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Soybeans and corn rise on bargain-buying after falls, wheat drops

Chicago soybeans and corn rose on Monday in bargain buying after hitting three-year lows last week but plentiful supply from South America limited gains. Wheat fell in continued pressure from cheap Black Sea export supplies, especially Russian. Chicago Board of Trade most-active soybeans Sv1 rose 0.6% to $11.58-3/4 a bushel at 1211 GMT after hitting their lowest since November 2020 last week. Corn Cv1 rose 0.4% to $4.26-1/2 a bushel, also having slid to the lowest since November 2020 last week. Wheat Wv1 rose 0.3% to $5.54 a bushel following ...

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Palm oil dips on stronger ringgit, prospects of lower India purchases

Malaysian palm oil futures dropped for a second straight session onMonday amid astronger ringgit and market talk of India purchasing less palm oil in 2024. The benchmark palm oil contract FCPOc3 for May delivery on the Bursa Malaysia Derivatives Exchange fell 26 ringgit, or 0.66% to 3,940 ringgit ($834.75) a metric ton at closing, the lowest close since Feb. 29. The 35th Palm & Lauric Oils Price Outlook Conference & Exhibition is being held in Kuala Lumpur from March 4-6. Traders are awaiting cues on rival soyoil and the global ...

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Strategie Grains cuts EU rapeseed crop forecast

Strategie Grains cut its forecast for this year’s rapeseed output in the European Union to 18.3 million metric tons, nearly 8% below last year’s output as a sharp fall in area reduced projected production. The new rapeseed crop forecast compares with 18.4 million tons in last month’s prediction and 19.9 million tons harvested last year. “A sharp decline in (rapeseed) production in most EU countries, notably Romania and Poland, is expected to lead to an increase in EU imports, notably from Ukraine and Australia,” Strategie Grains said. “However, flows from ...

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AISI, US steelmakers urge Congress to act on trade remedy law to address import duty evasion

The American Iron and Steel Institute is again calling on Congress to take action to update US trade remedy laws that steelmakers say have not kept up with the efforts of China and other nations to circumvent and evade import duties. In discussions with lawmakers, there is a growing sense of interest among members of the House Ways and Means Committee and Senate Finance Committee to address trade issues, but any legislation that does not include efforts to improve enforcement would be “incomplete,” AISI CEO Kevin Dempsey said in an ...

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Copper gains capped by persistent demand concerns

Copper prices rose to one-week highs on Monday ahead of a key political meeting in China which could pave the way for growth stimulus, but gains were capped by persistent fears of stalling demand in the top consumer. Benchmark copper prices CMCU3 on the London Metal Exchange (LME) traded up 0.2% at $8,525 a metric ton in official rings.Prices of the metal used in the power and construction industries earlier hit $8,569.5, the highest since Feb. 23. China’s parliament meets on Tuesday. A property crisis, deepening deflation, a stock market ...

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India’s Oct-Feb sugar output drops 1.2% y/y – industry body

Indian mills produced 25.54 million metric tons of sugar between Oct. 1 and Feb. 29, down 1.2% from the previous year, on lower output from key producing states Maharashtra and Karnataka, a leading industry body said on Monday. Maharashtra’s sugar production fell to 9.09 million tons from 9.52 million, while Karnataka’s production dropped 8.3% to 4.7 million tons, the Indian Sugar & Bio-energy Manufacturers Association (ISMA) said in a statement. Production in the northern state of Uttar Pradesh rose 11.6% to 7.8 million tons as mills started operations early, it ...

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Chinese firm to build steel industry city in Iraq

Iraq has awarded a contract to a Chinese company to build an industrial city for the production of steel and other metals to cater for local demand, an official has said. The project is based in the Southern Basra city and is the first of its kind in Iraq, which has been locked in a massive post-war rebuilding plan. “This project will be dedicated to steel industries as well as aluminium and other metals..it will be built by a Chinese company on a 7,500-square-metre site in Basra,” Riad Kazim, deputy ...

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Brazil’s 2023/24 soybean harvest hits 48%, says AgRural

Brazil’s soybean harvest for the 2023/24 cycle had reached 48% of the planted area as of last Thursday, agribusiness consultancy AgRural said on Monday, up 8 percentage points from the previous week. The figure was also above the 43% seen at the same time a year earlier. A welcome rain volume in Rio Grande do Sul state and less intense showers in the Matopiba region were the “highlights of the week,” AgRural said in a statement. Sowing of the country’s second corn crop continued at a strong pace and reached ...

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Ukraine’s grain yield could decrease 4-5% in 2024, farm ministry says

Ukraine’s average grain yield is likely to decline by 4% to 5% in 2024, the Ukrainian agriculture ministry said on Monday. It gave no explanation for the possible decrease. Ukraine is a major global grain grower and exporter but its harvests have fallen after the Russian invasion in 2022. The ministry said corn, Ukraine’s largest grain harvest, was likely to remain unprofitable this year while wheat “will have minimal profitability”. Wheat and corn were unprofitable in 2023 and this could force farmers to reduce the area sown to corn in ...

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Dalian iron ore falls on slow demand recovery, doubts on long-term China outlook

Dalian iron ore futures prices extended their decline on Monday, dragged down by slow near-term demand recovery and growing doubts on mid-to-long-term prospects for the key steelmaking ingredient in top consumer China. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE) gave up some earlier losses andended daytime trade 0.11% lower at 890 yuan ($123.63) a metric ton, after touching an intra-day low of 860.5 yuan. “Ore demand remained under pressure amid lower-than-expected hot metal output and we do not see any strong driving factors for a ...

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Inside a copper output plunge at No. 1 global producer Codelco

Beneath the world’s largest open-pit copper mine in Chile lies a tunnel complex filled with dust so dense that machines frequently break down and workers can’t operate without spacesuit-like helmets. Conveyer belts often stall and have caused at least one fire. Construction mistakes have led to collapses and two large electromagnets designed to clear damaging objects haven’t been functional in four years. This, according to over a dozen workers interviewed by Reuters, is the situation at Chuquicamata Subterranea (PMCHS), a $5 billion dollar flagship project of Chile’s state copper miner ...

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Oversized US corn crop responsible for swell in global supplies

Global corn stockpiles are set to reach five-year highs later in 2024, undergoing their largest annual expansion in seven years. But the United States’ contribution to that growth is much larger than normal after a record harvest last summer. That would usually spur a bit more U.S. demand than is currently projected for 2023-24, though ample supplies in rival exporters have cut into U.S. market dominance, suggesting last year’s huge U.S. corn acreage was excessive. However, this anomaly should correct in 2024-25, which starts Sept. 1 for the United States. ...

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Soybeans rise but hefty South American supply keeps speculators bearish

Chicago soybean futures extended gains on Monday after last week’s three-year lows but plentiful supply from South America and weak U.S. exports limited gains, with speculators still betting on lower prices. Corn and wheat futures also rose, but with markets well supplied, both contracts were near their lowest since 2020. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.8% at $11.60 a bushel by 0641 GMT after dropping to $11.29 on Thursday, its lowest since November 2020. CBOT corn Cv1 rose 0.8% to $4.28-1/4 ...

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India’s rice output to drop for the first time in 8 years, government says

India’s rice production is set to fall for the first time in eight years in 2023/24 because of below average rainfall, while wheat production is expected rise 1.3%from a year ago, the government said in a statement on Thursday. Rice production in the world’s largest exporter is being carefully watched after New Delhi banned exports of non-basmati white rice in July, sending global prices surging. Rice production is expected to fall to 123.8 million metric tons in the crop year to June, while wheat production could riseto 112 million tons ...

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India, Thailand sugar crops looking better than expected, says Wilmar

Sugar crops in India and Thailand, two main Asian producers, are looking better in the final stages of the sugarcane harvesting, indicating higher sugar supplies in the region, said Singapore-based commodities trader Wilmar on Friday. “Thailand tail crop is much better than expected,” said Karim Salamon, head of sugar analysis at Wilmar, in comments sent to Reuters. He expects the sugarcane crush in Thailand to reach as much as 85 million metric tons, with sugar production between 8.5 million and 9 million tons. “It is more than 1 million tons ...

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