Greek deal lifts euro, stocks; outlook wary
HONG KONG, July 22 (Reuters) - Asian stocks rose and the euro climbed to a two-week high on Friday after European leaders agreed on a package to rescue debt-stricken Greece and gains will be sustained if U.S. policymakers also manage to cobble together a last minute deal.
Euro-zone sensitive plays like HSBC , which makes up a chunky 15 percent of Hong Kong's Hang Seng index, rose nearly 3 percent, helping the index gain 1.7 percent.
Corn rises after losses, wheat steady on supply pressure
SINGAPORE, July 22 (Reuters) - Chicago corn rose half a percent on Friday, lifted by bargain-hunting following two straight sessions of losses which were triggered by forecasts of milder weather in U.S. Midwest crop belt.
"The corn market is expected to stay volatile until we have a clear picture of the yields," said Lynette Tan, an analyst with Phillip Futures in Singapore.
Indonesia buys 500,000 T rice from Vietnam -traders
HANOI, July 22 (Reuters) - Indonesia has signed a major contract to buy 500,000 tonnes of Vietnamese rice, traders said on Friday, in a deal that has pushed up domestic prices during the peak harvesting period, which would keep Vietnam's inflation high.
The government-to-government deal, making up half of an annual agreement between the two Southeast Asian countries, is in line with market expectations after industry officials and a Vietnamese state-run newspaper said Indonesia had sought to buy 400,000-600,000 tonnes.
Argentina says China to buy more soyoil, soybeans
BUENOS AIRES, July 21 (Reuters) - China plans to buy more soyoil and soybeans from Argentina in the future, Argentina's government said on Thursday after Agriculture Minister Julian Dominguez met with officials in Beijing.
China was Argentina's top market for soyoil prior to a trade dispute that froze sales for months last year. The Asian powerhouse said in May it would buy 500,000 tonnes of Argentine soyoil after several months of slim trade.
Argentina lowers soy crop estimate to 48.8 mln T
BUENOS AIRES, July 21 (Reuters) - Argentina's 2010/11 soy production is seen totaling 48.8 million tonnes, down from a previous estimate of 49.6 million tonnes, the Agriculture Ministry said in its monthly crop report on Thursday.
Argentina is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier. The U.S. Department of Agriculture (USDA) estimates the country's soy output at 49.5 million tonnes this season.
Palmkernel oil price slumps on ample supplies
AMSTERDAM, July 21 (Reuters) - Prices of palmkernel oil have fallen 40 percent in the past six months due to ample supplies in southeastern Asia, running into high demand as consumers replace more expensive coconut oil, traders said.
Front month contracts of palmkernel oil used in production of plastics, detergents and cosmetics were quoted at $1,335 on Thursday compared to $2,250 in January.
EU rapeseed harvest looking bad, rain slows work
HAMBURG, July 21 (Reuters) - The European Union is facing a sharply lower rapeseed crop in 2011, with falls in Germany and Eastern Europe outweighing better outlooks for crops in France and Britain, traders and analysts said on Thursday.
"The poor crop forecasts in Germany and the east look like being confirmed," a rapeseed trader said. "With harvesting now underway, there are increasing signs improvements in other EU regions are not enough to make up the losses."
SPECIAL PDF REPORT SURGING GRAIN PRICES TO FUEL ASIAN INFLATION (Reuters)
Asian governments struggling to rein in food inflation have their work cut out for them as grain prices rise on tight supplies and growing demand runs down surplus stocks, while weather factors will add an unpredictable twist.
Brent rises on euro zone debt plan, IEA decision
SINGAPORE, July 22 (Reuters) - Brent crude futures rose on Friday, as Europe's sweeping new action on the debt crisis and signs of progress on a U.S. deficit reduction deal offset weak economic data from the world's second largest oil consumer, China.
"Sentiment is positive today because of the news out of Europe. The euro zone leaders managed to keep expectations low before the summit, the announcement of package gave the market a boost," said Chen Xin Yi, a commodities analyst with Barclays Capital.
Iran halts oil supply, but India sees no shortage
NEW DELHI, July 21 (Reuters) - India has a back-up plan to cope with a halt to crude supplies from Iran, its oil minister said, as Tehran upped the ante in an oil payments row and Indian refiners rushed to secure alternative supplies, including from Saudi Arabia.
Since December, India and Iran have struggled to find ways for New Delhi to pay for imports of 400,000 barrels per day, 12 percent of its oil demand, after the Reserve Bank of India halted a clearing mechanism under U.S. pressure.
Russia's President approves oil and gas tax breaks
MOSCOW, July 21 (Reuters) - Russian President Dmitry Medvedev signed into law various oil and gas tax breaks including scrapping the extraction tax for gas produced in the Yamal peninsula for conversion to liquefied natural gas (LNG).
The exemption is crucial for French major Total , which this year bought a stake in Russian independent gas producer Novatek , and for Novatek's greenfield project to produce and liquefy gas there.
Steelmakers sue EU over carbon market rules
BRUSSELS/LONDON, July 21 (Reuters) - European steelmakers said they started legal action on Thursday to overturn the way the sector has been included in the European Union's carbon market.
Industry body Eurofer says the rules for the Emissions Trading Scheme (ETS) do not set a fair benchmark for allowing the industry's most efficient 10 percent of factories to get all their pollution permits for free after 2013.
LME copper extends fall to 3rd day, eyes 4th week of gains
SINGAPORE, July 22 (Reuters) - London copper futures fell for a third straight day on Friday, weighed by a firmer dollar and investors' worries about potentially weaker demand from top copper consumer China and the United States.
"The news out of Europe was somewhat positive for global growth but I think a lot of that had been priced into these markets," said Ben Westmore, commodity economist at National Australia Bank.
Gold steady after Europe debt deal, US deficit talks eyed
SINGAPORE, July 22 (Reuters) - Gold held steady below $1,600 on Friday, after the euro zone leaders reached an agreement on a Greece bailout plan, but prices are expected to be rangebound as investors keep an eye on the progress made in U.S. debt talks.
"Gold is consolidating right now after rallying in the last two weeks as we are seeing signs that the debt problem is being solved little by little in Greece," said Dick Poon, manager of precious metals in Heraeus, based in Hong Kong.
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