Stocks firm, euro steady ahead of ECB
TOKYO, Feb 29 (Reuters) - Asian stocks hit a seven-month high while the euro and commodity currencies held their ground on hopes a fresh cash injection by the European Central Bank will help further temper market tension and underpin risk appetite.
"Given the expectation we will see a generally healthy take up in the LTRO, it should keep risk assets well supported," said Mitul Kotecha, head of global foreign exchange strategy for Credit Agricole in Hong Kong.
FOREX-Euro pins hopes on ECB; yen retreats
SINGAPORE, Feb 29 (Reuters) - The euro and commodity currencies edged higher on Wednesday as hopes that European banks will take up a large offer of cheap three-year cash from the European Central Bank bolstered risk appetite.
The euro inched up 0.1 percent to $1.3476 , having climbed 0.5 percent on Tuesday. It held near a 2-1/2 month peak around $1.3486 set on Friday and was on track to end the month up 3 percent, its best performance since October.
First Resources sees CPO output rising 10 pct
SINGAPORE, Feb 29 (Reuters) - Singapore-listed First Resources Ltd , which has oil palm plantations in Indonesia, sees its crude palm oil output rising by 10 percent this year as a larger number of trees become more productive, its chief executive told Reuters on Wednesday.
First Resources, which has market capitalisation of $2.2 billion, produced 452,113 tonnes of crude palm oil (CPO) in 2011, a 20 percent rise from a year earlier.
US soy drops from 5-month high; corn, wheat ease
SINGAPORE, Feb 29 (Reuters) - U.S. soy edged lower as the market took a breather after seven straight sessions of gains as concerns grew about South American output, and wheat eased from its highest in nearly three weeks amid plentiful supplies.
"The markets are positioning at the month-end. Beans are taking a few steps lower, and certainly that comes on the back of the solid run in global soybean prices," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia.
China soy crushing margins improve amid low stocks - CNGOIC
BEIJING, Feb 29 (Reuters) - Soy crushers in China, the world's top buyer of the oilseed, have increased output in recent weeks because of improved crushing margins, which should boost soy imports, an official think-tank said on Wednesday.
Robust demand from China has already driven up Chicago Board of Trade soy prices to a five-month high this week.
Ships wait 15-20 days to load Brazilian grains
SAO PAULO, Feb 28 (Reuters) - Brazil's impaired TGG soy and corn loading terminal at Santos is so far not having an impact on ship waiting times to carry grains from Brazilian ports to international markets, traders and vessel line-up data showed Tuesday.
Brazil's TGG, Santos' main grain terminal, said on Feb. 17 had resumed loading soybeans, meal and corn at half capacity, ending a five-day interruption to exports from the main grain terminal in the country that should lead the world in soybean exports this year.
Soybean output set for record 19 mln T fall-Oil World
AMSTERDAM, Feb 28 (Reuters) - Global soybean output this year is set for a record drop of 7.2 percent, or 19 million tonnes, mainly due to bad weather conditions in key growing areas in South America, Germany-based analyst Oil World forecast on Tuesday.
"World production of soybeans is likely to plunge by (a)staggering 19 million tonnes to only 246.5 million tonnes in 2011/12, according to our current estimates - the biggest year-on-year reduction ever registered," Oil World said in a monthly report.
S.Africa's 2011/12 maize output seen up 13 pct
JOHANNESBURG, Feb 28 (Reuters) - South Africa's maize output is likely to rise by 13 percent this year as higher prices boost plantings of the staple grain, the government said on Tuesday.
Africa's biggest maize producer would harvest 11.7 million tonnes of the maize in the current 2011/12 production season, compared with 10.36 million tonnes in the last season, the Crop Estimates Committee said.
Russia may export up to 28 mln T of grain in 11/12-Ifax
MOSCOW, Feb 28 (Reuters) - - Russian Agriculture Minister Yelena Skrynnik raised the grain export forecast for the 2011/12 crop year by 12 percent to as much as 28 million tonnes, news agency Interfax reported on Tuesday.
"Deliveries of Russian grain to the world market are being set in the amount of 27-28 million tonnes," she was quoted as saying at roundtable talks during the Russian Agrarian Forum in Ufa.
Brent rises above $122 as ECB's cheap loan may spur buying
SINGAPORE, Feb 29 (Reuters) - Brent crude rose above $122, snapping two days of losses, in line with gains across broader financial markets on expectations that cheap loans to be offered by the European Central Bank will spur buying of riskier assets.
"Today, the market is getting ready for the ECB announcement, and is reacting to the dollar," said Ric Spooner, chief market analyst at CMC Markets.
Vietnam Feb crude oil output rises 11 pct y/y-govt
HANOI, Feb 29 (Reuters) - Vietnam produced an estimated 1.28 million tonnes, or 323,500 barrels per day (bpd), of crude oil in February, up 11 percent from the same month in 2011, the government said on Wednesday.
January's actual output was revised down to 1.42 million tonnes from an earlier estimate of 1.45 million tonnes. The actual amount was up 11.8 percent from 1.27 million tonnes pumped in January 2011, the General Statistics Office said in its monthly report.
POLL-US crude stocks seen up for second week
Feb 28 (Reuters) - U.S. crude oil stockpiles likely rose last week for the second straight period on higher imports, an extended Reuters poll showed on Tuesday.
On an average, analysts called for a build of 1.1 million barrels in crude stocks for the week of Feb. 24, with 12 out of 14 analysts polled predicting a build.
Oil drops again amid fears of slowing demand
NEW YORK, Feb 28 (Reuters) - Oil prices fell a second day on Tuesday as worries that recent price increases may hurt demand prompted investors to sell and take profits on recent gains, moves that more than offset support from possible Middle East supply disruptions.
Sell stops were triggered in a late-session swoon as Brent crude tested below its 10-day moving average, as did U.S. gasoline and heating oil futures as front-month March contracts approached Wednesday's expiration.
Rio says world needs 100 mln T/yr new iron ore output
BEIJING, Feb 29 (Reuters) - The world will need 100 million tonnes of new iron ore capacity per year for the next eight years and global miner Rio Tinto sees itself supplying a quarter of that capacity, Sam Walsh, the head of Rio's iron ore unit, said on Tuesday.
Rio, which is ramping up its iron ore production in Western Australia, said other miners would struggle to meet China's vociferous demand as they would likely be hit by project delays.
China steel output growth seen slower, Cliffs says
Feb 28 (Reuters) - Chinese steel production has slowed in recent weeks, but is still expected to grow this year, according to Cliffs Natural Resources which produces iron ore and coking coal for steel-making.
"It is a little softer than we expected after the (Chinese) New Year," Cliffs Chief Financial Officer Laurie Brlas said on Tuesday.
China steel output growth seen slower, Cliffs says
Feb 28 (Reuters) - Chinese steel production has slowed in recent weeks, but is still expected to grow this year, according to Cliffs Natural Resources which produces iron ore and coking coal for steel-making.
"It is a little softer than we expected after the (Chinese) New Year," Cliffs Chief Financial Officer Laurie Brlas said on Tuesday.
Copper retreats from 2-week high, ECB eyed
SINGAPORE, Feb 29 (Reuters) - London copper pulled back from two-week highs touched in the previous session ahead of a fresh injection of cash by the European Central Bank to ease debt strains, with another upbeat piece of U.S. data helping to stem losses.
"We are seeing a consolidation, but the market looks like it can still go higher later in the day with the ECB injection. The upside is likely to be capped at $8,800," he said.
Gold edges up ahead of ECB loan offer
SINGAPORE, Feb 29 (Reuters) - Gold edged higher , after rallying 1 percent in the previous session, supported by expectations for more cheap loans to be offered by the European Central Bank later in the day.
"There is so much cheap money around," said Ronald Leung, a dealer at Lee Cheong Gold Dealers in Hong Kong.
Baltic sea index up, Chinese iron ore demand helps
Feb 28 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, inched higher on Tuesday as Chinese interest in buying iron ore kept rates steady for large capesize vessels.
The overall index that reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels rose 8 points or 1.1 percent to 738 points. The index has however lost 1000 points or 57 percent this year.
METALS-Copper retreats from 2-week high, ECB eyed
SINGAPORE, Feb 29 (Reuters) - London copper pulled back on Wednesday from two-week highs touched in the previous session ahead of a fresh injection of cash by the European Central Bank to ease debt strains, with another upbeat piece of U.S. data helping to stem losses.
The European Central Bank is expected to pump half a trillion euros into the euro zone's troubled financial system for the second time in as many months later in the day in what it hopes will be the last such operation to fight the euro zone crisis.
PRECIOUS-Gold edges up ahead of ECB loan offer By Rujun Shen
SINGAPORE, Feb 29 (Reuters) - Gold edged higher on Wednesday, after rallying 1 percent in the previous session, supported by expectations for more cheap loans to be offered by the European Central Bank later in the day.
Cash gold was on course for a monthly gain of 2.6 percent in February ahead of the expected injection of nearly half a trillion euros by the ECB, seen as designed to buy more time for European politicians to resolve the region's debt woes.
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