TOKYO, Jan 30 (Reuters) - Asian shares inched down and the euro fell from its highest in more than six weeks, as markets cautiously tuned in to a likely debt swap deal for Greece that is crucial to avoiding a messy default and eyed yet another European summit meeting.
"As focus shifts to the second Greek bailout fund from the debt swap deal, it's likely that sentiment will revert to risk aversion, given that talks are expected to face hurdles before reaching an agreement," said Masafumi Yamamoto, chief currency strategist at Barclays Bank in Tokyo.
FOREX-Euro off recent peaks on profit-taking; Greece talks eyed
TOKYO, Jan 30 (Reuters) - The euro came off six-week highs against the dollar on Monday, as investors took profits made on its strongest weekly rally in more than a quarter and awaited a debt deal between Greece and its private creditors.
Further tension concerning Greece after suggestions that the country should give up control of its budget policy to European institutions sparked an angry reaction from Greece's Finance Minister Evangelos Venizelos, also weighed on the sentiment, traders said.
U.S. wheat firm on output concerns; corn, soy dip
NEW DELHI, Jan 30 (Reuters) - Chicago wheat futures were a touch higher, driven by concerns over output in the Black Sea region and talk that Russia, which has emerged as a major global supplier of the grain, may curb exports to bolster domestic supplies.
"Yes, there has been some speculation about Russia applying brakes on wheat exports, but the market will have to wait for some clear signal," said Lynette Tan, analyst with Phillip Futures in Singapore.
Vietnam Q1 rice exports seen down 39 pct y/y -newspaper
HANOI, Jan 30 (Reuters) - Vietnam's rice exports in the first quarter of 2012 are expected to fall 39 percent from a year ago to around 1.1 million tonnes due to fierce competition from Indian and other Asian grains in its major markets, a state-run newspaper said on Monday.
Exporters of 25 percent broken grain have been losing market share in Africa to India, Myanmar and Pakistan, the Vietnam Economic Times quoted Truong Thanh Phong, chairman of the Vietnam Food Association (VFA), as saying.
Extreme heat hurts wheat yields as world warms-study
SINGAPORE, Jan 30 (Reuters) - Extreme heat can cause wheat crops to age faster and reduce yields, a U.S.-led study shows, underscoring the challenge of feeding a rapidly growing population as the world warms.
Scientists and farmers have long known that high heat can hurt some crops and the Stanford University-led study, released on Monday, revealed how the damage is done by tracking rates of wheat ageing, or senescence.
Argentina says rain came too late for some corn
BUENOS AIRES, Jan 27 (Reuters) - The dryness that blighted Argentine farm areas in December and early January will cut yields of early-planted corn while later-seeded fields have been revived by recent rains, the government said on Friday.
A scorching Southern Hemisphere summer sun has dried up hope that Argentina might replenish global corn supplies after a lacklustre U.S. harvest. The South American country is the No. 2 exporter of corn and the No. 3 supplier of soybeans, which serve as a major source of protein for the world.
Rains lift Brazil's cane crop, sunny days ahead
SAO PAULO, Jan 27 (Reuters) - Rains in Brazil's main center-south cane region are helping the development of plants; sunny and dry weather was forecast for the next 10 days, meteorologists Somar said Friday.
Brazil is the world's largest sugar exporter, and the center-south accounts for around 90 percent of the national cane crop.
ICE extends raw sugar trading hours, eyes Asia
SINGAPORE/NEW YORK, Jan 26 (Reuters) - Extended trading hours for New York sugar futures will offer Asian consumers a chance to hedge on the exchange which sets the tone for global prices, but liquidity may take some time to pick up.
China's interest also remains to be seen, with the expansion of the trading hours at the ICE FUTURES U.S. from next week designed to overlap with the end of trading in the Zhengzhou Commodity Exchange by 30 minutes.
Brazil to sell 2009 arabica coffee stocks
BRASILIA, Jan 27 (Reuters) - Brazil will start selling arabica coffee stocks it bought to bolster prices in 2009, the agriculture ministry's coffee director told Reuters on Friday, with coffee prices now roughly $1 higher than when the stocks were first acquired.
The 1.4 million 60-kg bags of arabica (84,000 tonnes) should begin to be sold from February now that almost all the older public coffee stocks, some more than 30 years old, have been almost completely sold off, Edilson Alcantara said.
Bad weather shuts one oil port in Mexico's Gulf
MEXICO CITY, Jan 29 (Reuters) - Cayo Arcas, one of Mexico's three biggest oil exporting ports in the Gulf, was closed on Sunday due to bad weather, the transport ministry said.
Almost all of Mexico's crude oil exports are shipped to refineries on the Gulf Coast of the United States from the Cayo Arcas, Dos Bocas and Coatzacoalcos facilities.
India won't cut Iranian oil imports-finance minister
CHICAGO, Jan 29 (Reuters) - India, the world's fourth-largest oil consumer, will not take steps to cut petroleum imports from Iran despite U.S. and European sanctions against Tehran, its finance minister said on Sunday during a visit to Chicago.
The United States wants buyers in Asia, Iran's biggest oil market, to cut imports to put further pressure on Tehran to rein in its nuclear ambitions. Washington suspects Iran of trying to make nuclear weapons, but Tehran says its nuclear program is for peaceful means.
China's steel output up 3.9 pct in early Jan-CISA
BEIJING, Jan 29 (Reuters) - China's daily crude steel output rose 3.94 percent in the first 10 days of January to 1.691 million tonnes, according to data issued by the China Iron and Steel Association (CISA) on Sunday.
Daily runs over the period were at their highest level since late October, with mills boosting production ahead of the week-long Chinese new year holiday beginning on Jan. 22.
Swedish iron ore can give Europe's importers choice
LONDON, Jan 27 (Reuters) - Additional Swedish iron ore supply may replace a small part of Europe's imports from Brazil and Canada, as steelmakers try to diversify their supply base and rely more on local material, executives at Swedish mine developer Nordic Iron Ore said.
Nordic Iron Ore, a junior iron ore miner developing projects in Sweden, will not necessarily compete with other Swedish miners such as Northland, Christer Lindqvist, the company CEO, and Paul Marsden, the technical sales and marketing director, told Reuters in an interview.
Copper edges down ahead of expected Greek debt agreement
KUALA LUMPUR, Jan 30 (Reuters) - Copper recoiled
from a four-month high on investor caution ahead of expected details on a debt swap agreement for Greece that's seen as key to avoiding a disorderly default. Three-month copper on the London Metal Exchange inched down to $8,508.50 a tonne by 0112 GMT, after reaching $8,679.50 on Friday, the highest since Sept. 16. Prices are headed for the biggest monthly gain since October, with an increase of 12 percent.
Wet weather hampers Indonesia tin output
PANGKAL PINANG, Indonesia, Jan 27 (Reuters) - Wet weather is seriously hampering tin output in top refined exporter Indonesia, a smelter official based in the main producing region of Bangka Belitung said on Friday.
The rainy season in Southeast Asia's largest economy began around November last year and is expected to peak in January or February.
Gold off 7-week high; Greek debt talks eyed
SINGAPORE, Jan 30 (Reuters) - Gold ticked lower after earlier rising to its highest in more than seven weeks as investors awaited the outcome of Greece's debt deal talks, but a slower-than-expected growth in the United States underpinned sentiment.
"If the retreat-rally pattern seen in the past two quarters continues, gold could well rise to $1,780 an ounce by early March," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
METALS-Copper falls ahead of EU summit, Greek debt agreement
KUALA LUMPUR, Jan 30 (Reuters) - Copper pulled back on Monday from a four-month high on investor caution ahead of expected details on a debt swap agreement for Greece that's seen as key to avoiding a disorderly default.
Three-month copper on the London Metal Exchange fell 0.9 percent to $8,455 a tonne by 0436 GMT, after reaching $8,679.50 on Friday, the highest since Sept. 16.
RECIOUS-Gold off 7-week high; Greek debt talks eyed
SINGAPORE, Jan 30 (Reuters) - Gold ticked lower on Monday after earlier rising to its highest in more than seven weeks as investors awaited the outcome of Greece's debt deal talks, but a slower-than-expected growth in the United States underpinned sentiment.
EU leaders, which will sign off on a permanent rescue fund for the euro zone on Monday, are expected to agree on a balanced budget rule in national legislation, but unresolved problems in Greece cast a shadow on the discussions.
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