesi slumped 76 percent in April from a year ago to 1,570 tonnes, and cocoa output in the region is expected to fall up to 10 percent this year, an association official said on Monday.
The fall in exports last month was due to a rise in the cocoa bean export tax to 15 percent, though exports may pick up again in May as the world's third largest cocoa producer has cut the tax for shipments this month to 10 percent
Australia wheat exports strong, high currency yet to impact
SYDNEY, May 2 (Reuters) - Wheat stocks held by bulk handlers in Australia fell 8 percent for the second straight month in March indicating strong exports despite the local dollar rising above US$1 during the month, making exports less competitive.
Australia's bulk storage of wheat grain at the end of March was estimated at 18.7 million tonnes, a drop of around 1.6 million tonnes from February, the Australian Bureau of Statistics (ABS) said on Monday. Stocks also fell 8 percent in February from March.
LME copper falls on dollar; US econ data looms
SINGAPORE, May 3 (Reuters) - London copper inched down on Tuesday under the weight of a firmer dollar and economic uncertainty ahead of U.S. economic data this week, including key non-farm payroll numbers for April due on Friday.
"Everyone is waiting to see how uncertainties in the macro-economic situations of major economies will pan out," China Futures Co analyst Yang Jun said.
Gold steady, supported by inflation, rates concerns
SINGAPORE, May 3 (Reuters) - Gold prices held steady on Tuesday, as investors weighed the news of Osama bin Laden's death against other factors including the low interest rates in the United States and concerns on rising inflation.
"Over the last few weeks gold has become overbought," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong, expecting the market to remain volatile in the near term.
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