Euro bounces off record low vs franc, oil, gold up
SINGAPORE, June 14 (Reuters) - The euro pulled up from near a record low against the Swiss franc on Tuesday after Chinese inflation figures provided some relief that the country would not get more aggressive on tightening policy, providing a broad boost to risky assets.
"The market got caught short. The whisper number for (China's) CPI was 6 pct ... so we're seeing a round of short covering on the back of that," said Sue Trinh, senior currency strategist at RBC in Hong Kong.
Oil rebounds on robust China industrial output
SINGAPORE, June 14 (Reuters) - - Oil rebounded on Tuesday after China said industrial production grew faster than expected in May, easing concerns over a global economic slowdown and soothing worries that Europe's debt crisis would dent energy demand.
"China is still ticking along nicely," said Ben Le Brun, an analyst at CMC Markets in Sydney.
U.S. corn falls for 2nd day, wheat mkt eyes Egypt tender
SINGAPORE, June 14 (Reuters) - Chicago corn futures lost more ground on Tuesday, falling 0.8 percent as improved U.S. weather and crop conditions weighed on the market, pulling it further below last week's record high prices.
"We may expect some pressure from the fact that plantings are winding up and the weather is improving, so it's going to be little bit bearish in the short term," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.
Argentina approves 3 mln T new crop wheat exports
BUENOS AIRES, June 13 (Reuters) - Argentina approved on Monday the export of 3 million tonnes of 2011/12 wheat for shipment starting in December, a senior agriculture official told Reuters.
Argentina, a leading global wheat exporter and a key supplier to neighboring Brazil, only authorizes exports of wheat and corn when farmers have declared enough stocks to guarantee plentiful domestic supplies.
Mexico, Costa Rica coffee output seen up in 11/12
MEXICO CITY, June 13 (Reuters) - Mexico and Costa Rica, two producers of high-quality arabica coffee, are expecting bigger harvests next season as the crop recovers from bad weather, national coffee groups in both countries said on Monday.
Mexico, the world's No. 6 coffee grower, will produce 4 million 60-kg bags in the current 2010/11 cycle, slightly below original forecasts after hard frosts hit some growing areas.
U.S. corn, soy ratings top analyst forecasts
CHICAGO, June 13 (Reuters) - Condition ratings for U.S. corn and soybeans topped analysts expectations on Monday as the late planted crop thrived amid the warm-up in temperatures across the Midwest.
The U.S. Agriculture Department's weekly crop progress report showed the corn crop rated 69 percent good to excellent as of June 12, up 2 percentage points from a week earlier. Analysts, on average, had expected good-to-excellent ratings of 68 percent.
Mexico coffee production seen rising in 2011/12-group
MEXICO CITY, June 13 (Reuters) - Mexico coffee production is likely to rise next season as the crop recovers from its current, lower-than-expected harvest hit by frosts and rains, the national coffee association said on Monday.
Mexico, the world's No. 6 coffee grower, will produce 4 million 60-kg bags in the current 2010/11 cycle, slightly below original forecasts due to bad weather.
Brazil CS sugar output picks up in late May-Unica
SAO PAULO, June 13 (Reuters) - Helped by dry weather, sugar output in Brazil's center-south finally picked up in the second half of May after a troubled wet start to the season, data from the cane industry association Unica showed on Monday.
Sugar production in the two-week period totaled 2.37 million tonnes, up 6.8 percent from a year ago, with cane crushing reaching 42.7 million tonnes, an increase of 5.5 percent from the same period in 2010.
Global coffee output seen slightly down in 2011/12
LONDON, June 13 (Reuters) - Global coffee output in 2011/12 is expected to fall slightly to around 130 million (60 kg) bags, down from 133 million in 2010/11, the International Coffee Organization forecast on Monday.
"Production prospects for crop year 2011/12 are somewhat mixed since lower production is anticipated in Brazil, while production in other exporting countries may increase," the ICO said in a monthly market report.
LME copper up on Chinese data, U.S. data eyed
SHANGHAI, June 14 (Reuters) - London copper rose on Tuesday, with Chinese economic data mixed but broadly supportive and a strong premium for prompt Chinese material signalling robust nearby demand.
"Tightening may be on the cards, but investors have been expecting an interest rate hike for several weeks now and much of that bearishness has been priced in," said Jinhui Futures deputy general manager Lin Yu Hui.
China May steel output hits record but daily rate falls
BEIJING, June 14 (Reuters) - China produced a record 60.25 million tonnes of crude steel in May, up 2 percent since April, figures from China's statistics bureau showed on Tuesday.
But daily output declined to 1.94 million tonnes, down slightly from last month's peak of 1.968 million
tonnes, according to Reuters calculations.
Gold bounces after 1 pct fall; jewellers buy
SINGAPORE, June 14 (Reuters) - Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support.
"I would say gold is still bullish. The main factors are still going back to the monetary policy of the U.S. and the longer-term weakness of the dollar. That could boost gold prices and help it head towards a new record.
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