Commodity selling peters out but outlook cloudy
HONG KONG, May 6 (Reuters) - A sharp overnight selloff in commodities petered out on Friday, led by a small pullback in silver, while Asian equities clawed back up from the day's lows as market players squared positions before U.S. payrolls data.
"The rebound is mainly due to the market being oversold, when commodities reverse it rarely goes down in a straight line," said Gordon Kwan, head of energy research at Mirae Asset Securities in Hong Kong.
US corn extends fall, supply outlook shelters soy
SYDNEY, May 6 (Reuters) - U.S. corn, soybeans and wheat futures remained volatile, tracking movements in the wider commodities complex including oil, while trade was also influenced by weather in key crop growing regions across the world.
"After the large overnight movements, grains in Asian markets are still volatile and in line with a little movement down in the U.S. dollar," said Garry Booth, a senior trader with MF Global Australia.
Argentine soy, corn forecasts unchanged-exchange
BUENOS AIRES, May 5 (Reuters) - Argentina's 2010/11 soy harvest is expected to come in at 49.2 million tonnes, unchanged from the week-ago estimate, the Buenos Aires Grains Exchange said in a report on Thursday.
The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier.
Canada seen storing less wheat, canola
WINNIPEG, Manitoba, May 5 (Reuters) - Canada's grain bins and commercial elevators contained less wheat, canola and other crops as of March 31 than they did a year earlier, after a disappointing harvest tightened supplies, traders and analysts said.
Cool, wet conditions last year kept some crops from fully maturing, while flooding left millions of acres unplanted and limited the size of the harvest.
USDA picks first region for biomass crop subsidy
WASHINGTON, May 5 (Reuters) - Farmers in west-central Missouri and eastern Kansas are eligible for federal payments if they plant biomass crops, the U.S. government said on Thursday, in a step to help renewable energy take root in fuel and power sales.
It was the first designation by the Agriculture Department of a project area through the Biomass Crop Assistance Program (BCAP) and could more than double output of biomass pellets by Show Me Energy Cooperative, of Centerview, Missouri.
Brazil exports 2.44 mln bags green coffee in April
SAO PAULO, May 5 (Reuters) - Brazil exported 2.44 million 60-kg bags of green coffee in April, up from the 2.00 million bags shipped in the same month last year, the Council of Coffee Exporters, Cecafe, said on Thursday.
Brazil, the world's biggest coffee producer and exporter, just started gathering its 2011/12 crop, which will likely be its biggest ever off-year output in the biennial cycle.
Coffee supply up from Vietnam, Indonesia; but prices resilient
HANOI/BANDAR LAMPUNG, May 5 (Reuters) - Vietnam raised coffee export forecasts for 2011 by 4 percent and exports from Indonesia nearly doubled last month, but the increase may have little impact on global prices that are underpinned by concerns about scarce good-quality beans.
A rally in New York arabica futures to 34-year peaks pushed up London robustas to a new contract high at $2,624 a tonne this week, and high coffee prices have also forced retailers to pass on the cost to consumers.
Torrential rains threaten Colombia's coffee crop
TENA, Colombia, May 5 (Reuters) - Colombia's rainiest April on record drenched Ismael Garcia's hillside coffee farm, causing a landslide that wiped out thousands of his trees in one swoop.
The loss would sting any year but hurts more now that coffee prices hit their highest levels in more than three decades this week.
Brent rebounds above $112, but economic concerns persist
SINGAPORE, May 6 (Reuters) - Brent crude rose by 1.3 percent to over $112 a barrel weaker dollar sparked a rebound from an overnight rout, but prices could head south again on mounting economic concerns.
"The rebound is mainly due to the market being oversold, when commodities reverse it rarely goes down in a straight line," said Gordon Kwan, head of energy research at Mirae Asset Securities in Hong Kong.
ShFE copper opens weaker, tracking LME drop to 5-mth low
SINGAPORE, May 6 (Reuters) - Copper in Shanghai fell , tracking London prices that crashed to a five-month low in the previous session as part of a broader commodities sell off triggered by worries about economic growth.
"Shanghai copper's performance today is no doubt affected by the crash in prices in London last night. I see last night's commodity sell-off as a normal correction after a rapid rise in the prices over the past few months," Jinrui Futures Analyst Guo Yong said.
Iron Ore-Prices unchanged as buyers await correction
SHANGHAI, May 6 (Reuters) - Iron ore prices in China stood unchanged over the week with buyers from the world's biggest steelmaking nation still unwilling to commit to big purchases as they await a short-term correction.
Industry consultancy Umetal said 63.5/63 percent Indian fines were being offered at $188-190 per tonne, including freight, unchanged since Wednesday.
Silver bounces from 12-pct fall, gold up ahead of US jobs
SINGAPORE, May 6 (Reuters) - Silver rebounded from its biggest one-day dollar fall since 1980, and gold also recovered as cheaper prices lured in Asian investors keeping a wary eye on U.S. employment data due later in the day.
"Prices have dropped so much over the past few days and bargain hunters are in," said Ong Yi Ling, an analyst at Phillip Futures, adding that the weak outlook for U.S. employment data helped add to the lure of gold.
Turkey steel consumption seen up 15 pct in 2011
ISTANBUL, May 5 (Reuters) - Steel consumption in Turkey is seen rising 15 percent this year to 27 million tonnes, on higher demand from the construction, automobile and white goods industry, the Turkish iron and steel producers association said.
The group's general secretary Veysel Yayan told Reuters long steel consumption would rise 10 percent and flat steel use would gain 15 percent.
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