Ruchi Soya sees India's 2010/11 edible oil imports down 9 pct
NEW DELHI, May 17 (Reuters) - India's edible oil imports could drop 9 percent in the year to October due to higher domestic oilseed output, the managing director of Ruchi Soya Industries , the country's top importer of cooking oils, said on Tuesday. India, the world's biggest edible oil importer, bought 3.5 million tonnes of edible oils in the first half of 2010/11, down from 4.1 million tonnes in the year ago period.
U.S. oil rebounds more $1 a barrel on surprise gasoline stocks draw
SINGAPORE, May 18 (Reuters) - U.S. oil rebounded more than a $1 to $98 a barrel on Wednesday, after two straight sessions of declines, as a surprise drop in gasoline stocks allayed concerns about weaker demand ahead of the peak driving season. "It has been a severe correction since two weeks ago after the dollar rebounded and the ECB didn't raise interest rates," said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corp. "NYMEX has twice rebounded above $95, maybe the correction has run its course."
Australia Newcastle coal exports drop 8 percent in week
PERTH, May 17 (Reuters) - Coal shipments from Australia's Newcastle port, which ships mostly thermal coal used in power plants, dropped 8 percent during the past week due to lower demand.
Exports from the eastern coast port were 1.965 million tonnes in the week to May 16, down from 2.140 million the previous week, Newcastle Port Corporation said on its website on Tuesday.
US corn rallies to 2-wk top as weather threatens crop
SINGAPORE, May 18 (Reuters) - Chicago corn rose to its highest in nearly two weeks on Wednesday, while wheat hit a one-week top as adverse crop weather in the United States and Europe continued to threaten output. "There are certainly a lot of concerns around the European weather as minimal rains are expected in the next two weeks," said Adam Davis, a senior commodity analyst at Merricks Capital in a Melbourne. "Most of the anxiety about corn is for the eastern Midwest, also some issues in the northern part, so a lot of worry around the weather."
Brazil sugar shipments slow but improving
SAO PAULO, May 17 (Reuters) - The number of ships loading, waiting or arriving to export sugar from Brazil's two main ports is growing and should let up in the coming days, shipping agencies said.
The lineup of vessels reached 58 on Tuesday, slightly up from 55 a week ago. Although backlogs to haul sugar from the world's largest producer of the sweetener are not uncommon, these numbers are not normal for this early in the season.
Farmers threaten to boycott Morocco sugar refiner
RABAT, May 17 (Reuters) - Thousands of Moroccan sugar beet farmers are threatening to boycott the delivery of next year's crop to Cosumar to press the country's sole sugar refiner for better terms, farmers said.
If the farmers carry through with their threat, Cosumar -- which has an annual refined sugar output of 1.2 million tonnes -- could be forced to increase the amount of raw sugar it imports, with Brazil its main supplier.
Argentine wheat area seen up 25 pct -gov't
BUENOS AIRES, May 17 (Reuters) - Argentine farmers are expected to plant 25 percent more wheat in the 2011/12 season, a senior Agriculture Ministry official said on Tuesday as early sowing gets under way.
Growers in the South American country, one of the world's leading wheat exporters and a key supplier to neighboring Brazil, produced a healthy 14.7 million tonnes of the grain in the last harvest thanks to favorable weather.
Cargill says resumes Ivory Coast cocoa operations
LONDON, May 17 (Reuters) - U.S. agribusiness Cargill has resumed its cocoa operations in Ivory Coast, the firm said on Tuesday.
Ivory Coast, the world's top cocoa producer, resumed cocoa bean exports earlier this month, after a disputed presidential election led to an export ban, European trade sanctions, a crippled banking system and weeks of civil war.
Dry weather to cut EU 2011 rapeseed crop-Oil World
HAMBURG, May 17 (Reuters) - Dry weather may cut the European Union's 2011 rapeseed crop to a three-year low of 19.5 million tonnes from 20.59 million tonnes in 2010, Hamburg-based oilseeds analysts Oil World said on Tuesday.
"The deterioration of rapeseed production prospects is about to reach alarming proportions," Oil World said.
Brazil's 2011 soybean crop at new record-Oil World
HAMBURG, May 17 (Reuters) - Brazil's 2011 soybean crop is likely to hit a new record and its farmers may substantially expand soybean plantings for the 2012 crop, Hamburg-based oilseeds analyst Oil World said on Tuesday.
"The Brazilian soybean crop will probably reach a record 73.0-73.6 million tonnes against 68.7 million tonnes last year," Oil World said.
UK wheat exports slowed in March
LONDON, May 17 (Reuters) - UK wheat exports slowed further in March to 100,673 tonnes, the lowest monthly total so far in the 2010/11 season (July/June), customs data showed on Tuesday.
Cumulative exports for the season to date, however, stood at 2.34 million tonnes, still up by more than one-third from 1.73 million in the same period a year earlier.
S.Africa weekly white maize exports rise to 47,578 T
JOHANNESBURG, May 17 (Reuters) - South Africa exported 47,578 tonnes of white maize last week compared with 37,598 tonnes in the previous week, the South African Grain Information Service (SAGIS) said on Tuesday.
Exports of yellow maize were recorded at 12,463 tonnes, compared with 42,819 tonnes in the week before, SAGIS said
Copper rises on technicals, weaker dollar
SINGAPORE, May 18 (Reuters) - London copper rose on Wednesday, after ending down for the first time in four sessions in the previous day, on technicals and as the dollar firmed on disappointing U.S. housing data. "The base metals market seems to be looking mostly at the dollar for price direction now," China Futures Co Analyst Yang Jun said. "The weak U.S. housing starts data pointed to problems in the economy, which pressurises the dollar. Also, the euro zone debt crisis seems stabilised with Portugal's bailout settled, which will lift the pressure on the euro in the short term," he added.
Gold gains after 3-day drop on Asian buying, weaker dollar
SINGAPORE, May 18 (Reuters) - Gold rose on Wednesday as Asian buyers snapped up bullion after a three-day losing streak, taking the cue from a weaker dollar, with the ongoing euro zone debt crisis also supporting sentiment. "The slightly weaker dollar and some bargain hunting are helping gold's rebound," said a Hong Kong-based dealer. "But the market does not have a clear sense of direction and a lot of people are just waiting."
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