Stocks drop, dlr slips as US debt deadlock rages on
HONG KONG, July 29 (Reuters) - Asian stocks extended losses and the dollar slid to a four-month low against the Japanese yen on Friday after U.S. lawmakers failed to make progress in breaking a deadlock over raising the debt ceiling and avoiding a default.
Urgent efforts to avoid an unprecedented debt default hit another snag when some rebel Republican lawmakers refused to back a budget deficit plan proposed by their own congressional leaders, who put off a vote scheduled for Thursday night.
US corn, wheat tick up on weak dollar/short covering
SYDNEY, July 29 (Reuters) - U.S. wheat and corn futures firmed in early Asian trading, propped up by a weaker dollar as markets fret over U.S. debt talks and on short covering.
Chicago Board of Trade (CBOT) corn for December delivery , the actively traded harvest month contract, added 0.33 percent to $6.88-1/2, after shedding 0.5 percent on Thursday on improved crop weather in the United States.
Australia cotton output seen at record high in 2011/12 - NAB
SYDNEY, July 29 (Reuters) - Australia, the world's third largest cotton exporter, could produce a record crop for the second straight year in 2011/12 as high global prices and ample water supplies encourage crop planting, National Australia Bank (NAB) said on Friday.
The bank said the country's cotton industry could produce 4.8 million bales in 2011/12, assuming normal yields following a just harvested record 4 million tonnes in 2010/11.
US corn values a rollercoaster ride until harvest
CHICAGO, July 29 (Reuters) - U.S. food processors, ethanol plants and livestock feeders are still waging a bidding war over the last kernels of the 2010 corn harvest even as they wait for combines to harvest the first corn fields this summer in the South.
Historically high prices suggest that the cash markets, which handle billions of dollars a year worth of the grain, are in a state of flux. According to U.S. government stocks estimates, there should be more corn available.
U.S. 2011 spring wheat yield at 41.5 bu/acre
FARGO, N.D., July 28 (Reuters) - The U.S. spring wheat crop this year is expected to be the smallest since 2008 after rains and flooding delayed or prevented planting across the northern U.S. Plains, scouts on an annual crop tour said on Thursday.
The downgrade comes at a time when global supplies of high-protein wheat are tight following a series of production problems around the world, including in Australia, Europe and Canada, the biggest spring wheat producer and exporter.
Prices, demand drive agribusiness results
NEW YORK, July 28 (Reuters) - Higher grain prices and strong demand are boosting the fortunes of North American companies with exposure to agricultural markets, a bright spot in an earnings season that has been marked by disappointing results from a range of manufacturers.
Fertilizer makers, food processors and seed producers all reported strong quarterly results on Thursday and sounded upbeat about their outlook for the rest of the year.
Brazil's competitiveness as sugar origin erodes
LONDON, July 28 (Reuters) - Brazil's competitive advantage as a sugar producer is eroding due partly to a strong currency, but the global market will continue to depend on it, and so its rising costs will lead to higher sugar prices, a senior economist said.
Analysts estimate production costs of the world's top sugar producer and exporter at 16-22 U.S. cents a lb, up from 12 cents a few years ago. New remote mills have the highest costs and established mills the lowest.
Colombia's sunny spell boosts coffee flowering
BOGOTA, July 28 (Reuters) - Colombia's secondary coffee harvest in 2012 will rebound as the provinces of Narino, Cauca, Tolima and Huila are starting to have improved flowering thanks to bright sun this year, growers and exporter said.
Colombia, the world's top producer of high-quality arabica, saw output cut in the previous two years due to bad weather and a tree renovation program, slashing production by about a third of its norm.
Argentina corn output seen up at 21 mln T-exchange
BUENOS AIRES, July 28 (Reuters) - Argentina's 2010/11 commercial corn crop has seen better than expected yields, prompting the Buenos Aires Grains Exchange to increase its harvest forecast to 21 million tonnes from 20 million.
More than 91 percent of the crop has been harvested, the exchange said in its weekly crop progress report released on Thursday.
Smaller barley harvests wind down in Germany, France
LONDON, July 28 (Reuters) - Barley harvests in both Germany and France are beginning to wind down with smaller crops in both countries following spring droughts although overall EU production is likely to be little changed, crop analysts said on Thursday.
In Germany, the top EU producer, the barley harvest is likely to be all-but completed at the weekend with both crop size and quality expected to be down on the year.
EU cleared 382,000 tonnes wheat exports this week
PARIS, July 28 (Reuters) - The European Union this week granted export licences for 382,000 tonnes of soft wheat, taking the total since the beginning of the 2011/12 season to 977,000 tonnes, official data showed on Thursday.
This compared with 927,000 tonnes of wheat export licences cleared in the corresponding period last season. The new season started four weeks ago.
IGC raises forecasts for 2011/12 wheat, maize crops
LONDON, July 28 (Reuters) - The International Grains Council on Thursday raised its forecast for global wheat production in 2011/12 with the crop outlook improving in the European Union, Russia and the United States.
The IGC put 2011/12 global wheat production at 674 million tonnes, up from a previous forecast of 666 million tonnes and well above the prior season's 651 million when the worst drought in decades devastated crops in Russia.
Brent holds above $117; investors eye U.S. debt deal
SINGAPORE, July 29 (Reuters) - Oil was heading for its first monthly rise in three as investors focused on forecasts of improved demand despite jitters over an elusive debt deal in the United States to avert a default and a credit downgrade.
"The population across the globe is getting fed up with the sabre-rattling," said Ben Le Brun, analyst at CMC Markets. "It's just a lot of uncertainty. Hopefully we'll see something during the weekend that will resolve this issue."
US Gulf oil producers cut some output on Don
HOUSTON, July 28 (Reuters) - U.S. Gulf of Mexico producers reduced oil and natural gas output on Thursday as Tropical Storm Don churned northwest toward the Texas Coast, where it could make landfall by the weekend.
Although Don has cut a small 7 percent of U.S. Gulf of Mexico crude output and 3 percent of natgas output according to government data by midday Thursday, analysts said the storm's relative weakness and position in the Gulf of Mexico made it unlikely to cause prolonged production outages or energy infrastructure damage.
Shell, BP say high oil price erodes demand
LONDON, July 28 (Reuters) - High crude prices have dented global oil demand in the second quarter, oil majors said this week, in a trend likely to be repeated in the second half of the year if prices stay high.
Oil majors BP , Royal Dutch Shell and ConocoPhillips all said they witnessed signs of demand rationing in the second quarter, which saw Brent oil prices spiking to $127 per barrel, close to their all-time high of $147.
OPEC oil output nears 3-year high in July -survey
LONDON, July 28 (Reuters) - OPEC oil output is expected to rise in July to its highest in almost three years, mainly due to extra oil from Saudi Arabia and Angola, a Reuters survey found on Thursday.
Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 30.07 million barrels per day (bpd) this month, up from a revised 29.81 million bpd in June, the survey of oil companies, OPEC officials and analysts found.
."China steel output growth seen slowing in H2 -CISA chairman
SHANGHAI, July 29 (Reuters) - Steel production growth in China, the world's top producer, may decelerate in the second half of this year, as weak demand for flat steel products will see little improvement, the head of the country's steel association said.
Demand for flat steel products, used by automobile and house appliance makers, will see little growth in the latter half of the year, resulting in slower growth of overall steel production compared with the first half, Zhu Jimin, chairman of the China Iron & Steel Association (CISA) said in an internal meeting.
Copper up on Chilean supply problems; debt worries eyed
SHANGHAI, July 29 (Reuters) - Copper rose to its highest in more than three months on continued Chilean supply problems but debt woes in the United States and Europe are expected to limit price rises.
"What's happening in Escondida is keeping prices firm," said Jonathan Barratt, managing director of Commodity Broking Services. "It seems that the strike will be extended. There has been a rash of labour action that has kept copper supply tight and causing concerns."
Teck profit lifted by copper, coal price gains
TORONTO, July 28 (Reuters) - Teck Resources Ltd said on Thursday its second-quarter adjusted profit rose 91 percent, largely due to higher coal and copper prices.
However, the company cautioned it expects full-year coal sales to be at the low-end of its forecast range. Teck has been forced to trim its coal production forecasts this year on multiple occasions, due to operational hurdles, labor disputes, adverse weather and other issues.
Brazil Q2 Vale iron output rises 6 pct yr/yr
RIO DE JANEIRO, July 28 (Reuters) - Brazilian mining giant Vale said on Thursday iron ore output rose 6 percent from the year before as the company boosted production at most of its mines in Brazil.
Iron ore production rose to 80.3 million tonnes compared to 75.9 million tonnes in the same period a year before.
Copper to target new records from Sept -Macquarie
LONDON, July 28 (Reuters) - Copper could reach record prices near $11,000 a tonne before year-end as easing credit conditions for Chinese consumers spur buying and a pick-up in the global economy lures hedge funds back to the market, Macquarie analyst Jim Lennon said on Thursday.
"(We) see some short-term seasonal weakness as possible, which could take prices back towards $9,000 in July/August, but after that we see a lot of upside towards $10,500-11,000 in September-November," Lennon told the Reuters Global Base Metals Forum on Thursday.
Gold steady; eyes on U.S. budget talks
SINGAPORE, July 29 (Reuters) - Gold held steady, heading for its fourth straight week of gains, as investors watched U.S. debt ceiling talks after Republicans delayed a vote on the debt plan.
"There is far too much uncertainty and no one is that keen to take a position right now," said a Singapore-based trader.
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