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CLI terminal in Brazil projects 15% increase in grains, sugar shipments

Logistics company CLI, who operates one of the largest agricultural commodities export terminals in Brazil, projects to ship around 15% more grains and sugar in 2024 due to increased demand from commodities traders and mills. According to the company’s director of operations, Luis Neves, sugar shipments will likely grow more than 1 million metric tons this year to up to 9.5 million tons, while grains loadings are estimated to increase 1 million tons to 6.5 million tons. Neves said that the company reported a monthly loading record in February at ...

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US switches method to estimate China’s soy imports after data gap

The U.S. Department of Agriculture has started using global exporters’ data to estimate China’s soybean imports because a wide gap emerged between shipping figures from producing nations and Chinese customs data, a USDA official told Reuters. The change in methodologycomes at a sensitive time for U.S.-China relations and as China is trying to improve its food security plans to rely less on imports. China is the world’s biggest soybean importer and tracking its demand is important for world commodity prices. Chinese customs data that USDA historically used to estimate imports ...

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India imported 420,000 fewer barrels of Russian oil a day in February amid tightening sanctions

India pulled back on purchasing Russian crude in February, as Western sanctions took a toll on trade between the two countries. Oil shipments to India fell by 420,000 barrels per day, totalling 1.2 million barrels imported daily, according to the latest report from the International Energy Agency. New Delhi’s strained demand contributed to a slip in Russian crude revenue for the month. Reduced oil and oil product exports earned Moscow nearly 1% less than in January, notching $15.69 billion last month. Though in line with December’s revenue, Russia’s global crude ...

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Saudi crude exports fall for second straight month in January

Saudi Arabia’s crude oil exports fell in January for a second straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world’s largest oil exporter dipped 0.2% to 6.297 million barrels per day (bpd), down from 6.308 million bpd in December. The country’s crude production rose to 8.956 million bpd from 8.944 million bpd in December. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to JODI, which publishes them on its website. ...

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Middle East diesel exports to Europe seen rising in March as refinery output climbs

Middle East diesel exports to Europe are expected to push higher in March after rebounding in February, with Saudi Arabia and Kuwait leading the way, as the production from Middle East refineries is seen rising, according to analysts and latest ship-tracking data. Diesel shipments from the Middle East to Europe averaged 374,000 b/d in February, the highest in two months, and up from 318,000 b/d in January, S&P Global Commodities at Sea data showed. Kuwait’s shipments more than doubled to an average 114,000 b/d from 55,000 b/d over the same ...

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US LNG cargoes continue to set sail around Cape of Good Hope in March

Although drought-related restrictions have improved slightly at the Panama Canal since the start of the year, the proportion of US LNG exports being sent round the Cape of Good Hope remains elevated in March as attacks on commercial shipping in the Red Sea force shippers to take the longer route to Asia. Of the total US exports of 3.33 million mt delivered in March thus far, around 710,000 mt were delivered into Asia, with all volumes transiting through the Cape of Good Hope to reach their destination, according to data ...

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U.S. crude oil exports reached a record in 2023

U.S. crude oil exports established a record in 2023, averaging 4.1 million barrels per day (b/d), 13% (482,000 b/d) more than the previous annual record set in 2022. Except for 2021, U.S. crude oil exports have increased every year since 2015, when the U.S. ban on most crude oil exports was lifted. Growth in crude oil production in the United States has supported increases in U.S. crude oil exports. In 2023, crude oil production reached a record-high 12.9 million b/d in the United States, a 9% (1.0 million b/d) increase ...

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India auctions 13 commercial coal mines to cut imports

India has successfully auctioned 13 commercial coal mines, under its eighth and ninth rounds, in an attempt to ramp up domestic output and reduce import dependency, according to a statement from the federal coal ministry. Of a total of 13 mines auctioned, eight are thermal coal mines and five coking coal, located in Madhya Pradesh, West Bengal, Maharashtra, Chhattisgarh and Jharkhand. While Madhya Pradesh has four thermal coal mines and one coking coal mine that were auctioned with accumulated reserves of 1.30 billion mt, the other states have one thermal ...

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Iraq to curb oil exports to compensate for exceeding OPEC+ quota

Iraq will reduce its crude exports to 3.3 million barrels a day (bpd) in the coming months to compensate for exceeding its OPEC+ quota since January, the oil ministry said on Monday, a pledge that would cut shipments by 130,000 bpd from last month. OPEC’s second-largest producer Iraq pumped significantly more in January and February than an output target established in January when several members of the Organization of the Petroleum Exporting Countries and allies (OPEC+), including Iraq, agreed to support the oil market. OPEC+, whose de facto leader is ...

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Ukraine maritime farm exports at 2.95 mln T in March 1-15, ministry data shows

Ukraine’s maritime agricultural exports were at 2.95 million metric tons in March 1-15 and corn dominated the shipments, farm ministry data showed on Monday. The ministry gave no comparative figures. Ukrainian maritime farm exports totalled 6.38 million tons in February. The data showed that in March 1-15traders shipped abroad 1.27 million tons of corn, 981,687 tons of wheat, 238,562 tons of barley, 234,015 tons of sunflower oil and 116,136 tons of soy beans. Ukraine traditionally exports 95% of its agricultural goods via its Black Sea or Danube ports. Spike Brokers, ...

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Downside in South Korean corn import on feed wheat switch, rice stock release to feed millers

South Korea’s corn demand in marketing year 2023-24 (September-August) faces further downside potential after feed buyers started increasing feed wheat usage in feed ratios to replace corn. This follows the release of local rice stocks by the national granary to feed millers, marking around 400,000 mt of corn demand already replaced by alternative feed grains. South Korea’s Feed Leaders Committee bought 65,000 mt of feed wheat from Cargill in a private deal late March 14, paying $243.25/mt CFR, trade source said, marking the second feed wheat-corn substitution in South Korea ...

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Taiwan buys some 97,950 metric tons wheat of U.S.-origin

The Taiwan Flour Millers’ Association purchased an estimated 97,950 metric tons of milling wheat to be sourced from the United States in a tender on Friday, European traders said. The purchase involved various wheat types for shipment from the U.S. Pacific Northwest coast in two consignments. The first consignment of 56,400 tons for shipment between May 9 and May 23 involved 35,700 tons of U.S. dark northern spring wheat of a minimum 14.5% protein content bought at an estimated $301.49 a ton free on board (fob) and totalling $336.80 a ...

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South Korea’s FLC buys 65,000 metric tons feed wheat, traders say

South Korea’s Feed Leaders Committee (FLC) on Thursday bought about 65,000 metric tons of animal feed wheat in a private deal without issuing an international tender, European traders said on Friday. It was purchased at an estimated $243.65 a tonne c&f plus a surcharge of $1.25 a ton for additional port unloading. The seller was believed to be trading house Cargill. The wheat is for arrival in South Korea around Aug. 15. It can be sourced from optional origins but excluding Russia, Pakistan, India, Denmark and Argentina. Loading ports in ...

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Malaysia keeps April crude palm oil export duty at 8%

Malaysia maintained its export tax for crude palm oil at 8%for April and raisedits reference price, a circular on the Malaysian Palm Oil Board website showed on Friday. The world’s second-largest palm exporter calculated a reference price of 3,958.58 ringgit ($842.43) per metric ton for April. March’s reference price was 3,793.94 ringgit a ton. The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 8% when prices exceed 3,450 ringgit a ton. Source: Reuters (Reporting ...

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Russia’s seaborne oil product exports fell in February, calculations show

Russia’s seaborne oil product exports fell 1.5% in February from the previous month to 9.943 million metric tons due to unplanned maintenance at refineries, data from industry sources and Reuters calculations showed. Several large Russian refineries were hit by drone attacks and fires in January and February, including Rosneft’s Tuapse refinery and Novatek’s NVTK.MM complex at the Baltic port of Ust-Luga. Novatek resumed gas condensate processing at the Ust-Luga complex on Feb. 11. Total oil product exports via the Baltic ports of Primorsk, Vysotsk, St. Petersburg and Ust-Luga last month ...

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