Debt worries hits euro, stocks; govt debt, gold gain
HONG KONG, May 23 (Reuters) - Renewed worries in the euro-zone over the weekend pulled the euro down to a record low against the Swiss franc, weakened risky assets such as Asian stocks and boosted safe haven investments like U.S. government debt and gold on Monday. "Sustained foreign selling following U.S. stocks' fall and caution about the global economic backdrop is weighing, and this is likely to continue until June," said Bae Sung-young, a market analyst at Hyundai Securities, adding the market still had relatively firm support at its 120-day moving average of 2,060 points.
Indonesia to keep June palm oil, cocoa export tax unchanged
JAKARTA, May 20 (Reuters) - Indonesia's government will keep its palm oil and cocoa bean export tax unchanged in June at 17.5 percent and 10 percent respectively, a trade ministry official said on Friday.
The base export price for crude palm oil (CPO), which is used to calculate the export tax in the world's largest producer of the vegetable oil, will be set at $1,075 a tonne, said Deddy Saleh, director general of foreign trade at the Indonesian trade ministry.
Rains delay Argentina's 2010/11 soy harvest -gov't
BUENOS AIRES, May 20 (Reuters) - Showers in Argentina's farming areas caused some delays in the country's 2010/11 soy harvest, the government said in its weekly report on Friday, although most of the crop has already been brought in.
The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier. The government expects the 2010/11 harvest to total 50.4 million tonnes.
Canada canola crushers process record 4.8 mln tonnes
WINNIPEG, Manitoba, May 20 (Reuters) - Canada's oilseed crushers processed a record 4.812 million tonnes of canola in the current 2010/11 crop year, data from the Canadian Oilseed Processors Association (COPA) showed on Friday.
The rapid pace reflects additional capacity from new plants in Saskatchewan opened by Richardson International Limited and Louis Dreyfus Canada, as well as strong export demand for canola meal and oil.
Corn jumps to 1-month top, wheat up on supply worries
SINGAPORE, May 23 (Reuters) - Chicago corn rose 1.2 percent on Monday to its highest in nearly a month, while wheat rose almost 1 percent, adding to last week's spectacular rally as harsh weather from the U.S. to Europe and China threatened to
squeeze grain supplies. "It is highly likely that the farmer will not be able to finish corn plantings, so it's going to very bullish for corn prices," said Ker Chung Yang, an investment analyst at Phillip Futures in Singapore. "The weather is a key factor and the market is looking forward to USDA's crop progress report."
Vietnam crushed a bumper sugar crop, imports to slow
HANOI, May 21 (Reuters) - Vietnam's sugar output in the 2010/2011 crushing season jumped by a quarter from last year to 1.13 million tonnes, prompting market regulators to slow imports of the commodity in coming months, a state-run newspaper reported on Saturday.
Vietnam, a tiny sugar producer by world standards, could face a surplus this year in line with global markets, as smuggling of Thai sugar has been rising while domestic prices are high, industry officials say.
Beneficial rains fall in US southern Plains wheat
CHICAGO, May 20 (Reuters) - Beneficial rains moved through the drought-stressed southern Plains in the past day, helping the maturing Kansas wheat crop, a forecaster said Friday.
"The deterioration of the Kansas crop is going to slow a little due to the rain in the last 24 hours, with more coming today and again next Tuesday and Wednesday," said Mike Palmerino of Telvent DTN weather service.
U.S. crude drops below $100 on dollar, euro zone debt
SINGAPORE, May 23 (Reuters) - U.S. crude slipped below $100 a barrel on Monday as investors flocked to the dollar on renewed concerns over the euro zone debt crisis. "The dollar is definitely the driving factor as the market is looking for a new direction following the sharp correction earlier this month," said David Cohen, director of Asian Economic Forecasting at Action Economics in Singapore.
US gasoline price down to $3.91/gal, may dip further
NEW YORK, May 22 (Reuters) - The average price at the tank for a gallon of gasoline in the United States fell in the past two weeks, and should drop more as floods in the southeast curb demand and refiners and gas stations feel pressure to pass lower costs on to drivers, an industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gas fell 9.24 cents on May 20 to $3.9074 per gallon, compared to $3.9998 on May 6, according to a nationwide survey of some 2,500 gas stations in larger metropolitan areas in the continental United States.
London copper down on firm dollar, euro debt woes
SINGAPORE, May 23 (Reuters) - London copper fell on Monday as part of a broad decline across the base metals complex on a
stronger dollar, worries about the euro zone debt crisis and bearish technicals.
"The strengthening of the U.S. dollar no doubt has an impact on the copper markets today," a Sydney-based trader said.
Global crude steel output slows down, Japan weighs
LONDON, May 20 (Reuters) - Global crude steel production slowed in April, for the first time this year after hitting a record high in March, on weaker apparent demand and after an earthquake and tsunami cut Japan's output.
Global crude steel production was at 127 million tonnes in April, 7 percent up from April 2010 but 2 percent down from March, when it hit a record high at 129 million tonnes.
Gold rises to near two-week top on euro zone debt woes
SINGAPORE, May 23 (Reuters) - Investors ditched the euro and turned to gold as a safe haven after Fitch cut Greece's debt ratings by three notches, pushing the country deeper into junk. "I would expect gold to be supported above the $1,500 level. If the crisis starts to involve other nations beyond Greece, then we could see gold heading to a new record high," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore. "Silver is still trying to gain ground after the huge fall earlier. If we do see a new record for gold, then I think silver will move higher."
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