AGRICULTURE
Philippine Rice Tender Attracts Two-Thirds of Grain Sought as Prices Soar The Philippines, the world’s biggest rice importer, received offers for just two-thirds of the grain it sought at a government tender today, stoking concern about a food shortage amid record prices.
Egypt Plans to Reduce Rice Plantings to Save Water, Increase Corn Acreage Egypt, Africa’s largest rice exporter last year, will reduce the land allocated for planting the grain to save water and encourage farmers to grow more corn, Agriculture Minister Amin Abaza said.
India Buys 7% More Wheat From Farmers, Boosting Reserves to Curb Inflation India, the world’s second-biggest wheat grower behind China, has bought 7 percent more wheat from farmers this year to bolster state reserves that may be used to curb inflation running near a three-year high.
Chicago Rice Futures Advance to Record, Leading Gains in Wheat, Soybeans Rice futures in Chicago soared for a fourth day, reaching a record as Turkey and the Philippines seek to buy the grain amid dwindling global supplies. Wheat, corn and soybeans gained.
White Sugar Trades at Six-Week High as Record Oil Spurs Demand for Ethanol White, or refined, sugar traded at a six-week high in London as crude oil rose to a record, spurring demand for alternative fuel additives such as ethanol. Cocoa and coffee also gained.
METALS
Platinum Gains to Five-Week High on South Africa Power Shortage; Gold Up Platinum climbed to the highest in almost five weeks and gold rose in London on speculation power shortages in South Africa will curb growth in supply as demand for the precious metals increases.
ENERGY
Crude Oil Rises to Record on Unexpected Decline in Supplies, Weaker Dollar Oil rose to a record after the U.S. Energy Department reported an unexpected decline in the country’s crude and gasoline inventories and the dollar traded at an all-time low against the euro, boosting investment in commodities.
CURRENCIES
China’s Yuan Advances to Post-Peg High as Wen Says Curbing Prices Priority The yuan rose to the strongest since a link to the dollar was scrapped in 2005 after Premier Wen Jiabao reiterated the government’s priorities are to prevent economic overheating and temper inflation.
Dollar Rises Versus Euro as Reuters Reports Juncker Says G-7 Misunderstood The dollar rose from a record low against the euro as Reuters reported Luxembourg Finance Minister Jean-Claude Juncker said financial markets have misunderstood the Group of Seven’s position on currency volatility.
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