Asia shares up, no signs of panic over U.S. debt deadlock
HONG KONG, July 26 (Reuters) - Asian shares edged higher on Tuesday, rebounding from Monday's fall, but the dollar slid to a record low against the Swiss franc after a speech by U.S. President Barack Obama gave no sign a deadlock in Washington over raising the debt limit was easing.
Short-term speculators took aim at the dollar after Obama delivered a prime-time address to Americans, warning that a default on U.S. bond obligations would be a "reckless and irresponsible outcome". But he gave no indication a compromise was imminent.
U.S. corn up as dlr falls, focus turns to yields
SYDNEY, July 26 (Reuters) - U.S. corn firmed on Tuesday, recouping some of the previous day's losses on a fall in the U.S. dollar and as traders assessed the yield impact of the recent U.S. heat wave and subsequent cool down.
"Much of the focus is on yields as there will be a few private forecasts out next week and there is a pretty wide range of forecasts on corn yields as well as beans," said Brett Cooper, senior manager, markets, for FCStone Australia.
W.Australia wheat output to double, spreads narrow
MELBOURNE, July 26 (Reuters) - Wheat output in Western Australia, which produces high-quality milling grain, is likely to double to around 9 million tonnes this year following ideal crop weather, boosting prospects of wheat exports from the country in the coming marketing season.
This has narrowed the spread between the nation's west and east coast wheat to A$13 a tonne, down from A$28 last month and A$45 last year when a severe drought hit the region, traders told Reuters at a grains industry conference in Melbourne.
Indian sugar body seeks govt nod for extra exports
NEW DELHI, July 25 (Reuters) - A top industry body in India has sought the government's nod for an additional 500,000 tonnes of sugar exports in the year to September, a demand if met could help ease global prices that are creeping up on supply worries from top exporter Brazil.
"We have written to the food ministry for permission of additional sugar exports as we've got surplus stocks and global prices are good," said Vinay Kumar, managing director of the National Federation of Cooperative Sugar Factories, a producers' body of 250 mills.
New demand for Vietnamese rice lifts prices -paper
HANOI, July 26 (Reuters) - Vietnam, the world's second-largest rice exporter after Thailand, is expected to sign deals for a combined 350,000 tonnes of the grain with Malaysia and East Timor between now and the end of the year, a state-run newspaper reported on Tuesday.
New demand has emerged from Chinese buyers and Philippine private firms which have come to Vietnam to seek rice, the Vietnam Economic Times newspaper said, lifting prices this week.
Russia to keep agricultural subsidies after WTO entry
MICHURINSK, Russia, July 25 (Reuters) - President Dmitry Medvedev said on Monday that Russia will not withdraw state subsidies for farmers if it joins the WTO, which Moscow hopes for later this year after 18 years of accession talks.
Russia is the biggest economy outside the World Trade Organisation and Medvedev's comments underlined its robust stand on free trade rules.
Oil steady as Obama urges compromise to avoid default
SINGAPORE, July 26 (Reuters) - Oil prices held steady on Tuesday as President Barack Obama urged Republican and Democratic leaders to reach a fair compromise on raising the country's debt ceiling to avoid the first default in the history of the United States.
"The market is pretty much convinced that some form of stimulus will come out of the negotiations and we can view this as being bullish for oil," Jonathan Barratt, managing director of Commodity Broking Services.
South Africa coal miners start strike
JOHANNESBURG, July 25 (Reuters) - South African coal workers went on strike on Monday seeking inflation-busting 14 percent wage increases, but power utility Eskom said the stoppage would not have an immediate impact on plants providing electricity to Africa's largest economy.
Hundreds of thousands of workers across the country have downed tools in recent weeks, or are threatening to do so, seeking raises double or triple the 5 percent inflation rate in the mid-year bargaining session known as "strike season".
London copper snaps 4-day retreat as dollar wilts
SINGAPORE, July 26 (Reuters) - London copper futures rose for the first time in five sessions on Tuesday as the dollar slid after U.S. President Barack Obama warned of a deep economic crisis if U.S. lawmakers fail to lift the country's debt limit to avoid a default.
"All eyes are on the U.S. debt situation and after Obama's speech, we saw a big turbulence in the currency market, and that is pushing up copper," said a metals trader in Shanghai.
Japan rolled copper output down on weak auto, chip demand
TOKYO, July 26 (Reuters) - Japan's output of rolled copper product fell 3.2 percent in June from May as strong demand from air-conditioner makers failed to offset weak demand in the auto and chip sectors, preliminary data showed on Tuesday.
The Japan Copper and Brass Association said rolled copper output totalled 70,019 tonnes in June on a seasonally adjusted basis, down 4.2 percent from a year earlier.
Great Western, China firm to build rare earth plant
TORONTO, July 25 (Reuters) - Great Western Minerals is teaming up with a Chinese rare earth producer to build a rare earth processing plant in South Africa, the company said on Monday.
The separation plant, a joint venture with Ganzhou Qiandong Rare Earth Group Ltd, will be built close to Great Western's Steenkampskraal mine in Western Cape province.
U.S. Steel profit, revenue miss Street
NEW YORK, July 25 (Reuters) - U.S. Steel Corp posted lower-than-expected quarterly profit and revenue on Monday, although the company did rebound from three consecutive quarterly losses, helped in part by higher selling prices and stable supply costs.
Second-quarter net profit was $222 million, or $1.33 per share, compared with a net loss of $25 million, or 17 cents per share, a year earlier.
Gold steady below record; US debt talks eyed
SINGAPORE, July 26 (Reuters) - Gold held steady below its record high on Tuesday as investors waited to see if President Barack Obama's appeal for an agreement on stalemated U.S. debt talks would provoke signs of progress, while the ongoing euro zone debt crisis lent support.
"President Obama tried to add some confidence on the debt talks, but people still have doubt," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
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