Equities edge higher, take China PMI in stride
SINGAPORE, July 1 (Reuters) - Asian equities edged higher on Friday, lifted by receding fears of a default by Greece and encouraging data from the U.S. overnight, while the euro lost some steam after rallying to a three-week high the previous day.
"Positive global economic data including from the United States and progress in Greece on its debt problems are stoking appetite for stocks today," said Lee Sun-yeb, a market analyst at Shinhan Investment Corp.
U.S. corn, wheat continue plunge on higher stocks
SYDNEY, July 1 (Reuters) - U.S. corn and wheat futures continued to tumble on Friday after a U.S. government report pointed to much higher-than-expected corn supplies from the world's largest exporter of the grain.
"In our view, there remains a lot of confusion over final plantings due to the widespread flooding this season, which significantly delayed plantings and created a lot of uncertainty around the survey period," the bank said in a market report.
Indonesia sees higher rice output, surplus in 2011
JAKARTA, July 1 (Reuters) - Indonesia sees higher unmilled rice output in 2011 and a bigger surplus of the staple food as it expands production areas, government officials said on Friday.
Despite the improving outlook, analysts still see Southeast Asia's largest economy entering the rice import market again this year, as it may look to boost stockpiles to keep inflation at bay.
Rubber demand forecast at 25.7 mln T in 2011-IRSG
SINGAPORE, July 1 (Reuters) - Global demand for rubber, both natural and synthetic, is forecast to rise to 25.7 million tonnes in 2011, down slightly from an earlier estimate of 26.1 million tonnes in March, but still higher last's year's consumption, the IRSG said on Friday.
Global rubber consumption reached 24.6 million tonnes in 2010, 15.3 percent higher than in 2009, reflecting a strong recovery in the demand for vehicles and tyres, the International Rubber Study Group said in a statement.
Rains delay Argentina 2011/12 wheat sowing-exchange
BUENOS AIRES, June 30 (Reuters) - Wheat planting work in Argentina's farming belt was sluggish last week because of constant rains that also slowed down the soy and corn harvests, the Buenos Aires Grains Exchange said on Thursday.
Argentina is a leading wheat exporter and sends most of its output to neighboring Brazil. The exchange has estimated that farmers will seed 4.95 million hectares of 2011/12 wheat while the government expects 4.7 million hectares.
EU facing sharply lower rapeseed crop
HAMBURG, June 30 (Reuters) - The European Union is heading for a major fall in its 2011 rapeseed crop, creating a large supply deficit for its most important oilseed in the coming year.
"In Germany, France and Poland the rapeseed crop has suffered badly from the drought this spring," one analyst said. "It is increasingly clear that rain was not enough to save the harvest."
US Grain Exports-Corn sales hit 6-wk high on price drop
CHICAGO, June 30 (Reuters) - U.S. corn export sales jumped 76 percent last week as sharply lower prices attracted demand from both regular importers and non-routine buyers, analysts said after a U.S. Agriculture Department's weekly export sales report on Thursday.
Net corn export sales in the week ended June 23 totaled 934,400 tonnes, a six-week high that included 691,700 tonnes for shipment by the end of the current marketing year on Aug. 31, USDA data showed.
Ivorian cocoa prices mixed, quality lower -farmers
ABIDJAN, June 30 (Reuters) - Cocoa farmgate prices in Ivory Coast were mixed last week, falling in some growing regions because of worsening quality following heavy rains but up slightly in others on grinder demand, farmers said on Thursday.
In the western region of Soubre at the heart of the cocoa belt, Coffee and Cocoa Bourse (BCC) data was not available, but farmers said the price was 700 CFA francs ($1.54) per kg across the board, compared with 650-700 CFA francs per kg the previous week.
Oil slips as China manufacturing slows, IEA sales eyed
SINGAPORE, July 1 (Reuters) - Brent and U.S. oil fell on Friday after manufacturing in China hit a 28-month low, raising concerns that fuel demand at the world's second largest oil importer may slow with the market also watching the progress of reserve oil stocks sales by IEA member nations.
"The data is just showing a recurring theme in China. Manufacturing continues to slow but it is still growing above the 50 threshold," CMC Markets analyst Ben Le Brun said.
OPEC June output rises, yet to offset Libya
LONDON, June 30 (Reuters) - OPEC oil output is expected to remain lower in June than before the conflict in Libya largely shut down its oil industry, despite extra supply from Saudi Arabia and other Gulf members, a Reuters survey found on Thursday.
Supply from all 12 members of the Organization of the Petroleum Exporting Countries is expected to average 29.45 million barrels per day (bpd) this month, up from a revised 29.1 million bpd in May, the survey of The extra supply from the Gulf OPEC members will be welcomed by consumer nations concerned about the impact of oil prices at well above $100 a barrel on economic growth and inflation. oil companies, OPEC officials and analysts found.
LME Copper falls on lower-than-expected China PMI
SHANGHAI, July 1 (Reuters) - LME copper fell on Friday after data showed that China's factory activity in June slowed down more than expected, ushering in renewed speculation over whether the country's efforts to slow growth to tame inflation will end in a soft or hard landing.
"The lower-than-expected China PMI is definitely one of the factors that has caused some players to pare back bullish bets on copper especially after the huge rally over the past three days," said Phillip Futures analyst Ong Yiling.
Gold flat; Greek vote cuts safe-haven interest
SINGAPORE, July 1 (Reuters) - Spot gold held steady on Friday, set to cap a week marked by a narrow trading range as Greece's approval of austerity measures diminished safe-haven demand for bullion in the short term.
"The seeming resolution of the Greece crisis has probably hurt gold, but I think there's enough interest from the Chinese and central banks to sustain it at around $1,500 for now," said David Thurtell, an analyst at Citigroup.
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