FOREX-Euro near 2-mth highs after Greece; outlook uncertain
TOKYO, Feb 10 (Reuters) - The euro clung to recent gains on Friday, trading near two-month highs against the dollar and the yen after Greece agreed to a deal on reforms needed to avoid a chaotic default and destabilisation of the euro zone.
But investors wondered whether the Greeks will actually meet the harsh demands of the package and if the single currency's recent strength could prove fleeting, particularly after it stalled at an important chart resistance level on Thursday.
Wheat near 2-week low; corn, soy fall on crop data
SINGAPORE, Feb 10 (Reuters) - Chicago wheat slid almost 1 percent, falling for a fourth straight session and touching its lowest in almost two weeks, as record-large global supplies forecast by the U.S. government pressured the market.
"Going forward, we see more downside for corn as U.S plantings will be higher which will pressure prices in the coming weeks," said Lynette Tan, an analyst with Phillip Futures in Singapore.
Colombia coffee exports, output fall in Jan -growers
BOGOTA, Feb 9 (Reuters) - Colombia's coffee production in January fell 41 percent from a year earlier to 535,000 60-kg bags due to the continued effects of heavy rains on the crop, the country's coffee federation said on Thursday.
The world's top producer of high-quality Arabica beans posted a third consecutive year of lower-than-expected coffee production in 2011 as bad weather, fungus and a tree renovation program keep output below historic averages of 11 million bags.
Record world wheat stocks to offset S.America drought
WASHINGTON, Feb 9 (Reuters) - World wheat stocks will swell to a record this year and corn supplies will be larger than expected despite a crop-withering drought in South America, the U.S. government forecast on Thursday.
India will post a record rice crop of 102 million tonnes, up 2 million tonnes from a January estimate, due to beneficial monsoons and growing weather, the U.S. Department of Agriculture forecast, as the global grain outlook improves slightly after years of tight stocks and rising prices.
Brazil soy crop view wilts but corn rises - gov't
SAO PAULO, Feb 9 (Reuters) - Brazil's government pared back its forecast for soy production on Thursday as drought over the southern grain belt took its toll on yields, but it raised the estimate for corn, expecting winter planting to jump in the coming weeks.
The fifth forecast of the 2011/2012 grain crop by the Agriculture Ministry's supply agency Conab comes after drought over southern Brazil and Argentina raised fears of a sharp drop in output. Combined, the two nations produce more soybeans - an important global source of protein and vegetable oils- than the United States, the largest single producer.
Argentine corn crop seen smaller due to drought
BUENOS AIRES, Feb 9 (Reuters) - Weeks of drought in Argentina caused irreversible damage to corn plants in the world's No. 2 exporter, prompting the Buenos Aires Grains Exchange to cut its 2011/12 crop estimate on Thursday.
The exchange dropped its forecast to 21.3 million tonnes from an earlier 22 million tonnes, saying recent rains that have benefited many parts of the grains belt came too late to help fields hardest hit by December and early January dryness exacerbated by an unforgiving Southern Hemisphere summer sun.
Ukraine asks traders to export corn, not wheat
KIEV, Feb 9 (Reuters) - Ukraine's Farm Ministry has asked grain traders to focus their activity on exports of maize and barley but not on wheat, Interfax Ukraine news agency quoted a ministry official as saying on Thursday.
"We encourage traders ... do not include it (wheat) in the list of priorities. As for barley and maize, you are welcome to," said Serhiy Kvasha, the head of the ministry's market department.
China Jan crude oil imports 3rd highest on record
BEIJING, Feb 10 (Reuters) - China's crude oil imports in January marked the third highest level on record, up 7.4 percent from a year earlier to 5.51 million barrels per day (bpd), customs data showed on Friday, as refineries ramped up to ensure supply ahead of a holiday season.
The world's second-largest oil consumer imported 23.41 million tonnes of crude oil last month, data published by the General Administration of Customs showed.
Brent drops toward $118, China data stokes demand fears
SINGAPORE, Feb 10 (Reuters) - Brent crude slipped from a six-month high towards $118 a barrel as data from China showed a soaring trade surplus due to crumbling imports for January, stoking fears of a slowdown in demand from the world's second largest oil consumer.
"Demand has been affected by seasonal factors. We expect GDP growth to accelerate in China as the government implements more stimulatory measures, and this will be positive for oil demand," said Gordon Kwan, head of energy research at Mirae Asset Management in Hong Kong.
Iran's steel imports collapse under sanctions-traders
LONDON/MOSCOW, Feb 9 (Reuters) - Steel exports to Iran, one of the world's top importers of billet used in construction, are grinding to a halt as crippling U.S.-led sanctions have left local buyers without access to major currencies, traders said.
"Iran is the only market in the world that can move billet prices and now trading has basically come to a halt," a steel trader based in Britain said.
China Jan copper imports fall 18.7 pct from Dec record
HONG KONG, Feb 10 (Reuters) - China's copper imports fell 18.7 percent in January compared to December's record high, government data showed on Friday, as public holidays slowed trade, but analysts said the amount was more than expected because of bigger orders the previous month.
China's markets were closed for 3 days to mark the beginning of the year, and then again for the week-long Lunar New Year holidays.
China January iron ore imports down 7 pct from Dec-customs
SHANGHAI/BEIJING, Feb 10 (Reuters) - China imported 59.32 million tonnes of iron ore in January, down 7 percent from 64.09 million tonnes for the previous month, official data from China's customs authority showed on Friday.
The world's largest iron ore consumer slowed down on shipments during the one-week Lunar New Year holiday at the end of January, after the country purchased a record of around 686 million tonnes of the steelmaking raw material in 2011.
Copper sags as caution prevails, China imports fall
SINGAPORE, Feb 10 (Reuters) - London copper futures edged lower, after rising to five-month highs in the previous session, as euro zone finance ministers pushed for more measures from Greece before it provides its second EU bailout in two years.
"There's still a bit of uncertainty surrounding that Greek deal. The general tone is supportive, but there are still some hurdles to overcome," said Stefan Graber, analyst at Credit Suisse.
Gold in tight range after Greece deal, CME cut
SINGAPORE, Feb 10 (Reuters) - Gold hovered unchanged at around $1,730 an ounce in cautious trade as euro zone finance ministers held off on approving a bailout package for Greece even after it said it had clinched a deal on economic reforms.
"Many are still standing on the side waiting for something new to happen in the market," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
METALS-Copper sags as caution prevails, China imports fall
SINGAPORE, Feb 10 (Reuters) - London copper futures edged lower on Friday, after rising to five-month highs in the previous session, as euro zone finance ministers pushed for more measures from Greece before it provides its second EU bailout in two years.
Investors lagely shrugged off data showing copper imports by top consumer China fell 18.7 percent in January, largely within market expectations, with many factories shut during the week-long Lunar New Year holiday.
PRECIOUS-Gold in tight range after Greece deal, CME cut
SINGAPORE, Feb 10 (Reuters) - Gold hovered unchanged at around $1,730 an ounce on Friday in cautious trade as euro zone finance ministers held off on approving a bailout package for Greece even after it said it had clinched a deal on economic reforms.
Even a cut in the metal's trading margins by the biggest operator of U.S. futures exchanges, the CME Group, failed to spark the enthusiasm of sidelined investors, and kept spot gold prices little changed at $1,732.34 an ounce by 0315 GMT, after two straight days of losses.
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