Oil rises on unexpected drop in U.S. crude stocks, Canada outage
SINGAPORE, May 19 (Reuters) - Oil rose on Thursday for a second session as an unexpected drop in crude inventories in the United States helped prices rebound while wildfires in Alberta threatened Canadian supply. "The EIA data was very unexpected as U.S. crude inventories have been rising. It gave prices a bit of a kick-along," said Ben Le Brun, a Sydney-based markets analyst at CMC Markets.
Wheat dips from 3-week top, corn rises for 6th day
SINGAPORE, May 19(Reuters) - U.S. wheat climbed to a three-week top on Thursday before giving up gains to fall 1 percent, while corn rose for a 6th straight session as adverse crop weather across top exporters Europe and the United States threatened to curb grain supplies. "The usual time to finish corn planting is over, farmers are trying to speed it up but the weather is not helping," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore. "Even for soybeans, the time seems to be running out."
China's 2010 corn harvest at record 177.25 mln T - Stats bureau
BEIJING, May 19 (Reuters) - China's 2010 corn harvest was at a record 177.25 million tonnes, according to figures published by the National Bureau of Statistics on Thursday.
The figure was much higher than earlier estimate by the China National Grain and Oils Information Center (CNGOIC), which put at 172.5 million tonnes.
Argentine grains port set to reopen after protest
BUENOS AIRES, May 18 (Reuters) - Protesters blocked access to Argentina's third-biggest grains port but were expected to lift the demonstration later Wednesday, allowing operations to resume, a Quequen port official said.
Local residents carrying protest signs picketed around the port for a third day, calling for changes to municipal boundaries and autonomy for Quequen.
Brazil's mid cocoa crop gets off to eager start
SAO PAULO, May 18 (Reuters) - Arrivals of cocoa from Brazil's main cocoa state Bahia, rose in the last week as the mid crop gets off to a strong start, while rains hindered deliveries in other states, Bahia Commercial Association data showed.
Total Brazilian cocoa arrivals, totaled 86,793 60-kg bags from May 9-15, 2011 compared with 34,542 bags by one week ago.
Canada to lift wheat monopoly in 2012-minister
OTTAWA, May 18 (Reuters) - Canada's agriculture minister said on Wednesday that the Conservative government will probably introduce legislation this autumn to end the Canadian Wheat Board's marketing monopoly on wheat and barley.
The legislation would take effect in August 2012, the beginning of the 2012-13 crop marketing year, said Gerry Ritz, shortly after Prime Minister Stephen Harper said Ritz would stay as agriculture minister in Harper's new cabinet.
US ethanol production up, near mid-March high
KANSAS CITY, Mo., May 18 (Reuters) - U.S. ethanol production rose 4.4 percent in the latest week, the government said on Wednesday, reversing a downward trend.
Ethanol output totaled 900,000 barrels per day (bpd) for the week ended May 13, up 38,000 bpd from the prior week, the Energy Information Administration said.
Analyst sees 11.5 pct drop in French wheat crop
PARIS, May 18 (Reuters) - A three-month drought that has scorched French wheat crops this year led analyst Agritel to forecast that the country's output could fall by 11.5 percent from last year's total to 31.7 million tonnes.
In its first estimate for the 2011/2012 harvest, the French analyst said on Wednesday France's average wheat crop yield could dip by 13 percent to 6.31 tonnes per hectare, against 7.25 tonnes last year. This would not be compensated by a 2 percent rise in area at just over 5 million hectares.
India's cane, sugar output seen up 7-10 pct in 2011/12
NEW YORK, May 18 (Reuters) - India's sugar cane plantings and production in 2011/12 may increase from 7 to 10 percent, the director general of the Indian Sugar Mills Association (ISMA) said Wednesday.
Abinash Verma told delegates at the one-day International Sugar Organization-Datagro conference that Indian cane plantings last year reached 4.97 million hectares.
German farmers see 8.2 pct fall in 2011 grain crop
HAMBURG, May 18 (Reuters) - Germany's 2011 total grain crop is likely to fall 8.2 percent on the year to 40.7 million tonnes as dry weather has cut yields, the German Farm Cooperatives Association said on Wednesday in its new harvest forecast.
This was down on its previous estimate of 44.1 million tonnes for grains of all types in April.
Colombia holds '11 coffee crop estimate despite rains
BOGOTA, May 18 (Reuters) - Colombia's coffee federation said it would maintain its forecast for 2011 production at between 9 million and 9.5 million 60-kg bags despite torrential rains that have battered coffee farms for months.
Coffee exports fell in April due to the rains. But the federation's head Luis Genaro Munoz said on Wednesday production would rise in the second half of the year when the weather was expected to improve.
London copper extends gains, Shanghai up 1.3 pct
SINGAPORE, May 19 (Reuters) - London copper edged up on Thursday, extending gains from the previous session when it rose the most in two months, aided by a softer dollar ahead of key U.S. economic data due later in the day.
"The base metals market is taking heart from the statements released by the U.S. overnight, which led to Europe and the U.S. closing positively," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.
Silver extends gains, gold steady on weak dollar
SINGAPORE, May 19 (Reuters) - Silver gained for a third straight session on Thursday and gold steadied, as a softer dollar and rising oil prices continued to support sentiment a day after commodities notched up their biggest gain in two months. "We are seeing signs of bottoming-out in gold as the dollar has weakened, but $1,500 remains a very contested level," said Li Ning, an analyst at Shanghai CIFCO Futures.
Venezuela gold output slumps, state co seeks bailout
CARACAS, May 18 (Reuters) - Production at Venezuela's state-run gold miner plummeted last year and the company is seeking a government bailout of $70 million, in the latest example of trouble in the OPEC nation's public sector industry.
Socialist President Hugo Chavez has for years vowed to develop vast gold deposits in jungles south of the Orinoco river, but his plans to use Russian and Chinese capital to expand the industry have so far not come to much.
Dollar falls, commodities clamber up
SINGAPORE, May 19 (Reuters) - The dollar broke lower on Thursday, with funds sensing the rally this month has ended and expectations rising that commodity prices have resumed an uptrend, pushing up equities in Asia's materials sector.
"If you look at the next few months, the euro could fall to around $1.35. But I guess it's difficult to sell the euro beyond $1.40 now, when there's talk that the European Central Bank could raise rates in July," said Minori Uchida, a senior analyst at the Bank of Tokyo-Mitsubishi UFJ in Tokyo.
Commods likely to recover after short correction-MF Global
SINGAPORE, May 18 (Reuters) - Commodity prices are likely to fall further in the next month or two before rebounding towards the end of the year as demand continues to grow, prompting MF Global to expand its presence in the sector, a senior company executive said.
Brokerage MF Global Holdings, with a market value of $1.4 billion, maintained its long-term bullish outlook for commodities and expected prices to rise 10-20 percent over the next 12 months from current levels due to a weaker dollar, rising global demand and gradual inventory tightening.
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