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CHINA DATA: Sep US crude imports hit record high but purchase value lags target

The US became China’s fourth biggest crude supplier in September in terms of volume, and inflows from the producer is expected to be ample in the fourth quarter as the Phase 1 trade deal between Beijing and Washington provides impetus to the flow of crude and energy products into China. However, low crude oil prices will continue hindering Beijing’s 2020 energy purchase targets and temper the impact of heightened flows, particularly when translated into value terms. Crude oil is considered a key product to complete China’s annual energy purchase commitments ...

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Analysis: China’s import halt of Australian met coal could come at a cost to Chinese steelmakers

Seaborne metallurgical coal prices have fallen sharply since China moved to temporarily halt Australian coal imports in early October as the implied surplus weighing on the global market in the fourth quarter is priced in. Chinese steelmakers have been obliged to quickly seek alternative supply, and some are trying to resell their cargoes. However, the spot availability of alternative origins is low, forcing Chinese steelmakers to use more expensive domestic coking coals, eroding their profit margins in the process. Alternative seaborne origins such as Canada, the US, Mozambique, Russia and ...

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China’s grain hunting to continue amid growing uncertainty: analysts

China is expected to continue buying grains at a faster-than-expected pace in the coming months as the country looks to meet its internal demand and ensure stable domestic reserves in the backdrop of uncertain market factors like food supply scare and trade tensions, according to analysts. China’s accelerated purchase of grains in recent months have pushed up its import estimates for corn, wheat, soybeans, sorghum and barley, according to an analysis of data from market monitoring agencies. The increasing reliance on imports come in the midst of growing concerns around ...

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India: Coal imports rise 12% to 19 MT in September on improved consumption

India’s coal import rose 11.6 per cent to 19.04 million tonnes in September on account of a recovery in consumption by thermal power plants and other industries as also helped by competitive prices in international markets. The country imported 17.06 million tonnes (MT) of coal in September 2019, showed data available with mjunction services limited. mjunction — a joint venture between Tata Steel and SAIL — is a B2B e-commerce company and also publishes research reports on coal and steel verticals. “The steady recovery in consumption by thermal power plants ...

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Brazil soars to China’s No. 3 crude oil supplier in September

Brazil jumped to China’s third-biggest crude oil supplier in September, import data showed on Sunday, as China’s independent refiners scooped up cheap supplies of the South American exporter’s relatively high quality oil. Imports from Brazil hit 4.49 million tonnes, up from 2.96 million tonnes a year earlier, data from China’s General Administration of Customs showed. Brazil overtook Iraq, which fell to fifth-biggest supplier. China’s January-September imports from Brazil were 33.69 million tonnes, up 15.6% from a year earlier, according to Reuters calculations based on the data. China makes up 70% ...

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Record U.S. soy sales become record shipments, but corn hangs back

The U.S. Department of Agriculture has projected a banner performance over the next year for domestic corn and soybean exports, and so far, sales have been living up to the hype. Those bookings have translated to a record shipment pace for soybeans, but corn has yet to turn out the drastically larger export volumes. The 2020-21 marketing year for U.S. corn and soybeans began on Sept. 1, but buyers had already booked a record number of cargoes prior to that date. Ever since, sales have continued at a very robust ...

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China’s Sep soybean imports primarily comprise previously booked Brazilian beans: sources

China’s soybean imports in September consisted mostly of cheaper Brazilian beans purchased in earlier months when the South American beans were sold at an average discount of 10-20 cents/bushel to their US counterpart, market sources said. While the Brazilian soybeans accounted for 74% of total Chinese oilseed imports in September, a 51% year-on-year increase to 7.25 million mt, the US beans contributed a mere 12% at 1.17 million mt, compared with 1.73 million mt in the same period last year, China’s customs data showed Oct. 25. The Brazilian real had ...

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China likely to issue more corn import quotas, buy millions of tonnes of crops – sources

China’s government is expected to issue more import quotas and buy millions of tonnes of additional corn in the new crop marketing year, three industry sources said, amid a surge in animal feed demand and tightening supplies. Under already approved quotas, Beijing has booked around 12 million tonnes of corn from the United States and around 5 million tonnes from elsewhere including Ukraine for the 2020/21 marketing year, according to a Singapore-based international trading source and two other people with knowledge of the deals. China, which needs about 280 million ...

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China’s purchases of U.S. farm goods at 71% of target under trade deal – U.S

China has substantially increased purchases of U.S. farm goods and implemented 50 of 57 technical commitments aimed at lowering structural barriers to U.S. imports since the two nations signed a trade deal in January, the U.S. government said. In a joint statement, the U.S. Trade Representative’s (USTR) office and the U.S. Department of Agriculture (USDA) said China had bought over $23 billion in U.S. agricultural goods to date, or about 71% of the target set under the so-called Phase 1 deal. “Since the Agreement entered into force eight months ago, ...

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East coast wheat harvest signals an end to Western Australian grain imports

After years of drought, the Port of Brisbane is once again receiving train loads of grain from Queensland paddocks, which signals an end to eastern Australia’s reliance on wheat imports from Western Australia. Since 2017, almost five million tonnes of grain has been shipped from WA to the east coast, with most of it arriving in Queensland to feed cattle, pigs, and chickens — markets which would usually be filled with local grain. Graincorp Northern Supply Chain Manager, Josh Connell said this year was the first chance for most farmers ...

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Ukraine exported 10M tonnes of wheat in 2020/2021 MY

Ukraine has exported 10.04 million tonnes of wheat since the start of the 2020/2021 marketing year (MY) (July 1 – October 23), which is almost 0.5 million tonnes less compared with the same period last year, the information and analytical portal of the agro-industrial complex of Ukraine reports with reference to data provided by the State Customs Service. In total, 14.8 million tonnes of grain and leguminous crops were exported during the reporting period (almost 2.2 million less compared with the same period last year). As reported by Ukrinform, the ...

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Sudan receives wheat from UAE grant, Israel

Sudan has received the first batch of wheat of the UAE grant, amounting to 67,000 tonnes to be allocated to mills in Khartoum and other states, state news agency SUNA said on Sunday. Israel also sent wheat worth $5 million to Sudan, Prime Minister Benjamin Netanyahu tweeted. Source: Reuters (Reporting by Nayera Abdallah and Dan Williams Writing by Ulf Laessing; editing by Andrew Heavens)

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Iraq accounts for 60% of Iran’s gasoline exports

The Secretary of Iranian Oil, Gas and Petrochemical Products Exporters’ Union (OPEX) Hamid Hosseini said currently 60 percent of Iran’s gasoline exports go to Iraq, IRNA reported. The official did not provide information on the amount of exports. “Currently, the country’s export of oil products is favorable and all shipments are purchased,” Hosseini said. He explained that the oil products which are offered at the country’s Energy Exchange (IRENEX) are exported to the destination markets after being purchased by domestic companies. There is no problem in transferring money for the ...

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Jordan issues new tender to buy 120,000 tonnes wheat

Jordan’s state grain buyer, the trade ministry, is tendering to buy 120,000 tonnes of milling wheat which can be sourced from optional origins, European traders said on Friday. The tender closes on Oct. 28. Shipment is sought in a series of possible combinations in 60,000 tonne consignments. Possible shipment combinations are in 2021 between Feb. 1-14, Feb. 15-28, March 1-15 and March 16-31. In its previous wheat tender on Wednesday, Jordan made no purchase with only two trading companies participating. Jordan has also issued a separate tender to buy 120,000 ...

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Has Brazil become a new customer for U.S. corn and soy exporters?

It is no surprise that Brazil is nearly out of soybeans given its extraordinary export pace earlier this year, but consistent with the bizarre nature of 2020, it is possible that Brazil could purchase beans from its export rival, the United States. That has never happened in modern times, especially since Brazil emerged last decade as the world’s top exporter of the oilseed. But neither U.S. nor Brazilian agencies seem to think Brazil will start importing U.S. soybeans, at least in the short term. Brazil’s government over the weekend announced ...

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