Wednesday, June 15, 2011

20110615 1610 Global Market & Commodities Related News.

Euro again under pressure in Asia; shares slip
SINGAPORE, June 15 (Reuters) - The euro came under fresh pressure in Asia on Wednesday as worry about euro zone debt intensified after EU ministers failed to seal a deal on Greece, prompting a move away from riskier assets which helped gold extend gains.
"The problem is not the fact that Greece is likely to face some form of a default. The problem is that the debate over the involvement of private investors in the rescue scheme drags on, making market participants jittery," said Teppei Ino, a currency analyst at Bank of Tokyo-Mitsubishi UFJ.

U.S. corn firm after selloff, Senate vote supports
SINGAPORE, June 15 (Reuters) - Chicago corn rose on Wednesday, ending a two-day losing streak as a proposal to end subsidies for the U.S. ethanol industry failed in the Senate, supporting prices amid tight old-crop supplies.
"Our position on corn is bullish, the reason being that the U.S. balance sheet remains relatively tight," said Abah Ofon, agricultural commodities analyst with Standard Chartered Bank in Singapore.

Australia says on track for record wheat exports
SYDNEY, June 15 (Reuters) - Australia wheat exports could jump nearly 9 percent to a record high in 2011-12, with favourable weather helping the winter crop in what is usually the world's fourth-biggest exporter, the government's chief commodities forecaster said on Wednesday.
Exports for the marketing year to Sept. 30, 2012 were estimated at 20.11 million tonnes, up from a forecast 18.470 million tonnes in 2010-11, according to the Australian Bureau of Agricultural and Resources Economics and Sciences (ABARES).

Wet conditions to hit W Canada wheat crop-CWB
WINNIPEG, Manitoba, June 14 (Reuters) - Canada's western crop belt will produce less wheat, but more durum and barley this year, as excessive moisture drowns fields in Manitoba and Saskatchewan, the Canadian Wheat Board said on Tuesday in its first forecast of the year for the region.
Flooding has hit the world's biggest spring wheat and durum exporter for the second straight year, shrinking spring wheat acres to their second-lowest level since 1971.

Brazil says to grow quarter more soy, corn by 2021
BRASILIA, June 14 (Reuters) - Brazilian production of soy and corn is forecast to rise by around a quarter in a decade, the government of the agricultural giant said in a long-term forecast issued by on Tuesday.
The econometric forecast, updated annually, is based on historic increases and consultations with individual farming sectors in the world's top producer of coffee, sugar, orange juice and beef.

Rains improve outlook for western Europe wheat
LONDON, June 14 (Reuters) - Rains have boosted the outlook for wheat crops in parts of western Europe, helping to revive parched plants in Germany and Britain.
In France, the European Union's top wheat producer, the benefits were, however, less clearcut.

Saudi to import 2 mln tonnes wheat in 2011 - official
RIYADH, June 14 (Reuters) - Saudi Arabia expects about 2 million tonnes of wheat imports this year unchanged from 2010, and aims to double its reserves to one year's consumption by 2014, the kingdom's Minister of Agriculture said on Tuesday.
The world's top oil exporter, which has emerged as a major buyer of wheat, wants to build up reserves of basic commodities such as wheat, rice, oils and sugar to protect itself against the impact of a spike in global food prices and to support its rapidly growing population.

U.S. may need to import more sugar by fall of 2011
NEW YORK, June 14 (Reuters) - The United States may need to import 100,000 tonnes of sugar by the end of this summer due to possible delays in harvesting the beet crop and uncertainty overhanging supplies from neighboring Mexico.
Brian O'Malley, president and chief executive of Domino Sugar, told Reuters in an interview on Tuesday the United States is at risk of being forced to buy sugar in the world market. The last time the country had to import sugar outside of its regular import program was in 2008.

Oil dips on stronger dollar, higher U.S. gasoline stocks
SINGAPORE, June 15 (Reuters) - Oil fell on Wednesday as the dollar strengthened after euro zone ministers failed to reach agreement on a second bailout for Greece, while rising gasoline stockpiles in top consumer the United States signalled fuel demand is stalling.
"We know that gasoline demand is still slow despite falling prices, so we don't see a very positive side for growth," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.

US gasoline demand rises for second week
NEW YORK, June 14 (Reuters) - U.S. retail gasoline demand climbed slightly last week from a year earlier, a second consecutive rise as pump prices continue to ease, a report by MasterCard Advisors' SpendingPulse showed on Tuesday.
Average weekly gasoline demand rose 0.2 percent in the week to June 10 compared with the same week a year ago, the report showed. Demand rose 1.1 percent from the previous week.

LME copper down on stronger dollar and arbitrage trading
SHANGHAI, June 15 (Reuters) - London copper fell on Tuesday, hit by a stronger dollar and arbitrage trade, but held on to most of the previous session's gains of nearly 3 percent, driven by data from China and the United States.        
"It's normal for LME copper to fall slightly. There's a bit of arbitrage trading this morning where investors buy copper on Shanghai and sell on London now," said a Shanghai-based trader.

Gold extends gains as econ worries linger
SINGAPORE, June 15 (Reuters) - Gold rose further on Wednesday on inflation fears ignited by recent strong Chinese economic data, lingering worries over debt problems in Europe and the United States as well as a softer U.S. dollar.
"There's not much to say. On the upside, there is still a resistance to break at around $1,550. The market may test $1,500 again if it closes below $1,512," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

Japan iron ore demand to rebound in Q4-Vale
GENEVA, June 14 (Reuters) - Iron ore demand in Japan is expected to reach 90 percent of pre-financial crisis levels in the fourth quarter, and all markets are recovering well, an executive at Brazilian miner Vale  said.
Demand in Europe is back at around 85 percent of pre-crisis levels, global marketing director Pedro Gutemberg told Reuters in an interview on the sidelines of a conference in Geneva.

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