20110817 1502 Global Market & Commodities Related News.

Asian shares fall, euro shaky after summit let-down
SINGAPORE, Aug 17 (Reuters) - Japanese shares fell , dragged down mainly by hi-tech firms, while the euro wobbled after French and German leaders failed to deliver a solution to the euro zone debt crisis and restore investor confidence after a global market rout.
"Investors have been dumping emerging markets stocks across the board for the first time in the post-Lehman era," said a market report from TrimTabs Investment Research. "Investors are selling Asia without discrimination."

Wheat near 2-month top on US crop woes; corn steady
SINGAPORE, Aug 17 (Reuters) - Chicago wheat futures rose around half a percent  to trade near a 2-month top as concerns over U.S. spring wheat yields and expectations of delays in winter crop planting supported the market.
"The market is going up because we have been seeing some good demand coming in at lower prices," said Abah Ofon, commodities analyst at Standard Chartered Bank in Singapore.  

US corn, soy, spring wheat prevented planting 7 mln acres
WASHINGTON, Aug 16 (Reuters) - U.S. farmers reported 7 million acres (2.8 million hectares) of prevented plantings of corn, soy and spring wheat this year, Agriculture Department data showed on Tuesday.
A cold, rainy spring delayed plantings in the Corn Belt and the northern U.S. Plains. USDA requires annual reports of plantings from growers who participate in the farm program.

Brazil cane crop to grow 17 pct in 3-4 yrs-Datagro
SAO PAULO, Aug 16 (Reuters) - Conditions are right for Brazil's cane output to grow 17 percent, or roughly 100 million tonnes, over the next three years to catch up with mills' capacity to crush the crop, analysts Datagro said on Tuesday.
Brazil's current crop is expected to reach 587 tonnes of cane, down from the 620 million harvested in the previous crop, due to bad weather and falling yields from an aging cane crop, Datagro said.

Patchy rains mostly bad for Ivorian cocoa -farmers
ABIDJAN, Aug 16 (Reuters) - Patchy light rains mixed with cooler, cloudy weather last week in Ivory Coast's main cocoa regions were largely bad for the development of the next 2011/12 main cocoa crop, farmers said on Tuesday.
Ivory Coast, the world's top cocoa producer, is in a crucial period when plantations need more sun to strengthen the crop to be harvested from October, at the official start of the season.

Parched U.S. farm fields mean trouble for wheat planting
KANSAS CITY, Mo., Aug 16 (Reuters) - Kansas farmer Larry Kepley is almost out of hope.
After drought left the veteran wheat farmer with what he called the "worst wheat harvest" he's ever known, the odds for next year's crop are looking just as grim.
Sun-baked fields are as hard as rock, and moisture levels deep into the soil are nearly nonexistent as drought persists throughout much of the U.S. southern Plains.

Brent crude rises, above $109 on U.S. gasoline draw
SINGAPORE, Aug 17 (Reuters) - Brent crude rose , staying above $109 a barrel as a larger-than-expected drawdown in U.S gasoline stocks and positive U.S. economic data trumped concerns over the euro zone debt crisis.
"The meeting between Sarkozy and Merkel didn't amount to too much and that will cap gains in oil futures," said Victor Shum, an analyst with energy consultancy Purvin and Gertz.

Iraq oil exports now at 2.2 mln bdp -min
BAGHDAD, Aug 16 (Reuters) - Iraq's oil exports for August currently average 2.2 million barrels per day, Oil Minister Abdul-Karim Luaibi said on Tuesday.
Luaibi said crude exports were expected to be at 2.5 million bpd in 2012, adding that he expected oil revenues to reach over $80 billion by the end of 2011.

LME copper up on steady Chinese demand, Asian equities
SHANGHAI, Aug 17 (Reuters) - LME copper bounced up on Wednesday lifted by arbitrage trading, relative calmness in the Asian equities market and general optimism about China's metals consumption for the rest of the year.
"Asian stocks look quite stable today. Copper and other base metals have come to a point where it's hard to fall or rise too far before we see a technical rebound or correction. With global uncertainties, prospects of tightening in China and no big disruptions in supply, there are limits to price rises," said CIFCO analyst Zhou Jie.

Gold steady, euro zone crisis seen lingering
SINGAPORE, Aug 17 (Reuters) - Gold held steady near a record high  after a Franco-German summit failed to convince investors that the euro zone debt crisis would be solved effectively, supporting safe-haven demand for bullion.
"People are uncomfortable with what's happening in Europe and the United States," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.