Euro struggles, China banks fall on Temasek selldown
HONG KONG, July 6 (Reuters) - Chinese banking shares fell for a second day on Wednesday, while the euro clawed back losses but was still seen at risk after Moody's slashed Portugal's credit rating to junk status, reigniting fears that it may need a second rescue package.
"Valuations-wise, we've probably seen the bottom but it's a confidence issue right now," said Tom Kaan, a director at Louis Capital Markets in Hong Kong.
Corn, soy dip on improved U.S. crop conditions
SINGAPORE, July 6 (Reuters) - Chicago corn and wheat slipped on Wednesday, as forecasts for crop-friendly weather in the U.S. Midwest and a government report showing slight improvement in crop ratings weighed on sentiment.
"June selloff (in wheat) was too aggressive and it has brought down prices to levels that consumers would view as good value," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Most U.S. corn to pollinate in later than normal
CHICAGO, July 5 (Reuters) - Most of the U.S. corn crop will enter its key yield-determining phase a week or more later than normal, during the hottest part of July, as it got off to a slow start, a senior agricultural meteorologist said on Tuesday.
"I would expect the key time period for pollination to be the two weeks between July 10 and July 24," Cropcast forecaster Donald Keeney, told Reuters global ags online forum. "That is about a week later than normal -- typically the crop pollinates from July 3 to 17."
US corn, soy ratings seen modestly higher
CHICAGO, July 5 (Reuters) - U.S. corn and soybean condition ratings were expected to rise modestly from a week ago as warm temperatures across the U.S. Midwest largely benefited the developing crops, analysts and traders said on Tuesday.
The U.S. Agriculture Department on Tuesday afternoon was expected to rate 69 percent of the corn crop in good to excellent condition, up 1 percentage point from a week ago, according to a Reuters poll of 10 analysts.
Vietnam to delay rice stockpile as prices stay high
HANOI, July 6 (Reuters) - Vietnamese rice exporters will delay for an indefinite period an industry plan to buy 1 million tonnes of milled summer-autumn paddy for a three-month stockpile due to high prices, state-run newspapers cited industry officials as saying on Wednesday.
They had planned to buy the grain on domestic markets between July 15 and Aug. 30 to prevent price drops to below 5,000 dong (24.4 U.S. cents) per kg, a typical move to support prices as the Mekong Delta harvest peaks.
Brazil cocoa arrivals surge after holiday pause
BRASILIA, July 5 (Reuters) - Cocoa arrivals in Brazil surged in the last week as a backlog that arose from the previous week's holiday was cleared, data from Bahia Commercial Association and cocoa analyst comments showed on Tuesday.
Bahia-based cocoa analyst Thomas Hartmann said that looking at the average for the last fortnight when Bahia deliveries fell during the holiday week then surged last week to clear the backlog, output appeared to be in line with previous weeks.
Overnight frost possible in Brazil coffee belt -Inmet
BRASILIA, July 5 (Reuters) - Parts of Brazil's Minas Gerais coffee belt could see frost in the early hours of Wednesday morning, state weather forecaster Inmet said late on Tuesday, adding that if any freeze occurred it would likely be mild.
Frost can kill coffee trees' leaves and branches, reducing output in the following year's crop. Such freezes are rare but the worst such since the last major freeze in 2000 occurred last week, but was mostly confined to minor producer Parana.
Brazil cane crop may stay dry in July-Somar
SAO PAULO, July 5 (Reuters) - Brazil's main center-south sugarcane belt will continue dry through the month of July with the exception of a few southern regions, forecaster Somar said on Tuesday.
The lack of widespread rain over the world's leading sugarcane crop in southeastern Brazil helps harvesting, allowing cutters into the field to bring in the massive crop. But it will slow the growth of newly planted cane fields that should mature in 2012.
Russia state trader to ship 100,000 T wheat in July
MOSCOW, July 5 (Reuters) - Russian state grain trader the United Grains Co plans to export up to 100,000 tonnes of wheat to Mediterranean countries until the end of July, it said on Tuesday.
"These will be Mediterranean countries, where we have established stable business relations with buyers," Chief Executive Sergey Levin said in a statement.
Oil World forecasts record global sunseed crop
HAMBURG, July 5 (Reuters) - The global 2011/12 sunflower seed crop will rise to a new record of 35.85 million tonnes, up by 2.9 million tonnes on the previous season, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
This was up by 0.4 million tonnes on Oil World's previous estimate for 2011/12 in June.
Brent crude rises on tighter supply prospects
SINGAPORE, July 6 (Reuters) - Brent crude edged up on Wednesday, rising for a second straight session on expectations of higher demand in the months ahead and tighter U.S. inventories, but concerns about moderating economic growth in China and euro zone debt woes kept a lid on gains.
"We expect strong demand growth in China, India, Saudi Arabia and Brazil, while non-OPEC supply increases are unlikely to keep up," said Chen Xinyi, a commodities analyst with Barclays Capital. "Our demand forecast for China already takes into account the moderation in GDP growth in 2012."
Australia Newcastle coal exports rise 4 percent
SINGAPORE, July 6 (Reuters) - Coal shipments from Australia's Newcastle port, which handles mostly thermal coal used in power plants, rose 4 percent during the past week, the Newcastle Port Corporation said.
Exports from the eastern coast port were 2.429 million tonnes in the week to July 4, up from 2.335 million the previous week, Newcastle Port Corporation said on its website on Wednesday.
U.S. gasoline price rises first time in 8 weeks-Govt
WASHINGTON, July 5 (Reuters) - Gasoline prices increased for the first time in eight weeks, the Energy Department said on Tuesday, reflecting higher crude oil costs.
The national price for regular unleaded gasoline rose half a penny to $3.58 a gallon, the first increase since May 9 when gasoline reached a peak $3.97, the department said in its weekly survey of service stations.
LME copper down, Portugal rating cut weighs
SHANGHAI, July 6 (Reuters) - LME copper edged down on Wednesday, as Moody's downgrade of Portugal's credit rating to junk triggered demand worries, but supply disruptions in Chile and Indonesia are expected to keep a floor under prices. Three-month copper on the London Metal Exchange edged down 0.4 percent to $9,502 a tonne by 0149 GMT, after rising 0.9 percent in the last session.
Gold hovers near 1-1/2 week high on Portugal rating cut
SINGAPORE, July 6 (Reuters) - Spot gold on Wednesday hovered near a 1-1/2-week high hit in the previous session, supported by renewed worries about the euro zone's debt problem after Moody's slashed Portugal's credit rating to junk.
"Portugal was certainly the trigger, and the mood in the financial markets has turned a bit cautious," said a Singapore-based trader.
EU wants amicable solution in China exports row
STRASBOURG, July 5 (Reuters) - The European Union will use a World Trade Organization ruling to try to coax China into ending export curbs on rare earth minerals crucial for EU high-tech production and jobs, the EU's trade chief said on Tuesday.
The WTO on Tuesday ruled China broke trade rules by restricting exports of certain raw materials, dismissing China's claim its export policies are steered by environmental concerns, and dealing a victory to the EU, United States and Mexico.
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