Markets dip as Moody's takes shine off Greek relief
TOKYO, Feb 14 (Reuters) - Shares and the euro fell after Moody's warned it could downgrade top-rated sovereigns including Britain, reminding investors that Europe is still deeply mired in a debt crisis despite Athens' steps to avoid a disorderly default.
"Asian markets actually followed the news about downgrades in those European countries, as markets realised there is no resolution yet and revived worries over the European problem," said Frances Cheung, senior strategist for Asia ex-Japan at Credit Agricole CIB in Hong Kong.
FOREX-Yen falls as BOJ expands asset buying scheme
SINGAPORE, Feb 14 (Reuters) - The yen fell broadly on Tuesday as the Bank of Japan eased monetary policy by expanding its asset buying scheme and defined 1 percent consumer inflation as a near-term goal.
The BOJ boosted its asset buying and lending scheme by 10 trillion yen ($130 billion), to 65 trillion yen, with the entire increase to be used for purchases of long-term Japanese government bonds (JGBs).
Wheat dips on Australia's output forecast, soy steady
SINGAPORE, Feb 14 (Reuters) - U.S. wheat slid around half a percent falling for a fifth time in six sessions, as forecasts of crop-friendly weather in the U.S. Plains and Australia's estimate of a record large harvest weighed on the market.
"It is a massive output. Australia will be competing in the world market through the end of the year even when the other origins come in," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne, referring to Australia's wheat production forecast.
Australia lifts winter wheat crop f'cst to record 29.5 mln T
SYDNEY, Feb 14 (Reuters) - Australia on Tuesday lifted its forecast for wheat production this year by 4.2 percent to a record 29.5 million tonnes from 28.3 million previously, saying key growing regions completed harvesting before the onset of heavy rains.
Wheat exports were also revised up 3.2 percent to 22.3 million tonnes from 21.6 million previously, the Australian Bureau of Agricultural and Resource Economics and Sciences said in its latest crop report.
Canada crop belt bracing for drought
WINNIPEG, Manitoba, Feb 13 (Reuters) - Of Glen Franklin's 640 acres, only the hilltops were sown with crops last year as melting snow created an inland sea across southwestern Manitoba and southeastern Saskatchewan.
But this year, the fertile Canadian Prairies are parched, promising an easier planting season this spring, but raising doubts about the eventual size of the region's prized grain and oilseed harvest.
USDA sees US corn stocks double next year
Feb 13 (Reuters) - A U.S. government report on Monday showed farmers in the United States will plant the largest area with corn this spring since World War Two, which could double the razer-thin stocks of this year and help defray costs to consumers and food companies.
The U.S. Department of Agriculture's baseline projections -- the first of a series of estimates that will help shape prices across the globe -- pegged corn acres at 94 million, the most since 1944 and near trade expectations for 94.2 million.
Patchy downpour keeps mix outlook for Ivorian cocoa
ABIDJAN, Feb 13 (Reuters) - Irregular rainfall punctuated by hot weather last week in most of Ivory Coast's principal cocoa-growing regions left farmers uncertain over the development of their crops ahead of the April-September mid-crop harvest, farmers said on Monday.
Except for the coastal regions where some downpours were reported, farmers in other cocoa-growing regions said they were worried by the lack of regular rains needed in this crucial period to strengthen trees to produce new foliage for flowering.
Early rains brings relief to Cameroon cocoa farmers
YAOUNDE, Feb 13 (Reuters) - Farmers in Cameroon's main cocoa growing regions said on Monday that abundant rains in the past week have raised hopes of a better mid-crop harvest after a long dry spell coupled with pests attacks that threatened crop output.
Farmers in the Centre and South West regions of the world's fifth largest producer said the rains have enabled flowers to grow on trees and blossom, signalling a potential bumper crop.
Ukraine grain exports at 335,000 T Feb 1-9
KIEV, Feb 13 (Reuters) - Ukraine exported about 335,000 tonnes of grain, mostly maize, in the first nine days of February, Kiev-based ProAgro consultancy said on Monday, citing data from Ukrainian sea ports.
ProAgro said Ukraine had exported about 287,000 tonnes of maize and 40,500 tonnes of wheat. No figures for the same period of 2011 were immediately available.
Brent slips towards $116 on euro zone concern, Iran supports
SINGAPORE, Feb 14 (Reuters) - Brent crude futures slipped towards $116, pushed by demand growth concerns in Europe after ratings agency Moody's downgraded six countries in the region, but fears of supply disruption helped stem the slide.
"Worries remain on the supply of crude in the Middle East, which should be built into Brent," said Tony Nunan, a risk manager with Mitsubishi Corp in Tokyo. "The worsening of the situation in Iran or Syria could cause a shift in Brent prices."
Iran iron ore, bulk trade slides as sanctions bite
LONDON, Feb 13 (Reuters) - Iron ore traders and dry bulk ship owners in Europe are pulling back from deals with Iran, worried they could miss out on vital future U.S. business as Western sanctions heap pressure on the Islamic Republic, trade sources say.
U.S. financial sanctions imposed since the beginning of this year to punish Tehran over its nuclear programme are playing havoc with its ability to buy imports and receive payment for its exports.
Brazil steel mills seen posting mixed earnings
SAO PAULO, Feb 13 (Reuters) - High inventory and weak demand that pushed domestic prices lower likely hampered fourth-quarter earnings for the largest listed Brazilian steelmakers, a Reuters poll of analysts showed on Monday.
Brazil's steel industry is suffering through its worst crisis in years, hurt by rising costs of raw materials and soft demand in Latin America's largest economy.
Copper firm on Greece deal; China buyers still out
SHANGHAI, Feb 14 (Reuters) - London copper steadied after a two-session losing streak, as investors cautiously welcomed Greece's approval of harsh austerity measures, but traders noted scant buying from top consumer China.
"You've seen a decent fall in prices in the last few days," he said. "It's getting a little more attractive for Chinese purchases, although it's still bit high for them to leap in with both feet."
European copper premiums up, demand worry remains
LONDON, Feb 13 (Reuters) - Premiums for physical copper in Europe have firmed in recent weeks, but traders say demand for the metal used in power and construction remains weak due to the region's economic downturn.
Premiums - the amount paid over and above the London Metal Exchange cash price to secure physical delivery of a metal - for Grade A copper on the spot market in Rotterdam are currently at around $50-75 a tonne from $40-60 at the end of January.
Zambia 2011 copper output eclipses 2010
LUSAKA, Feb 13 (Reuters) - Copper production in Zambia, Africa's top producer of the metal, rose to 869,058 tonnes in 2011 from 852,566 tonnes the previous year, the central bank said on Monday.
Exports between January and December also rose to 876,555 tonnes from 829,726 tonnes the previous year, the central bank said in a fortnightly statistics report.
Gold dips with euro on Greece jitters
SINGAPORE, Feb 14 (Reuters) - Gold edged lower , tracking a weaker euro, as wary investors focused on whether Greece will be able to convince Europe to grant a much-needed bailout and implement unpopular reforms.
Gold greeted the passage of tough reform and austerity "There is a big question mark on implemention of all the measures, because the track record of Greece is so bad," said Dominic Schnider, head of commodity research at UBS Wealth Management.
Shanghai Gold Exchange eyes OTC trading
SHANGHAI, Feb 13 (Reuters) - The Shanghai Gold Exchange (SGE) plans to launch over-the-counter gold trading and is in talks with the China Foreign Exchange Trade System to conduct these trades via the interbank market, an official from the exchange said on Monday.
The exchange also has plans to start exchange-traded-funds (ETFs) for gold to tap rising demand in China. It was also considering rolling out palladium contracts, although preparatory work for both products was still in the early stage.
METALS-Copper steady; caution reigns over Greece deal
SHANGHAI, Feb 14 (Reuters) - London copper was almost unchanged on Tuesday after a two-session losing streak, as investors took a cautious stance over Greece's approval of harsh austerity measures and traders noted scant buying from top consumer China.
Three-month copper on the London Metal Exchange traded at $8,414 a tonne by 0444 GMT, down 0.1 percent from Monday's close, and retreating from modest gains early in the session. Prices have slipped by nearly 4 percent from 5-month peaks of $8,765 a tonne reached last week.
PRECIOUS-Gold dips with euro on Greece jitters
SINGAPORE, Feb 14 (Reuters) - Gold edged lower on Tuesday, tracking a weaker euro, as wary investors focused on whether Greece will be able to convince Europe to grant a much-needed bailout and implement unpopular reforms.
Gold greeted the passage of tough reform and austerity measures by the Greek parliament on Monday with a minor rise in prices, but the sentiment quickly soured as doubts on the bailout deal arose.
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