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Corn rallies to 2-week top as weather threatens crop
(Reuters) - Chicago corn rose to its highest in nearly two weeks on Wednesday, while wheat hit a one-week top as adverse crop weather in the United States and Europe continued to threaten output.
Wheat and corn have risen more than 6 percent this week -- the biggest 3-day rally since early April -- on renewed concerns over supplies with little relief seen in the weeks ahead from adverse crop weather.
"There are certainly a lot of concerns around the European weather as minimal rains are expected in the next two weeks," said Adam Davis, a senior commodity analyst at Merricks Capital in a Melbourne.
"Most of the anxiety about corn is for the eastern Midwest, also some issues in the northern part, so a lot of worry around the weather."
Chicago Board of Trade July corn rose 0.8 percent to $ ...
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Stocks off on economy woes; euro edges up
(Reuters) - World stocks fell to a one-month low on Tuesday as data spurred a new wave of doubts over the global economic recovery and on worries about debt-laden euro-zone nations, while a late pick-up in the euro brought commodities off earlier lows.
The euro rose against the dollar in choppy trade, but was seen still vulnerable to global risk aversion and the possibility that Greece might restructure its massive debt.
The euro rose 0.4 percent to $1.4221, and oil copper and gold prices came off their lows.
U.S. housing starts and building permits plunged in April and factory output declined for the first time in 10 months as Japan's earthquake interrupted the supply of parts to auto makers.
The weak data drove down U.S. stocks on concerns the recovery is taking longer than expected.
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Analysis: Spain shies away from Irish-style bad bank
(Reuters) - Spain is reluctant to create a state-backed bank to hold toxic real estate assets from a burst housing bubble while it fights to bring down its deficit, preferring individual institutions to shoulder the risk. But the government will come under increasing pressure to underwrite a capital shortfall in its financial system in a country struggling to emerge from recession and with little sign of private investor interest in its sell-off of regional banks.
Spain, the euro zone's fourth biggest economy, is desperate to avoid taking on more debt as it seeks to distance itself from fellow euro zone members like Greece and Ireland who are seeking better terms for their huge international rescue loans. "The bad bank from the government's point of view would mean that they are taking a ...
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Weekly Economic and Financial Commentary : 14/05/2011
U.S. Review
After a Momentous Week Comes a Discerning Week
U.S. inflation reports came mostly above expectations during the week with import prices increasing 2.2 percent, producer prices up 0.8 percent and consumer prices up 0.4 percent month-over-month. Meanwhile, core consumer prices were up 0.2 percent.
The good news for the U.S. economy is that oil and overall commodity prices continued to drop during this week and this will help the U.S. consumer as gasoline and food prices come back down. However, the drop in commodity prices
After a Momentous Week Comes a Discerning Week
In this week's economic releases there was something for everybody to discern so as to make sense of what is happening in the U.S. economy. For those that are concerned with inflation, we got very ...
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The Weekly Bottom Line : 14/05/2011
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
The risk of debt restructuring in Greece is mounting, which in turned spurred Standard & Poor's to downgrade the country's credit rating by two notches.
Meanwhile, the roller coaster ride of crude oil underscored the volatility in oil markets, prompting U.S. stock markets to mirror these movements.
The effects of surging oil prices were evident on March's trade data, and April's retail sales and consumer price data
Going forward, should the recent drops in the price of crude oil be sustained, it could provide some relief to consumer spending and the trade balance.
Canada
Inflation is expected to record another sizeable gain when data are released next Friday. Food and energy have only been mostly ...
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Sterling stronger on BoE inflation outlook
The market remained rattled by the same sentiment today as the European debt crisis is still center stage. Nevertheless, amid the high uncertainty, sterling was the winning bet today as investors saw the BoE more hawkish in the quarterly inflation report which triggered the rally for sterling.
The British pound rallied to the upside where it reached the high of 1.6503 versus greenback, rising from the low of 1.6342 and currently hovering around 1.6498. The gains also extended versus the euro with the EUR/GBP slumping to the low of 0.8698 from the high of 0.8809.
Investors reacted positively on the May Inflation Report from the U.K. as King said inflation will reach 5.0% and assured the MPC will do all that is necessary to keep inflation on target. Despite the downbeat view on growth ...
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Greece's Rumored Exit from the Euro Zone Dragging EUR Lower
The German newspaper der Spiegel noted a rumor that was floating around last Friday which said Greece had considered exiting the 17-nation euro zone during one of its recent policy meetings. Though profusely denied by German and Greek officials, the powerful force of the rumor in speculative circles has drastically pulled down on the strength of the EUR.
Economic News
USD - Traders Bullish on USD as Euro News Hastens Flight to Safety
The US dollar experienced strongly bullish results since last Friday as traders began to shift away from the euro following the European Central Bank's (ECB) announcement to hold rates steady and rumors that Greece may quit the euro zone. The result has been for the value of the euro to drop like a stone versus its currency counterparts, and the US dollar ...
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Analysis: Rout rids commodities of speculative froth
(Reuters) - Commodities prices steadied on Friday after brutal losses caused by worries over slowing global growth, but with very little change in market fundamentals, the rout was caused more by the removal of speculative froth than the end of an 8-year bull run.
Over the past week, some disappointing data and nebulous worries about Chinese growth and monetary policy have prompted some analysts to express concern over a possible decline in demand for commodities, and perhaps even an end to the bull run that started in 2002 and was briefly interrupted by the global financial crisis of 2008, before resuming in 2010.
The Reuters-Jefferies CRB index .CRB, a global benchmark for commodities prices, is on course for its biggest weekly fall since July 2008, after giving up about 8 percent so ...
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US Non-Farm Payrolls Data on Tap Today
With today's Non-Farm Payroll (NFP) figure on the way, traders appear to have lost tremendous optimism about the stability of their portfolios and have temporarily shifted to safety. The US economy has so far benefited from this shift as a stronger dollar should give Americans more buying power in the days ahead.
Economic News
USD - US Dollar Strongly Bullish ahead of NFP Report
The US dollar experienced strongly bullish results yesterday as traders began to shift away from the euro following the European Central Bank's (ECB) announcement to hold rates steady. The release was followed by a statement which befuddled many investors and made determining the next rate hike difficult to predict. The USD gained on this confusion and moved higher against its European counterparts on ...
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