GLOBAL MARKETS-Asian stocks run out of steam, euro vulnerable
SINGAPORE, Sept 8 (Reuters) - A rebound in Asian stocks ran out of steam as worries over the widening impact of the euro zone crisis and the faltering U.S. economy gnawed at investor confidence.
"Volatility still persists and the market is likely to continue to dance to the tune of policy risks involving the U.S. and European economies," said Kim Hyung-ryol, a market analyst at Kyobo Securities in Seoul.
Ukraine AgMin sees bumper wheat, maize exports 11/12
KIEV, Sept 7 (Reuters) - Ukraine plans to boost its grain harvest to 51 million tonnes in 2011 from 39.2 million a year ago and hopes to double exports to 24 million tonnes in the 2011/12 season, Ukraine's Agriculture Minister Mykola Prysyazhnyuk said on Wednesday.
Prysyazhnyuk told Reuters the former Soviet republic had harvested 22.2 million tonnes of wheat this year and had the capacity to ship abroad 10 million tonnes of the commodity in 2011/12, although current export restrictions were a big obstacle to this ambition.
EU wheat can hold its own against Russian export flood
PARIS, Sept 7 (Reuters) - European farmers will not have to struggle to sell their wheat this season, despite a flood of cheap Russian exports onto world markets as the EU benefits from ample internal demand and from its established African buyers.
Although it is very unlikely to repeat the hefty sales numbers from last season when it benefited from Russia's pullout of the market after a drought slashed crops, the 27-member bloc could sell all of its surplus this season, provided U.S. grains remain supported by weather problems, analysts and traders say.
Malaysia's August palm oil stocks seen down 2.3 pct
KUALA LUMPUR, Sept 7 (Reuters) - Malaysian palm oil stocks likely dropped in August from the previous month as export and domestic demand outstripped production during a key Muslim festival, a Reuters survey of five plantation houses showed on Wednesday.
Stocks in the world's No.2 producer probably fell 2.3 percent to 1.95 million tonnes, extending declines for a second month as demand cut into supply.
GRAINS-U.S. grains futures firm as commods rally, dollar weakens
SYDNEY, Sept 8 (Reuters) - U.S. grains futures firmed in early Asian trade as a wider commodities rally and a weaker U.S. dollar offset concerns over bigger-than-expected wheat stockpiles in Canada.
Wheat for December delivery inched up 2-1/4 cents per bushel to $7.53-3/4 on the Chicago Board of Trade, while the same month's corn contract also firmed about 2 cents to $7.50-1/2 a bushel.
Global sugar meet exhorts India to domestic reform
NEW DELHI, Sept 7 (Reuters) - Traders and industry experts at a global sugar conference here called on India to seize the moment to lift restrictions on its domestic industry and so stabilise output but were sceptical that New Delhi, worried about food inflation, would act.
Many in the industry see tight government control as the main reason behind sharp swings in sugar output from India, a key reason behind global price volatility as the country swings from exports to imports.
Rising Vietnam coffee defaults prompt calls for action
HANOI/SINGAPORE, Sept 7 (Reuters) - Up to 100,000 tonnes of robusta coffee bean shipments from top producer Vietnam have been delayed or defaulted in the season ending September, and traders urged Hanoi to take action to prevent such problems from recurring.
Although supply will pick up in the new season in October, which could help expedite deliveries and meet commitments, trading houses are reluctant to strike up new deals, with many cases still unresolved, dealers said on Wednesday.
Mexico coffee exports jump 20 percent in August
MEXICO CITY, Sept 7 (Reuters) - Coffee exports from Mexico jumped to 215,247 60-kg bags in August, up 20 percent from the same month a year ago as the 2010/11 season draws to a close, the national coffee association Amecafe said on Wednesday.
The coffee harvesting season in the region begins in October and comes to a close in September.
Viterra profit almost doubles; grain shipments boom
TORONTO, Sept 7 (Reuters) - Viterra Inc said on Wednesday its quarterly profit nearly doubled, driven by record grain shipments through ports in Australia, higher grain prices, and strong demand for fertilizers in North America.
Viterra, the biggest grain handler in Canada and South Australia, said strong shipment volumes are expected to lift its grain-handling and marketing operations going into its fiscal 2012, beginning in November.
Cropcast weather sees US soy crop at 2.924 bln bu
CHICAGO, Sept 7 (Reuters) - Cropcast weather group, widely watched by grain traders for its U.S. and global weather forecasts, estimated the 2011 U.S. corn and soybean harvests below USDA's projections as a hot summer was seen stressing the crops.
Cropcast, a division of MDA Information Systems, forecast the U.S. corn crop at 11.913 billion bushels, reflecting an average yield 145.2 bushels per acre. That compares to USDA's August estimate of 12.914 billion bushels and an average yield of 153 bpa.
Brent steady at over $115; German court ruling supports
SINGAPORE, Sept 8 (Reuters) - Brent crude held steady above $115 a barrel, after a $3 surge in the previous session, in line with a rebound in equity markets as a ruling by a top German court helped assuage fears that euro zone bailout efforts might get stalled.
"We saw equities rising and we saw oil put on a 3-4 percent (rise) last night," said Ben Le Brun, a Sydney-based analyst at CMC Markets. "We have Obama speaking about jobs and if the market gets what it wants to hear that would further underpin the positive movements on oil prices."
Shell plans Alberta LNG plant to supply truck fuel
CALGARY, Alberta, Sept 7 (Reuters) - Royal Dutch Shell Plc will build a liquefied natural gas plant in Western Canada as it looks to boost demand for its abundant gas reserves by promoting LNG as a truck fuel.
Shell wants to build a small-scale LNG plant at an existing gas-processing facility in the province of Alberta. The plant would supply the local market with fuel for trucks.
Oil-funded study: drilling could add 1 mln US jobs
WASHINGTON, Sept 7 (Reuters) - The United States could create more than 1 million jobs by 2030 by expanding offshore drilling, limiting federal regulation of shale gas development and quickly approving a Canadian oil sands pipeline, according to a study commissioned by an oil industry group.
The study's bottom line would depend on some major policy shifts by President Barack Obama and Congress, and comes ahead of a key speech by Obama on his plan to boost U.S. employment as the country struggles to regain its economic footing.
Oil producers target Asia as outlook in West bleak
SINGAPORE, Sept 7 (Reuters) - Oil producers from Brazil to Azerbaijan are targeting Asia to expand sales as growth falters in the U.S. and Europe, highlighting confidence that the world's fastest-growing energy market will offset any demand slump in industrialised nations.
At Singapore's annual Asia-Pacific Petroleum Conference (APPEC) this week, company executives are still upbeat about booming energy consumption in the region, despite the uncertainty surrounding the pace of global economic growth.
New IEA head rules out oil reserves use to lower price
PARIS, Sept 8 (Reuters) - The International Energy Agency (IEA) will release emergency oil reserves only in case of a supply disruption and not to help the economy or lower prices, its new executive director said on Thursday.
Maria van der Hoeven, a former Dutch economy minister who started at the IEA on Sept. 1, also said the agency's release of oil from its emergency reserves in June was a success and there was no plan for a further move.
US cuts world oil demand growth on economy
WASHINGTON, Sept 7 (Reuters) - Global oil demand will grow less than previously projected next year as the economy staggers, the U.S. government forecast on Wednesday.
World consumption will rise by 1.39 million barrels per day or around 1.6 percent next year, the Energy Information Administration said, some 250,000 bpd less than it forecast a month ago. This year's growth forecast was unchanged at 1.37 million bpd.
METALS-Copper edges down, tracks fall in equities
SHANGHAI, Sept 8 (Reuters) - Copper prices edged down tracking a downturn in Asian equities and the euro as worries about the euro zone debt crisis and faltering U.S.economy undermine confidence.
"I think there is a cautious optimism that Obama could announce greater plans to boost jobs. If he does, I think that could be positive for risk assets in general," said Phillip Futures analyst Ong Yiling.
Banks still winners in aluminium warehouse play
LONDON, Sept 7 (Reuters) - Low interest rates and a global economy on the edge of another recession mean the bank financing deals that have locked up most aluminium stocks in warehouses will remain intact and inflate premiums for already struggling consumers.
For financers of metal such as banks and trading houses, aluminium has proved to be a relatively risk-free investment and a hedge against another global recession.
China daily crude steel output down 2.2 pct in late Aug -CISA
SHANGHAI, Sept 8 (Reuters) - China's daily crude steel output fell 2.2 percent to 1.905 million tonnes in the last 11 days of August from the preceding 10 days, industry consultancy Custeel.com said on Thursday, citing data from the China Iron & Steel Association (CISA).
Several Chinese steel mills have scheduled maintenance over the summer to take advantage of the seasonal demand weakness during the period. Analysts expect steel output in the world's top steel-producing country to remain resilient over next two months.
China probes some steel imports from Japan, Europe
BEIJING, Sept 8 (Reuters) - China has begun an anti-dumping investigation of some high-grade stainless steel seamless tubes imported from Japan and Europe, the Ministry of Commerce said on Thursday.
In an announcement on its website, the ministry said it would evaluate the impact of such imports on the Chinese stainless steel industry.
Two major Chinese stainless steel mills -- Jiangsu Wujin Stainless Steel Pipe as well as Changshu Walsin Specialty Steel -- represented its domestic peers including Baosteel in filing the complaint.
Mexican steel output growth seen slowing in 2012
MONTERREY, Mexico, Sept 7 (Reuters) - Growth in Mexican steel production will probably ease to 3 percent in 2012 as a U.S. economic slowdown drags down the local economy, the country's iron and steel industry association said on Wednesday.
In 2011, the association, known as Canacero, expects steel output to grow by around 3.6 percent to some 17.3 million tonnes.
PRECIOUS-Gold rebounds more than 1 pct after sell-off
SINGAPORE, Sept 8 (Reuters) - Gold prices rebounded more than 1 percent following a drop of 3 percent in the previous session, as sharply lower prices attracted bargain hunters, but improved risk appetite is likely to cap gains.
"Some investors, speculators and physical buyers have shown a lot of buying interest at current prices, as they are much lower compared to a few days ago," said a dealer at a Tokyo-based bullion house.
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