Climate Summit In Africa Looks At Farmers' Woes (Source: CME)
Subsistence farmers in Africa, victims of changing weather patterns, are caught in a global debate over a special climate fund for which few nations want to pay. Throughout the continent, farming groups are trying to adapt to seasons that are more unpredictable than ever. Frequent droughts or rainy seasons that last too long have ravaged crops. Scientists forecast even worse weather in Africa over the next 50 years. These are some of the problems the United Nations' Green Climate Fund was supposed to address. On Monday, representatives of the 192 countries plus the European Union, parties to the U.N.'s climate body, gathered in Durban, South Africa, at a U.N.-sponsored talk to try -- among other things -- to elicit $100 billion in pledges. Officials say the bulk of this amount will go to the Green Climate Fund. Negotiations are just beginning, but already there are signs of tension between industrialized nations and emerging countries.
More contentious is who will foot the bill. China and developing countries want the industrialized nations to pay for the fund, which would help poorer countries pay for programs, policies and other actions that would help them adapt to climate change and mitigate greenhouse-gas emissions. The U.S. and Europe are balking. The U.N. is hoping host South Africa can coax voluntary contributions from participants. The so-called COP17 climate talks, which end Dec. 9, are yet another sign of floundering efforts to bring countries together on issues related to global warming, and to help those in the poorest nations hit hardest by changes in weather patterns. The Kyoto Protocol, which is aimed at getting signatory countries to reduce carbon emissions, expires next year, and no political breakthroughs are expected at the meetings in South Africa.
The U.S. reiterated on Monday that it wants developed economies to face the same demands to reduce carbon emissions as major emerging nations such as China do, a point that could hinder major advances here. Farmers in Africa are likely to pay a steep price for the diplomatic discord. The COP17 meeting is taking place on a continent battling one of its worst droughts and famines in decades. Some observers say new foreign investment coming into land for food cultivation -- and a number of countries adopting subsidies and other pro-farmer policies -- has improved the outlook for Africa's domestic food production. Agricultural output in Africa rose 3.5% in 2008, beating the 2% population growth, according to the latest figures from the U.N. Food and Agriculture Organization. Still, Africa produces only about a quarter of the grain it needs and yet has the world's fastest-growing population.
The number of people on the continent is expected to hit two billion by 2050, surpassing both China and India, according to U.N. figures. The population growth, coupled with climate change, raises the prospect of more food shortages and conflict stemming from them. Atiang Okwi, who grows cassava, a staple root vegetable, in eastern Uganda, said she is noticing a change in traditional seasons. This year, her crop rotted in soil that was hit by too much rain, and she worries next year will be too dry. "This weather system is confused," Ms. Okwi said.
Corn (Source: CME)
US corn futures bounced, fueled by strength in external financial markets, with traders covering short positions amid ideas the market was oversold. Government reports released Monday showed the huge amount of fund selling that has happened over the past week, leading to short covering in the absence of pressure from external financial markets, analysts say. Weakness in the US dollar and perceptions prices have dipped enough to spur demand, attracted buyers, analysts add. CBOT March corn ended up 7c at $6.05 1/2/bushel.
Wheat (Source: CME)
US wheat futures pushed higher, leading the grain complex, with weakness in dollar an underpinning feature attracting buyers. Wheat led the gains with a nearly 4% jump, as traders took note of CFTC data yesterday afternoon that hedge-fund related positions at the biggest net short since possibly Jan'06, says Mike Zuzolo, president Global Commodity Analytics. The short positions sparked views the market was oversold, particularly with a weaker dollar and crude oil and equities rising. CBOT March wheat ended up 23c at $6.16/bushel, March KCBT wheat climbed 17 1/2c to $6.70, and March MGEX wheat finished up 18c to $8.33 1/2.
Rice (Source: CME)
US rice futures close higher as weakness in the US dollar provided broad support on grain markets. Rice bounced with corn, soybeans and wheat. Further price support was derived from end-of-month profit-taking by traders, following sharp declines last week, analysts say. CBOT Nov Jan end up 22 1/2c to $14.37 per hundredweight.
US wheat dips on improved crop rating; corn steady
SINGAPORE, Nov 29 (Reuters) - Chicago wheat edged lower, giving up some of the gains made in the previous session as improved crop condition and stiff competition for U.S. wheat weighed on the market.
"Slow demand for U.S. wheat continues to remain a fundamental drag on prices," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia in a daily note.
S.Africa's 2010/11 final maize crop seen at 10.3 mln T
JOHANNESBURG, Nov 29 (Reuters) - South Africa's May 2010-April 2011 maize harvest is likely to be 10.3 million tonnes, compared with 12.815 million tonnes reaped in the previous season, a Reuters survey showed on Tuesday.
The forecasts of six trading houses ranged between 10 million tonnes and 10.608 million tonnes.
US wheat dips on improved crop rating; corn steady
SINGAPORE, Nov 29 (Reuters) - Chicago wheat edged lower, giving up some of the gains made in the previous session as improved crop condition and stiff competition for U.S. wheat weighed on the market.
"Slow demand for U.S. wheat continues to remain a fundamental drag on prices," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia in a daily note.
Global natural rubber output seen up 3.6 pct in 2012-ANRPC
SINGAPORE, Nov 29 (Reuters) - Global natural rubber output could rise 3.6 percent to 10.388 million tonnes in 2012, but growth is expected to be slower than in the previous year as falling prices affect yield, the Association of Natural Rubber Producing Countries said on Tuesday.
The ANRPC, whose members account for 92 percent of global rubber output and exports, pegged output at 10.023 million tonnes in 2011, up 6.6 percent from 9.490 million tonnes in 2010.
Vietnam picks 35-40 pct of 2011/12 coffee crop-trade
HANOI, Nov 29 (Reuters) - Between 35 and 40 percent of Vietnam's 2011/2012 coffee crop has been harvested in major growing areas but farmers are slowing down sales and waiting for prices to rise further, traders said on Tuesday, after gains in London robusta futures overnight.
"The harvest is progressing well with good quality of beans, but farmers are not rushing to sell dry beans, waiting for prices to grow further," said an exporter in Buon Ma Thuot, the capital of Daklak, Vietnam's largest coffee-growing province.
Brazil on-year coffee crop smaller in '12-exporter
BRASILIA, Nov 28 (Reuters) - Top coffee grower Brazil will see its output dip in the 2012 harvest compared with the last 'on-year' crop in 2010, due to a mixture of harsh weather and pruning of trees, exporter Terra Forte estimated on Monday.
The exporter estimated the next harvest, the 2012/13 crop, would turn out 52.5 million 60-kg bags of coffee, down from the 55.4 million bags it estimated were produced in 2010/11.
Rains aid Argentine soy ahead of a cool, sunny week
BUENOS AIRES, Nov 28 (Reuters) - Rain storms over the weekend helped build ample soil moisture in Argentina's main farming region, ahead of sunny and in some places cold weather during the days ahead, local meteorologists forecast Monday.
Some isolated pockets of frost may form in the southern part of key producing province Buenos Aires and forecasters warn of La Nina-related dryness next month.
Colombia coffee growers see lower output in Nov/Dec
BOGOTA, Nov 28 (Reuters) - Colombia's coffee growers said on Monday they expect production to be lower than normal in November and December due to heavy rains and the roya fungus, rounding out months of output decline this year.
The coffee federation of the world's top producer of high-quality Arabia beans expects full-year 2011 output to come in below historical averages for a third year running due to bad weather, the roya fungus and a tree renovation program.
ICE cocoa slips to 2-1/2 year low, sugar eases
ICE cocoa futures fell to a fresh two-and-a-half year low, while sugar also dipped and coffee was steady, with all eyes on euro zone talks as investors hoped for more concrete action to tackle the crisis.
ICE cocoa prices slipped in early trade, as ample supplies combined with the bearish investor sentiment to weigh on prices.
Ukraine produces 2.07 million T sugar so far 2011
KIEV, Nov 29 (Reuters) - Ukrainian sugar refineries produced about 2.07 million tonnes of white sugar from sugar beet as of Nov. 28 or 42 percent more than at the same date in 2010, Ukraine's sugar union Ukrtsukor was quoted as saying on Tuesday.
Ukraine's Economicheskiye Izvestia daily quoted Ukrtsukor data as showing that refineries had received about 17 million tonnes of sugar beet and processed 15.6 million tonnes.
Thailand sees 2011/12 sugar output at 9.9 mln tonnes
BANGKOK, Nov 29 (Reuters) - Thailand, the world's second biggest sugar exporter, has started its 2011/12 crushing season and is forecast to have a record 99 million tonnes of cane this year, a senior official said on Tuesday.
"Crushing has started, since Nov. 15, and we expect to have 99 million tonnes of cane or roughly 9.9 million tonnes of sugar this year as the floods caused minimal damage to the crop," Prasert Tapaneeyangkul, secretary-general of the Office of Cane and Sugar Board (OCSB), told Reuters.
Global natural rubber output seen up 3.6 pct in 2012-ANRPC
SINGAPORE, Nov 29 (Reuters) - Global natural rubber output could rise 3.6 percent to 10.388 million tonnes in 2012, but growth is expected to be slower than this year as falling prices affect yield, the Association of Natural Rubber Producing Countries said on Tuesday.
The ANRPC, whose members account for 92 percent of global rubber output and exports, pegged output at 10.023 million tonnes in 2011, up 6.6 percent from 9.490 million tonnes in 2010.
Vietnam picks 35-40 pct of 2011/12 coffee crop-trade
HANOI, Nov 29 (Reuters) - Between 35 and 40 percent of Vietnam's 2011/2012 coffee crop has been harvested in major growing areas but farmers are slowing down sales and waiting for prices to rise further, traders said on Tuesday, after gains in London robusta futures overnight.
"The harvest is progressing well with good quality of beans, but farmers are not rushing to sell dry beans, waiting for prices to grow further," said an exporter in Buon Ma Thuot, the capital of Daklak, Vietnam's largest coffee-growing province.
Brazil on-year coffee crop smaller in '12-exporter
BRASILIA, Nov 28 (Reuters) - Top coffee grower Brazil will see its output dip in the 2012 harvest compared with the last 'on-year' crop in 2010, due to a mixture of harsh weather and pruning of trees, exporter Terra Forte estimated on Monday.
The exporter estimated the next harvest, the 2012/13 crop, would turn out 52.5 million 60-kg bags of coffee, down from the 55.4 million bags it estimated were produced in 2010/11.
Colombia coffee growers see lower output in Nov/Dec
BOGOTA, Nov 28 (Reuters) - Colombia's coffee growers said on Monday they expect production to be lower than normal in November and December due to heavy rains and the roya fungus, rounding out months of output decline this year.
The coffee federation of the world's top producer of high-quality Arabia beans expects full-year 2011 output to come in below historical averages for a third year running due to bad weather, the roya fungus and a tree renovation program.
Brazil rains keep up, nurture young coffee crop
BRASILIA, Nov 28 (Reuters) - Moderate rains should fall over Brazil's southeastern coffee belt for most of the week, forecaster Somar said on Monday, providing a welcome top-up of moisture as the 2012 crop takes hold on the trees.
Rains have improved in late November after a worryingly dry start. Some key parts of top coffee state Minas Gerais had only received half the average rainfall due for the entire month by Sunday 27 Nov, with 90 millimeters versus 180.
Brazil CS sugar output down as season nears end
SAO PAULO, Nov 28 (Reuters) - Sugar output in Brazil's center-south in the first half of November fell 13.8 percent from a year ago as more mills finished crushing the 2011/12 cane crop, industry association Unica said on Monday.
Sugar production in the period totaled 1.26 million tonnes, compared with 1.46 million tonnes a year earlier.
Thailand sees 2011/12 sugar output at 9.9 mln tonnes
BANGKOK, Nov 29 (Reuters) - Thailand, the world's second biggest sugar exporter, has started its 2011/12 crushing season and is forecast to produce a record 9.9 million tonnes of the sweetener this year, a senior official said on Tuesday.
"Crushing has started, since Nov. 15, and we expect to have 99 million tonnes of cane or roughly 9.9 million tonnes of sugar this year as the floods caused minimal damage to the crop," Prasert Tapaneeyangkul, secretary-general of the Office of Cane and Sugar Board (OCSB), told Reuters.
POLL-U.S. crude stocks seen up as imports rebound
Nov 28 (Reuters) - U.S. crude oil inventories rose last week after three straight weeks of drawdowns, as imports rebounded, a preliminary Reuters poll of analysts showed on Monday.
Domestic crude stockpiles were forecast up 1 million barrels for the week ended Nov. 25, the poll of five analysts showed.
Oil Heads for Second Monthly Gain as U.S. Confidence Counters Crude Supply (Source: Bloomberg)
Oil traded near the highest close in almost two weeks and headed for a second monthly gain as optimism about the U.S. economy countered signs of rising stockpiles in the world’s biggest crude consumer. Futures were little changed after sliding as much as 0.5 percent. Prices advanced for a third day yesterday after U.S. consumer confidence climbed the most in more than eight years and Iranian protesters vandalized the British Embassy’s compound in Tehran, stoking speculation that tension in the Middle East may escalate and threaten crude supplies. The industry-funded American Petroleum Institute said oil stockpiles climbed by 3.44 million barrels last week. “We’ve got profit-taking today off the rally driven by the attack on the U.K. embassy,” said Victor Shum, a senior principal at consultants Purvin & Gertz Inc. in Singapore. “That provided support on top of the good economic data out of the U.S. The API data poured some cold water on that bullish news.”
METALS-Copper slips after steep gains; euro zone meet eyed
SINGAPORE, Nov 29 (Reuters) - London copper pulled back on Tuesday, after posting its biggest single-day gain in a month in the previous session, as investors weighed whether euro zone policymakers can actually come up with solid measures to resolve a widening sovereign debt crisis.
"There was some optimism in markets yesterday but Europe's intractable problems are clearly difficult to combat and there are no quick fixes in sight," said Ong Yi Ling, analyst at Phillip Futures.
PRECIOUS-Gold steady ahead of EU ministers meeting
SINGAPORE, Nov 29 (Reuters) - Spot gold held steady above $1,700 per ounce on Tuesday, as investors watch a meeting of euro zone finance ministers later in the day in hopes that European policymakers will take decisive steps to tackle the region's debt crisis.
"I wouldn't be surprised that we don't see much strength towards the end of the year, but into 2012 we should see aggressive monetary policy being reflected in prices of gold," Friesen added.
Gold Shares Cheapest Since 2002 Are ’Coiled Spring’ for Rally: Commodities (Source: Bloomberg)
Gold mining stocks are trading at their cheapest level in at least nine years even as the industry’s profits are estimated to almost double this year and bullion trades close to its historic high. The benchmark NYSE Arca Gold BUGS Index (HUI) that includes Barrick Gold Corp. (ABX), Newmont Mining Corp. (NEM) and AngloGold Ashanti Ltd. ended last week at 17 times earnings, the lowest since at least November 2002 and below a five-year average of 37 times. Investors sold equities across the board as Europe’s debt crisis soured the corporate profit outlook, and they’re ignoring analyst projections for bullion and gold producers. The gold index’s 16 members will increase combined per-share earnings 94 percent this year, according to estimates compiled by Bloomberg.
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