Corn rallies on export optimism

GRAINS-Corn rallies on firm cash markets, export optimism | Reuters

CHICAGO, March 12 (Reuters) 

- U.S. corn futures
climbed for a second 

straight session on Monday as 

tight supplies of grain harvested last autumn and strong cash markets 

rallied the benchmark May contract more than 2 percent, the strongest 

gain in nearly three months. 

Bond Trading Revives Banks

Bond Trading Revives Banks - WSJ.com

One of Wall Street's most important profit engines is revving back up.  Rising appetites for borrowing and investing are fueling a bond market revival, lifting revenue at Wall Street firms that took a beating last year.  For the first time in a year, traders and bankers are optimistic about the future following a dark second half of 2011. Layoffs, pay cuts and public outrage against the financial industry undermined morale at banks and securities firms, while economic malaise throttled banking and trading businesses.

But with investors and companies putting more money to work, the mood is brightening.

Gains in the financial firms' fixed-income businesses, which can account for as much as half of revenue, are putting companies including Goldman Sachs Group Inc., Morgan Stanley and the J.P. Morgan unit of J.P. Morgan Chase & Co. on track to report their strongest numbers since the first quarter of 2011, said bankers and analysts.

New Greek Bonds, Same Old Doubts Prices of New Debt Keep the Country Deep in the Realm of Highly Speculative Investments; an 18.6% Yield

New Greek Bond Prices Heavily Discounted - WSJ.com

LONDON—Greece's new government bonds, issued as part of the country's huge debt restructuring, hit the market Monday—and confirmed that few investors think Greek prospects are bright.  Even though the exchange, when fully completed, will cut €100 billion, or about $130 billion, off of Greece's debt stock and lower its interest payments on much of the rest, there is still broad pessimism that Greece will ever pay it all back.  Yields on the new Greek bonds are the highest in the euro zone; the shortest-dated Greek bond, which matures in 11 years, was yielding 18.6% on Monday, according to Tradeweb.

Beware the ides of March

Commodities, financials turn on jobs data, Greek bailout

"Beware the Ides of March." In the William Shakespeare play, a soothsayer warns Julius Caesar, but Caesar pays no heed and is ceremoniously killed. I will play the role of the soothsayer here, warning the investing public to beware the Ides of March. The markets are susceptible to changes in the global financial environment as evidenced by the reports of a resolution of the Greek debt crisis and an improved labor situation.

EBC's bond-buying program is currently on life support

ECB just barely dips toe into bond markets

(Reuters) - The European Central Bank showed that its bond-buying program is on life-support rather than dead as it spent a meager 27 million euros on government bonds after a three-week pause, ECB data showed on Monday. Traders have said the ECB had stepped in to buy small amounts of Portuguese government bonds in secondary debt markets, halting a steep rise in the country's debt yields.

Copper falls for the first time in four days

Copper falls after 3-day rally, hurt by dollar, growth

(Reuters) - Copper fell for the first time in four days on Monday, pressured by an early rally in the dollar versus the euro and by worries global growth may be slowing, which could hurt demand for industrial metals. China, which accounts for 40 percent of the world's copper demand, posted its largest trade deficit in at least a decade. That spurred worries of slower growth in the world's second largest economy. 

Greece pushes through the biggest sovereign restructuring in history,

Portugal yield at 13% says Greek deal not unique

March 12 (Bloomberg) -- The good news is Greece won’t default on March 20, and 10-year borrowing costs for Spain and Italy dropped below 5%. The bad news is similar-maturity Portuguese bonds still yield more than 13%. Last week, Greece pushed through the biggest sovereign restructuring in history, with private holders forgiving more than 100 billion euros ($131 billion) of debt, a condition for the nation to win the bailout it needs to repay 14.5 billion euros of debt coming due next week. 

When will high gas prices impact stocks?

Stocks Ignore Surging Gas Prices. Will it Last? 

Crude-oil prices remain well above $100 a barrel, gas prices are on the rise and economists worry surging energy costs could undermine the economic recovery. That said, the stock market has shown relatively few signs of giving up this year’s sharp gains.

It's the end of the road for smaller hedge funds

Smaller hedge funds reach the end of the road

The hedge fund industry faces a wave of consolidation this year, with some management firms seeking a buyer and many more shutting down, after failing to recover losses incurred during the financial crisis.  Peter Clarke, chief executive of listed hedge fund manager Man Group, said: “A lot of people are looking for the shelter of a bigger firm, the level of activity is very, very high. A large proportion [of the hedge fund industry] is sub-scale, and institutional investors want scale. 

China's trade deficit dropped to a 22-year low on factory output

Oil hit by falling China trade deficit

China's trade deficit dropped to a 22-year low on lower factory output and weaker retail sales rating concerns that China may be heading for a hard landing. According to Bloomberg News, Eeports from China rose 18.4% last month from a year earlier, while imports gained 39.6%. Analysts forecast a 31.1% increase in overseas sales and that inbound shipments would rise 31.8%, based on estimates from Bloomberg News surveys.  Oil prices fell hard after the number but it is really unclear that this is actually bullish or bearish for prices.

Vietnam set to unload more coffee

Asia Softs-Vietnam set to unload more coffee, sugar premiums steady | Agricultural Commodities | Reuters

SINGAPORE, March 12 (Reuters) - Vietnam, the world's largest robusta producer, could unload more beans to the physical market this week on worries that London futures may fall further because of the prospect of a record global crop, dealers said on Monday.  World coffee production is projected to rise to all time high at 146 million (60-kg) bags in 2012/13, up 11 million bags from 2011/12, CoffeeNetwork analyst Andrea Thompson said on Friday.