China April soy imports pick up vs March, but down 7.5 pct on yr
BEIJING, May 10 (Reuters) - China, the world's largest soy buyer, imported 3.88 million tonnes of soybeans in April, up 10.5 percent from 3.51 million tonnes in March, figures from the General Administration of Customs of China showed on Tuesday.
But April imports fell 7.4 percent from a year-ago period when China imported 4.19 million tonnes of the oilseed, which is crushed into edible oil and animal feed ingredients.
China continues state rapeseed oil sales amid harvest
BEIJING, May 10 (Reuters) - China sold 89,719 tonnes of rapeseed oil from state reserves on Tuesday even as the new harvest was set to unleash a large volume on the market later in the month, which could prompt Beijing to suspend the regular auctions.
China has held auctions twice a month since late last year in an effort to ease food inflation.
Argentina to approve 2.5 mln T corn exports-official
BUENOS AIRES, May 9 (Reuters) - Argentina will authorize the export of 2.5 million tonnes of 2010/11 corn this week, in addition to 8.5 million tonnes previously authorized, Deputy Agriculture Secretary Oscar Solis said on Monday.
Argentina is the world's No. 2 corn exporter after the United States but the government restricts exports of corn and wheat to ensure domestic supply as it grapples with inflation, estimated by private economists at about 25 percent per year.
Upward revision in U.S. old-crop soy stocks expected
CHICAGO, May 9 (Reuters) - The government this week is expected to increase its forecast of the U.S. soybean supply at summer's end, due to robust South American production which has slowed U.S. export sales.
The estimate of U.S. soybean ending stocks at the end of the 2010/11 marketing year Aug. 31 is expected to hit its highest level so far this year in the U.S. Department of Agriculture's May supply/demand report Wednesday morning.
U.S. wheat continues to rebound on weather worries
SYDNEY, May 10 (Reuters) - U.S. wheat futures continued to recover from last week's sell-off in early Asian trade on Tuesday as worries about dry weather impacting on U.S. winter wheat and European crops lifted prices.
Wheat surged 4 percent on Monday, its biggest gain in more than a month, as hot weather baked the bread baskets of the United States and Europe.
Drought, floods curtail U.S. wheat expectations
KANSAS CITY, Mo., May 9 (Reuters) - Drought in the southern U.S. Plains is expected to cut U.S. winter wheat production this year to its lowest level in five years at a time when crop prospects in parts of Europe are also being dimmed by dry weather.
The U.S. Department of Agriculture will issue its first production estimate for this year's winter wheat crop on Wednesday morning. Analysts projected total U.S. winter wheat production of 1.395 billion bushels, down 6 percent from 2010.
Rain idles Canada farmers, planting 3 pct done
WINNIPEG, Manitoba, May 9 (Reuters) - Rain on Monday and Tuesday in much of flooded Saskatchewan and Manitoba will keep farmers there idle this week, with planting already far behind normal progress, a Canadian Wheat Board official said Monday.
Farmers on the Canadian Prairies, who produce most of the country's grains and canola, have planted just 3 percent of their crops at a time when they're usually 38 percent finished, said Stuart McMillan, crop and weather analyst at the Wheat Board.
Russia could prolong full grain export ban
PARIS/CHICAGO, May 9 (Reuters) - Russia's embargo on grain exports is due to expire on July 1, but traders on international markets think Moscow will likely play it safe and wait until end-September for a full lifting of the ban.
However, if crops develop well it may release some wheat in July to relieve hefty stocks in its south.
Corn plantings seen 31 pct done, soybeans 7 pct
CHICAGO, May 9 (Reuters) - Some dry weather in western stretches of the U.S. Corn Belt allowed farmers in those areas to plant their corn and soybean crops last week, but damp conditions kept farmers east of the Mississippi River on the sidelines, industry analysts said.
The pace of both corn and soybean planting was still well behind schedule as the deadline for optimal corn seeding approached, analysts surveyed by Reuters said on Monday morning.
End-users face another year of tight US corn stocks
CHICAGO, May 9 (Reuters) - Producers of food and biofuel may face another year of tight U.S. corn supplies as a very wet spring has delayed plantings in the Corn Belt and threatened to reduce the harvest needed to replenish nearly empty storage bins this fall.
U.S. corn stocks are forecast to dwindle this summer to their lowest levels since the 1930s, and analysts polled by Reuters expect supplies to rise next year by just 20 percent -- hardly a comfort zone for end-users.
Indonesia aims for sugar self sufficiency by 2014
JAKARTA, May 9 (Reuters) - Indonesia's white sugar production will rise 17 percent this year, as Southeast Asia's largest sugar consumer targets self-sufficiency by 2014, an industry body said on Monday.
Plantation expansions and improving weather conditions will help boost output, with white sugar production seen at 2.7 million tonnes in 2011 versus 2.3 million tonnes last year, Bambang Priyono, secretary at the Indonesian Sugar Council (DGI) told Reuters.
Rain boosts Ivorian cocoa crop, roads a worry
ABIDJAN, May 9 (Reuters) - Rain mixed with sun in Ivory Coast's cocoa growing regions last week will pave the way to a bumper mid-crop, but too much more rain could trigger disease and damage roads, farmers and analysts said on Monday.
The world's top cocoa grower resumed exports over the weekend after a roughly three-month halt cause by a violent post-election power struggle, and the government expects the full-year crop to hold at 1.3 million tonnes despite the turmoil.
Vietnam coffee growers invest to boost yields on firm prices
HANOI, May 9 (Reuters) - Coffee farmers in Vietnam are ploughing gains from steadily rising prices into fertiliser and water pumps to incrementally lift yields, betting the global market will remain in their favour for years before rivals can increase supply.
The world's top robusta coffee producer enjoyed a 107 percent surge in prices to 50 million dong ($2,428) a tonne on May 4 against the start of 2010, while output by No. 2 grower Indonesia could drop 30 percent on heavy rains linked to the La Nina weather pattern.
Record coffee premium makes for bitter java
NEW YORK, May 9 (Reuters) - With the price differential between high-quality arabica coffee prices in New York and lower grade robusta beans in London at its widest ever, how will you be able to tell that the spread has maxed out?
Just wake up and smell the coffee. If its losing its full-bodied aroma that should mean more robustas are finding their way into your favorite blend, which should indicate strengthening demand for the variety usually snubbed by roasters and coffee snobs and less demand for gourmet beans.
Brazil to sell 2009 public coffee stocks soon
BRASILIA, May 9 (Reuters) - Brazil will start piecemeal sales of public arabica coffee stocks totaling 1.55 million 60-kg bags of coffee which it acquired from growers in 2009, a senior agriculture official told Reuters.
Secretary for production, Manoel Bertone, told Reuters the stocks would be made available once small residual public stocks of 2002 coffee had been auctioned off, meaning the beans could reach the market in as little as a month, he said.
Copper falls on euro debt worry; key Chinese data awaited
SINGAPORE, May 10 (Reuters) - Copper continued to recover on Tuesday from last week's commodity rout, although uncertainty over key inflation data from China and worries about euro zone debt could threaten the rebound.
"It seems that we are seeing a continued technical rebound from last week's selloff," said Jinhui Futures deputy general manager Ling Yu Hui.
China April copper imports sink nearly 14 pct as stocks used
SHANGHAI, May 10 (Reuters) - China imported 262,676 tonnes of unwrought copper in April, a nearly 14 percent decline from March, Customs data showed on Tuesday, as the world's biggest consumer of the metal shunned overseas supplies in favour of local producers and stockpiles.
The April import volume, which includes refined copper, anode, alloys and semi-finished products, was the second-lowest since January 2009, according to Customs data compiled by Reuters. Imports were even lower in February, but that was a shorter month with a week-long holiday.
Mexican scrap metal thefts worsen-industry official
MEXICO CITY, May 9 (Reuters) - Armed bandits stole 17,500 tons of Mexican scrap metal in the first three months of the year, local steelmakers said on Monday, describing a worsening theft problem in the industry.
More scrap steel could be stolen this year than last when between 45,000 and 50,000 tons of the product were taken, said Raul Gutierrez, president of Mexico's National Chamber of the Iron and Steel Industry (Canacero).
China April iron ore imports dip 11.1 pct to 52.9 mln T
BEIJING, May 10 (Reuters) - China imported 52.88 million tonnes of iron ore in April, down 11.1 percent from the previous month as supplies tightened, official data from China's customs authority showed.
"The main point to make is that this was supply-driven and not demand-driven -- there was just not enough material available," said Graeme Train, steel analyst with Macquarie Securities in Shanghai.
Japan Q2 crude steel output seen down 2.8% despite quake impact
TOKYO, May 10 (Reuters) - Japan's crude steel output will likely dip only slightly in April-June despite the impact of the March earthquake as higher demand for construction steel will partially offset a plunge in demand from the key auto sector, the government said on Tuesday.
A poll by the trade ministry of about 60 big Japanese steelmakers showed the companies plan to produce 26.89 million tonnes of crude steel in April-June, down 2.8 percent from the previous quarter's 27.68 million tonnes.
Gold inches lower after oil margin hike; Greece fear supports
SINGAPORE, May 10 (Reuters) - Gold prices softened slightly on Tuesday, as sentiment was dampened by a margin hike in U.S. crude futures, while growing concerns over Greece's debt crisis are expected to limit the downside.
"The margin hike decreases the bullish sentiment in the commodities market," said Ong Yi Ling, an analyst at Phillip Futures, adding that gold could move towards $1,500.
U.S. crude falls more than 2 pct after margin hike
SINGAPORE, May 10 (Reuters) - U.S. crude oil futures fell more than 2 percent on Tuesday after the CME Group raised margins on benchmark West Texas Intermediate by 25 percent.
The move comes after a volatile, frenzied week of oil trading that saw U.S. crude prices fall from over $114 a barrel -- the highest level since 2008 -- to $94 a barrel.
Oil retreats on margin hike; euro slips vs yen
MELBOURNE, May 10 (Reuters) - Oil prices slid after a 25 percent hike in trading margins for U.S. crude spread caution among traders about volatile commodity prices, while Greek woes pulled the euro down to a six-week low against the yen on Tuesday.
"Having high margin requirements makes it more difficult for speculative traders to enter the market, so naturally that will cause less speculative activity in oil markets," said Ben Westmore, commodity economist at National Australia Bank.
Australia Newcastle coal exports fall over 4 percent
SINGAPORE, May 10 (Reuters) - Coal shipments from Australia's Newcastle port, which ships mostly thermal coal used in power plants, fell more than 4 percent in the week ending May 9, the Newcastle Port Corporation said on Tuesday.
Exports from the eastern coast port were 2.140 million tonnes in the week to May 9, down from 2.232 million the previous week, Newcastle Port Corporation said on its website.
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