Equities drop on weak data; euro zone meeting eyed
HONG KONG, July 11 (Reuters) - Asian stocks dropped on Monday as a spate of weak economic data from China and the U.S. renewed concerns about the health of the global economy although sharp declines look unlikely before an emergency meeting to stem the spreading debt crisis.
The euro weakened to a two-week low versus the dollar and Swiss franc amid worries that the debt crisis was spreading to Italy, the region's third largest economy.
India, China set for cotton wars on stubborn yields
MUMBAI, July 11 (Reuters) - India, the world's second biggest exporter of cotton, could turn into an importer within three or four years as production peaks out because of falling yields, forcing the country's textile mills to compete for supplies with top importer China.
Despite rising acreage, India's cotton yields are down to about 475 kg per hectare, or 38 percent below the global average, as plants need to be spaced widely for hand picking, in contrast to other leading growers, such as the United States and Australia, which use machines.
Climate impact threatens biodiesel future in EU
BRUSSELS, July 8 (Reuters) - Europe's biodiesel industry could be wiped out by EU plans to tackle the unwanted side effects of biofuel production, after studies showed few climate benefits, four papers obtained by Reuters show.
Europe's world-leading $13 billion biodiesel industry, which has boomed in the wake of a decision by Brussels policymakers in 2003 to promote it, is now on the verge of being legislated out of existence after the studies revealed biodiesel's indirect impact cancels out most of its benefits.
Top commodities funds take fresh beating in June
NEW YORK, July 7 (Reuters) - Two of the biggest commodity hedge funds suffered a second month of painful losses in June, falling victim to a rout across raw goods markets, a hedge fund investor told Reuters on Thursday.
Clive Capital, a top commodities fund with more than $4 billion under management, and energy-focused BlueGold, with around $2 billion, hit a rough patch in May and June due in part to a series of sharp drops in oil prices, said the investor, who is familiar with the funds' returns.
U.S. wheat slips on harvest pressure, corn down
SINGAPORE, July 11 (Reuters) - Chicago corn and wheat futures slid on Monday as weak economic data from China and the United States weighed, following last week's gains that were led by strong physical demand.
"In terms what we are seeing in wider markets, we have crude oil trading touch lower and U.S. dollar higher, which is continuation of risk aversion that swept through global markets on Friday," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Speculators' bullish corn bets smallest in a year-CFTC
CHICAGO, July 8 (Reuters) - Speculators, including hedge funds, are exiting grain markets in droves as a year-long rally falters, slashing their bullish bets to the lowest in nearly a year, government data showed on Friday.
The speculators cut their net long positions in Chicago Board of Trade corn futures and options by 20 percent in the week ended July 5 to the smallest since July 2010, data from the CFTC's Commitment of Traders showed.
U.S. spring wheat production limited by floods
CHICAGO, July 8 (Reuters) - U.S. spring wheat production is expected to fall to the lowest level in three years as flooding throughout the northern U.S. Plains curtailed planting and reduced yield potential, analysts said.
A Reuters poll of analysts predicted that an upcoming U.S. Agriculture Department report will forecast spring wheat production (excluding durum) at 551 million bushels, the smallest since 2008 when flooding also hampered farmers' efforts.
Andersons add cheap US wheat to corn-based ethanol
KANSAS CITY, Mo.,July 8 (Reuters) - The Andersons Inc , a major U.S. ethanol producer, has started mixing a small percentage of wheat along with costlier corn to make the alternative fuel, diversifying its sourcing amid increasingly tight corn supplies.
Andersons, which operates three U.S. ethanol plants with total capacity of 300 million gallons, confirmed it has started using soft red winter wheat along with corn, taking advantage of a rare inversion in prices for the grains.
Argentina wheat sowing speeds up, good crop weather
BUENOS AIRES, July 8 (Reuters) - Favorable crop weather allowed Argentine farmers to forge ahead with 2011/12 wheat planting last week, the government said on Friday.
Argentina is a leading wheat grower and exports the bulk of its crop to neighboring Brazil. Planting began last month and is progressing at a good pace despite some dryness.
US Grain Exports-Corn sales at 3-mth top as prices fall
CHICAGO, July 8 (Reuters) - U.S. corn export sales surged to a three-month high last week, topping the high end of analyst estimates, as a record drop in corn futures spurred demand, U.S. Agriculture Department data showed on Friday.
Net sales of U.S. corn, combined old- and new-crop, were 1.49 million tonnes for the week ended June 30, the largest sales since March, USDA said.
Ivorian cocoa prices vary, smuggling persists -farmers
ABIDJAN, July 8 (Reuters) - Cocoa farmgate prices in Ivory Coast's main growing regions varied last week, as supply tightened in some while lower quality depressed prices elsewhere amid a persistent smuggling, farmers said on Friday.
In the western region of Bouafle, farmers said the average price was ranging between 650 CFA francs ($1.42) and 700 francs ($1.52) per kg last week compared with between 600 and 650 francs the previous week as supply was scarce in the region.
Oil drops on China, U.S. economy concerns
SINGAPORE, July 11 (Reuters) - Oil fell for a second day on Monday after a drop in China's crude imports and disappointing U.S. employment data rekindled concerns of a demand slowdown at the world's top two energy consumers.
"It's a combination of both pieces of news, the world's two biggest consumers with not good economic data," Le Brun said from Sydney.
Coal miners say Australia carbon tax treatment unfair
SYDNEY, July 10 (Reuters) - Australia's powerful coal mining industry on Sunday warned it was being unfairly singled out under the country's new carbon emissions trading scheme, predicting it will lead to job losses and fewer collieries at a time when buyers are paying top dollar for coal.
Xstrata , one of the country's biggest coal mining companies, said it was "disappointed at the government's lack of genuine consultation" before unveiling its plan to slap a carbon tax of A$23 a tonne on its 500 worst polluters.
Iran says OPEC will not lift output ceiling
TEHRAN, July 9 (Reuters) - Iran's caretaker oil minister said on Saturday that OPEC was opposed to any increase in output ceilings in the absence of "well-studied justifications".
"Iran's policy as head of OPEC is to maintain the production ceiling of this organisation," Mohammad Aliabadi was quoted as saying by the semi-official Mehr news agency.
BP wants future spill claims limited
HOUSTON, July 8 (Reuters) - BP Plc wants to limit future claims related to its Gulf of Mexico oil spill disaster as the region's economy recovers, the oil company said in a document made public on Friday.
The Gulf economy is strong and "there is no basis to assume that claimants, with very limited exceptions, will incur a future loss related to the oil spill," BP said in a paper filed with the Gulf Coast Claims Facility (GCCF).
LME copper steady; U.S. jobs, China inflation weigh
SHANGHAI, July 11 (Reuters) - LME copper was steady on Monday, supported by continuing supply disruptions and a rise in June copper imports by China, but gloomy data on U.S. jobs and Chinese inflation weigh slightly on sentiment.
"Today, there is an absence of new negative macroeconomic data, so copper price movements are directed mainly by its fundamentals. For now, the presence of supply disruption is supportive," said Dongwu Futures analyst Song Lu.
Top copper miner Codelco braces for 24-hour strike
SANTIAGO, July 11 (Reuters) - Thousands of Codelco workers geared up for their first national strike in nearly two decades on Monday, raising the stakes in a feud with the Chilean government over the future of the world's top copper miner.
The 24-hour strike is not seen hurting the annual output target of the state copper giant, but could spell more labor trouble for Codelco and Chilean President Sebastian Pinera, who is already struggling with student demonstrations.
China's copper demand stages comeback in June
SHANGHAI, July 10 (Reuters) - China's copper staged a strong comeback in June, but the outlook was marred by falls in a list of other key commodities, showing that Beijing's cooling measures were weighing on the economy.
Crude oil imports fell 11.5 percent from a year ago to their lowest in eight months, while aluminium dropped about 14 percent, iron ore was down 4.3 percent and soybean shed 5.7 percent from May.
Australian uranium miner gets takeover bid from China's Sichuan Hanlong
SYDNEY, July 11 (Reuters) - China's Sichuan Hanlong Group has bid A$144 million ($154.9 million) for Australian uranium miner Bannerman Resources Ltd , the Australian firm said on Monday.
The bid at A$0.612 a share represents a 59 percent premium to Bannerman's Friday closing.
Gold steady on weak U.S. data, Europe debt woes
SINGAPORE, July 11 (Reuters) - Spot gold was steady on Monday, as the dimmed outlook for the U.S. economy and persistent worries about euro zone nations' debt problem supported sentiment.
"If we see something that confirms further the weakness of U.S. economy we may see gold benefit from that," said Darren Heathcote, head of trading at Investec Australia.
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