Wheat up, on track for biggest weekly rise since May
SINGAPORE, July 15 (Reuters) - Chicago wheat rose 0.4 percent, lifted by short-covering and speculative buying which has put the commodity on track for its biggest weekly gain since late May.
"The price action in wheat has been certainly of investment flows coming back to the market," said Paul Deane, agricultural commodity strategist at ANZ.
China soybean imports to recover in H2 -traders
XI'AN, China, July 15 (Reuters) - China's soybean imports are likely to recover in the second half of this year from the sluggish demand seen since late last year, but the market will remain cautious on government policies, said traders attending an oil and oilseeds conference in Xi'an.
Weak feedmeal consumption, especially from the pig industry, and government policies preventing companies from hiking vegetable oil prices due to inflation concerns dampened China's soybean demand in the first half.
Hot weather to stress US corn night and day
CHICAGO, July 14 (Reuters) - A heatwave forecast to hit the U.S. Midwest next week is expected to stress developing corn throughout the day and night, providing no relief for a crop that needs a break when the sun sets to realize its full potential.
After hot nights, corn leaves are often curled up, much like they typically are in the middle of the day, evidence that the plant was working throughout the night and burning through its much needed sugar reserves and using up water in the soil.
Dryness hastens Argentina wheat planting-exchange
BUENOS AIRES, July 7 (Reuters) - Dry weather hastened 2011/12 wheat planting last week in Argentina, where 4.7 million hectares are expected to be seeded with the grain this season, the Buenos Aires Grains Exchange said on Thursday.
Argentina is a leading wheat exporter and sends most of its output to neighboring Brazil.
Colombia coffee production falls for third month
BOGOTA, July 14 (Reuters) - Colombia's coffee output fell for the third straight month in June, declining 40 percent to 471,000 60-kg bags as heavy rains affected flowering, the country's coffee growers federation said on Thursday.
Colombia, the world's top producer of high-quality arabica, was hit by bad weather and fungus in the previous two years, cutting output by about a third of its norm. The country's coffee is among the world's most prized and has a big impact on global markets.
S.Korea's June coal imports fall 2 pct yr/yr
SEOUL, July 15 (Reuters) - South Korea's June coal imports declined 2 percent to 8.50 million tonnes from 8.69 million tonnes a year earlier, data from Korea Customs Service showed on Friday.
Customs data also showed earlier that the country's imports of liquefied natural gas (LNG) rose by 5 percent to 2.12 million tonnes in June from a year earlier.
S.Korea's June LNG imports rise 5 pct yr/yr
SEOUL, July 15 (Reuters) - South Korea's imports of liquefied natural gas (LNG) rose 5 percent in June from a year earlier, customs data showed on Friday.
South Korea, the world's second-largest LNG buyer after Japan, imported 2.12 million tonnes of LNG last month, compared to 2.01 million tonnes the year before, Korea Customs Service data showed.
Biggest US oil firms see refining as core strength
SAN FRANCISCO, July 14 (Reuters) - The very biggest U.S. oil companies seem perfectly happy holding on to their refining arms given that expertise in processing oil and gas after extraction looks likely to be more in demand in the future.
Exxon Mobil Corp and Chevron Corp have thrown their weight behind their refining arms despite repeated questions about their value in the modern oil business.
Oil rebounds as dollar weakens on S&P warning
SINGAPORE, July 15 (Reuters) - Oil rebounded on Friday on a weaker dollar after Standard & Poor's warned it may lower the credit rating of top consumer the United States, capping a volatile week marked by concern about the U.S. deficit and the euro zone's debt.
"If you look at what Bernanke said yesterday, it's going to be one day up, one day down," said Victor Say, an analyst at Informa Global Markets in Singapore.
China's Zhen Hua vies to supply fuels to Bangladesh
DHAKA/SINGAPORE, July 15 (Reuters) - Chinese state-owned Zhen Hua Oil Company may join the growing list of national oil companies supplying fuel to Bangladesh from the second half of 2011, a senior Bangladesh Petroleum Corp (BPC) official said on Friday.
Executives from the two companies are due to start talks next week in Dhaka, the official said, declining to be identified as he is not authorised to talk to the media. Officials at Zhen Hua's trading division could not be reached for comment.
LME copper nudges up on weak dollar
SHANGHAI, July 15 (Reuters) - London copper edged up, as the dollar weakened after Standard and Poor's warned there was a one-in-two chance it could cut the U.S. credit rating if no deal was reached on raising the government's debt ceiling.
Ratings agency Standard & Poor's has warned there is a one-in-two chance it could cut the United States' prized triple-A rating if a deal on raising the government's debt
ceiling is not agreed soon.
Freeport Indonesia production, shipments resume-workers
JAKARTA, July 15 (Reuters) - Production at Freeport McMoRan Copper & Gold's giant Indonesia mine gradually resumed on Thursday, as workers returned following a strike, and two cargoes carrying 65,000 tonnes of concentrate were ready for shipping on Friday, workers said.
The union representing around 8,000 workers at the Grasberg mine said on Tuesday they had struck a deal to end a strike that began on July 4, though further talks and safety checks at the mine effectively meant work began on Thursday, the union said.
China's latest rare earth move disappoints EU, US
BEIJING/SHANGHAI, July 14 (Reuters) - China eased export curbs for rare earth elements on Thursday, restoring them to near-2010 levels in a bid to appease trading partners, but the European Union said the move did not ensure stable supplies and the United States said the Chinese were heading the wrong way.
China accounts for around 97 percent of the world's output of the 17 rare earth metals, which are crucial for global electronics production and the defense and renewable-energy industries. They are are used in a wide range of consumer products, from iPhones to electric car motors.
Gold pauses after record-setting rally; debt fears aid
SINGAPORE, July 15 (Reuters) - Gold took a breather, after setting record highs for two consecutive sessions, as dashed hopes for additional U.S. stimulus measures took some heat off, although the euro zone debt crisis and uncertainties on U.S. deficit talks continued to support sentiment.
"Bernanke's comments on possibilities of more stimulus on Wednesday played a big part pushing gold to record highs," said Hou Xinqiang, an analyst at Jinrui Futures in China.
Gold shines before euro zone meeting;dlr steadies
HONG KONG, July 15 (Reuters) - Gold slipped though was on track to match its biggest winning streak in four decades, with debt crises in the euro zone and the United States leaving investors few alternatives but to keep piling into the metal.
"This presents a much higher hurdle for policymakers and, as such, represents a more serious threat to the U.S. dollar," Elmer said in a note.
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