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Taiwan signs $576M wheat deal with United States

Taiwan has once again agreed to purchase a large share of U.S. wheat over the next two years, with most of it coming from Idaho, North Dakota and Montana. Idaho Gov. C.L. “Butch” Otter and Taiwanese milling industry officials signed the $576 million agreement Wednesday at the Idaho Capitol in Boise following similar agreements being signed by Montana and North Dakota officials. “The consumption of wheat foods in Taiwan has now surpassed rice and we appreciate that the Taiwan milling industry recognizes the quality of Idaho wheat,” Otter said. According ...

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Russian oil flows via Skovorodino-Mohe to China seen at 28.3 mln T in 2018

Russia will supply 28.3 million tonnes of oil to China via Skovorodino-Mohe pipeline in 2018 as part of an intergovernmental agreement, a spokesman for Russian oil pipeline monopoly Transneft said. He said that 1.7 million tonnes will be shipped to China from the Pacific port of Kozmino. Source; Reuters (Reporting by Olga Yagova; writing by Vladimir Soldatkin; editing by Polina Devitt)

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USDA Says 132,000 Tons of Soybeans Sold to China in 17-18

Private exporters reported to the U.S. Department of Agriculture export sales of 132,000 metric tons of soybeans for delivery to China during the 2017/2018 marketing year. The marketing year for soybeans began Sept. 1. USDA issues both daily and weekly export sales to the public. U.S. exporters are required to report to USDA any export sales activity of 100,000 metric tons or more of one commodity made in one day. Sales totaling 200,000 tons or more in any reporting period, except soybean oil, made in one day to one destination, ...

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S.Korea’s KOMIPO buys coal via spot, term tenders

Korea Midland Power Co Ltd (KOMIPO) bought coal via spot and term tenders, while cancelling one term tender due to high prices, a source from the utility said. KOMIPO purchased a total of 390,000 tonnes of coal for November loading via a spot tender that closed on Tuesday and a combined 990,000 tonnes per year of coal via a three-year term tender that closed on Friday, the source said. It also sought to buy another 500,000 tonnes per year of coal via a five-year term tender that closed on Tuesday, ...

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ADNOC to cut November crude oil exports to Asia -sources

Abu Dhabi National Oil Company has informed buyers in Asia it will reduce supplies of its flagship Murban crude by 15 percent in November to comply with OPEC production cuts, trade sources said. The cut for Murban supplies was slightly deeper than the 10 percent reduction in October because of oilfield maintenance, one of the sources said. The producer will also cut November Das crude supplies by 10 percent and allocation of Upper Zakum crude by 5 percent, the sources said. ADNOC could not be immediately reached for comment. Source: ...

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Coal imports by Indian power utilities over Apr-Aug fall 20% on year

Indian power utilities imported around 23.2 million mt of thermal coal over April-August, down 20% year on year, according to latest Central Electricity Authority data seen by S&P Global Platts Wednesday. Of this, 16.34 million mt were shipped in for power plants designed to run on imported coal while 6.86 million mt were brought in for blending with domestic coal. Out of 6.86 million mt, around 2.1 million mt were imported by six state-owned utilities to blend with domestic coal and 4.76 million mt by 11 private power producers also ...

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Taiwan Formosa buys Dec 2017-Dec 2018 naphtha flat to price formula

Taiwan’s Formosa Petrochemical Corp has agreed to buy 1 million tonnes of naphtha for December 2017 to December 2018 delivery flat to its own price formula, on a cost-and-freight (C&F) basis, traders familiar with the matter said on Wednesday. This was sharply higher from $8 a tonne discount to Japan quotes on a C&F basis it paid last year for open-specification naphtha delivering between January and December 2017 to Mailiao. Formosa’s own price formula is based on OPIS price assessments, a recent switch in the way it prices naphtha. “Supplies are not as abundant ...

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Germany’s Jan-July gas imports up 20 pct, costs up 37 pct

Germany imported 20.3 percent more natural gas in January through July compared with a year earlier, while higher crude oil prices – to which the contracts are linked – meant that costs rose by 37 percent, official data showed. The January-July gas import bill was 12.6 billion euros ($15.10 billion) on volume of 2,688,462 terajoules (TJ)*, data from trade statistics office BAFA showed. Germany mainly imports gas from Russia, Norway, the Netherlands, Britain and Denmark. BAFA no longer provides a breakdown of supply from each country, but Russia is the ...

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Steel exports up by 16 pct in Jan-Jul 2017 YoY; imports fell by 18 pct – TCUD

According to the Turkish Iron and Steel Producers’ Association (TCUD), in the first seven months of 2017, Turkish steel exports increased by 16 pct to 11.2 mln tons as compared to similar period last year, but steel imports dropped by 18.1 pct despite an increase of more than 15 pct in July. In July 2017, Turkish steel exports increased by 4.5 pct YoY to 1.25 mln tons. Flat products exports continued to increase significantly by 111.6 pct to 341,000 tons. Billet exports also grew by 181.1 pct to 35,700 tons ...

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Ghana: Wheat import increases by 160%

Ghana imports on the average 55,000 metric tonnes of wheat flour annually for local consumption. Ministry of Food and Agriculture data shows that since 2004, there has been 160 percent increase in the volume of the commodity imported annually. The foreign exchange requirements for wheat grain and wheat flour imports have ranged between US$118 and US$214 million between 2007 and 2013, according to the Food and Agricultural Organisation (FAO). Should a 10% wheat substitution in the flour composition be considered, this would translate into between US$11 and 21 million of ...

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Australia watchdog takes aim at LNG exporters

Australia’s competition watchdog said on Wednesday the country’s east coast gas exporters have not done enough to shore up local supply, in a warning shot ahead of a decision by the government on whether to curb LNG exports in 2018. The comments by Australian Competition and Consumer Commission Chairman Rod Sims hint at what the watchdog may recommend to the government, which is due to decide by Nov. 1 whether to limit LNG exports, based on reports from the commission and the Australian Energy Market Operator. “The gas supply outlook ...

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Iran sees oil exports rising as joint fields get a boost

Iran’s oil exports, currently more than 2.6 million barrels per day (bpd) including gas condensate, will increase in the second half of the year amid a rise in production capacity, a senior official says. “At present, the country’s crude oil production is more than 3.8 million barrels per day, which according to plans will rise to 4.96 million by the end of the year (in March 20, 2018),” Managing Director of the National Iranian Oil Company (NIOC) Ali Kardor said. Further increases in production capacities will occur in the coming ...

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September Basrah Light imports at LOOP rebound from August hiatus: In the LOOP

The Louisiana Offshore Oil Port has received a flurry of Iraqi crude imports in the past few weeks, with more expected, which could be behind a recent 30% jump in open interest on the CME’s LOOP Sour futures contract. In the initial two weeks of September, LOOP has received 2.135 million barrels of Iraqi Basrah Light in three imports, according to Platts Analytics and the latest US Customs data available. Marathon was the consignee for 550,000 barrels of 28.4 API Basrah Light, which arrived September 5 on the tanker Dilong ...

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Qatargas to sell annual 1.5 mln tonnes of LNG to Turkey’s Botas

State-run Qatargas, the world’s largest producer of liquefied natural gas (LNG), has signed a medium-term sales and purchase agreement with Turkey’s Botas to deliver 1.5 million tonnes of LNG each year for three years, it said on Wednesday. Qatargas said it would supply the LNG from Qatargas 2 to either the Egegaz LNG Terminal, the Marmara LNG Terminal or the Etki LNG terminal in Turkey. “We are very pleased to announce this new agreement with Botas, which will further strengthen our relationship with our friends in Turkey,” said Qatargas Chairman ...

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Singapore Exchange’s dominance of seaborne iron ore derivatives market grows stronger

Singapore’s position as the dominant market for derivatives products linked to the price of seaborne iron ore has grown even stronger. Investors hoping to dabble in the iron ore market can look to the Singapore Exchange’s new SGX Iron Ore Futures Indices, unveiled on Monday (Sept 18). In a statement, the SGX said this is the first series of SGX commodity-based indices to be used as benchmark for tradable products. They will be licensed to Daishin Securities, a Korea-based securities and investment firm. Comprising two total return indices, the iron ...

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