Yen falls as BOJ meets, Asian stocks muted
SINGAPORE, April 6 (Reuters) - The yen fell as the Bank of Japan began a meeting on Wednesday that may signal its readiness to further loosen monetary policy to support the earthquake-hit economy while Asian stocks were muted after an interest rate rise in China.
"The dollar going above 85 yen is a significant breakthrough," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management. "But carmakers and other manufacturers have to be able to produce at full capacity first to really feel positive impact. That's why they're not surging on the news."
Brent crude below $122, off 2-1/2-yr high on demand views
SINGAPORE, April 6 (Reuters) - Brent crude fell below $122 a barrel from a 2-1/2 year high in the previous session, as a Chinese interest rate hike dampened sentiment and investors awaited confirmation of an industry report showing a surprise drop in U.S. crude stocks.
"I expect Brent to remain on the uptrend. Technically, it is possible for Brent to go to $125 a barrel within this week." said Ken Hasegawa, commodity derivatives manager at Japan's Newedge brokerage.
S.Korea says could cut oil taxes if crude prices rise further
SEOUL, April 6 (Reuters) - South Korea will consider cutting oil taxes if crude prices rise further, the government said on Wednesday, without giving details.
It will also consider allowing state-run Korean National Oil Corp to sell oil products to retailers, an economy ministry statement said, as it looks for ways to trim energy costs that have helped drive inflation to a 29-month high.
Global palm oil demand to rise near-term-Oil World
HAMBURG, April 5 (Reuters) - Current competitive prices could push up global palm oil demand in coming weeks but this in turn will make palm oil more expenssive, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"We expect world import demand for palm oil to pick up in the near term," Oil World said. "Palm oil prices have become more competitive and widened their discounts relative to soyoil and other vegetable oils, which is likely to trigger a sizeable improvement in demand from the reduced level in the preceding 3-4 months."
Corn dips after record high, rally may not be over
SYDNEY, April 6 (Reuters) - U.S. corn futures dipped on Wednesday after racing to a record high in the previous session, but worries that U.S. supplies could run out kept a floor under prices ahead of key U.S. data on Friday.
"It's come as a surprise to me the last couple of trading sessions. I didn't think corn had the legs to do it but it certainly has," said Jonathan Barratt, managing director at Commodity Broking Services.
China's winter wheat rated above five-year average
BEIJING, April 6 (Reuters) - China's winter wheat crop has so far grown better than the same time a year ago or better than the average-level over the past five years despite dry weather earlier this year, a report by the Ministry of Agriculture showed.
Irrigation coupled with rains in late February eased the drought and 86 percent of winter wheat seedlings were rated as first and second-grade, or excellent to good condition, by the end of March. That was up by 3.1 percentage points from the year-earlier period or 2 percentage points higher than the average level in the past five years, the ministry said.
Mexico sugar output seen at 5.3 mln tonnes
MEXICO CITY, April 5 (Reuters) - Mexican sugar production should reach 5.3 million tonnes in the 2010/11 harvest cycle, according to official forecasts from the national sugar committee seen by Reuters on Tuesday.
The committee had previously seen output reaching 5.25 million tonnes, still above the 2009/10 growing year, when Mexico's output dropped to its lowest levels in a decade because of bad weather.
China may import 2-3 mln T more corn by Sept-USGC
CHICAGO, April 5 (Reuters) - China may import an additional 2 million to 3 million tonnes of corn by September, the U.S. Grains Council said on Tuesday, which could further tighten already razor-thin corn stocks.
China may need additional imports because its state corn reserves for the 2011/12 crop year are 10 million to 12 million tonnes smaller than previously thought, said USGC President and CEO Thomas Dorr. The crop year starts Sept. 1.
Copper higher after China holiday; rate hike ignored
SINGAPORE, April 6 (Reuters) - Copper prices rose on Wednesday in London, and Shanghai futures jumped almost 1 percent when the market re-opened after a two-day holiday during which Beijing tightened the monetary policy screws with a 25-point hike in interest rates.
Gold firms near record, silver strikes 31-year peak
SINGAPORE, April 6 (Reuters) - - Gold firmed on Wednesday and held near a lifetime high hit in the previous session as lingering worries about inflation and tensions in the Arab World offset China's latest move to raise interest rates.
"Gold is still looking to hit another record. Tensions in the Middle East and North Africa are not solved yet. Secondly, there are new uncertainties in the euro zone. These all will benefit gold," said Ronald Leung, director of Lee Cheong Gold Dealer in Hong Kong.
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