Fed officials see recovery firm despite gas costs
CAPE GIRARDEAU, Mo., May 24 (Reuters) - Federal Reserve officials on Tuesday expressed confidence in the U.S. economic recovery despite high gas prices and European financial jitters, and one suggested the U.S. central bank could reverse its ultra-loose monetary policy this year.
"I do believe we're in a sustainable economic recovery. We face some risks, but we always face some risks," James Bullard, president of the St. Louis Fed, told reporters after a speech to a Rotary Club group.
Oil off highs, euro slips on euro zone debt fears
SINGAPORE, May 25 (Reuters) - The euro slipped back towards a two-month low and oil prices fell as a rally the previous day fizzled on fears about Europe's spreading debt crisis and the potential for a further reduction of positions in risky assets. "Concern about Spain and Italy might be overblown, but the Greece issue is not going away, and if Greece restructures, that may open the door for Ireland and Portugal." said Brian Dolan, chief strategist at Forex.com.
Oil World cuts Argentine soybean crop forecast
HAMBURG, May 24 (Reuters) - Hamburg-based oilseeds analyst Oil World on Tuesday cut its forecasts of Argentina's 2011 soybean crop by 0.3 million tonnes as it said harvest yields were poorer than expected after unfavourable weather.
Oil World now forecasts Argentina's 2011 soybean crop at 49.2 million tonnes, down from 53.9 million tonnes harvested last year.
Corn falls 3 pct, biggest drop in nearly two-weeks
CHICAGO, May 24 (Reuters) - U.S. corn futures fell 3 percent on Tuesday for the biggest one-day drop in nearly two weeks as investors took profits and cut risk premiums as seeding of the crop was on the home stretch.
"I don't know any other reason than fund selling, I didn't hear of anything else that might have done this," said Mario Balletto, an analyst for Citigroup.
Government to finance Brazil cane replanting
SAO PAULO, May 24 (Reuters) - Brazil's government will offer a line of subsidized credit for the replanting of cane crops, as part of a larger push to stimulate production of ethanol, the Agriculture Ministry said on Tuesday.
The new line of credit, directed at improving sugar cane yields through replanting of less productive fields, will be part of a low-carbon program with interest rates of 5.5 percent annually, below the 6.75 percent offer in other rural credit programs.
Rains urgently needed for much West European wheat
LONDON, May 24 (Reuters) - Wheat crops in much of western Europe remain in urgent need of more rain with time beginning to run out for some, particularly those on lighter soils, analysts and industry sources said on Tuesday.
"With every day that passes, the potential for recovery is dwindling," Jack Watts, senior economist with the Home-Grown Cereals Authority, said referring to the UK crop.
More severe storms, big rains head to US Corn Belt
CHICAGO, May 24 (Reuters) - More severe storms head to the U.S. Midwest this week, bringing heavy rains to soaked lands in the eastern belt where farmers are already struggling to finish corn planting by month's end, a forecaster said on Tuesday.
"With the rains coming, they are not going to see a whole lot of progress this week. It dries out later -- but by then it will be early June," said Joel Burgio, Telvent DTN forecaster.
Iraq sees higher wheat harvest, to suspend imports
BAGHDAD, May 24 (Reuters) - Iraq expects its wheat harvest to increase to between 2 million and 2.5 million tonnes this year, the agriculture minister said on Tuesday, up from 1.866 million tonnes in the 2009/2010 season when rains were good.
"We expect wheat to be above two million tonnes," Izzedine al-Dawla told reporters.
Government to finance Brazil cane replanting-paper
SAO PAULO, May 24 (Reuters) - The Brazilian government plans to offer a line of subsidized credit to sugar and ethanol mills for the replanting of cane crops, as part of a larger push to stimulate production of the biofuel, agriculture minister Wagner Rossi told a local newspaper.
Rossi said in Tuesday's Valor Economico paper that the new line of credit would be in the annual farm budget and directed at improving sugar cane yields through replanting of less productive fields.
S.Africa raises 2010/11 maize output f'cast
JOHANNESBURG, May 24 (Reuters) - South Africa raised its May 2010-April 2011 maize output forecast on Tuesday, beating market expectations, after an increase in white maize yields in some parts of the country.
The government Crop Estimates Committee (CEC) said the country is now expected to harvest 10.99 million tonnes of maize, compared with 10.883 million tonnes in its previous forecast.
Brazil coffee farm will irrigate to boost output
BRASILIA, May 24 (Reuters) - Brazil's biggest coffee farm, Ipanema Coffees, hopes to boost yields by as much as a third through use of irrigation, part of an investment trend among producers eager to cash in on a sharp rise in prices.
Washington Rodrigues, CEO at Ipanema Coffees in the southeastern coffee belt in Minas Gerais state, said factors such as land prices in the dense farming region and surging labor costs made yields the most viable way to raise output.
World craves ever more coffee despite soaring price
LONDON, May 24 (Reuters) - Global demand for coffee is set to keep climbing and even a doubling in the cost of the commodity over the last 12 months has failed to quench consumers' thirst for the beverage.
Faster paced lifestyles in China and other Asian economies where economic growth has been strong have helped to keep consumption of coffee firmly on an upward path.
Brent falls below $112 on small U.S. crude draw, firm dollar
SINGAPORE, May 25 (Reuters) - Brent crude futures slipped below $112 a barrel after industry data showed U.S. crude inventories fell less than forecast last week and as the dollar rebounded against the euro. "The inventory numbers are driving prices lower. The rise in gasoline stocks is significant coming just before Memorial Day," said Michel Lo, a Hong Kong-based analyst with Nomura International. "If the EIA numbers show a rise as well that will put more pressure on prices."
Venezuela March oil output up at 2.8 mln bpd
CARACAS, May 24 (Reuters) - Venezuela produced 2.8 million barrels per day of oil in March, up from 2.7 million bpd in February, the oil ministry said Tuesday.
South America's biggest crude producer said in late March it was no longer publishing oil export and production data certified by an independent auditor, adding to skepticism over the country's assessment of its oil sector.
Oil World cuts Argentine soybean crop forecast
HAMBURG, May 24 (Reuters) - Hamburg-based oilseeds analyst Oil World on Tuesday cut its forecasts of Argentina's 2011 soybean crop by 0.3 million tonnes as it said harvest yields were poorer than expected after unfavourable weather.
Oil World now forecasts Argentina's 2011 soybean crop at 49.2 million tonnes, down from 53.9 million tonnes harvested last year.
Gold off 3-week high, euro-priced bullion hits record
SINGAPORE, May 25 (Reuters) - Gold inched down, having rallied to its highest level in three weeks in the previous session, but bullion priced in euro struck a record on concerns about the impact of a possible debt default by Greece on other euro zone economies. "Overall sentiment for the long-term is still bullish. But I think for the short-term, we'll start to see resistance at $1,530 after rising from the downside of $1,470-$1,480 up to this level," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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