Dollar gains, stocks fall as Europe rot feared
SINGAPORE, June 27 (Reuters) - The U.S. dollar rose and equities fell on Monday, with investors nervous ahead of a Greek vote on unpopular fiscal austerity measures this week that may sow doubts about financial stability in Europe.
"Contagion would run through government bond markets and via interbank funding markets," said Societe Generale economists about the implications of a "no" vote from Greece.
U.S. wheat drops on global growth concerns
SYDNEY, June 27 (Reuters) - U.S. wheat futures fell more than 1 percent on Monday on the dollar's gain, bearish equity markets, edgy sentiment ahead of a Greek vote on unpopular fiscal austerity measures and worries about global economic growth.
Wheat for July delivery was down 1.1 percent at $6.53-3/4 in early Asian trade as general market unease was compounded by northern hemisphere harvests adding extra supply.
Vietnam June coffee exports jump 21.2 pct y/y-Ag Min
HANOI, June 27 (Reuters) - Vietnam's June coffee exports rose an estimated 21.2 percent from a year ago to 115,000 tonnes, or 1.92 million bags, exceeding market expectations, the agriculture ministry said.
The estimate is above trader forecasts, which projected the monthly shipment to dip to between 65,000 tonnes and 80,000 tonnes from the export volumes in previous months of 2011.
Vietnam H1 rice exports jump 15 pct y/y-Ag Min
HANOI, June 27 (Reuters) - Vietnam's rice exports in the first half of 2011 rose 15 percent from the same period last year to an estimated 3.98 million tonnes, the agriculture ministry said.
Revenue from rice exports increased 13 percent from a year ago to an estimated $1.96 billion, the ministry said in its monthly report compiled on Saturday.
Global 2011/12 coffee crop at 135 mln bags-USDA
WASHINGTON, June 24 (Reuters) - World coffee production is pegged at 135 million 60-kg bags in 2011/12, when global output will exceed consumption for the second straight year while ending stocks stay tight, the U.S. Agriculture Department forecast on Friday.
Arabica coffee futures trading on ICE surged nearly 130 percent to a 34-year high at $3.0890 per lb in early May, in an 11-month rally that started in June 2010. The market soared far beyond levels anticipated by many analysts on concern about tight global supplies of high-quality beans and on speculative buying.
Extra sugar from India unlikely before Nov
NEW DELHI, June 24 (Reuters) - Global sugar markets may have to wait until November to see if they will get any further supplies from India, as the government of the world's second-biggest producer waits to check next season's output before allowing more exports.
India's announced on Thursday it would double exports this year to 1 million tonnes. The benchmark New York price fell more than 5 percent, though the tumble came amid a broad sell-off in commodities.
Oil slips as dollar rises ahead of Greek vote; higher supplies
SINGAPORE, June 27 (Reuters) - Brent slipped under $105 on Monday, extending the previous week's losses, as the U.S. dollar gained ahead of a vote by Greece to clear unpopular fiscal austerity measures.
"The market is trying to pre-empt Greece and worries in the West," Jonathan Barratt, managing director of Commodity Broking Services in Sydney.
S.Korea finance ministry rules out crude import tariff cut
SEOUL, June 27 (Reuters) - South Korea's finance ministry on Monday said there are no plans to cut the crude oil import tariff to help reduce refined fuel costs, responding to a newspaper report.
A local daily Chosun Ilbo on Monday quoted a senior government official as saying that by lowering the 3-percent tariff on top of the IEA's emergency oil stocks release, fuel prices would be lower by about 56 Korean won ($0.052) per litre even if refiners go ahead with an expected July price hike.
Iran says will reject rise in OPEC production ceiling
Tehran, June 26 (Reuters) - Iran will reject increase of OPEC production ceiling in the cartel's next meeting, the country's Oil Ministry caretaker Mohammad Aliabadi told the semi-official Mehr news agency on Sunday.
"Considering the demand and supply situation in the oil market, Iran will reject any increase in the OPEC output ceiling in the next meeting ... OPEC has no intention to increase prices of crude," Aliabadi said.
Iran condemns IEA decision to release oil stocks
TEHRAN, June 25 (Reuters)- Iran condemned on Saturday a decision by oil consumer nations to release strategic crude stocks as politically motivated interference in the market that would not have a sustained impact on prices.
"The measure by the International Energy Agency in consuming their oil stockpile is meddling in the natural oil market trend and the drop in oil prices will not be sustainable," Iran's OPEC governor Mohammad Ali Khatibi was quoted as saying by the Oil Ministry website SHANA.
US' Geithner: Oil release not a political move
HANOVER, N.H., June 24 (Reuters) - U.S. Treasury Secretary Timothy Geithner defended the decision by industrialized nations to release emergency oil reserves into global energy markets, saying on Friday that it was not a political move.
"It's really as simple as this: there's a war in Libya, costs between one and two million barrels a day in lost output, I think 140 million barrels off the market so far," he said in response to a question at Dartmouth College, where he spoke on a panel.
Speculator oil bets drop back to pre-Libya levels-CFTC
NEW YORK, June 24 (Reuters) - The great surge of investor money that flowed into the U.S. crude oil market as the crisis in Libya developed had been almost completely unwound prior to the decision by industrial nations to tap strategic reserves, data from the U.S. regulator showed on Friday.
Hedge funds and other large speculators, the so-called "money manager" category monitored by the U.S. Commodity Futures Trading Commission (CFTC), slashed bullish bets on higher oil prices in New York and London in the week to June 21, taking them to the lowest level this year.
India iron ore exports seen below 100 mln T
SINGAPORE, June 27 (Reuters) - India is likely to export 90-95 million tonnes of iron ore in the current fiscal year to March 2012, about the same level as the previous year, as domestic demand rises, an industry official said on Monday.
India -- the world's No. 3 iron ore supplier after Australia and Brazil -- normally exports around half of its annual output of about 200 million tonnes, with the bulk of it going to top consumer China.
Japan May rolled copper output up 0.1 pct yr/yr
TOKYO, June 27 (Reuters) - Japan's output of rolled copper products rose 2.4 percent in May from April as strong demand for environmentally friendly air conditioners offset weakness in chips and cars, preliminary data showed on Monday.
The Japan Copper and Brass Association said rolled copper output totalled 72,328 tonnes in May on a seasonally adjusted basis, nearly flat from a year earlier.
Gold steady on Asian physical buying; dollar weighs
SINGAPORE, June 27 (Reuters) - Gold prices held steady on Monday, aided by active buying on the physical market in Asia, while a stronger dollar weighed along with caution as investors awaited a Greek parliament vote this week that is crucial to securing a sovereign debt bailout.
"If Greece's parliament passes the austerity measures, it could be positive for risk assets such as commodities," said Ong Yi Ling, an analyst at Phillip Futures, noting that gold could be a beneficiary as it has closely correlated with moves in other commodities recently.
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