Shares, growth assets hit by economy worries
TOKYO, March 6 (Reuters) - Asian shares and other growth-linked assets fell as slowing economies in China and Europe and tension over Iran dampened sentiment, prompting investors to take profits from recent rallies that had been driven by ample liquidity.
"I'm seeing this as a significant correction after a strong rally at the beginning of the year," said Greg Gibbs, strategist at RBS in Sydney.
U.S. grains slip, profit-taking after rally
SYDNEY, March 6 (Reuters) - U.S. grains were lower in early trade as traders took profits on soy's recent rally and as markets await a U.S. government crop report on Friday.
Australia says on track for bumper sugar and cotton output
CANBERRA, MARCH 6 - Australia is on track for bumper production of sugar, cotton and livestock this summer despite heavy rains causing flooding in some key producing areas of Queensland and New South Wales.
"The effect (from floods) on total cotton production is not expected to be substantial," the latest Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) report said.
Brazil corn to hit record despite drought -Celeres
SAO PAULO, March 5 (Reuters) - Brazil's 2011/12 corn harvest should turn out 60.4 million tonnes, local analyst Celeres said on Monday, trimming its view slightly from the 60.58 million tonnes it forecast in February.
Analyst estimates for corn had been slashed recently after a harsh dry spell destroyed some of the corn in top producer Parana state. Many forecasts then swung higher on expectations the winter crop, one of two annual harvests, would be bigger than previously thought.
Brazil's soy crop slashed as drought weighs on data
SAO PAULO, March 5 (Reuters) - Drought over Brazil's main southern grain states this season pushed down harvest and export
estimates on Monday for the world's second biggest soybean crop.
The fresh downgrades in the leading South American soy crop may give further support to Chicago soybean futures which have been on a three-month tear, rising 21 percent since hitting a 14-month low mid-December.
Record US corn crop to cool red-hot prices-FAPRI
WASHINGTON, March 5 (Reuters) - U.S. farmers will harvest a record corn crop this year, which will rebuild stockpiles and bring down prices, a University of Missouri think tank projected in a report on Monday that came in 2.5 percent lower than the most recent U.S. government projection.
The Food and Agricultural Policy Research Center, or FAPRI, projected a corn crop of 13.916 billion bushels, 6 percent larger than the record set in 2009, based on the second-largest plantings since World War Two.
Singapore's Olam sees crude support for palm
KUALA LUMPUR, March 6 (Reuters) - Firm crude oil may support benchmark palm oil prices this year, Singapore commodities firm
Olam International Ltd said on Tuesday, while the demand outlook in top buyers China and India is uncertain.
Prices of the edible oil, used in products such as food, cosmetics and biofuels, will trade in a range of 3,000 to 3,300 ringgit ($990-$1,100) a tonne in 2012, Vasanth Subramanian, senior vice president and head of the company's palm division, told Reuters.
Thai rubber intervention stretches populism thin
SINGAPORE/BANGKOK, March 5 (Reuters) - A populist gesture by Thailand's government to prop up rubber prices could backfire by scaring off buyers and causing a buildup of stocks as rubber output rises this year.
Not content with a multi-billion dollar rice intervention scheme, the government of the world's largest rubber producer told farmers it would also buy nearly 7 percent of the country's annual output this quarter.
Rains seen helping Ivorian mid-crop cocoa-farmers
ABIDJAN, March 5 (Reuters) - A spell of good rainfall mixed with sunshine last week in most of Ivory Coast's cocoa regions may provide adequate growing conditions for its April-September mid-crop harvest, farmers and analysts said on Monday.
The development of the mid-crop in Ivory Coast, the world's top cocoa producer, is closely watched by markets after a long drought, which weakened cocoa trees and lowered expectations in December and January.
Brent rises near $124 on Iran supply worries
SINGAPORE, March 6 (Reuters) - Brent crude climbed to nearly $124 as fears of supply disruptions from Iran and unresolved tensions over its nuclear program outweighed concerns about demand and slowing global economic growth.
"The supply risk premium to Iran is supporting prices, but the main volatility is from the demand side," said Jeremy Friesen, a commodity strategist at Societe Generale.
Iraq oil output over 3 mln bpd; first time in decades
BAGHDAD, March 5 (Reuters) - Iraq's oil production has risen above 3 million barrels per day for the first time in more than three decades, it announced on Monday, and said it will sharply increase exports with a major new floating oil terminal beginning operations in three days.
"While I am talking to you today, the Iraqi oil production has exceeded 3 million barrels per day," Deputy Prime Minister Hussein al-Shahristani told a conference in Baghdad.
Iron Ore-China steel snaps 5-day rise after growth goal cut
SINGAPORE, March 5 (Reuters) - Benchmark China steel futures fell on Monday, snapping a five-day climb as investors worried about the demand outlook after Beijing cut its 2012 growth target to 7.5 percent to give the economy more room to slow if needed.
Chinese Premier Wen Jiabao dropped the annual growth target from the 8 percent set in the previous eight years, citing the need to take a cautious and flexible approach and to keep prices stable.
Jiangxi Copper sees China demand up 7 pct in 2012
BEIJING, March 5 (Reuters) - Jiangxi Copper , China's top copper producer, expects market fundamentals for the red metal to remain good this year, its chairman said on Monday.
"China's copper market fundamentals will remain healthy, which will support copper prices," Chairman Li Yihuang told reporters on the sidelines of the National People's Congress, China's parliament, adding that he expects copper demand in China to rise about 7 percent during 2012.
China steel output growth seen at 4 pct in 2012 -Shougang chairman
BEIJING, March 6 (Reuters) - China is likely to see 4 percent growth in crude steel output in 2012, Zhu Jimin, chairman of Shougang Group, one of China's leading steel mills, said on the sidelines of the National People's Congress on Tuesday.
China produced 683 million tonnes of crude steel in 2011, up 8.9 percent from the previous year, but the sector has been concerned about dwindling demand growth from key steel-using sectors such as construction and automobiles.
LME copper clings to gains on China hopes
SINGAPORE, MarchLME copper drops for 3rd day on China demand view
SINGAPORE, March 6 (Reuters) - London copper futures fell for a third straight day underlining caution among investors worried a slower growth forecast in China may curb demand from the world's biggest consumer of the industrial metal.
If you're bullish, a similar volume can come from the restocking side. But I'm cautious in the short run because the government really doesn't want the economy to accelerate."
Gold steadies, China growth worry weighs
SINGAPORE, March 6 (Reuters) - Gold steadied after falling 1 percent in the previous session as China, viewed by many as the engine of the global economy, cut its economic growth targets, but cheaper prices were expected to attract more buying from jewellers in Asia.
Spot gold hardly moved at $1,705.85 an ounce by 0008 GMT -- off a 1-month low at $1,687.99 struck in end-February. Bullion hit a record around $1,920 last September. U.S. gold for April delivery added 0.18 percent at $1,707.00 an ounce.
Gold holds around $1,700; China growth worry weighs
SINGAPORE, March 6 (Reuters) - Gold held around $1,700 an ounce, after falling in the previous session as China, widely seen as the engine of the global economy, cut its economic growth targets, but cheaper prices could attract more buying from jewellers in Asia.
"A lot of gold investors are still affected by the large sell-off last week. Many are looking at the technical charts, where gold may come down further before it goes up," said Lynette Tan, an analyst with Phillip Futures in Singapore.
LME copper drops for 3rd day on China demand view
SINGAPORE, March 6 (Reuters) - London copper futures fell for a third straight day, underlining caution among investors worried a slower growth forecast in China may curb demand from the world's biggest consumer of the industrial metal.
"If you're bullish, a similar volume can come from the restocking side. But I'm cautious in the short run because the government really doesn't want the economy to accelerate."
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