RTRS-Early glimpse of US crops may get second look

Feb 13 (Reuters) - A U.S. government report offering the first look at this year's crop s is expected to show farmers in the United States planting the largest area with corn since World War Two amid high prices and favorable weather.

The U.S. Agriculture Department baseline report, due out midday Monday, has historically had little impact since it is based on data from November and not on surveys from farmers that will be used for the more authoritative estimates issued in March.

The baseline projections will be updated by the USDA with more current data on prices and economic conditions at its annual Outlook conference on Feb. 23 and 24.

Grain traders are keeping an eye on the baseline report this year -- not because they expect it to be a better yardstick for the crop, but because they believe hedge funds and other new investors may still use it as a trading point.

Forecasts for big crops of corn, wheat and soybeans in the world's top food producing nation will help bolster expectations that global grain stocks will rise this year and quell any inflationary spike in prices .

Farmers are expected to plant 94.2 million acres with corn because of highly profitable corn prices and due to a mild and dry winter likely spurring an early sowing season. Soybean plantings are expected to rise slightly from last year.

RTRS-Greece still to convince Europe over rescue deal

ATHENS/BRUSSELS, Feb 13 (Reuters) - Europe gave Greece until Wednesday to convince sceptical international creditors that it would stick to the punishing terms of a multi-billion-euro rescue package, endorsed by parliament as rioters torched downtown Athens.

Lawmakers backed drastic cuts in wages, pensions and jobs on Sunday as the price of a 130 billion euro ($170 billion) bailout by the European Union and International Monetary Fund to avert a messy default that would send shockwaves through the euro zone.

Scenes of running battles between police and rioters and flames engulfing cinemas, shops and banks underscored a sense of deepening turmoil in the country after more than four years of recession and two of punishing austerity.

The EU warned on Monday that the consequences of failure would be "devastating".

It gave the fragile ruling coalition of Prime Minister Lucas Papademos until Wednesday, when euro zone finance ministers are expected to meet, to specify how 325 million euros of the 3.3 billion euros demanded in budget savings will be achieved.

By the same deadline, Greek political leaders must give a written commitment to implement the terms of the deal, a Greek government spokesman said, reflecting fatigue among EU leaders who say they have heard enough broken promises.

Trader's Highlight

DJI-NEW YORK, Feb 13 (Reuters) - World stocks rose on Monday after Greece's parliament passed drastic austerity measures to avoid a chaotic debt default, but doubts over whether Athens will be able to live up to its promises and secure a new rescue package killed an initial rally in the euro.

U.S. crude oil prices closed more than 2 percent higher after Greece on Sunday approved sweeping budget cuts in exchange for a 130 billion euro bailout from the European Union and the International Monetary Fund.

But concerns emerged over whether the country will be able to fulfill its tough austerity promises, keeping demand steady for safe-haven U.S. Treasuries and driving the euro lower.

Unrest in the streets of Athens and a voting rebellion by lawmakers of the ruling coalition suggested Greece may be on the brink of massive social unrest, which would make it difficult for Athens to stick to the rescue terms.

The Dow Jones industrial average <.DJI> ended 72.81 points, or 0.57 percent, higher at 12,874.04, while the Standard & Poor's 500 Index <.SPX> rose 9.13 points, or 0.68 percent, to 1,351.77. The Nasdaq Composite Index <.IXIC> gained 27.51 points, or 0.95 percent, to 2,931.39.

NYMEX- NEW YORK, Feb 10 (Reuters) - U.S. crude oil futures ended higher on Monday, posting its biggest one-day gain in six weeks, a day after Greece's parliament adopted austerity measures the country needs to secure a second debt bailout package and avoid ruinous default.

Trading on the New York Mercantile Exchange's Globex electronic platform was marred by a halt shortly after 2 p.m. EST (2000 GMT) due to technical problems. Globex trading resumed at 3:15 p.m.

While Greece's action somewhat calmed markets worried about the economic health of the euro zone, it sparked unrest in the streets in Athens and a voting rebellion by lawmakers of its ruling coalition.

Europe gave Greece until Wednesday to convince international creditors that it would stick to the highly unpopular terms of the rescue package.

Middle East tensions were also supportive for crude futures.

On the New York Mercantile Exchange, crude for March delivery settled at $100.91 a barrel, gaining $2.24, or 2.27 percent, the biggest one-day percentage gain since Jan. 3. The contract fell $1.17 on Friday.

CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade ended higher as the dollar fell, encouraging investors to buy risky assets including grains and crude oil, and as worrisome crop weather in Brazil lent further support.

Buy-stops triggered in the closing minutes as March soybeans broke through resistance at $12.50 a bushel and climbed to $12.54, highest spot soy price since Oct. 19, 2011.

Heavy trade in soybean futures with volume roughly 45 percent above the prior 30-day average.

The dollar eased after Greece's parliament approved strict financial reforms needed to obtain an international bailout package. But the government remains under pressure to convince a skeptical euro zone that it will abide by the terms of the
package.

FCPO- SINGAPORE, Feb 13 (Reuters) - Malaysian crude palm oil futures rose to near three-week high on Monday after Greecem passed an unpopular austerity bill that could help avoid a messy default.

The Greek parliament approved on Monday the deeply unpopular austerity bill, injecting some much-needed optimism into the market and helping to lift financial markets, including palm oil that has lost 0.2 percent so far this year.

But market players were also concerned about prospects of slowing demand for palm oil especially as the tropical oil enters a period of recovering production.

Benchmark April palm oil futures on the Bursa Malaysia Derivatives Exchange were up 1.2 percent to close at 3,168 ringgit ($1,048) per tonne. Prices earlier hit an intraday high of 3,171 ringgit, a level last seen since Jan. 25. Traded volumes stood at 22,750 lots of 25 tonnes each, slightly thinner than the usual 25,000 lots.

REGIONAL EQUITY- Feb 13 (Reuters) - Most Southeast Asian stock markets posted limited gains on Monday following the passage of Greece's austerity bill and amid selective buying of dividend yielding shares and stocks that have strong earnings prospects.

Market players picked bluechips such as Singapore Telecommunications Ltd, Indonesia's PT Astra International Tbk and Philippine Long Distance Telephone Co , among last week's beaten-down stocks.

Greece approved a deeply unpopular austerity bill to help secure a second bailout, even as riots in central Athens and violence across the country raised doubts about implementation of the approved spending cuts.

Investors appeared reluctant to buy riskier assets, awaiting further steps needed before the shadow of a debt default can be lifted. Regional indexes were largely capped in range, with turnover for most markets falling short of a 30-day average.

Some brokers said markets remained hopeful the Greece deal could be wrapped up successfully.
Singapore Telecommunications gained 1.95 percent after it comforted investors by reiterating a forecast for low single-digit full-year revenue growth in Singapore and stable dividends from its associate firms.