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South Korea’s KFA buys 60,000 tonnes corn after cancelling tender- traders

The Korea Feed Association (KFA) purchased about 60,000 tonnes of animal feed corn in a private deal on Friday after previously cancelling an earlier purchase in an international tender, European traders said. The corn was believed to have been bought by the KFA’s Busan section from trading house Bunge at an estimated price of $334.88 a tonne c&f based on an estimated premium of 179.64 U.S. cents a bushel c&f over the Chicago December corn contract CZ2 plus a $1.75 a tonne surcharge for additional port unloading. The corn is ...

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Argentina corn planting being held up by drought, exchange says

Argentina’s corn planting is well behind the pace of last year due to a prolonged drought, the Buenos Aires grains exchange said on Thursday, noting that 5.8% of the area expected for the cereal had been sown, 11 percentage points behind a year before. The South American nation is the world’s No. 3 exporter of corn. The same exchange on Wednesday estimated the 2022/23 corn harvest at 50 million tonnes, down from 52 million tonnes in 2021/22, hit by a scarcity of rainfall in recent months. “Under this scenario, rains ...

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Tata Steel’s Merger Plan to Yield Gains Over the Longer Term

Fitch Ratings expects Tata Steel Limited’s (TSL, BB+/Positive) plan to merge with seven units to result in higher EBITDA from procurement and marketing synergies, and lower royalty payments. However, the financial gains are likely to be small and could take several quarters to be realised, depending on the pace of regulatory approvals. India-based TSL announced on 22 September 2022 that its board has approved its merger with six subsidiaries and one associate, using share swaps instead of cash. The proposed merger is aimed at enhancing management efficiency and deriving synergies ...

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Palm logs fifth monthly drop on oversupply concerns

Malaysian palm oil futures climbed for a second day on Friday, tracking gains in soyoil and crude oil prices, but the contract fell for a fifth straight month on concerns about oversupply and weakening demand. The benchmark palm oil contract for December delivery on the Bursa Malaysia Derivatives Exchange closed 2.27% higher at 3,418 ringgit ($737.43) per tonne. It has lost 8.5% this week, hitting its lowest in over 1-1/2 years earlier this week after a leading analyst warned of an impending slump in prices amidglobal marketturmoil. The benchmark declined ...

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Iron ore marks quarterly losses on China COVID, property woes

Dalian and Singapore iron ore marked their second quarterly losses, despite some gains on Friday, as worries over a stringent zero-COVID policy and property sector jitters in top steel producer China continued to dominate markets. However, hopes of sustained policy support for the ailing Chinese economy and increased construction-related demand for steel lent some support to the steelmaking ingredient. The most-traded January iron ore on China’s Dalian Commodity Exchange closed 0.1% higher at 721.50 yuan ($101.66) a tonne, off the day’s high of 730.50 yuan. On the Singapore Exchange, benchmark ...

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Indonesia could absorb Russian crude as economics, specifications suit refinery configuration

Prudent feedstock selection and crude slate adjustments are crucial operational strategies for Southeast Asian refiners in times of volatile oil prices, raising the case for Indonesia to assess the possibility of processing cheap Russian crude as well as stepping up efforts to upgrade its facilities to improve overall refining economics, industry executives said. The Southeast Asian refining industry has been battling various challenges including the volatile oil prices and shift in trading dynamics due to major geopolitical issues, said Kadek Ambara Jaya, director of infrastructure projects at state-run Indonesian refiner ...

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Drought-diminished French maize harvest at halfway stage

French farmers had gathered 51% of this year’s grain maize crop by Sept. 26, farm office FranceAgriMer said on Friday, as growers pursued an earlier than usual harvest expected to yield the smallest crop in decades after summer drought. Harvest progress advanced from 26% a week earlier and far exceeds the 2% achieved by the same week last year, the office said in a cereal crop report. The harvest was running 28 days ahead of last year’s pace and 18 days ahead of the five-year average, FranceAgriMer said. Harvesting started ...

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Chevron Delivers First Offset-Paired LNG Cargo

Chevron Corporation (NYSE: CVX) today announced that its subsidiary, Chevron U.S.A. Inc. (Singapore Branch) (Chevron), has safely delivered its first shipment of offset-paired liquefied natural gas (LNG) cargo. Greenhouse gas emissions for the cargo, from the Gorgon Project off the northwest coast of Western Australia, will be fully offset via the retirement of high-quality nature-based and energy efficiency offsets in Cambodia, Indonesia and Nepal. “Chevron’s first full lifecycle emissions offset cargo advances our net zero ambitions and represents a significant milestone in Chevron’s relationship with CPC Corporation, Taiwan,” said John ...

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U.S. imposes new sanctions on Iran oil exports, targets Chinese, UAE firms

The United States on Thursday imposed sanctions on companies it suspects of involvement in Iran’s petrochemical and petroleum trade, including some based in China, as Washington warned of further actions to enforce its economic curbs on Tehran. U.S. Secretary of State Antony Blinken said in a statement Washington placed sanctions on two China-based companies, Zhonggu Storage and Transportation Co. Ltd, and WS Shipping Co Ltd, part of attempts to thwart sanctions evasion on the sale of Iranian petroleum and petrochemical products. The U.S. Treasury Department also slapped sanctions on a ...

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Tunisia gets $147m European loan for grain imports

Tunisian President Kais Saied has ratified a government decision to receive a $147 million loan from the European Bank for Reconstruction and Development (EBRD). As announced by the EBRD on August 24, Decree 64 — issued on Wednesday — said that the bank will guarantee the ability of Tunisia’s Office of Cereals “to fund imports of soft wheat, durum wheat and barley, representing up to 15 per cent of Tunisia’s annual consumption needs”. The presidential decree stated that the loan will contribute to the state’s Food Security Resilience Project, a ...

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Poland’s PGNiG signs 10-year capacity deal with Klaipeda LNG

Polish gas company PGNiG PGN.WA said on Friday it has secured regasification capacity at Lithuania’s liquefied natural gas (LNG) terminal in Klaipeda in a 10-year deal. The deal with terminal operator Klaipedos Nafta will allow PGNiG to import 6 terawatt hours (TWh) of LNG, equivalent to over 500 million cubic metres of natural gas annually via the terminal through 2032, the Polish firm said in a press release. “I am convinced that the cooperation (…) will not only contribute to the business plans of both companies, but will also enable ...

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Algeria starts buying wheat in tender, traders say

Algeria’s state grains agency OAIC has started purchasing milling wheat in an international tender on Thursday, European traders said in early assessments. The tender was held on an optional-origin basis but reported prices suggested Russian wheat was likely to be supplied, traders said. Some cited a range of $369-$372 a tonne, cost and freight (c&f) included, for prices paid by OAIC while others reported a higher range at $373-$375 a tonne c&f. The volume initially bought was unclear but was thought to be relatively small, traders added. More detailed assessments ...

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Philippines bought about 50,000 tonnes Australian feed barley- traders

An importer group in the Philippines is believed to have bought around 50,000 tonnes of animal feed barley expected to be sourced from Australia in an international tender which closed on Thursday, European traders said in assessments on Friday. The group is believed to have rejected offers and made no purchase of up to 50,000 tonnes of feed wheat also sought in the tender, they said. Barley price was unavailable. Shipment was sought in the full months of January, February and March, 2023. Source: Reuters (Reporting by Michael Hogan)

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Commodities worth over $2.4b traded at IME in a month

During the past Iranian calendar month (ended on September 22), 9,857,062 tons of commodities worth more than $2.4 billion were traded at Iran Mercantile Exchange (IME). As reported by the IME’s Public Relations and International Affairs Department, the exchange saw on both domestic and export pits of its oil and petrochemical trading floor, trade of 1.616 million tons of commodities valued at more than $882 million. The IME’s customers purchased on this floor 428,010 tons of vacuum bottom, 437,720 tons of bitumen, 424,602 tons of polymeric products, 142,900 tons of ...

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Wheat higher with Russia-Ukraine tensions in focus

Chicago wheat rose on Friday as Russia’s planned annexation of occupied parts of Ukraine kept attention on the risk of fresh disruption to vital Black Sea grain trade. Corn and soybeans were also firm, also drawing support from a steadying in wider financial markets and adjustments before closely followed U.S. grain stocks data. The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.3% at $9.08-1/4 a bushel by 1150 GMT, while in Europe, December wheat on Euronext was up 0.9% at 355.25 euros ($346.23) a tonne ...

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