Agriculture
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*Coffee downside limited during Brazil frost season. LONDON, May 17- ICE raw sugar edged higher on Friday with the market finally finding support after losing ground for five consecutive sessions although the rapid pace of the cane harvest in top exporter Brazil kept the market on the defensive.
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*Exploring phosphate mining sites outside of Israel. Net profit in the quarter rose six percent to $305 million from $289 million a year earlier and revenue grew nine percent to $1.64 billion.
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*China to become world's top rice importer, needs more soya too. WASHINGTON, May 10- Record-large U.S. corn and soybean crops will end three years of punishingly tight domestic supplies, the government said on Friday in a report that offered the brightest outlook in years for world food supplies.
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*Monsanto, Dow say cooperating with USDA. May 10- The U.S. Department of Agriculture said Friday it will extend its scrutiny of controversial proposed biotech crops developed by Dow AgroSciences, a unit of Dow Chemical, and Monsanto Co. after receiving an onslaught of opposition to the companies' plans.
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The USDA is unveiling its first, hard estimates of the crop year ahead, with CNBC's Jane Wells.
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Corn and wheat futures in Chicago fell more than 2 percent shortly after the release. Many futures traders termed the USDA data broadly within expectations.
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*Arabica dealers eye concerns over cold weather in Brazil. LONDON, May 10- Arabica coffee futures on ICE weakened on Friday after reaching three-month highs in the prior session, while raw sugar was steady, with upside capped by harvesting in top grower Brazil.
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Florida's citrus industry is grappling with the most serious threat in its history: a bacterial disease with no cure that has infected all the state's citrus-growing counties.
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*Senate and House panels expected to vote on farm bill next week. In 2012 the Senate committee voted to replace almost all traditional crop supports with a guarantee of crop revenue. The text of the roughly 1,100- page Senate draft was posted on the Internet on Thursday.
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*House, Senate panels plan to draft farm bill next week. WASHINGTON, May 9- Lawmakers are preparing for a second run at writing the new U.S. farm law that ended in a stalemate in 2012, and the biggest obstacle is not likely to be soil conservation or crop subsidies, but the billions spent mostly in cities and towns.
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Wheat rose 17.50 cents to $7.235 a bushel, also up 2.5 percent. Soybeans rose 18 cents, or 1.3 percent, to $14.0875 a bushel. Wholesale gasoline rose 3 cents to finish at $2.89 a gallon, heating oil rose 2 cents to end at $2.94 a gallon and natural gas was flat at $3.98 per 1,000 cubic feet.
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GRAND FORKS, N.D.-- State and local leaders in North Dakota announced Thursday plans to build a new $1.5 billion nitrogen fertilizer production facility northwest of Grand Forks. Jack Dalrymple and Grand Forks Mayor Michael Brown were joined by others in announcing that Northern Plains Nitrogen intended to build the new facility.
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*Traders evening up ahead of Friday's USDA report. *Corn rallies even as planting gains momentum. This looks like a short-covering rally in front of tomorrow's USDA report, "said Chris Robinson, senior trader at Top Third Ag Marketing."
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*Wheat falls but crop damage caps losses, say traders. Wheat prices also eased while soybeans edged higher boosted partly by tight U.S. stocks. The Chicago Board of Trade December corn contract, the most-actively traded contract, fell 0.4 percent to $5.29- 3/ 4 a bushel by 1038 GMT, having hit a session low of $5.25- 3/ 4 a bushel, the lowest level since April 26.
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*Cold weather in Brazil attracts some coffee buying-trade. The market continued to climb up from a three-year low at $1.3270 per lb on April 29, basis July, pressured by expectations of an abundant off-year crop in Brazil.
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*Wheat gains ahead of USDA report.
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BUENOS AIRES, May 8- Paraguayan and Brazilian soybeans are set to be shipped to the United States, where stocks of the oilseed are unusually tight due to last year's drought in the U.S. Soy- used in the United States to make biodiesel, animal feed and dishes such as tofu- is an increasingly important source of protein at a time of rocketing world food demand.
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*Soybeans firm as processors seek crushing supplies. *Corn lower, drags wheat down. Even though it is wet this week, I suspect you have people looking forward to better planting weather next week, "said Mike Krueger, president of the Money Farm, a crop advisory service near Fargo, North Dakota.
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*Senate committee to debate immigation bill on Thursday. WASHINGTON, May 8- Foreign workers could gain visas for year-round work in U.S. meat processing plants under a proposal by the meat industry and the meatpackers union for immigration reform designed to create a steady supply of workers for slaughterhouses.
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*Soybeans firm as processors seek crushing supplies. *Corn lower, drags wheat down. Soybeans were the lone bright spot in the grain complex.