PRESS DIGEST- Canada- Feb 22
Feb 22 The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
* U.S. corn exports of 1.8 mln tonnes a marketing year high * Wheat exports most since September, topping expectations * Soybeans bounce after hitting 2-1/2 month low By Michael Hirtzer CHICAGO, Jan 30 U.S. corn futures jumped 1.4 percent for their largest gains in about three weeks on Thursday after government data showed larger-than-expected export sales, analysts said. Soybean and wheat also rose at the Chicago Board of Trade, rebounding from recent lows amid strong weekly export sales results for the crops in a U.S. Agriculture Department report. CBOT March corn settled 6 cents higher at $4.33-1/2 per bushel, touching the highest level in two weeks and closing in on their first two-month streak of gains in 1-1/2 years. "We were the cheapest corn in the world, just below Ukraine, and it certainly showed up in the export sales," said U.S. Commodities analyst Don Roose. "Bull spreads have been working on corn, so the market told you we were fighting for value." U.S. exporters sold 1.8 million tonnes of corn last week, the largest amount in the current 2013/14 marketing season. Top global corn buyer Japan purchased 797,800 tonnes of the grain, USDA data showed. The dip in prices earlier this month to the lowest level in 3-1/2 years has made corn more competitive in global markets even as the strong demand has lifted futures by more than 6 percent since hitting the low watermark on Jan. 10. "We're in a market that's moving to the top of the trading range - there's a little resistance all the way," Roose added. Corn futures hit a session high of $4.34-1/2 before hitting resistance at their 100-day moving average. CBOT March soybeans finished 5-3/4 cents higher at $12.75 per bushel, a gain of 0.5 percent after earlier trading as low as $12.60. Soybeans ran into resistance at their 200-day moving average. U.S. soybean exports of 494,800 tonnes were below analyst expectations in a Reuters poll but some traders were bracing for a net negative result as importers "switch" supplies to Brazil. "I did math on switches versus unknown cancellations, and it came out to minus 56,000 tonnes, which is essentially one cargo. It wasn't a big stampede, like some people were trying to claim last week," said Doane Advisory Services soy analyst Bill Nelson. The surge in corn futures coupled with the positive export results helped lift soy futures from their 2-1/2 month low notched early in the trading session amid harvest in Brazil. "We are going to see increasing availability of South American (soy) supplies in the coming weeks which is going to relieve the near-term supply tightness," said Luke Mathews, commodities strategist at the Commonwealth Bank of Australia. In Brazil, strong yields in the country's top soy-growing state Mato Grosso should guarantee a record harvest for the country in the 2013/14 crop year. The U.S. Department of Agriculture attache in Brazil on Tuesday estimated the 2013/14 soybean crop there at 89.5 million tonnes, above the USDA's official forecast of 89 million tonnes and sharply up from 81.6 million tonnes last year. CBOT March wheat firmed by 2 cents to $5.53-1/2 per bushel, recovering somewhat after hitting the lowest level since July 2010 in the previous session. Dan Cekander, analyst at Newedge USA, said, the strength in wheat was "subdued after yesterday's weak technical action." "It's hard to generate enthusiasm there," he said. U.S. exports of all varieties of wheat totalled 794,900 tonnes, the largest since September and above the high end of analyst estimates that ranged from 300,000 to 500,000 tonnes. Prices at 3:15 p.m. CST (2115 GMT) LAST NET PCT YTD CHG CHG CHG CBOT corn 433.50 6.00 1.4% 2.7% CBOT soy 1275.00 5.75 0.5% -2.9% CBOT meal 425.20 1.90 0.5% -2.9% CBOT soyoil 37.07 -0.03 -0.1% -4.5% CBOT wheat 553.50 2.00 0.4% -8.6% CBOT rice 1542.50 -2.50 -0.2% -0.5% EU wheat 190.50 0.50 0.3% -8.9% US crude 97.91 0.55 0.6% -0.5% Dow Jones 15,849 110 0.7% -4.4% Gold 1242.61 -25.18 -2.0% 3.1% Euro/dollar 1.3548 -0.0113 -0.8% -0.8% Dollar Index 81.0900 0.5850 0.7% 1.3% Baltic Freight 1127 -21 -1.8% -50.5%
ZURICH, Feb 22 Swiss engineering group ABB revealed the discovery of what it called a "sophisticated criminal scheme" in its South Korean subsidiary on Wednesday, which it expects will result in a $100 million pre-tax charge.
LONDON, Feb 22 Wall Street's record run helped emerging stocks sail to new 19-month highs on Wednesday with year-to-date gains of over 10 percent, while the rand firmed ahead of a key budget speech by the finance minister.