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EU 2023/24 soft wheat exports down 2% at 22.8 mln T by March 23

Soft wheat exports from the European Union since the start of the 2023/24 season in July had reached 22.8 million metric tons by March 23, down 2%compared with 23.2 million a year earlier, data published by the European Commission showed on Tuesday. EU barley exports totalled 4.2 million tons, down 12%against 4.8 million tons in the corresponding period in 2022/23, while EU maize imports were at 13.2 million tons, 38% below theyear-earlier 21.5 million tons. The publication was the first for three weeks due to a prolonged technical issue, and ...

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Russia increases gasoline imports from Belarus as domestic supplies shrink

Russia has increased gasoline imports from neighbouring Belarus in March to tackle the risk of shortages in its domestic market because of unscheduled repairs at Russian refineries after drone attacks, four industry and trade sources said on Wednesday. Usually Russia is a net exporter of fuel and a supplier to international markets, but the disruption of Russian refining has forced oil companies to import. Already Russia banned gasoline exports from March 1 to try to secure enough fuel for its domestic market after repeated Ukrainian drone attacks on Russian refineries ...

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Pricing impacts uncertain for thermal coal, petcoke after Baltimore bridge collapse

Thermal coal and petcoke market participants had mixed views on potential pricing impacts following a major bridge collapse in the US city of Baltimore March 26. “I don’t have a crystal ball for the direction of coal prices,” a US-based coal broker said. “I would suspect a temporary uptick in global prices to replace US NAPP coal but with demand lukewarm, prices could remain unchanged. Petcoke prices, probably similar — no changes. Biggest impact is to cash flow to companies like Consol.” The Frances Scott Key bridge in Baltimore fell ...

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Green steel is possible and even affordable, but still unlikely

Decarbonising steel production is key to achieving global net-zero emission targets and the good news is that it can be achieved, and the cost isn’t prohibitive for some uses. The bad news is decarbonising steel isn’t likely to happen without regulation, coupled with price incentives that drive a shift in investment and consumption. Steel production accounts for about 8% of global carbon emissions and about 30% of emissions from industry, and the sector is the major consumer of metallurgical coal, which is a key source of heat and carbon needed ...

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China coal industry group says output at accident-hit mining hubs back to normal

Coal mining output at accident-hit mining districts of Shaanxi and Inner Mongolia in China’s north have returned to normal, a major coal industry group said. A recent spike in coal mine accidents had pushed authorities to order safety inspections at major mining hubs including Shaanxi and Inner Mongolia, slowing down production. Output at Shaanxi, China’s top producing province, has remained stable, but not returned to the levels seen before the inspections began, said Han Lei, General Manager at the research department of China Coal Transportation and Distribution Association. The domestic ...

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Chicago futures inch lower ahead of key USDA reports

Chicago soybeans, corn and wheat dipped on Thursday as traders braced for quarterly grain stocks and planting intention reports from the U.S. Department of Agriculture (USDA) later in the day. They also expect U.S. corn and wheat plantings to fall in 2024 while soybean plantings increase. These USDA reports always present volatility risks for grain markets since the outcomes are often unpredictable. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was down 0.1% at $11.91 a bushel by 0243 GMT, while CBOT wheat Wv1 fell 0.1% ...

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MMi Daily Iron Ore Index Report March 28 2024

E iron ore futures tight. The main contract has been changed to I2409, closed at 758, an decrease of 0.85% throughout the day;

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Ukraine exports 4.5 mln T grain so far in March

Ukraine’s grain exports so far in March have totalled 4.5 million metric tons, slightly down from 4.6 million in the same period a year earlier, agriculture ministry data showed on Wednesday. Exports so far this month have included 13.5 million tons of wheat, 18.4 million tons of corn and 1.96 million tons of barley. In February, Ukraine exported 5.8 million tons of various grains, up 11.5% from a year earlier. The ministry gave no explanation for the increase. Ukraine’s grain exports in the 2023/24 July-June marketing season have fallen to ...

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Iron ore slides to over one-week low on lingering China demand concerns

Iron ore futures prices extended losses on Wednesday to their lowest levels in more than one week, pressured by persistent concerns about demand in top consumer China amid a lack of significant policy measures to boost steel uptake. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade 3.53% lower at 805.5 yuan ($111.43) a metric ton, the lowest since Mar. 19. The benchmark April iron ore SZZFJ4 on the Singapore Exchange was 2.1% lower at $101.95 a ton, as of 0754GMT, the lowest sinceMar. ...

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Commodity Tracker: 4 charts to watch this week

Aluminum markets are in focus this week, with premium negotiations underway between global sellers and Japanese buyers for contracts over the April-June quarter. In the US market, primary aluminum prices have been on an uptrend since mid-March. S&P Global Commodity Insights editors and analysts are also watching LNG prices in the Mediterranean, while solar could exceed gas-fired power in Europe’s core markets in Q2. 1. Japanese Q2 aluminum premium negotiations trend higher on supply risks, broader Asian strength… What’s happening? The first quarterly aluminum premium contract over April-June was reported ...

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Palm oil falls to 2-week closing low; mirrors losses in rivals

Malaysian palm oil futures fell for a second straight session to a two-week closing low on Wednesday, mirroring losses in rival oils. The benchmark palm oil contract FCPOc3 for June delivery on the Bursa Malaysia Derivatives Exchange fell 101 ringgit, or 2.38% to 4,135 ringgit ($874.39) a metric ton at closing, the lowest close since March 13. Softer rival oils brought palm oil prices lower, said Mitesh Saiya, trading manager at Mumbai-based trading firm Kantilal Laxmichand & Co. Soft oils’ discounts to crude palm oil have created export worries for ...

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Copper hits two-week low as market awaits clarity on smelter cuts

Copper prices retreated to a two-week low on Wednesday as investors awaited further detail on plans by Chinese smelters to cut production. Three-month copper on the London Metal Exchange (LME) was down 0.7% at $8,804 a metric ton in official rings. It dipped to $8,776 earlier in the session for its lowest since March 13. LME copper soared to an 11-month high of $9,164.50 on March 18 after top Chinese smelters announced plans for joint production cuts but did not provide detail oo the extent or timing of any suspensions. ...

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First Quantum execs discuss investment, disputed copper with Chinese officials

Executives from Canadian miner First Quantum Minerals FM.TO met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper Co, three sources with knowledge of the matter said. The talks in Jiangxi province included topics such as the potential for state-runJiangxi Copper 6003672.SS, China’s leading producer, to gain influence on First Quantum’s board decisions,two of the sources said. Also discussed wasthe future of First Quantum’s Zambian assets and the prospect of Jiangxi buying its disputed copper concentrates inventory from Panama, they said. Since ...

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Corn, soybeans fall as market adjusts ahead of USDA reports

Chicago corn and soybean futures fell on Wednesday as the markets looked ahead to data on U.S. planting and grain stocks due on Thursday that could move prices. Wheat edged lower as traders dismissed concerns that exports from top supplier Russia would be disrupted and focused instead on a plentiful supply outlook. The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 1.1% at $4.28 a bushel by 1238 GMT, while CBOT soybeans Sv1 fell 0.6% to $11.92-1/4 a bushel and wheat Cv1 slipped 0.2% to ...

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Jordan tenders to buy up to 120,000 metric tons feed barley, traders say

Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Wednesday. The deadline for submission of price offers in the tender is April 3. Source: Reuters (Reporting by Michael Hogan)

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