Euro ticks up, Aussie firm ahead of c.bank meetings
SINGAPORE, June 7 (Reuters) - The euro ticked up in Asia on Tuesday, steadying from a slide after the Eurogroup chairman said the common currency was overvalued, while the Australian dollar held firm ahead of a central bank meeting despite expectations that it will keep interest rates steady.
"Those comments (from Juncker) probably weighed on the euro at the margin. But the direction of a weaker dollar is pretty clear this point in time, so I'm expecting a bounce in the euro," said Richard Grace, chief currency strategist at Commonwealth Bank.
U.S. wheat, soy tick up after selloff; corn steady
SINGAPORE, June 7 (Reuters) - U.S. wheat edged higher on Tuesday, recovering from a three-week low, while corn was little changed as bargain-hunters and end-users stepped in following last session's steep losses, triggered by improved crop weather.
"Whenever there is price pull-back, it attracts some bargain hunting from countries that are suffering from tight supplies of grains," said Ker Chung Yang, analyst at Phillip Futures in Singapore.
USDA seen lowering US corn stocks; yields eyed
CHICAGO, June 6 (Reuters) - Near-record high corn prices have done little to slow demand for the golden grain from U.S. livestock feeders and ethanol producers -- a factor that should prompt the U.S. Agriculture Department to lower its forecast of U.S. old-crop corn inventories this week, analysts said.
USDA has projected U.S. corn ending stocks for the "old crop" 2010/11 marketing year at 730 million bushels, a 15-year low. The tightness has kept Chicago Board of Trade corn futures near an all-time high, set in April, of $7.83-3/4 a bushel.
US corn planting seen at 93 pct
CHICAGO, June 6 (Reuters) - Some dry and hot weather in the eastern Corn Belt likely allowed farmers to make progress on their much-delayed corn planting in the past week as they scramble to seed a final 13 million acres, analysts said.
The U.S. Agriculture Department's weekly crop progress report on Monday afternoon is expected to show that farmers had planted 93 percent of their anticipated corn acreage as of June 5, based on an average of estimates given by 10 analysts.
Vietnam June coffee loading to fall from May -trade
HANOI, June 7 (Reuters) - Vietnam's coffee export loading this month could fall to between 65,000 tonnes to 80,000 tonnes, or 1.08 million to 1.33 million bags, from an estimated shipment last month of 110,000 tonnes, traders said on Tuesday.
"High prices attracted a large volume of coffee earlier this year and the remaining stocks are not high," a trader at a European firm in Ho Chi Minh City said.
China suspends rapeseed oil auctions as it builds stocks
BEIJING, Jun 7 (Reuters) - China has suspended regular rapeseed oil auctions as Beijing shifts to stockpiling domestic rapeseed harvests to refill stocks, aiming to boost farmers' incomes.
The government did not announce via its website(www.grainmarket.com.cn) a date for rapeseed oil auctions due this week, while weekly auctions of corn and feed wheat will continue on Wednesday.
US corn plantings beat estimates, soy seedings lag
CHICAGO, June 6 (Reuters) - Warm and dry conditions provided a window for farmers in the eastern U.S. Corn Belt to catch up on corn plantings last week but seedings remained behind schedule, especially in Ohio where only about half of the crop was in the ground.
The U.S. Agriculture Department late on Monday put corn plantings at 94 percent complete, below the five-year average pace of 98 percent, leaving about 5.5 million acres (2.2 million hectares) of the projected 92.2 million yet to be seeding.
Argentine farmers finish harvest in soy belt- gov't
BUENOS AIRES, June 6 (Reuters) - Argentina's soy growers have finished bringing in 2010/11 beans in the main soy-farming belt, slowing corn gathering as they give the oilseed priority, the Agriculture Ministry said in its latest crop report.
Argentina is the world's No. 3 soy exporter. The government estimates the current crop at 50.4 million tonnes, only slightly down from last year's record 52.7 million tonnes despite dry weather early in the season.
Honduras 11/12 coffee exports rising, Guatemala flat
TEGUCIGALPA, June 6 (Reuters) - Honduras' coffee exports are expected to rise 5 percent in the upcoming 2011/12 harvesting season, which begins in October, while Guatemala's production for export will stay the same.
Honduras will export 4.1 million 60-kg bags of coffee next cycle, up from 3.9 million bags exported in the current 2010/11 coffee year, as farmers plant new areas and improve fertilization on farms, the national coffee organization IHCAFE told Reuters on Monday.
German shops near Polish border ration sugar
LONDON, June 6 (Reuters) - Some German supermarkets are rationing sugar to help cope with panic buying from customers from neighbouring Poland, where prices have soared on rumours of a shortage.
A spokesman for German retailer Metro AG said a handful of its Real supermarkets near the border with Poland were limiting customers to eight bags of sugar each.
Brazil soy sales ahead of last year's - Celeres
BRASILIA, June 6 (Reuters) - Sales of Brazil's record 73.6 million-tonne soybean crop remained ahead of those completed by this time last year with prices stable as a stronger local currency offset higher rates in dollars, analysts Celeres said on Monday.
In its latest weekly report, Celeres said sales of the current crop that ended harvesting in May stood at 69 percent by June 3, up from 61 percent in the previous crop by this time last year. Sales of the crop were on par with historical averages, however.
Open weekend to plant crops in US Midwest, Plains
CHICAGO, June 6 (Reuters) - The U.S. Midwest and northern Plains benefited from mostly clear skies over the weekend, providing farmers a window to catch up on planting crops in the wettest areas of the crop belt, a forecaster said on Monday.
"It was relatively favorable planting weather over the weekend which will continue through Wednesday," said Telvent DTN forecaster Mike Palmerino referring to the Midwest Corn Belt. But rains start up again mid-week.
Rains and sun boost hopes for Ivorian cocoa crop
ABIDJAN, June 6 (Reuters) - Ivory Coast's cocoa growing regions received abundant rainfall mixed with periods of sunshine last week, raising expectations of an abundant mid-crop in the world's top grower, farmers and analysts said on Monday.
Ivorian cocoa arrivals to port are already running more than 15 percent higher than last year despite the effects of a four-month power struggle that killed thousands and left the economy in ruins, according to exporters.
Brent drops below $114 on expectations of OPEC target hike
PERTH, June 7 (Reuters) - Brent crude fell below $114 a barrel on Tuesday on expectations OPEC may raise its production target this week and lingering concerns that a weak economic outlook will dent demand.
"Slowly the market is turning the focus to the OPEC meeting and certainly a lot of the rumours around that meeting are that Saudi Arabia are lobbying quite hard for OPEC to increase their production quotas and that's exacerbating the downside for oil," Ben Westmore, a commodities analyst at National Australia Bank in Melbourne, said.
Copper falls; Chile strike cushions but econ anxiety grows
SINGAPORE, June 7 (Reuters) - London copper fell 0.5 percent on Tuesday and Shanghai futures also dropped after the market reopened following a three-day weekend, with bearish economic sentiment cushioned by a strike at Chile's fourth biggest copper mine.
"The risk off on the demand side after weak economic data is countering the more supportive influence from supply disruptions from Chile and potential pick up in demand from China."
Key Chile mine struggles for 3rd day due to strike
SANTIAGO, June 6 (Reuters) - The world's fifth largest copper mine, Chile's El Teniente, worked at less than half of capacity on Monday as most workers stayed home for a third day to avoid violence by striking contractors, owner state giant Codelco said.
The mine slowed down operations late last week after temporary workers, on strike since May 25, threw stones at buses carrying workers to the mine. Police patrols escorted buses carrying a few hundred staff employees to the deposit on Sunday to work on a contingency plan that allows the 404,000 tonne-a-year mine to produce at 40 percent capacity.
Gold steady near 1-month top on economic concerns
SINGAPORE, June 7 (Reuters) - Gold steadied on Tuesday, after rising to its strongest in more than a month in the previous session as fears about a slowing U.S. economy prompted purchases from investors seeking an alternative investment.
"I think the odds are stacked in favour of gold at the moment," said Darren Heathcote, head of trading at Investec Australia in Sydney.
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