Land banks buffer Indonesian palm oil from forest ban
JAKARTA/KUALA LUMPUR, May 25 (Reuters) - Palm oil firms in Indonesia can overcome a two-year ban on forest clearing by tapping into land reserves, but they face bigger problems attracting the labour needed to work the soil and boost yields.
The ban, effective from Friday, limits access to sensitive peat and forest regions and removes much of the uncertainty that had hung over the palm industry as Jakarta finalised the details.
Asia stocks, euro rise as investors dive back into risk
SINGAPORE, May 26 (Reuters) - Asian stocks were on course for their biggest gain in a month on Thursday, led by resources and consumer sectors, with recovering commodity prices and the euro's rebound toward $1.42 bringing investors back into the markets in search of bargains.
Wheat up 0.7 pct, corn firm as weather threatens yields
SINGAPORE, May 26 (Reuters) - U.S. wheat futures rose 0.7 percent, rising for a second straight session as harsh weather continued to threaten crop yields in the United States and Europe. Corn gained half a percent, while soybeans firmed in early Asian trade, building on Wednesday's rally amid planting delays in the United States.
Vietnam main rice crop output rises to 12.5 mln T-govt
HANOI, May 26 (Reuters) - Farmers in southern Vietnam harvested a bumper main rice crop in 2010/2011, with paddy output rising 1 percent from the previous year to more than 12.5 million tonnes, the Agriculture Ministry said on Thursday.
Output from the southern Mekong Delta alone rose 3.2 percent from the previous winter-spring crop to 10.6 million tonnes of paddy, or unhusked rice, beating industry forecasts the ministry said in its monthly report.
Brazil port to ship more sugar, but queue to recur
BRASILIA, May 25 (Reuters) - Brazil's No. 2 port for sugar exports expects throughput of the sweetener to leap by as much as half and for ships to face shorter waiting times to load in the current harvest, its commercial director told Reuters.
Exports of mostly bulk sugar through the port could climb to 5 million or 6 million tonnes this season, up from 4 million last year, said Lorenzo Fregonese, out of expected total production from the center south cane belt of nearly 36 million tonnes.
Mexico approves sugar import quota of 150,000 tonnes
MEXICO CITY, May 25 (Reuters) - Mexico has approved a sugar import quota of 150,000 tonnes until the end of this year, the Mexican Economy Ministry said on Wednesday.
Mexico has so far produced 4.98 million tonnes of sugar in the 2010/2011 harvest, 11.5 percent more than in the same period last year, the national sugar industry chamber said earlier this month.
Uganda coffee yield to rise on good weather-UCDA
KAMPALA, May 25 (Reuters) - Good weather is expected to lift Uganda's coffee harvest in the last six months of the 2010/2011 (Oct-Sept) season and offset poor yields in the first half, a report by the industry regulator said on Wednesday.
Uganda is Africa's second biggest exporter of the bean and earnings from the crop are key source of its foreign exchange.
Vietnam May coffee exports rise 10.6 pct y/y-govt
HANOI, May 25 (Reuters) - Vietnam's May coffee exports rose an estimated 10.6 percent from the same month in 2010 to 110,000 tonnes, or 1.83 million bags, exceeding market expectations, the government said on Wednesday.
Rising shipments from Vietnam, the world's top robusta producer, could help ease concern about a production shortfall in Indonesia, which is the world's second-largest producer of the variety used for making instant coffee.
Brent crude steady at $115 on weaker dollar, US stocks
SINGAPORE, May 26 (Reuters) - Brent crude held steady around $115 a barrel due to a softer dollar and as an unexpected drop in U.S. distillate stocks overshadowed gains in gasoline and crude inventories. "The euro/dollar is the main factor driving prices today for oil and other commodities, and will continue to do so until there is some clear direction on where the dollar is headed," said Ken Hasegawa, a commodity derivatives manager at Newedge Brokerage in Tokyo.
Japan imports less oil, more gas after March quake
TOKYO, May 25 (Reuters) - Japan's April monthly crude imports fell 14 percent on the year on lower demand from damaged refineries while LNG imports rose nearly 9 percent to fuel power plants plugging the gap left by shutdown nuclear reactors after the March earthquake.
The country's industry faces a long recovery after the magnitude 9.0 quake and ensuing tsunami on March 11 devastated the northeast coast, damaging roads, ports and other infrastructure and disrupting supply chains.
China raw coal output accelerates in April
BEIJING, May 26 (Reuters) - China's coal production in April accelerated from previous months, a report by an official newspaper showed on Thursday, but China still appeared to be headed for a severe power shortage in summer.
China's raw coal production grew by 11.1 percent in the first four months of 2011 from a year earlier, reaching 1.12 billion tonnes, the official People's Daily reported on Thursday, citing data from the China Coal Industry Association.
Vietnam to raise iron ore export duty in July-govt
HANOI, May 25 (Reuters) - Vietnam will raise the export duty on iron ore to 40 percent in early July from 30 percent now to ensure raw material for its domestic steel industry, the government said on Wednesday.
The new rate will come into effect on July 2 following a Finance Ministry circular, the government said in a statement.
LME copper steadies on report Asian nations to buy euro debt
SINGAPORE, May 26 (Reuters) - LME copper steadied on a firmer euro, which rose after news broke that China and other Asian investors are expected to buy European bailout bonds. "The dollar is falling and the euro is rallying. This should help copper in the short term," said a Sydney-based trader.
Gold ticks up near 3-week high on euro debt jitters
SINGAPORE, May 26 (Reuters) - Gold edged up to near its strongest level in three weeks with the euro under pressure from concern over Europe's sovereign debt problems, while silver reached a two-week top, catching up with bullion's gains. "We still think that concerns about the ability of the EU to manage Greece's sovereign debt problems and potential contagion to other peripheral countries will be supportive for gold," said Natalie Robertson, commodities strategist at ANZ.
Industrial metals find silver lining in China power woes
HONG KONG, May 25 (Reuters) - China's battle with what may be the worst power shortages in seven years could provide a lift for metals prices as Beijing forces energy-intensive smelters and users to curb production, potentially leading to larger imports.
Power cuts for heavy power industrial users in the world's biggest commodity consumer, already hit by higher credit costs as Beijing tightens monetary policy, could force them to draw on stocks, paving the way for restocking later in the year and supporting prices in the longer term, analysts said.
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