Euro stabilises after Greek vote, Fed eyed
SINGAPORE, June 22 (Reuters) - The euro stabilised on Wednesday and Asian shares rose after the Greek government won a vote of confidence as expected, prompting investors to shift focus to the U.S. Federal Reserve's news conference due later in the day for further cues.
The euro last traded at $1.4366 , extending its recovery from a three-week low of $1.4073 it hit last Thursday, but below the high of $1.4435 it touched after the vote in Athens, bringing the beleaguered country a step closer to a 12 billion euro aid package.
Corn rises for 3rd day on weather woes, wheat firm
SINGAPORE, June 22 (Reuters) - Chicago corn gained around half a percent on Wednesday, rising for a third straight session on forecasts of hot weather moving into the U.S. corn belt, threatening crop prospects at a time when old-crop supplies are running tight.
"Corn has rallied in the last few sessions as investors are buying on dips because fundamentals are supportive for prices," said Lynette Tan, an analyst with Phillip Futures in Singapore.
Sierra Leone seeks 50,000 tonnes rice from Vietnam
HANOI, June 22 (Reuters) - A delegation from Sierra Leone has held talks with Vinafood 2, Vietnam's top rice exporter, to import 50,000 tonnes of the grain, a government statement said, as the southeast Asian nation seeks to boost rice shipment to Africa.
The trade ministers of Sierra Leone and Vietnam signed a memorandum of understanding on rice trading in Hanoi on Tuesday, by which Vietnam hopes to sell more rice to African nations, the Industry and Trade Ministry said in the statement.
Farm export subsidy cuts harder now - EU
WASHINGTON, June 21 (Reuters) - Europe's top trade official on Tuesday downplayed chances the European Union would agree to eliminate agricultural export subsidies as part of a proposed partial deal this December in longrunning world trade talks.
"We are ready to discuss about it, but the situation has dramatically changed," EU Trade Commissioner Karel De Gucht said in a speech at the U.S. Chamber of Commerce.
Brazilian port to limit loading of bagged sugar
SAO PAULO, June 21 (Reuters) - Brazil's main sugar port of Santos will restrict the loading of bagged sugar in the public quay, a measure aimed at improving efficiency, an official said on Tuesday.
But shipping agents fear the decision could cause more congestion in the short term.
World wheat buyers watch N. American spring wheat
CHICAGO, June 21 (Reuters) - World wheat buyers are not as nervous about prices as they were a few weeks ago, but they will not feel confident about avoiding a repeat of 2008's price spike until they get a better picture of North American plantings.
U.S. farmers still had 1.2 million acres of spring wheat to plant as of Sunday -- a date when the crop is typically in the ground and growing. But relentless rains have plagued the northern Plains as well as the Canadian Prairies where 2 million acres of spring wheat will likely go unplanted.
Brent rises as Greece passes vote; market awaits Fed decision
SINGAPORE, June 22 (Reuters) - Brent crude rose on Wednesday, reversing three days of losses, as Greece's embattled government survived a confidence vote critical to avoid a debt default and as investors awaited the outcome of a key U.S. Federal Reserve meeting.
"It looks like we are going to see a long slog through the rest of this year," said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp. "People are worried about the world's economic recovery. We are just squeaking by from one hurdle to another."
High US gasoline prices to cut July 4 travel -AAA
NEW YORK, June 22 (Reuters) - U.S. Independence Day holiday travel will fall 2.5 percent from a year ago as expensive gasoline eats at driving demand, travel group AAA forecast on Wednesday.
Even with the recent decline in gasoline prices, AAA estimates 39 million Americans will travel 50 miles or more from home during the July 4 weekend, down from 40 million last year.
Copper down, dollar up; Greek debt, Fed meet eyed
SHANGHAI, June 22 (Reuters) - London copper fell on Wednesday as investors turned their attention to the tough austerity measures ahead for Greece and a U.S. interest rate decision later in the day.
"Copper prices haven't moved a lot lately and there isn't a lot of good news to buoy prices today. The euro debt crisis has not been resolved and weakness in the U.S. economy may have negative consequences on the global economy in the later part of the year," said Shanghai Dongzheng futures trader Du Xiao Hua.
Manila's Philex says sees gains in $1 bln copper-gold prospect
MANILA, June 22 (Reuters) - Top Philippine miner Philex Mining Corp estimates its $1 billion Boyongan-Bayugo copper-gold prospect in southern Surigao province contained 5 billion pounds of copper and 9 million ounces of gold, adding that a recent acquisition may enhance the value of the project.
Philex said in a statement on Wednesday the findings were contained in a recently completed independent mineral resource estimate by SRK Perth, Australia for the Silangan project managed by its wholly owned unit Silangan Mindanao Mining Co Inc.
China's global share of rare earth production to drop - report
BEIJING, June 22 (Reuters) - China's global share of rare earth output will drop steeply in the next two years as other countries ramp up production to compensate for domestic curbs on mining the minerals, a former government official and future rare earth group chief said.
The country's rare earth output would drop from 95 percent of global output to 60 percent, reversing global reliance on China, Wang Caifeng, a former Ministry of Industry and Information Technology (MIIT) official told the official China Daily.
Gold steady near 2-week high, eyes on Fed
SINGAPORE, June 22 (Reuters) - Gold held steady on Wednesday ahead of the outcome of a U.S. Federal Reserve meeting which could weigh on the dollar, while worries the Greek debt crisis may affect other countries were likely to spur buying from investors.
"Approaching the resistance level, we can say gold is a bit cautious," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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