Asian stocks set for first weekly gains in two months
HONG KONG, June 24 (Reuters) - Asian equities are poised for their first weekly gains in nine weeks and the euro advanced from early lows on Friday, though the currency's gains could be short lived as many see Greece's deal with international lenders as a short-term fix for a long-term crisis.
"Although the effect from the Greece news may be temporary, investors are relieved," said Yumi Nishimura, a senior market analyst at Daiwa Securities.
U.S. corn gains for 2nd day, soy rebounds on Greece news
SINGAPORE, June 24 (Reuters) - U.S. corn futures rose more than 1 percent on Friday, extending previous session's gains, while soybeans bounced back amid a broad-based strength in commodities following Greece's deal with international lenders for a new austerity plan.
"It's a rebound after sharp drop as people are buying on the dip with external factors such as the Greece deal supporting the grain markets," said Ker Chung Yang, analyst at Phillip Futures in Singapore.
Urbanites get $394 Mln of US crop subsidies-report
WASHINGTON, June 23 (Reuters) - Some 90,000 people living in U.S. cities pocketed $394 million in U.S. farm subsidies last year, an environmental group said on Thursday, questioning why absentee owners and investors deserve the cash.
The Environmental Working Group released the data just before a Senate committee review of Agriculture Department spending and while lawmakers try to rein in federal spending.
Rains could reduce Argentina's wheat area-exchange
BUENOS AIRES, June 23 (Reuters) - The heavy rains that have slowed the planting of 2011/12 wheat in Argentina could cause a reduction in wheat area for the season, the Buenos Aires Grains Exchange said on Thursday.
The exchange has estimated that farmers will seed 4.95 million hectares of 2011/12 wheat while the government expects 4.7 million hectares.
US Grain Exports-Corn sales sink 40 pct on tepid demand
CHICAGO, June 23 (Reuters) - U.S. corn export sales fell 40 percent last week even as prices spiraled lower as stiff competition from cheaper alternative grains such as feed wheat restricted demand, analysts said.
As prices plunged further this week, U.S. corn appeared to be clawing back some, but not all, of the demand that evaporated when futures soared to nearly $8 a bushel earlier this month, analysts said following Thursday's U.S. Agriculture Department weekly export sales report.
Northern US crops to see more rain, flooding
CHICAGO, June 23 (Reuters) - The northern U.S. Corn Belt will stay wet keeping crop development slow and add more water to flooded rivers while the southern belt will turn hotter and drier, boosting plant growth, said a forecaster on Thursday.
"There are indications that a high-pressure ridge is building across much of the southern United States. It could poke its way into the southern Midwest which could be positive -- increase growing degree day units to move this crop along," said Telvent DTN forecast Mike Palmerino referring to corn, soybean and spring wheat plants.
IEA targets oil speculators: John Kemp
LONDON, June 23 (Reuters) - The International Energy Agency's (IEA) decision to release 60 million barrels of crude oil from strategic reserves is intended to drive speculators out of the market and resist the formation of a bubble by breaking expectations about near-term supply shortages, rather than target OPEC.
While the intervention will be intensely controversial, especially in the industry and among hedge funds and others running long positions in crude futures and options, it can be presented as a relatively limited move in response to fears about a shortage of specific grades of crude over a short time window, smoothing the process of adjustment.
Oil rebounds as markets await IEA emergency stocks
SINGAPORE, June 24 (Reuters) - Brent crude rebounded to $108 from a four-month low on Friday as traders gauged how much supply would reach the market from an IEA-coordinated release of emergency oil stockpiles.
"I don't think the fundamental game has changed too much, and given the big drop we saw yesterday, some marketers are fearing the same and buying on the weakness," Westmore said.
Industrial nations tap oil reserves to boost growth
PARIS/WASHINGTON, June 23 (Reuters) - Industrialized nations agreed to release oil from emergency stockpiles for the third time in history, sending crude prices tumbling and providing some support to a faltering global economy.
The unexpected decision to release 60 million barrels over the next month, the culmination of a plan that President Barack Obama put in motion more than a month ago, showed the deepening concern among Western leaders over the damage of high energy costs to a worsening global economy.
Copper gains on Greek austerity deal, oil reserves release
SHANGHAI, June 24 (Reuters) - Copper edged up on Friday on news that Greece had reached a deal with international lenders for a five-year austerity plan and industrialised countries had tapped oil reserves to stimulate global growth.
"There are two things moving the base metals markets today. First, there is slight relief at what has happened out of Greece. But the problems there are by no means out of the way yet," managing director of Commodity Broking Services, Jonathon Barratt.
Europe copper premiums within range, eyes on China
LONDON, June 23 (Reuters) - European copper premiums nudged higher from earlier this month but remained within their recent range with traders saying the market would remain quiet as the summer season takes hold.
The premium for copper in Rotterdam , paid above the London Metal Exchange (LME) cash price , was around $85-90 a tonne from $75-85 in early June, traders said.
Gold steady after slide, sees worst week since May rout
SINGAPORE, June 24 (Reuters) - Gold steadied on Friday after falling as much as 2 percent in the previous session, supported by a softer dollar as the euro strengthened after Greece won approval for a five-year austerity plan.
"We still are in very uncertain times and it's likely to continue until we see greater signs of economic growth globally, particularly in the United States, and we start to see the European debt situation ease," said Darren Heathcote, head of trading at Investec Australia.
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