Shares slip as Greek reality bites, oil worries
TOKYO, Feb 22 (Reuters) - Asia markets slipped as relief over Greece's latest bailout turned to doubts that the debt-stricken country can keep to its austerity programme and concern about rising oil prices.
"If you look at how much the equity market had already moved year to date, you'd expect the market to take a bit of a breather," said Markus Rosgen, head of Asia strategy at Citigroup in Hong Kong. "Equity markets had run up quite quickly and strongly. A break is something that wouldn't surprise me."
FOREX-Euro relief proves fleeting; yen hits 6-mth low vs dollar
SINGAPORE, Feb 22 (Reuters) - The euro struggled to make headway on Wednesday, having retreated from near two-week highs as optimism over the long-awaited Greek bailout deal quickly gave way to concerns about economic growth and implementation risks.
The yen dipped against the dollar and touched a fresh six-month low, staying on the defensive after the Bank of Japan's surprise monetary easing last week.
US soybeans down on crop prospects; wheat weak
NEW DELHI, Feb 22 (Reuters) - Chicago soybeans fell on expectations that farmers will boost plantings in America, encouraged by a $6.7 billion deal by China to buy a record amount of U.S. beans.
"Gradually everyone is getting to realise that the deal between the United States and China will encourage farmers to plant more soybean now," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm.
Russian wheat exports seen at 22 mln T despite weather
SINGAPORE, Feb 22 (Reuters) - Russia will maintain its wheat exports at around 22 million tonnes in the year to June 2013 with minimal damage so far to the winter crop from adverse weather, lobby group the Russian Grain Union said on Wednesday.
Russia has exported 18 million tonnes of wheat so far this year and expects to sell another 4 million before the year ends in June.
Conveyor collapse shuts ADM U.S. grain export facility
Feb 21 (Reuters) - A grain conveyor belt collapsed at an Archer Daniels Midland elevator in Ama, Louisiana, late last week, halting loading at the export facility on the Mississippi River west of New Orleans, a company spokeswoman said on Tuesday .
The conveyor, which collapsed on Friday, connected the company's on-site grain storage elevators with the equipment that loads grain into bulk cargo vessels on the river.
Ivorian cocoa exports 640,492 tonnes by Feb 5-BCC
ABIDJAN, Feb 21 (Reuters) - Exports of cocoa beans and cocoa products from Ivory Coast hit 640,492 tonnes by Feb. 5 since the start of the season in October, down about 1 percent from a year earlier, data from industry regulator BCC obtained by Reuters showed on Tuesday.
According to the data, 53,861 tonnes were exported from the country's two ports between Jan. 30 and Feb. 5.
Brazil 2012 maize output seen at record 60 mln T-FAO
MILAN, Feb 21 (Reuters) - Brazil's total maize output, including main and second seasons, is expected to rise 7 percent to a new record of about 60 million tonnes in 2012 due to a surge in winter plantings, the United Nations' Food and Agriculture Organisation said on Tuesday.
The areas planted for the second season are estimated to expand significantly, including a 29 percent surge in plantings in the state of Mato Grosso, to offset an expected fall in the main season output after a long dry spell in major southern growing regions, the FAO said in its country brief.
Oil World says it may cut Brazil soy crop forecast
HAMBURG, Feb 21 (Reuters) - Hamburg-based oilseeds analysts Oil World said on Tuesday it may again cut its forecast of Brazil's 2012 soybean crop because of continued poor weather and warned a global soybean production deficit is looming because of poor South American harvests.
"The total Brazilian soybean crop could turn out below our latest estimate of 69.5 million tonnes," it said.
Brent crude falls toward $121 on euro zone worry, China data
SINGAPORE, Feb 22 (Reuters) - Brent crude fell toward $121, retreating from a nine-month high, as China's manufacturing sector shrank for a fourth straight month and worries about the euro zone debt crisis resurfaced, casting doubt on global economic health and prospects for fuel demand.
"Prices are correcting as we've already got the boost from Greece and Iran's pre-emptive stoppage of oil to Britain and France," said Tony Nunan, a risk manager at Mitsubishi Corp, adding that the slowdown in Chinese manufacturing activity also weighed on prices.
Japan wants to seal U.S. LNG import deal in spring -media
TOKYO, Feb 22 (Reuters) - Japan is hoping to reach an agreement to import liquefied natural gas (LNG) from U.S. projects in Louisiana and Maryland at a bilateral summit meeting slated for this spring, the Yomiuri newspaper said on Wednesday.
Still reeling from the Fukushima nuclear crisis that has idled nearly all of it reactors amid public safety concerns, Japan has rapidly increased its LNG purchases, with imports growing 12 percent last year to a record 78.5 million tonnes.
Copper slips after rally, China data
SINGAPORE, Feb 22 (Reuters) - London copper softened a touch, as investors took a breather after a 2.6 percent rally in the previous session, while lingering concerns about Greece and the contraction in China's manufacturing sector kept the mood cautious.
"Copper prices are likely to remain rangebound in the short term, before we see any improvement in demand," said a Shanghai-based trader.
China Jan copper imports fall, seen low despite rate cut
HONG KONG, Feb 21 (Reuters) - China's refined copper imports fell almost 18 percent in January, official data showed on Tuesday, in line with preliminary figures, and analysts said imports were likely to stay weak to March despite monetary easing.
London copper prices rose on Monday by nearly 1.5 percent on Monday, breaking a six-day losing streak, after China's central bank cut on Saturday the amount of cash banks must hold in reserves, a step that is expected to boost lending capacity by more than $50 billion.
Global steel output falls, China's down 13 pct
LONDON, Feb 21 (Reuters) - Global steel production dropped in January, and output in top producer China fell 13 percent, data from a producers' body showed on Tuesday, as industrial demand remains weak and economic prospects are uncertain.
World crude steel production fell 7.8 percent to 117 million tonnes in January, compared with the same month last year, World Steel Association data showed.
Gold holds near 2-1/2-week high; Greece still a worry
SINGAPORE, Feb 22 (Reuters) - Gold edged down from a 2-1/2-week high as concerns about Greece's ability to implement an unpopular bailout deal balanced out the gains triggered by the actual agreement, and slower factory activity in China contributed to the fall.
"We don't see a substantial amount of enquiries in the physical market, either from the industrial or the jewellery sector," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.
METALS-Copper slips after rally, China data
SINGAPORE, Feb 22 (Reuters) - London copper softened a touch on Wednesday, as investors took a breather after a 2.6 percent rally in the previous session, while lingering concerns about Greece and the contraction in China's manufacturing sector kept the mood cautious.
China's HSBC flash manufacturing survey data released earlier in the day showed the sector contracted in February for the fourth straight month and new export orders dropped sharply. although the purchasing manager index (PMI) also rose to a four-month high of 49.7 in February.
PRECIOUS-Gold holds near 2-1/2-week high; Greece still a worry
SINGAPORE, Feb 22 (Reuters) - Gold edged down on Wednesday from a 2-1/2-week high as concerns about Greece's ability to implement an unpopular bailout deal balanced out the gains triggered by the actual agreement, and slower factory activity in China contributed to the fall.
Spot gold rose to $1,759.84 an ounce in early trade, its highest level since February 3, before reversing course to fall 0.2 percent to $1,755.16 an ounce by 0330 GMT.
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