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Morning markets: hopes for Greek resolve lift ag market mood

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US markets may be closed on Monday for the Memorial Day holiday.

Which cut the enthusiasm of agricultural commodity investors for large moves in prices, but did not deny markets a direction – upwards.

That was in line with the broader financial market mood after polls showed Greece's conservatives regaining a lead ahead of elections, potentially clearing the way for the formation of a government intent on keeping the country in the eurozone.

Prices rise

Of course, there is still plenty of time to go, with the elections, called after the last vote failed to result in a viable government, not due until June 17.

But the prospect of the eurozone remaining intact was enough to help

copper

higher in London, while Brent

crude

was up 0.8% back above $107 a barrel as of 08:30 UK time (02:30 Chicago time).

The safe haven of the

dollar

sank 0.7% against a basket of currencies, while shares made gains in Asian markets, adding 0.2% in Tokyo, 0.8% in Singapore and 1.1% in Shanghai.

Dalian optimism

Staying in China, many agricultural commodities made gains there too, an important consideration given the country's status as the buyer of many, such as

cotton

,

rubber

and

soybeans

, and a major importer of many others, such as

corn

.

On the Dalian exchange, corn for September added 0.3% to 2,368 yuan a tonne.

Soybeans for January, the best-traded contract, added 0.7% to 4,328 yuan a tonne, while January soyoil soared 1.4% to 9,338 yuan a tonne.

Europe is a major market for Chinese exports, so prospects of a solution to the eurozone crisis tend to be well received on Chinese markets.

Reviving palm

The same goes for

palm oil,

of which Europe is the third of the big-three importers, behind China and India.

Palm oil for August stood 0.5% higher at 3,147 ringgit a tonne in Kuala Lumpur, with the market also still feeling some glow from firm Malaysian export data on Friday.

Palm exports for the first 25 days of May were 7.6% higher than in the same period of April, Societe Generale de Surveillance said, with rival cargo surveyor Intertek Testing Services putting the increase at 10.5%.

Oil price help

In Japan, the November

rubber

contract on its debut stood at 270.1 yen a kilogramme, having opened at 267.80 yen a kilogramme, helped by the firmer oil price.

Oil is the raw material of artificial alternatives to natural rubber.

Also, Toyota unveiled plans to catch up with rivals such as Volkswagen and General Motors in emerging markets, rolling out a series of compact cars.

By Agrimoney.com

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