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After three years of exports China is now short of lead: Andy Home

The global lead market has bifurcated since the start of June with Shanghai Futures Exchange (ShFE) prices significantly outperforming the London Metal Exchange (LME). LME three-month lead CMPB3 touched a two-year high of $2,359 per metric ton in May but has since retraced to $2,190 and is now up by just 4.3% on the start of the year. The equivalent Shanghai price SPBcv3 has marched higher to six-year highs and is up by 12.4% on the start of January. The divergence is more pronounced on a cash basis with the ...

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French soft wheat crop rating falls as harvest slow

The condition of French soft wheat crops fell sharply last week to an eight-year low and harvesting remained well behind the usual pace, data from farm office FranceAgriMer showed, as rain fell in already soggy grain belts. An estimated 52% of soft wheat was in good or excellent condition by July 15, down from 57% a week earlier and 80% a year ago, FranceAgriMer said in a cereal report. That is below the score at the same point in 2020, another year marked by heavy rain, and the weakest reading ...

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Ukraine’s 2024 grain harvest at 13.8 mln T so far, ministry says

Ukraine has harvested 13.8 million metric tons of grains so far, the farm ministry said on Friday. The ministry said farmers had threshed 10.3 million tons of wheat and 3.1 million tons of barley. Additionally, 319,300 tons of beans have been harvested. The ministry last month increased its forecast for the 2024 grain harvest to 56 million tons from 52.4 million. Together with oilseeds, the crop could total 77 million tons, it said. However, state weather forecasters reported this week there could be a 20-30% decline in the harvest of ...

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Palm oil rises for fourth session, logs weekly gain

Malaysian palm oil futures rose for a fourth straight session and booked a weekly gain on Friday,ahead of export estimates from the world’s second-biggest producer for July 1-20. The Bursa Malaysia Derivatives Exchange’s benchmark palm oil contract FCPOc3 for October delivery closed 23 ringgit or 0.58% higher at 3,958 ringgit ($844.82) a metric ton. The contract gained 1.15% this week, after falling 3.14% last week. The market is trying to gauge the upside potential in July’s production and the likely drop in stock levels due to higher exports, a Mumbai-based ...

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Copper extends downturn to three-month low on China economic gloom

Copper prices fell for a fifth straight sessionon Friday to the lowest level in three months on disquiet about a weak Chinese economy and the lack of stimulus announcements. Three-month copper on the London Metal Exchange (LME) was down 0.9% to $9,305 a metric ton by 1600 GMT, its lowest level since April 8. LME copper is on track for a 5.8% weekly decline, the biggest weekly fall since August 2022. U.S. Comex copper futures HGc2 dropped 0.9% to $4.23 a lb. A key political meeting this week in top ...

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EU wheat rallies as French crop rating plunges

European wheat futures climbed 4% on Friday as a steep decline in French crop conditions heightened concerns about a poor harvest and encouraged prices to rebound from a four-month low. Front-month September wheat on Euronext was up 4.1% at 223.75 euros ($243.53) a metric ton by 1440 GMT, after reaching a one-week high at 224.50 euros. The rally drew technical impetus as futures filled a chart gap created during a slide on Monday. The front-month contract struck a four-month low of 211.50 euros on Tuesday, pressured by U.S. and Russian ...

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EU wheat rallies as French crop rating plunges

European wheat futures climbed 4% on Friday as a steep decline in French crop conditions heightened concerns about a poor harvest and encouraged prices to rebound from a four-month low. Front-month September wheat on Euronext was up 4.1% at 223.75 euros ($243.53) a metric ton by 1440 GMT, after reaching a one-week high at 224.50 euros. The rally drew technical impetus as futures filled a chart gap created during a slide on Monday. The front-month contract struck a four-month low of 211.50 euros on Tuesday, pressured by U.S. and Russian ...

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Copper output from Chile’s Codelco this year to top 2023, chairman says

Codelco Chairman Maximo Pacheco said that the state-run copper giant expects production this year to outdo 2023, with recovery expected in the second half of the year. “We have reaffirmed our commitment for 2024 production to surpass 2023,” he said. Afteryears of sliding production at the world’s top copper producer,Codelco is behind target for production in 2024, and analysts say it faces an uphill battle to make up lost ground with a second-half turnaround. Pacheco said several elements were in Codelco’s favor for the rest of the year – maintenance ...

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Xinjiang sets winter wheat yield records for a second year

With the summer grain harvest underway in the Xinjiang Uygur autonomous region, one of China’s major grain-growing areas, the region has set yield records for wheat. According to an expert panel sent by the Ministry of Agriculture and Rural Affairs, the yields of winter wheat on three large fields in northern Xinjiang’s Ili Kazak autonomous prefecture broke national records for farmland of over 6.7, 67 and 670 hectares, the region’s agriculture and rural affairs department said. A record yield of 11.877 metric tons per hectare was achieved in a 33.5-hectare ...

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Anglo cuts coal output forecast after fire at Australian mine

Anglo American said its copper output was almost flat in the first half, while it curbed this year’s output forecast for coking coal, which is likely to weigh on earnings just months after it rebuffed a takeover bid from rival BHP Group BHP.AX. Copper production rose 2% to 393,800 metric tons in the six months through June and is on track to meet full-year guidance, Anglo said in a statement. Copper demand is expected to rise sharply in coming years for use in applications ranging from solar panels and electric ...

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Cooling prices chill drive to add wheat acres in US Corn Belt

A Biden administration drive to increase U.S. wheat plantings after the Ukraine war is faltering as wheat prices hover around four-year lows and exportable supplies continue to flow from the Black Sea region, curbing demand for American grain. Wheat acreage expanded last year as prices soared to a near record high after Russia’s 2022 invasion of Ukraine. But U.S. plantings dropped nearly 5% this year, resuming a decades-long trend that has coincided with a more recent slide in the U.S. share of the global wheat export market. Farmers planting less ...

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Corn, soybeans and wheat head for weekly losses amid ample supply

Chicago corn and soybean futures rose on Friday but were near their lowest levels since 2020 andheading for weekly losses due tofavourable crop weather in the United States and expectations of plentiful supply. Wheat futures were flat and also on track for a weekly decline, with prices close to four-month lows. The most-active soybean contract on the Chicago Board of Trade (CBOT) Sv1 was up 0.5% at $10.47-3/4 a bushel by 0511 GMT, with CBOT corn Cv1 0.2% higher at $4.06 a bushel and wheat Wv1 unchanged at $5.35-1/4 a ...

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Dalian iron ore falls on weakening steel market; focus on Third Plenum

Dalian iron ore futures prices extended losses on Thursday, dragged down by the weakening steel market in top consumer China, while investors awaited details of likely stimulus measures from Beijing’sThird Plenum. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) ended daytime trade0.9% lower at 811.5 yuan ($111.86) a metric ton. It hit an intraday low of 798 yuan a ton earlier in the session, its lowest since June 26. The benchmark August iron ore on the Singapore Exchange was, however, up 0.67% at $105.65a ton, as ...

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Malaysia keeps August crude palm oil export duty at 8%

Malaysia has maintained its August export tax for crude palm oil at 8.0% and raised its reference price, a circular on the Malaysian Palm Oil Board website showed on Thursday. The world’s second-largest palm exporter calculated a reference price of 3,880.86 ringgit ($831.91) per metric ton for August. July’s reference price was 3,839.63 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: ...

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Does the market finally agree with USDA on US corn yield? -Braun

Grain industry participants in recent years have criticized the U.S. Department of Agriculture’s trendline U.S. corn yields since they have been too high versus final yields for five consecutive years now. Another complaint is that USDA’s trend corn yields have been exceeding previously observed records, and the 2024 trend of 181 bushels per acre follows suit, sitting some 3.7 bpa above last year’s all-time high. But speculators last week built record-short positions in Chicago-traded corn, and new-crop December corn CZ24 recently flirted with sub-$4-per-bushel, down about 14% over the last ...

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