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Russian wheat exports up 12.2% year on year at 9.6 million mt

Russian wheat exports in the 2017-18 marketing year — which began July 1 — to October 4, were up 12.2% year on year at 9.6 million mt, ministry of agriculture data showed. Export volumes have been picking up as harvesting was 90% completed, with 85.5 million mt of wheat harvested, the ministry said. Between the start of the marketing year on July 1 and Friday, October 6, the total grains harvest is already 8 million mt higher than the 120.0 million mt harvested in the whole of 2016-17. The latest ...

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Indonesia’s Aug palm oil exports up 12 pct -industry assoc

Indonesia exported 2.69 million tonnes of palm and palm kernel oils in August, up 12 percent from the preceding month, data from the Indonesia Palm Oil Association (GAPKI) showed. On an annual basis, shipments rose nearly 30 percent from August last year. Following is a table of Indonesia’s palm exports for 2017/2016: Month Palm & M/M pct kernel oils change (mln tonnes) 2017 August 2.69 +12 July 2.40 +13 June 2.13 -19 May 2.62 2 April 2.57 4 March 2.47 -2 February 2.53 -7 January 2.72 1.5 2016 December 2.68 ...

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In people vs Adani’s coal mine, people may win: Russell

Can thousands of people standing in lines to spell out “Stop Adani” actually scupper the Indian company’s plans to develop a huge coal mine in the Australian outback? Perhaps a more relevant question is whether the protesters are enough to make Australia’s federal and Queensland state politicians lose their nerve, and quietly withdraw support for what is the world’s largest new coal mine planned. While Prime Minister Malcolm Turnbull’s Liberal Party, which holds federal power, and the Labor Party, which rules Queensland state, have maintained their backing for Adani Enterprises’ ...

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Big Words From Saudis, OPEC Make Little Difference to Oil Prices

Saudi Arabia and OPEC both made comments in the past 24 hours that look ostensibly supportive of oil prices. The reaction for crude futures has been muted — at least initially. Brent, the global benchmark, erased earlier declines to trade marginally higher at $55.67 a barrel, close to parity with Friday’s close. WTI, the U.S. crude marker, did a little better, gaining about 35 cents from its Friday close, having earlier been about 16 cents down. To recap: Mohammad Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, said in ...

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Fund managers turn cautious on oil as prices fall

Hedge fund bullishness towards crude oil and refined products including gasoline and diesel appears to have peaked for now, according to an analysis of regulatory and exchange records. Hedge funds cut their combined net long position in the three major crude oil futures and options contracts linked to Brent and WTI by 1 million barrels to 793 million (graphic). While the reduction was tiny, it came after portfolio managers had increased their net long exposure by 212 million barrels over the previous four weeks and indicated a potential turning point. ...

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Brent’s Rally Toward US$60/bbl – A False Dawn?

Share price movements can be a good early indicator of changing fortunes. The oil and gas sector had a great month in September, jumping 8% and outperforming the broader global stock market by 6%. It’s more than just rotational buying. The trigger was a sharp rally in the oil price – Brent jumped from sub-US$50/bbl in mid-August and briefly threatened to break through US$60/bbl in a matter of weeks. So, are there genuine signs that investors should be buying back in? Our view is that the fundamentals are still challenging ...

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No More Free Lunch Is the Big Change Under Way in the Oil Market

For years, investors have played Popeye to the energy industry’s Wimpy, the cartoon character famous for his “I’ll gladly pay you Tuesday for a hamburger today” motto. In return for the promise of future profits, they’ve funded loss-making energy producers and explorers through a generous mix of loans, bonds and equity. That may be changing, according to a chorus of analysts ranging from Morgan Stanley to Sanford C Bernstein & Co. LLC. Following Anadarko Petroleum Corp.’s pledge last month to buy back up to $2.5 billion worth of shares, they’re ...

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Are Shale Drillers Starting to Scrape the Bottom of the Barrel?

Oil companies in the U.S. have staged a remarkable comeback this year. Production, for example, which declined by nearly 1 million barrels per day at the low point last year, has roared back this year and is right back up near the 2015 peak. At the current trajectory, the country is on pace to produce an average of 9.8 million barrels per day in 2018, which would surpass the previous record of 9.6 million barrels per day set in 1970. The driver of that rapid rebound in output — other ...

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Small going big: Why small-scale LNG may be the next big wave

Executive summary Small-scale liquefied natural gas (ssLNG), a niche but nascent industry that is already profitable and scalable, boasts significant potential. It is well placed to meet the growing demand from the shipping and trucking industries for fuels that are more environmentally friendly than oil and diesel. ssLNG also enjoys advantages in addressing off-grid power generation for industrial and residential needs in remote locations. Because LNG burns more cleanly than other fossil fuels such as petroleum and coal, ssLNG is likely to gain further traction as market and regulatory pressures ...

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FPSO players to drive O&G sector earnings this year

Floating, production, storage and offloading (FPSO) services players are expected to remain the oil and gas (O&G) sector earnings driver for the year underpinned by stable oil prices and lower O&G cost structure. UOB Kay Hian said on Monday said the data by the Energy Maritime Associate’s (EMA) fourth quarter (Q4) 17 appears to support a recovery in floating production systems (FPS) contracts, as new project sanctions could be supported by stable oil prices and a structural step-down in O&G cost structure. According to EMA Q4 17, year-to-date (ytd) FPSO ...

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Terrific push for trade

High growth-minded China is turning its economic spotlight on trade again, after sustained emphasis on supply-side reform. Cuts to overcapacity in certain sectors and rationalization of companies in key industries are still important. But the country will also help with more negotiations on trade facilitation agreements with foreign countries, including Canada and Israel, according to officials. There’s more to the trade push, of course. China will simplify and reduce administrative approval procedures related to customs declaration and clearance, and speed up the establishment of a framework for relevant laws and ...

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Now excellent time to end high debt, loose policies – German official

Policymakers attending IMF and World Bank meetings this week should agree to end ultra-loose monetary policies and high fiscal debt, a senior German government official said. “It would be an excellent time this autumn to get a strong commitment from (the meeting in) Washington to put an end on excessive debts and loose policies,” said Ludger Schuknecht, chief economist of German Finance Minister Wolfgang Schaeuble. “If we want to press ahead with what is really needed, we need an exit from the extraordinary now,” Schuknecht added. Schuknecht said the IMF ...

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The economy needs Trump’s tax cut, but don’t expect too much

President Donald Trump has proposed a major tax cut and some simplification to the tax code — those are sorely needed but we shouldn’t expect too much. The U.S. economy is experiencing what many observers in the 1980s called Eurosclerosis— sluggish growth and high unemployment instigated by high taxes that curb investment and an expansive welfare state that dampens incentives to train and relocate to find work. The United States is not Europe in the 1980s or 1990s. We have a fair amount of investment in path-breaking technologies — consider ...

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Can insecurity in Asia be managed?

Since the end of World War II, Asia-Pacific has been the locale of direct and indirect military confrontation (in Korea and Indo-China, respectively) between the two superpowers; experienced unprecedented economic growth, which did not translate into closer integration (particularly among the countries of the Association of Southeast Asian Nations or Asean); witnessed the economic and political rise of two ancient powers (China and India); and, consequently, experienced several wars interspersed with an uneasy peace. In contrast in Europe, superpower military confrontation was avoided during the Cold War and did not ...

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The bubble economy is set to burst, and US elections may well be the trigger

Central banks continue to focus on consumption inflation, not asset inflation, in their decisions. Their attitude has supported one bubble after another. These bubbles have led to rising ¬inequality and made mass consumer inflation less likely. Since the 2008 financial crisis, asset inflation has fully recovered, and then some. The US household net worth is 34 per cent above the peak in 2007, versus 30 per cent for nominal GDP. China’s property ¬value may have surpassed the total in the rest of the world combined. The world is stuck in ...

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