Agricultural commodity prices staged a dramatic rebound, sending US corn, cotton and pork up the maximum allowed by exchanges, spurred by signs of a resolution to Japan's nuclear crisis and strong export data.
Wheat surged more than 8% in Chicago and Paris, while soybeans and New York sugar added 4%, as the run of bearish sentiment which brought crops to multi-month lows reversed.
Fears of meltdown at Japan's Fukushima nuclear plant eased amid reports that three of the six damaged reactors had been stabilised, with helicopters dumping seawater on the tsunami-damaged plant, and with work underway to resume electricity supplies which would allow conventional cooling systems to restart.
Meanwhile, the dollar sank 1% against a basket of currencies amid expectations of a large sell-the-dollar, buy-the-yen switch as Japanese assets are repatriated to pay for clearing up earthquake and tsunami damage.
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