WASHINGTON, April 3 (Reuters) - The U.S. economy likely notched up a fourth month of solid job growth in March, which would lower the need for the Federal Reserve to offer additional monetary stimulus to spur faster economic growth.
Businesses outside the farm sector are expected to have added 203,000 jobs last month, according to a Reuters survey, after nonfarm payrolls rose 227,000 in February.
Shares retreat as Fed minutes soften stimulus bias
TOKYO, April 4 (Reuters) - Asian shares fell after the minutes from the U.S. Federal Reserve's March meeting suggested the bank was less inclined to take further stimulus measures, leaving investors looking for more clues to the global growth outlook.
"The minutes do not suggest any change in the Fed's broad policy stance, and the central bank still stands ready to take additional easing measures if economic conditions worsen," said Makoto Noji, senior strategist at SMBC Nikko Securities.
Australia trade deficit disappoints, more grist for rate mill
SYDNEY, April 4 (Reuters) - Australia's trade account unexpectedly remained in the red for a second straight month in February as bad weather hit coal shipments, a disappointing outcome that reinforces the case for a cut in interest rates next month.
The Australian dollar slipped to a three-month low after Wednesday's data showed a deficit on goods and services of A$480 million ($494 million) in February, when analysts had hoped for a surplus of A$1.0 billion.
FOREX-Dollar firm; Aussie hit by surprise trade deficit
SINGAPORE, April 4 (Reuters) - The dollar hit a one-week high against a basket of currencies on Wednesday, getting a boost as the Australian dollar dropped to an 11-week low after Australia posted a surprise trade deficit.
The country recorded a A$480 million deficit in February compared to market expectations for a surplus of A$1.0 billion, adding fuel to expectations its central bank would cut interest rates in May.
Corn rises for 4th day on shrinking supply; wheat down
SINGAPORE, April 4 (Reuters) - U.S. old-crop corn rose for a fourth straight session as tightening global supplies continued to underpin the market, while soybeans lost more ground, easing from seven-month highs.
"Right now the situation is pretty much classified as consolidation after some of the strong gains we saw post USDA report," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia in Sydney.
Australian wheat exports face slowdown after 9-yr peak in Feb
SYDNEY, April 4 (Reuters) - Australian wheat exports hit a nine-year high in February on the back of a record grains crop, data on Wednesday showed, but heavy rains are likely to have weighed on shipments in March.
Australia is the world's fourth largest wheat exporter and is enjoying a bumper 2011/2012 harvest after soaking rains boosted yields.
Brazil soy crop put at 65.2 mln T due drought
SAO PAULO, April 3 (Reuters) - Drought in Brazil shrunk the world's second-largest soybean crop to an estimated 65.2 million tonnes this 2011/12 season, down nearly 2 million tonnes from the March forecast of 67.1 million tonnes, local crop analysts Agroconsult said Tuesday.
That projection was one of the lowest among recent forecasts, and well below Brazil's record soy harvest of 75.3 million tonnes last season. Drought over Brazil, Argentina and Paraguay has supported soy futures prices in Chicago since December.
Informa sees higher US corn, soy acreage than USDA
CHICAGO, April 3 (Reuters) - Informa Economics Chief Executive Officer Bruce Scherr said on Tuesday that the firm has raised its forecast of U.S. 2012 corn plantings to 96.4 million acres, from 95.5 million in its previous estimate released March 9.
Speaking at a conference in Chicago, Scherr also said Informa lowered its forecast of U.S. 2012 soybean plantings to 74.2 million acres, from 75.1 million previously.
Argentine soy crushing rises 11 pct in February
BUENOS AIRES, April 3 (Reuters) - Argentine soy crushing activity rose 11 percent in February from the same month last year to 2.3 million tonnes, the Agriculture Ministry said in its latest crushing report.
Argentina is the world's top supplier of soyoil and soymeal and crushing activity has increased in recent years due to investment in plants, most of them near the port city of Rosario.
W.Canada farmers bask in dry spring, aim to plant early
WINNIPEG, Manitoba, April 3 (Reuters) - After two years of heartbreaking spring floods, farmers on the fertile Canadian Prairies are tuning up their tractors to roll out one of the earliest planting starts in the past decade.
Last spring's floods left up to 6 million acres idle in Western Canada, but drier-than-usual conditions since summer mean farmers could start to sow crops by mid-April -- a couple of weeks ahead of the usual seeding start.
Prices key to Mexico sugar import decision-minister
WASHINGTON, April 3 (Reuters) - The Mexican government is closely watching domestic sugar prices and could allow sugar imports if prices do not fall closer to world levels, Mexico's economy minister said on Tuesday.
"We don't want our consumers to pay a higher price in Mexico," Mexican Economy Minister Bruno Ferrari told Reuters in an interview. "If we don't see the price going down as it is going down around the world, then we will import the sugar."
Euro Coal-Prices dip on mild weather, high stocks
LONDON, April 3 (Reuters) - European physical coal prices dipped slightly on Tuesday as mild weather sapped demand for energy in Europe.
Much of the region is continuing to see mild weather conditions, which means that energy demand is below the seasonal norm in most countries.
Russia coal export growth limited by rail problems
LONDON, April 3 (Reuters) - Russia's coal exports are likely to grow by less than a tenth to around 80 million tonnes at most this year largely because of rail bottlenecks, and the gain could be even less in a likely environment of disappointing prices.
The world's sixth-largest coal exporter after Indonesia, Australia, Colombia, South Africa and the United States may see its share of the export market shrink slightly if Asian growth boosts global demand, but not enough to fall in the ranking.
India to raise concerns with Indonesia over coal export tax plans
NEW DELHI, April 3 (Reuters) - India plans to raise concerns with Indonesia over Jakarta's plan to raise export taxes on coal and base metals, Coal Secretary Alok Perti said on Tuesday.
"The government will take this up with Indonesia," Perti told Reuters.
At least 10 pct supply penalty cost likely for Coal India-sources
NEW DELHI, April 3 (Reuters) - State-backed Coal India may have to pay power companies between 10 and 40 percent of the average cost of 20 percent and more shortfall in supplies under new guaranteed fuel pacts the government is forcing it to sign, ministry sou r ces said.
The world's biggest coal miner, however, stands to gain equal levels of rewards even if it meets only 90 percent of its commitments under these pacts with power plants that are due to be commissioned by 2015 and generate 50,000 megawatts of power.
LME copper falls for 2nd day as US stimulus hopes wane
SINGAPORE, April 4 (Reuters) - London copper fell for a second day, pulling away from near two-month highs, as fading hopes for more stimulus measures from the U.S. Federal Reserve cut investors' appetite for risky assets.
"This is just a general readjustment of expectations and if the U.S. economic recovery happens to be more sustainable, prices of riskier assets would go up again," said Thomas Lam, economist at DMG & Partners Securities.
Indonesia eyes 25 pct mining export tax in 2012
JAKARTA, April 3 (Reuters) - Indonesia plans to impose a 25 percent export tax on coal and base metals this year, jumping to 50 percent in 2013, an industry ministry official said on Tuesday, as the major producer of raw materials looks to boost domestic investment and take a bigger slice of mining profits.
If imposed the tax would add to a raft of regulations announced this year that have caused confusion in Indonesia's mining sector and worried foreign investors.
India's NALCO says 2011/12 aluminium output down 6.98 pct
BHUBANESWAR, India, April 3 (Reuters) - India's National Aluminium Co Ltd (NALCO) said on Tuesday aluminium production fell 6.98 per cent in the 2011/12 fiscal year dragged by higher raw material costs due to a coal shortage and weak overseas prices.
State-run NALCO, India's third-largest producer of aluminium, produced 413,000 tonnes of aluminium in the last fiscal year that ended on March 31, from 444,000 tonnes in 2010/11.
Italy steel exports up, imports down in Jan
MILAN, April 3 (Reuters) - Steel exports from Italy, the European Union's second-biggest producer after Germany, rose 10.9 percent to 1.387 million tonnes in January, while imports dropped 32.5 percent, according to data from industry body Federacciai.
Steel imports, about 57 percent of which came from other EU countries in January, fell to 1.063 million tonnes in the first month of 2012, data published on Federacciai's website showed.
Iron Ore-No buying rush seen when China reopens
SINGAPORE, April 4 (Reuters) - Chinese steel mills are unlikely to snap up iron ore cargoes in the spot market when China returns on Thursday after a three-day break, with a blurry demand outlook capping steel prices, traders said.
The physical market for the steel raw material has been extremely quiet this week with top importer China off since Monday for a public holiday.
Gold extends losses as US stimulus hopes fade
SINGAPORE, April 4 (Reuters) - Gold edged lower, extending a nearly 2 percent tumble in the previous session, as the minutes of the U.S. Federal Reserve's last policy meeting showed diminishing appetite for further monetary stimulus.
"Everything is linked through the phenomenon of massive cash supply from central banks," said a Singapore-based trader. "The minutes seem to support a view that the Fed is not going to pump more and more cash into the markets."
METALS-LME copper falls for 2nd day as US stimulus hopes wane
SINGAPORE, April 4 (Reuters) - London copper fell for a second day on Wednesday, pulling away from near two-month highs, as fading hopes for more stimulus measures from the U.S. Federal Reserve cut investors' appetite for risky assets.
A recovering U.S. economy prompted the Fed's softer stance towards another round of quantitative easing, also called QE3, but analysts say the decline in commodity and equity prices could be short-lived as investors shift their focus to a brighter outlook for the world's top economy.
PRECIOUS-Gold extends losses as US stimulus hopes fade
SINGAPORE, April 4 (Reuters) - Gold struggled to regain lost ground on Wednesday after tumbling nearly 2 percent in the previous session, as the minutes of the U.S. Federal Reserve's last policy meeting showed diminishing appetite for further monetary stimulus.
Expectations of another round of quantitative easing had boosted gold's appeal as a hedge against inflation and pushed prices to $1,790.30 in February, the highest level since last November.
Baltic index turns negative for 1st time since late Feb
April 3 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities,
turned negative on Tuesday after holding firm for 28 straight sessions, as falling rates for smaller vessels countered strength in capesizes.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertilizer, fell 3 points or 0.32 percent to 931 points.
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