Home / Commodities / Commodity News (page 5)

Commodity News

Corn jumps 1.5%, soybeans gain as U.S. crop ratings drop

Chicago corn climbed more than 1% on Tuesday and soybeans rose after a weekly report from the U.S. Department of Agriculture (USDA) signalled that the condition of both crops deteriorated. Wheat climbed for a second session in a row, although expectations of higher Ukrainian supplies limited gains. Crop Watch producers in the western U.S. Corn Belt trimmed ratings across the board after a hot and mostly dry week last week, though recent rains have bolstered prospects in the east, Karen Braun, a market analyst for Reuters, wrote in a column. ...

Read More »

METALS-Copper eases on interest rate hopes

Copper prices eased on Monday but were supported by rising imports of the industrial metal by top consumer China and by hopes that interest rates will peak soon after rapid increases aimed at curbing inflation. Benchmark copper CMCU3 on the London Metal Exchange (LME) was down 0.2% at $7,870 a tonne by 1009 GMT. Prices of the metal used as a gauge of economic health have climbed 13% since July 15, when they touched the lowest level since November 2020 at $6,955. “The bounce in metal prices and more broadly ...

Read More »

Palm climbs 5% to its highest in more than one week

Malaysian palm oil futures jumped on Monday to their highest closing level in more than a week as markets tracked gains in rival Dalian and Chicago oils. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 198 ringgit to 4,076 ringgit ($914.52) a tonne, rising for a second straight session. Palm fell 9.6% last week after two straight weekly gains. The contract is mirroring a strong rally in soybean oil, with more short covering emerging as the price spread between soybean oil and palm ...

Read More »

Iron ore rises as improved China steel margins lift mood

Dalian and Singapore iron ore futures rose on Monday, extending their gains as improved steelmakers’ margins in China encouraged mills to gradually restart idled blast furnaces and boost imports of the steelmaking ingredient. Hopes that steel output curbs in top producer China to meet decarbonisation goals will be less strenuous in the second half of the year also supported iron ore prices. Iron ore’s most-traded January 2023 contract on China’s Dalian Commodity Exchange DCIOcv1ended daytime trade 4.3% higher at 737.50 yuan ($109.06) a tonne. It touched its highest since Aug. ...

Read More »

Russia’s Krasnodar region reports record winter grain crop

Russia’s southern region of Krasnodar has harvested a slightly bigger winter grains crop than the record high achieved last year, the regional agriculture ministry said on Monday. Russia, the world’s largest wheat exporter, will downgrade its forecast for grain exports in the 2022/23 July-June season if its harvest fails to reach the targeted 130 million tonnes, the agriculture ministry said last week. Farmers in the Krasnodar region harvested 12.4 million tonnes of winter grains by bunker weight before drying and cleaning, including 10.7 million tonnes of winter wheat, the regional ...

Read More »

Seeking ways to cool domestic wheat prices, India could scrap import duty – sources

India could scrap a 40% duty on wheat imports and cap the amount of stocks traders can hold to try to dampen record high domestic prices in the world’s second biggest producer, government and trade officials told Reuters on Monday. The South Asian country barred wheat exports in May after as the crop suffered a heatwave, but domestic prices still rose to a record high. Yet, international prices are still way above the domestic market, making it unviable for traders to buy from abroad. If the government does remove the ...

Read More »

Morocco’s 2022 cereals harvest down 67% at 3.4 mln T, ministry says

Morocco’s 2022 drought-hit cereals harvest was down 67% from last year at 3.4 million tonnes, including 1.89 million tonnes of soft wheat, the agriculture ministry said on Monday. The durum harvest stood at 0.81 million tonnes and barley at 0.7 million tonnes. Source: Reuters (Reporting by Ahmed Eljechtimi Editing by David Goodman )

Read More »

Wheat and corn fall as more grain ships leave Ukraine

Chicago wheat and corn prices fell on Monday after reports of more ships sailing from Ukraine to bring grain exports into global markets. Welcome rain and lower temperatures forecast in the U.S. Midwest also weakened corn and soybeans. The Chicago Board of Trade’s most active wheat contract Wv1 fell 1.4% to $7.64-1/4 a bushel by 1112 GMT. Corn Cv1 fell 1.1% to $6.03 a bushel and soybeans Sv1 were down 0.09% to $14.07-1/2 a bushel. Two more ships carrying corn and soybeans departed from Ukrainian ports on Monday, taking the ...

Read More »

Indonesia says Tesla strikes $5 bln deal to buy nickel products – media

U.S. carmaker Tesla TSLA.O has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia. Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met with Tesla founder Elon Musk earlier this year to drum up investment. “We are still in constant negotiation with Tesla … but they have started buying two excellent products from Indonesia,” Coordinating ...

Read More »

China’s U.S. ag imports soar to new highs in 2022, but volumes vary

China is on track to be the leading international buyer of U.S. agricultural products for a third consecutive year, as the total value of exported goods reached record levels in the first half of 2022. Some of that can be explained by increased trade volumes of certain items, particularly beef, but much of the boost can also be attributed to significantly higher prices this year versus last. Data published by the U.S. Census Bureau Thursday showed U.S. agricultural and related product exports to China reached $17.5 billion between January and ...

Read More »

The future of coal: eight key themes from the Global Coal Forum

Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy transition. Our recent Global Coal Forum explored the forces shaping the future of the sector. Across a two-day event, our experts dug deep into geopolitical shifts, the gathering pace of the energy transition and the technologies upon which decarbonisation will rely. Missed the forum, or looking for a recap? Fill in the form to access Kaho Yu’s presentation on the impact of the war in Ukraine – and read ...

Read More »

China’s bulk commodity growth eases in July

China’s bulk commodity market saw slower growth in July compared with the previous month, industrial data showed. The China Bulk Merchandise Index, a gauge of domestic bulk commodity market growth, stood above the boom-or-bust line of 100 percent at 101.3 percent last month, down 0.2 percentage points from that in June, according to the China Federation of Logistics and Purchasing (CFLP). The sub-indices for bulk commodity supply and stocks continued to rise, while the sub-index for sales posted a consecutive decline. In August, the effect of China’s pro-growth policies such ...

Read More »

Global rice supplies at risk as harsh weather hits top exporters

Adverse weather across top rice suppliers in Asia, including the biggest exporter India, is threatening to reduce the output of the world’s most important food staple and stoke food inflation that is already near record highs. Rice has bucked the trend of rising food prices amid bumper crops and large inventories at exporters over the past two years, even as COVID-19, supply disruptions and more recently the Russia-Ukraine conflict made other grains costlier. GRA/ But inclement weather in exporting countries in Asia, which accounts for about 90% of the world’s ...

Read More »

These are the top 10 countries that produce the most wheat

Visualizing Global Wheat Production by Country (2000-2020) Wheat is a dietary staple for millions of people around the world. After rice and corn (maize), wheat is the third most-produced cereal worldwide, and the second-most-produced for human consumption. And considering wheat’s importance in the global food system, any impact on major producers such as droughts, wars, or other events, can impact the entire world. Which countries are the largest producers of wheat? This graphic by Kashish Rastogi visualizes the breakdown of 20 years of global wheat production by country. Top 10 ...

Read More »

Palm climbs nearly 5% as rival oils strengthen

Malaysian palm oil futures jumped 4.9% on Monday, erasing some sharp losses recorded last week, as markets tracked gains in rival Dalian and Chicago oils. The benchmark palm oil contract FCPOc3 for October delivery on the Bursa Malaysia Derivatives Exchange gained 190 ringgit to 4,068 ringgit ($912.31) a tonne by the midday break, rising for a second straight session. Palm fell 9.6% last week after two straight weekly gains. The contract is mirroring a strong rally in soybean oil, with more short covering emerging as the price spread between soybean ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping