Asian stocks fall after US credit outlook cut
SINGAPORE, April 19 (Reuters) - Asian stocks fell on Tuesday after rating agency Standard & Poor's lowered its U.S. credit outlook to negative, prompting a global flight to other assets.
"The overnight tumble of U.S. shares further deepened investor worries about the pace of the U.S. economic recovery," said Simon Liu, deputy investment officer of Polaris Group's asset management firm in Taiwan.
Brent falls below $121.50/bbl, but tension could reverse losses
SINGAPORE, April 19 (Reuters) - Brent crude slipped as concerns grew that high oil prices could hamper demand and curb economic growth, while U.S. crude futures were also hit after credit rating agency S&P lowered the country's outlook to negative.
"We are not driven completely by fundamentals. What's driving things is more the economic news and the political news in the Middle East," said John Vautrain of consulting firm Purvin & Gertz.
Argentine oil workers reach deal to lift strike
BUENOS AIRES, April 18 (Reuters) - Argentine energy workers have reached a deal to end a two-week-old pay strike that has hit oil and natural gas production in the Patagonian province of Santa Cruz, officials and union leaders said on Monday.
Workers at leading oil companies in Santa Cruz downed tools after rejecting a deal reached by union leadership for a roughly 25 percent pay increase, in line with estimated inflation.
Oil refiners have adequate supply -US Energy Secy
WASHINGTON, April 18 (Reuters) - U.S. Energy Secretary Steven Chu on Monday said oil refiners were adequately supplied despite the recent surge in crude prices that has raised concerns about the economic recovery.
Chu's comments came after Saudi Arabia's Oil Minister Ali al-Naimi said on Sunday oil markets were oversupplied and that the Kingdom had cut crude oil output by more than 800,000 barrels per day in March because of weak demand.
OPEC sees economic strain of high oil prices
KUWAIT, April 18 (Reuters) - Costly oil could place a major strain on consumer countries with fragile economies, OPEC ministers said on Monday, in their clearest statements yet that they believe fuel demand has shrunk.
Leading OPEC member Saudi Arabia on Sunday confirmed the kingdom had cut output by more than 800,000 barrels per day (bpd) in March because of weak demand.
Nigeria violence no direct threat to oil for now
YENAGOA, Nigeria, April 18 (Reuters) - Post-election unrest in northern Nigeria is far from its oil industry and poses no immediate threat to output, but neither is President Goodluck Jonathan's poll victory any guarantee of long-term peace there.
Results showed Jonathan, the first head of state from the Niger Delta oil region, as the clear victor in Saturday's election with close to 23 million votes to just over 12 million for his nearest rival, former military ruler Muhammadu Buhari.
Asia, Mideast officials agree oil market well supplied
KUWAIT, April 18 (Reuters) - Representatives from more than 20 Asian and Middle Eastern countries agreed that the world oil market is well supplied and that prices were being excessively pushed higher by geopolitical concerns, according to a final statement released following talks on Monday.
Asian ministers at the biennial Asia-Middle East Energy Roundtable said they were concerned that high oil prices may hamper the global economic recovery.
Wheat rises half pct, corn up as weather threatens crops
SINGAPORE, April 19 (Reuters) - U.S. wheat futures rose around half a percent on Tuesday, building on the previous session's 4 percent rally as dry weather threatened crops in top producers the United States, Europe and China.
"It is a weather inspired rally, which has been made all the more impressive as it comes against the rising U.S. dollar," said Garry Booth, a trader at MF Global Australia.
Floods cut Thai 2011 rubber output forecast cut by 1%
BANGKOK, April 19 (Reuters) - Thailand, the world's biggest rubber producer and exporter, should produce 3.46 million tonnes of rubber this year, down one percent from a January forecast due to heavy floods, the chief of an industry body said on Tuesday.
"We still believe we can produce around 3.46 million tonnes this year, or around 1 percent drop from the previous forecast," Luckchai Kittipol, president of the Thai Rubber Association, told Reuters, referring to a previous forecast of 3.49 million tonnes made in January.
China soy buyers cancel, defer cargoes on margins-CNGOIC
BEIJING, April 19 (Reuters) - Chinese soy buyers have cancelled six to eight soy cargoes since April for delivery in June to July and have deferred about 20 cargoes for July to September shipment, an official think tank said in a report on Tuesday.
Buyers may defer more cargoes if margins remain negative in the short term, said the China National Grain and Oils Information Centre (CNGOIC).
US farmers plant 7 pct of corn crop, below forecasts
CHICAGO, April 18 (Reuters) - U.S. farmers have seeded 7 percent of intended corn acreage so far this year, falling below trader expectations and the record planting pace of last year, U.S. Agriculture Department data showed on Monday.
Analysts had forecast the government to put corn plantings at 8 percent complete as of April 17, which would have matched the five-year average, a Reuters poll showed.
La Nina no longer hurting Argentine grains-expert
BUENOS AIRES, April 18 (Reuters) - The La Nina weather anomaly no longer poses a threat to Argentina's 2010/2011 grains harvest, after causing dryness in late 2010 that sparked worry about soy and corn crops, an expert said on Monday.
By next month La Nina's effect on crops will be nil, German Heinzenknecht, a meteorologist at the private Applied Climate Consultancy told Reuters.
Tunisia sees 2011 wheat harvest of nearly 2 mln T
TUNIS, April 18 (Reuters) - Tunisia expects a wheat harvest of almost 2 million tonnes this year due to more rain than in 2010, reducing the need for imports, Agriculture Minister Mokhtar Jallali said on Wednesday.
Tunisia has enough wheat stocks to last until July, he told a news conference.
Vietnam 2011/2012 coffee output seen up 10 pct
HANOI, April 18 (Reuters) - Vietnam's new 2011/2012 coffee crop is forecast to produce 22 million bags, up 10 percent from the current crop after higher prices spurred investment, an analyst at CoffeeNetwork said.
Farmers since last year have been investing profits in production, boosting the latest harvest beyond initial expectations. The harvest ended in late December, about a month earlier than usual.
LME copper up, technicals support; US debt warning weighs
SINGAPORE, April 19 (Reuters) - London copper prices rose on Tuesday, paring the previous session's losses with support from a positive near-term technical outlook, but the market remains under pressure after S&P's warning on the U.S. government's credit outlook.
"The market is reacting to the short term implications. It was a warning shot for the U.S. lawmakers to stop arguing and to pull together a plan to deal with their deficit," said Natalie Robertson, analyst at ANZ.
China steel demand to improve, uncertainties remain -CISA
SHANGHAI, April 19 (Reuters) - Steel demand in China, the world's biggest producer, is expected to rise during the upcoming strong consumption season, but the government's clamp-down on liquidity may inject uncertainties in the market, the China Iron & Steel Association (CISA) said on Tuesday.
"The monetary policy is likely to be tightened further to ease rising inflationary pressure, which will cause capital shortage on (steel) enterprises and bring uncertainties on (steel) market demand," CISA said in its monthly report.
Gold firms below record on sovereign debt worry
SINGAPORE, April 19 (Reuters) - Spot gold firmed slightly below its record high on Tuesday, as worries over sovereign debt in both Europe and the United States continued to lure investors to bullion.
"There is so much news that is in favour of gold," said a Singapore-based dealer.
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