Oil slumps, Asia stocks fall in retreat from risk
SINGAPORE, April 12 (Reuters) - Crude oil prices retreated from a 32-month high on Tuesday and probably would extend declines through the day, with investors taking profits as equity markets fell and the U.S. dollar rebounded.
"I am absolutely on the side where I expect oil to come down," said Brynjar Bustnes, head of regional oil and gas for Asia-Pacific at J.P. Morgan in Hong Kong.
Oil extends losses, high prices may hurt demand
TOKYO, April 12 (Reuters) - U.S. crude dropped by $2 a barrel on Tuesday and Brent crude fell sharply to below $122, extending overnight losses on concern high fuel prices will destroy demand and as Goldman Sachs advised investors to lock-in commodity trading profits.
"Open interest has been building up since the start of the new quarter in April, reflecting fresh inflows of speculative money into the oil market," said an energy analyst at a leading Japanese trading house who declined to be named.
Corn rises on tight supplies, soy toppled
CHICAGO, April 11 (Reuters) - U.S. corn futures notched another record high on Monday as strong demand across the livestock, ethanol, export and investment sectors faced the tightest stocks since the 1930s.
"Funds keep building a longer position in corn. If there are any issues in the upcoming planting season it will be pretty explosive; with stocks the way they are we can't have a hiccup," said Dan Dempsey, an analyst for Iowa Grain.
China sells 99,700 T rapeseed oil reserves ahead of lower harvest
BEIJING, April 12 (Reuters) - China sold all 99,700 tonnes of rapeseed oil offered from state reserves at regular auctions on Tuesday, as the domestic market braces for lower rapeseed output ahead of the harvest next month.
Trading volumes and average prices were both higher than the previous sale. Traders were expecting that China's rapeseed output may fall as much as 20 percent this year from last year's 13.15 million tonnes. Tuesday's volume was sold at an average price of 9,600 yuan ($1,468) per tonne, 4 percent lower than physical prices .
Argentine Feb soy crushing up 43.9 pct vs Feb 2010
BUENOS AIRES, April 11 (Reuters) - Argentine soy crushing increased 43.9 percent in February from February 2010, to 2.02 million tonnes, thanks to a record 2009/10 crop, the government said in its latest monthly report.
Argentina is the world's top supplier of soyoil and soymeal and the third-biggest exporter of unprocessed beans.
USDA raises US sugar imports in 2011, prices rise
NEW YORK, April 11 (Reuters) - The U.S. Agriculture Department said on Monday it will increase sugar imports in fiscal 2011, giving the raw sugar market a mild boost as the trade mulled where the sweetener would come from.
The USDA said the extra imports will offset domestic sugar cane lost in Florida in January, when a hard freeze hit the state.
Copper drops as Goldman view, Japan weighs
SINGAPORE, April 12 (Reuters) - Shanghai copper fell more than half a percent on Tuesday, tracking a pullback in London prices, as a recommendation from long-term commodity bull Goldman Sachs to close long positions in the metal and an escalating nuclear crisis in Japan weighed.
"The copper market is certainly feeling the impact from the Goldman Sachs report, especially at a time when high prices are mostly supported by investment interest but not real consumption," said a Shanghai-based trader.
Gold falls nearly 1 pct on oil, silver off 31-year peak
SINGAPORE, April 12 (Reuters) - Gold slipped nearly 1 percent on Tuesday, hovering below a record high and silver was off a 31-year peak hit in the previous session after long-term commodity bull Goldman Sachs advised investors to lock-in trading profits before oil and other markets reverse.
"Some people may take profits and reduce positions. Everybody knows that Goldman Sachs recommends to reduce positions. That's why the market is a bit scared," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.
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