Shares tread water before U.S. data; dollar slips
HONG KONG, June 3 (Reuters) - Asian stocks steadied on Friday though any gains were set to be modest while the euro rose to a one-month high versus the dollar as investors braced for a key U.S. jobs report that will reveal whether the economy is headed for a protracted slowdown.
A raft of grim U.S. data this week has already made investors wary about the near-term economic outlook and pushed 10-year treasury yields below three percent for the first time since December this week.
U.S. wheat rises for 2nd day; corn, soy steady
SINGAPORE, June 2 (Reuters) - U.S. wheat rose 0.6 percent on Friday, on track for a second day of gains supported by doubts that exports from the Black Sea region can cover shortfalls expected from adverse weather hurting crop prospects in the United States, Europe and Canada.
"It is probably Russia, which is now talking about putting tariffs on exports to keep control over domestic prices," said Paul Deane, agricultural commodity strategist at ANZ.
China's soymeal exports rise, sells up to 80,000 T
SINGAPORE, June 3 (Reuters) - China has sold up to 80,000 tonnes of soymeal to Japan and Vietnam in deals signed in the last two weeks as slow domestic demand prompts soybean processors to look for overseas markets, traders said.
"There is supply push in China. Indian prices are much higher and monsoon is likely to slow exports," said one executive trader with an international trading company in Singapore. "Given the situation in India and China, it makes sense for China to export."
Argentine April soy crushing up 0.8 pct yr/yr
BUENOS AIRES, June 2 (Reuters) - Argentine soy-crushing edged 0.8 percent higher in April from April 2010 to 3.7 million tonnes, the government said in its latest monthly report.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans.
Informa sees US winter wheat crop smallest in 5 years
CHICAGO, June 2 (Reuters) - Analytical firm Informa Economics estimated the 2011 U.S. winter wheat harvest will be the smallest in five years and below its previous forecast.
Informa projects a crop of 1.421 billion bushels, down from the firm's May 6 forecast of 1.441 billion, trade sources said Thursday.
Cameroon cocoa production hits new season record
YAOUNDE, June 2 (Reuters) - Cocoa production in Cameroon, the world's No. 5 grower, has already reached a new record, with three months remaining in the season, official figures released on Thursday showed.
Data from the National Cocoa and Coffee Board showed output this season hit 219,295 tonnes by the end of April, already 5 percent higher than the previous record in the 2008-2009 season.
Ukraine cuts grain export forecast to 15-18 mln T
KIEV, June 2 (Reuters) - Ukraine may export 15-18 million tonnes of grain in the 2011/12 season, Agriculture Minister Mykola Prysyazhnyuk said on Thursday, a figure that is lower than earlier official forecasts.
The ministry has until now projected grain exports at 19-20 million tonnes. Prysyazhnyuk did not give any reasons for the revision.
Brent crude flat ahead of crucial U.S. job data
SINGAPORE, June 3 (Reuters) - Brent and U.S. crude were flat on Friday as the dollar steadied against a basket of currencies and investors waited to see if U.S. non-farm payrolls data would add to evidence of a faltering global economy.
"The weakness in data and (higher) inventories should have been a night off for oil, but oil prices went up this morning possibly due to the weakness in the U.S. dollar," said Ben Le Brun, a Sydney-based markets analyst at CMC Markets.
China may cut tax and charges on imported coal -report
BEIJING, Jun 3 (Reuters) - China may cut value-added tax and port charges on imported coal to encourage more overseas purchases, an official with the National Development and Reform Commission was quoted by Chinese media as saying, as the country battle the worst summer power shortage in years.
"Relevant government departments are studying adjustments of VAT and port charges relating to coal imports," the unnamed official told reporters in a meeting on June 1, according to a website report (finance.qq.com).
LME Copper rebounds ahead of U.S. payrolls data
SHANGHAI, June 3 (Reuters) - LME copper rose on Friday as base metals rebounded from overnight losses after investors regained some confidence from a steady showing by U.S. stocks ahead of closely-watched U.S. non-farm payroll data later in the day.
"During the European and much of the U.S. trading session on Thursday, we had very weak (commodity) prices," said Jonathan Barratt, managing director of Commodity Broking Services in Sydney.
China alumina prices drop 7 pct since March, exports mulled
HONG KONG, June 2 (Reuters) - China's alumina prices have fallen 7 percent since March due to increased supply, prompting merchants to consider exporting the raw material used for primary aluminium production to a steadier international market, industry sources said on Thursday.
China, the world's top aluminium producer, was previously the biggest alumina buyer in the international market, but it has ramped up its alumina output. Monthly imports dropped to 130,561 tonnes in April from nearly 680,000 at the start of 2010.
Gold steady; trade thin as US jobs data eyed
SINGAPORE, June 3 (Reuters) - Spot gold held steady on Friday, supported by Moody's warning on U.S. credit rating and a subsequent weaker dollar, while investors moved to the sidelines before the release of the closely watched U.S. non-farm payrolls data.
"If the payrolls data turns out worse than expected, it may help gold advance towards the record high in the next few days," said Hou Xinqiang, an analyst at Jinrui Futures, who said gold is still on an upward trend after a correction last month knocked prices below $1,500.
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