Euro gains on Greece report, Asia shares steady
SINGAPORE, June 1 (Reuters) - The euro traded at a three-week high versus the dollar on Wednesday, buoyed by hopes for a fresh bailout package for debt-laden Greece, while Asian stocks were little changed after manufacturing data from China was largely in line with expectations.
"Our view is that Greece will get another package - perhaps with some token 'voluntary' lengthening of maturities but not significant enough to really damage private investors - and so the euro should rebound over the coming few weeks," said Rob Ryan, a FX strategist at BNP Paribas in Singapore.
US corn 0.7 pct higher as weather slows plantings
SINGAPORE, June 1 (Reuters) - U.S. corn futures rebounded on Wednesday, rising by 0.7 percent, driven higher by concerns of slow crop planting due to wet weather, but the risk of rising supplies from Russia kept wheat prices under pressure.
"G rains were oversold on the news from Russia as the weakness in wheat challenged the whole market . But t he corn plantings data was bullish, in fact we are very concerned about food price inflation moving forwards ," said Jonathan Barratt , managing director of Commodity Broking Services .
Vietnam coffee prices to rise in H2 on tight supply
HANOI, June 1 (Reuters) - Domestic coffee prices in Vietnam, the world's second-largest producer after Brazil, could rise more than 6 percent in the second quarter this year due to tight global supplies, the Agriculture Ministry said on Wednesday.
Rising prices may prompt Vietnamese growers to further expand their planting area or invest more to raise yields on the current trees in coming years, while roasters may have to pass on additional costs to coffee drinkers worldwide.
Brazil mid crop cocoa arrivals stutter early on
BRASILIA, May 31 (Reuters) - Deliveries of Brazil's mid-crop cocoa to warehouses in the last week continued to rise as the harvest gathers speed, but it only slightly bettered the previous week which raised doubts about its performance ahead.
Arrivals from top cocoa state Bahia rose to 64,115 60-kg bags in the week through May 29 compared with 61,774 bags in the previous week, a meager jump given the harvest is still in its first weeks, data from Bahia Commercial Association showed.
US corn planting slows due to wet eastern fields
CHICAGO, May 31 (Reuters) - U.S. farmers struggled to plant their corn crop last week, with the pace the slowest in three weeks due to wet weather, and the first condition ratings of the crop lagging last year.
For some farmers, the delays mean having to decide soon on whether to push ahead with corn seeding despite reaping lower yields, or claiming insurance, analysts said.
Cameroon cocoa exports up 18 pct y/y by end-April
YAOUNDE, May 31 (Reuters) - Cocoa exports this season from Cameroon, the world's No.5 grower, reached 188,587 tonnes by the end of April, up 18 percent year-on-year, figures from the National Cocoa and Coffee Board (NCCB) showed on Tuesday.
About 2,282 tonnes were shipped in April, down from 5,591 tonnes for the same month of the previous season, the official data showed.
Ivorian cocoa export tax to remain at current level
ABIDJAN, MAY 31 (Reuters) - The Ivorian government will maintain the current level of export tax on cocoa at 210 CFA francs ($0.46) per kilogram next season and would continue discussions to reform the sector, the World Bank said on Tuesday.
The bank had been putting pressure on the Ivory Coast to cut taxes, which it partly blames for low investments in the sector and lower prices paid to farmers.
Colombia growers raise 2011 coffee crop view
SAO PAULO, May 31 (Reuters) - Colombia's coffee crop this year is seen at 9.5 million to 10 million bags, up from 8.9 million bags in 2010, the technical manager of the National Federation of Growers, Ricardo Villaveces Pardo, said on Tuesday.
Pardo speaking with reporters at the Fourth Coffee Dinner and Forum in Sao Paulo, said that good weather and the replanting of trees was helping to improve yields.
Canada to end wheat, barley monopoly together -CWB
WINNIPEG, Manitoba, May 31 (Reuters) - Ottawa plans to end the Canadian Wheat Board's marketing monopoly on spring wheat, durum and barley crops simultaneously in August 2012, the board's chairman said after meeting with Agriculture Minister Gerry Ritz on Tuesday.
Ritz made his first-ever visit as minister to the Wheat Board's Winnipeg head office for a brisk 30-minute meeting to directly inform the marketing agency of the government's plans to scrap its monopoly on western Canadian grain.
Brent oil rises toward $117 on disruption to U.S. supply
SINGAPORE, June 1 (Reuters) - Brent was steady below $117 a barrel on Wednesday, supported by disruptions to oil supplies to top consumer the United States and political upheaval in Yemen, while weak economic data from the world's largest economy weighed on the market.
"The ongoing tension in Yemen is raising concerns while crude supply disruptions are also supportive of oil prices," said Singapore-based oil analyst Serene Lim of ANZ Bank.
China on track to cut energy intensity by 20 pct
WASHINGTON, May 31 (Reuters) - China is on track to cut its energy intensity -- the amount of power consumed for every dollar of economic output -- by 20 percent from 2005 levels, a Chinese environmental policy expert said on Tuesday.
As of 2009, the most recent year considered in the report by the non-governmental Climate Policy Initiative, China is on its way to meeting its own ambitious targets for 2010, according to Qi Ye, the group's director at Tsinghua University in Beijing.
US gasoline price falls 5.5 cents to 7-week low-Govt
WASHINGTON, May 31 (Reuters) - U.S. gasoline fell to its lowest level in seven weeks and diesel fuel dropped below $4 a gallon for the first time in two months, the Energy Department said on Tuesday.
The national price for regular unleaded gasoline declined 5.5 cents over the last week to $3.79 a gallon, the department said in its weekly survey of service stations.
Copper down on concerns China to tighten monetary policy
SHANGHAI, June 1 (Reuters) - LME copper fell on Wednesday as investors turned cautious that a decline in purchasing manager indexes was not enough to end a monetary policy tightening stance by Beijing aimed at cooling inflation in the world's top copper consumer.
"I think base metal investors are cautious today after the release of the PMI data, which did not decline enough to ward off further monetary tightening by the Chinese government," Shanghai CIFCO Futures analyst Zhou Jie said.
Vale sees strong China iron demand, shares rising
RIO DE JANEIRO, May 31 (Reuters) - Demand for iron ore from China, the world's largest consumer, has not slackened despite a slowdown in other parts of that economy, an executive with Brazilian mining company Vale said on Tuesday.
Although the Chinese government has clamped down on credit to fight inflationary pressures, infrastructure and major construction works appeared to be unaffected, said Vale's chief financial officer, Guilherme Cavalcanti.
Gold edges lower as Greek debt fears ease
SINGAPORE, June 1 (Reuters) - Spot gold edged lower on Wednesday, as easing worries about the Greek debt crisis dampened some appetite in bullion, but a weaker dollar is expected to give support to the sentiment.
"Gold has retraced a little primarily as a result of the easing in the Greece situation to certain extent," said Darren Heathcote, head of trading at Investec Australia. "It's given the market a little bit comfort that we might see a reasonable resolution."
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