20110822 1525 Global Market & Commodities Related News.

Asian stocks rise, gold near high
SINGAPORE, Aug 22 (Reuters) - Asian stocks turned positive , recovering a small portion of last week's steep losses, while gold shot to new  highs as investors worried about the sluggish U.S. economic outlook and Europe's debt crisis.  
Spot gold prices  hit a record high of $1,878.39 per ounce as the shaky global outlook prompted investors to move more money into the safe haven, while oil prices tumbled on hopes Libya may resume full output soon as a six-month civil war seemed to be nearing an end.

Wheat at 2-month top on supply worries; corn, soy firm
SINGAPORE, Aug 22 (Reuters) - U.S. wheat rose 1 percent  to its highest in more than 2 months as delays in spring wheat harvest and dry weather ahead of winter crop planting buoyed the market.  
"There are worries over wheat production in the U.S. and talk about lower corn yields which is supporting prices," said Ker Chung Yang, analyst at Phillip Futures in Singapore.

Argentina to approve planting Bayer's modified soy
BUENOS AIRES, Aug 20 (Reuters) - Argentina next week will approve the use of genetically-modified soy seeds made by German company Bayer  as part of its push to increase farm production, a top Argentine official said on Saturday.
Bayer has welcomed the expected approval but the company has not said if or when it plans to commercialize its "Liberty Link" seed and herbicide in Argentina.

Argentina says rains help key 2011/12 wheat area
BUENOS AIRES, Aug 19 (Reuters) - Rains over the last week in the southern part of Argentina's key wheat-growing province, Buenos Aires, alleviated dryness that had threatened to affect the 2011/2012 crop, the government said on Friday.
In its weekly crop report, Argentina's Ministry of Agriculture said most of the country's wheat fields were in good condition. The South American nation is a major world supplier of soy, corn and wheat.

Crop tour to scour US corn, soy for weather damage
CHICAGO, Aug 19 (Reuters) - Nearly 100 crop scouts will trek across thousands of miles of Midwest farmland next week in search of a single truth: has this year's harsh weather done even worse damage to the U.S. corn crop than was evident a month ago?
The annual Pro Farmer Midwest Crop Tour of U.S. corn and soybean fields is most likely to find one of the most varied crops ever, after rain-delayed spring planting and excessive, crop-stressing heat this summer left an uneven mark.

Argentine 2011/12 corn crop could reach record 30 mln T
BUENOS AIRES, Aug 19 (Reuters) - Argentina's 2011/12 corn harvest could hit a record 30 million tonnes if weather conditions improve after harsh dryness hit yields last season, industry analysts say.
Higher global prices and strong demand are expected to motivate farmers to plant more this year after dry conditions linked to the La Nina weather phenomenon hurt yields in the 2010/11 season. If the weather remains normal, the 2011/12 corn harvest could reach record highs.

Crop tour to scour US corn, soy for weather damage
CHICAGO, Aug 19 (Reuters) - Nearly 100 crop scouts will trek across thousands of miles of Midwest farmland next week in search of a single truth: has this year's harsh weather done even worse damage to the U.S. corn crop than was evident a month ago?
The annual Pro Farmer Midwest Crop Tour of U.S. corn and soybean fields is most likely to find one of the most varied crops ever, after rain-delayed spring planting and excessive, crop-stressing heat this summer left an uneven mark.

Japan lifts beef ban for Miyagi but Fukushima on hold
TOKYO, Aug 19 (Reuters) - Japan on Friday partially lifted its ban on cattle shipments from Miyagi prefecture but kept its ban on beef from Fukushima after excessive levels of radioactive caesium were found, underscoring worries about food safety following the world's worst nuclear crisis in 25 years.
Concerns have grown over the safety of food supplies after a March 11 earthquake and tsunami crippled the Fukushima Daiichi nuclear plant, spreading radiation over a large swathe of northern and eastern Japan. Excessive levels of radiation have been found in vegetables, tea, milk, seafood and water.

Romania 2011 wheat crop rises 26 pct y/y to 7.2 mln T
BUCHAREST, Aug 19 (Reuters) - Romania reaped a wheat crop of about 7.2 million tonnes this year, 26 percent higher than in the previous season, the agriculture ministry said on Friday.
The wheat crop in Romania, one of the largest cereal producers in the Black Sea region, was 5.7 million tonnes in 2010.

Brent drops below $107 on firm dollar, Libya
SEOUL, Aug 22 (Reuters) - Brent crude oil futures lost more than $1 in early Asian trade , weighed down by a firmer U.S. dollar, while prices also came under pressure as a six-month conflict in oil-producing Libya appeared to enter the decisive phase.
Rebels in Libya entered the capital Tripoli on Sunday with little sign of resistance from forces loyal to Muammar Gaddafi. Rebels hope to resume oil output to ease fuel shortages and potentially restore some supply to global markets.

Iran says India to settle oil debt in a week-report
TEHRAN, Aug 21 (Reuters) - Indian refiners will settle all oil debts to Iran by the end of this month, a business daily reported on Sunday, quoting a senior oil official as saying the sanctions-related problem that held up billions of dollars of oil income was over.
The head of international affairs at the National Iranian Oil Co.(NIOC), Mohsen Qamsari, was quoted by Donya-ye Eqtesad daily as saying: "Upon an agreement between the NIOC and four Indian refiners, all their debts in arrears will be paid out by the end of August."

China July LNG imports at new high, diesel falls-CCS
SHANGHAI, Aug 22 (Reuters) - China's imports of liquefied natural gas (LNG) struck a new record of 1.18 million tonnes in July, up 13.5 percent from a month ago, data from the China Customs Information Centre (HK) showed.
Imports of the super-cooled gas reached 6.36 million tonnes in the first seven months of 2011, up 32.5 percent from a year earlier, according to the report.

Australia's OneSteel says to expand iron ore sales
SYDNEY, Aug 22 (Reuters) - OneSteel , Australia's  second-largest steelmaker, plans to expand iron ore sales to 9-10 million tonnes a year, the company said in a statement Monday.
The company said it would expand its export port facilities at Whyalla in South Australia and had agreed to buy iron ore assets from WPG Resources  for A$346 million ($361.4 million).

Japan Q4 aluminium premiums seen flat to slightly lower
TOKYO, Aug 19 (Reuters) - October-December aluminium term premiums to Japan will likely stay flat or fall slightly, with buyers seeing no reason for a rise and producers expected to point to high U.S. and European premiums.
The premiums for the current quarter were largely settled at $120 a tonne, marking the first rise in six quarters and putting them at their highest in a year.

Copper up on technicals, Bernanke's speech eyed
SHANGHAI, Aug 22 (Reuters) - Copper inched up but stayed range-bound on Monday as investors focused on potential supply disruptions in Chile and a general positive demand outlook, though worries about a global economic slowdown continued to weigh on sentiment.
"Investors are making safe range-bound plays today with a wait-and-see attitude ahead of Bernanke's speech on Friday," CIFCO Futures analyst Zhou Jie said.

Indonesia Inco sees lower nickel output in 2011
JAKARTA, Aug 20 (Reuters) - International Nickel Indonesia (Inco)  sees this year's output at 71,000 tonnes, lower than its average annual output at 73,000 tonnes, an official of the firm said late on Friday.
The fall is within expectations as the company will rebuild its facility in October to increase capacity and fix production disturbance after a February earth quake in Sorowako on Sulawesi province and lighting storms, Bernadus Irmanto, Inco corporate secretary, told reporters.

Standard Chartered ramps up iron ore swaps trading
LONDON, Aug 19 (Reuters) - Standard Chartered  is boosting its iron ore derivatives trading volumes as it tries to increase its stake in a market that is attracting growing interest from industrial and financial players.  
Starting from next year, the bank may also get involved in the physical side of the iron ore business through financing, said its global head of metals trading, Jeremy East.

Australia's OneSteel says to expand iron ore sales
SYDNEY, Aug 22 (Reuters) - OneSteel , Australia's  second-largest steelmaker, plans to expand iron ore sales to 9-10 million tonnes a year, the company said in a statement Monday.
The company said it would expand its export port facilities at Whyalla in South Australia and had agreed to buy iron ore assets from WPG Resources  for A$346 million ($361.4 million).

India gold imports likely to fall on limited spends-Scotia
KOVALAM, India Aug 20 (Reuters) - Gold buyers in India, the world's largest consumer of the yellow metal, are investing in it on expectations prices may rise, but imports are likely to fall as limited budgets buy less gold, the head of India's biggest importing bank told Reuters on Saturday.
"They are buying, we talk to jewellers, and they are saying demand is very high. People are planning their wedding purchases in advance because they feel that prices may go to 30,000 (rupees)they are using that to buy," said Sunil Kashyap, head of Asia, Scotia Mocatta.