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Wheat futures extend losses as supply pressure persists

Chicago wheat futures fell further to two-month lows on Thursday as traders remained focused on U.S. harvest progress and improved production prospects among other major exporters. Corn and soybean futures also dipped as a heatwave in the United States was not seen posing a major threat to crops. With the Chicago Board of Trade (CBOT) reopening after a public holiday on Wednesday,September soft red winter wheat WU24 was down 1.1% at $5.92-1/4 a bushel by 1037 GMT. The contract earlier fell to $5.90-3/4, its lowest since April 22. “There is ...

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Argentina exchange edges up wheat planting estimate

Argentina’s Buenos Aires Grains Exchange on Wednesday slightly bumped up its forecast for the planting of this season’s wheat crop. The exchange in a report pegged the planting area at 6.3 million hectares, up from 6.2 million hectares previously. It attributed the bump to higher wheat prices and lower input costs, causing more farmers to sow the crop. Source: Reuters (Reporting by Maximilian Heath; Editing by Sarah Morland)

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Japan buys 84,667 tons of food wheat via tender

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 84,667 metric tons of food-quality wheat from the United States, Canada and Australia in a regular tender that closed late Wednesday. Japan, the world’s sixth-biggest importer of wheat, keeps a tight grip on imports of its second most important staple after rice and buys the majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue; Editing by Janane Venkatraman)

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Copper edges up on hopes of stronger demand, stockpiles cap gains

Copper prices edged up on Thursday on hopes of improved demand in China following recent price drops and supply concerns though capping the upside were a stronger dollar and rising stockpiles. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.1% at $9,794.50 per metric ton by 1012 GMT. Top metals consumer China left its key benchmark lending rates unchanged on Thursday as Beijing’s monetary easing efforts continue to be limited by narrowing interest rate margins and a weakening currency. China’s onshore yuan CNY=CFXS finished its domestic session ...

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Ukraine exports 49.3 mln T grain so far 2023/24, ministry says

Ukraine’s grain exports in the 2023/24 July-June marketing season rose to 49.3 million metric tons by June 19 from 47.5 million tons a year earlier, agriculture ministry data showed. The total volume included 2.3 million tons sent abroad since the start of June, compared with 2.2 million tons in the same period in 2023. Overall exports included 18.1 million tons of wheat, 28.2 million tons of corn and about 2.5 million tons of barley. The government said the country had harvested about 81 million tons of grain and oilseeds in ...

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Global zinc market surplus falls in April, ILZSG says

The global zinc market surplus fell to 22,100 metric tons in April from 70,100 tons in March, data from the International Lead and Zinc Study Group showed on Wednesday. During the first four months of the year, the global surplus was 182,000 tons compared with a surplus of 282,000 tons in the same period last year. The following numbers are in thousands of metric tons. Source: Reuters (Reporting by Rahul Paswan in Bengaluru; Editing by Alison Williams)

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Ukraine 2024 crop rapeseed export prices seen rising, producers say

Export prices for Ukrainian rapeseed of 2024 harvest will rise to at least 500 euros ($536.50) per metric ton CPT by October from the current 425 euros, Ukraine’s largest agribusiness group Agrarian Council said. Ukraine is a major grower of rapeseed and traditionally exports a lion share of the harvest mostly to European consumers. “In the longer term, the price should turn upwards. We can expect prices to return to at least 500 euros per ton in October and November,” the council said in a statement. “For farmers who did ...

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Smaller German wheat and rapeseed crops again forecast for 2024

Germany’s 2024 wheat crop will fall 5.5% on the year to 20.34 million metric tons but with recent rain having no major impact on crops, the country’s association of farm cooperatives said in its latest harvest estimate on Wednesday. It forecast Germany’s 2024 winter rapeseed crop will fall 8.0% to 3.89 million metric tons. Reductions had been expected following reduced planted areas. In its previous harvest estimate on May 23, the association forecast Germany’s 2024 wheat crop at 20.31 million tons and the 2024 winter rapeseed crop at 3.87 million ...

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Financial investors reduce net long position in Euronext wheat

Non-commercial market participants reduced their net long position in Euronext’s milling wheat futures and options in the week to June 14,data published by Euronext showed on Wednesday. Non-commercial participants, which include investment funds and financial institutions, reduced their net long position to 92,942 contracts from 108,241 a week earlier, the data showed. Commercial participants reduced their net short position to 97,839 contracts from 113,232 a week earlier. Commercials’ short positions accounted for 61.7% of the total short positions while commercial long positions accounted for 56.39% of total longs. Non-commercial short ...

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Russia’s Lukoil ships 366,000 barrels of diesel to Chile, Kommersant reports

Russian oil producer Lukoil has shipped 366,000 barrels, or some 50,000 metric tons of diesel, to Chile’s port of Arica from the Baltic Sea’s port of Vysotsk earlier this month, Kommersant daily reported, citing data from Kpler. The cargo was delivered for Bolivia’s Yacimientos Petroliferos Fiscales Bolivianos (YPFB), according to the report on Wednesday. Russia has significantly boosted fuel supplies to Latin America, Africa and Asia after the West introduced sanctions, including price caps and restrictions on Russian oil purchases, over the conflict in Ukraine. Turkey is now the largest ...

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No future US government can prevent Iran oil exports, minister says

Iranian oil exports will continue regardless of who is elected as the next U.S. president, Iranian Oil Minister Javad Owji said on Wednesday, amid concerns that a Donald Trump presidency could curb Iranian crude sales. “Whatever government comes to power in the United States will not be able to prevent Iranian oil exports,” Owji said in comments quoted by Iran’s official news agency IRNA. In 2018, then-President Trump withdrew from a 2015 nuclear pact with Iran and re-imposed sanctions which hurt Iran’s oil sector, with production dropping to 2.1 million ...

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India’s coal-based power demand at all-time high, government says

India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday. Peak demand for power in India’s hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet high energy consumption. The India Meteorological Department (IMD) has predicted above-normal temperatures for June in the northwest and central parts of the country, making it one of the longest heatwave spells. Cumulative coal production stood at 207.48 million ...

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Copper up on China’s easing monetary policy stance, demand rebound, supply concerns

Copper prices rose on Thursday on China’s central bank reinforcing its easing monetary policy stance, better end-user demand following recent price drops, and supply concerns. Three-month copper on the London Metal Exchange (LME) CMCU3 was up 0.5%at $9,835 per metric ton by 0731 GMT, while the most-traded July copper contract on the Shanghai Futures Exchange (SHFE) SCFcv1 closed up 1.2% at 79,390 yuan ($10,934.96) a ton. The People’s Bank of China will stick to a supportive monetary policy stance and will resolutely prevent the exchange rate from overshooting, its governor ...

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Palm rangebound as traders eye export estimates

Malaysian palm oil futures were trading sideways on Thursday as market participants awaited palm oil export estimates for June 1-20. The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange was up 4ringgit, or 0.1%, at 3,924 ringgit a metric ton by the midday break. The contract traded between 3,901 ringgit and 3,938 ringgit a metric ton during thesession. It was up 0.36% in overnight trade. “The market is still range-tradingwhile waiting for leads from exports data and the production figures,” a Kuala Lumpur-based trader ...

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Wheat futures extend losses as crop forecast eases supply fears

Chicago wheat futures edged lower on Thursday as harvests in the United States and elsewhere and higher production forecasts in major exporting countries eased supply fears, with the September contract slipping to its lowest level in two months. Corn and soybean futures also dipped amid easing concerns over a heatwave set to strike U.S. corn and soy crops. With the Chicago Board of Trade (CBOT) reopening after a public holiday on Wednesday,September soft red winter wheat WU24 was down 0.1% at $5.98-1/2 a bushel by 0245 GMT, having fallen as ...

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