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Indian wheat stocks at 16-year low after record state sale

Wheat stocks in India’s government warehouses on May 1 were down 10.3% year on year to their lowest since 2008 after two years of low crops prompted the sale of record volumes to boost domestic supplies and lower local prices. At the start of the month wheat reserves in state stores totalled 26 million metric tons, down from 29 million metric tons in May 2023, according to the state-run Food Corporation of India. May wheat inventories are higher than April stocks of 7.5 million metric tons after new season purchases ...

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US wheat ratings seen improving; corn seen as 49% seeded, soy 39%

The U.S. Department of Agriculture’s (USDA) weekly crop progress report is expected to rate 51% of the U.S. winter wheat crop in good-to-excellent condition, up 1 percentage point from last week and the highest for this time of year since 2020, a Reuters survey of 14 analysts showed on Monday. The relatively robust condition ratings in the world’s No. 5 wheat exporter could ease concerns about frost- and drought-hit crops in top exporter Russia that have lifted benchmark Chicago Board of Trade wheat futures Wv1 to their highest level in ...

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Funds race out of CBOT corn and soy shorts as weather worries build -Braun

Speculators furiously pitched short positions in Chicago corn and soybeans last week just after a big short squeeze in wheat, as pests raid Argentina’s corn crop and rains devastate soybeans in southern Brazil. Wet weather also slowed the pace of U.S. planting during what is normally the most active period for field work, but top wheat exporter Russia’s main growing region remains concerningly dry. In the week ended May 7, money managers slashed their net short position in CBOT corn futures and options to 102,513 contracts from 218,040 a week ...

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Trading volumes surge as investors return to base metals

The boom times are back for base metals traders. Over 17 million contracts traded on the London Metal Exchange (LME) in April, making it an all-time record month in outright volume terms. Expressed in average daily volumes, activity was the second highest on record after April 2018. That was the month the U.S. government announced import duties on aluminium, a shock to global trade patterns that generated a one-off volume spike on the LME aluminium contract. This time around the lift in activity has played out across all six of ...

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Copper hits more than 2-year high despite weaker-than-expected China demand

Copper prices climbed to their highest since April 2022 on Tuesday amid inflows of funds into the base metals sector, although high prices have hurt Chinese consumers’ appetite. Three-month copper on the London Metal Exchange (LME) CMCU3 rose 0.4%to $10,224 per metric ton by 0750 GMT, having touched $10,255.50 earlier in the session. The contract has gained 19% so far this year and is just over $600 away from its record high of $10,845 hit in 2022. Funds betting on U.S. rate cuts, supply disruptions, and stronger demand for metals ...

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Russia’s IKAR cuts grain crop and export forecasts

Russia’s IKAR agricultural consultancy has cut its forecasts for Russia’s wheat crop to 86 million metric tons from 91 million tons and wheat exports to 47 million metric tons from 50.5 million tons, it said on Monday. IKAR cut Russia’s overall grain crop forecast to 135 million tons from 142 million tons and its total grain exports outlook to 59.5 million tons from 64.5 million tons. Source: Reuters (Reporting by Reuters Writing by Maxim Rodionov; Editing by Mark Trevelyan)

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JSW Steel’s consolidated crude steel production at 21.21 lakh tonnes in April’24

JSW Steel has recorded crude steel production of 21.21 lakh tones in month of April 2024, which is marginally higher as compared with production volume of 21.13 lakh tones reported in the same period last year. Capacity utilisation at Indian Operations stood at 88% for April 2024. Iron ore availability constraints from Karnataka mines at Vijayanagar impacted the production volumes. Accordingly, the Indian unit of the company registered steel production volume of 20.55 lakh tones (up 1% YoY) during the period under review. JSW Steel USA Ohio has reported steel ...

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Iraq has procured 1.5 mln tons of wheat this year, INA reports

Iraq has procured 1.5 million metric tons of wheat so far this year, the state news agency (INA) reported on Monday. Iraq’s agriculture ministry expects the country’s wheat harvest to exceed 7 million tons, INA reported in April. “So far this year we managed to procure 1.5 million tons of wheat from all Iraqi provinces except the Kurdistan region,” Haider Nouri Al-Karaawi, general manager of the state-run Grain Board of Iraq, told INA. Iraq, with a population of more than 43 million, requires between 4.5 million and 5 million tons ...

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Iron ore climbs as bond issuance stimulus offsets weak China data impact

Iron ore futures prices strengthened on Monday, as news of more bond issuance by Chinese authorities to spur economic growth outweighed the impact of weaker-than-expected credit data in the top consumer. The most-traded September iron ore contract on China’s Dalian Commodity Exchange (DCE) shrugged off earlier losses and ended daytime trading 2.42% higher at 888 yuan ($122.75) a metric ton. The benchmark June iron ore on the Singapore Exchange was trading 1.25% higher at $117.25 a ton, as of 0820 GMT. China’s finance ministry said on Monday it will start ...

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BHP says Anglo American rejected $42.7-billion revised proposal

BHP Group said on Monday that Anglo American had rejected a revised buyout offer valuing the company at 34 billion pounds ($42.67 billion). Anglo American had in April rebuffed BHP’s $39 billion all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects. The new offer is 10% higher than BHP’s first one, or a 15% increase in the merger exchange ratio, lifting Anglo American shareholders’ aggregate ownership in the combined group to 16.6% from 14.8% in the earlier proposal, it said. Anglo’s share price was down 0.7% at ...

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WASDE update: Supportive grain estimates for 2024/25

US corn output set to fall The USDA expects US corn production in 2024/25 to fall by over 3% year-on-year from last year’s record crop. This shouldn’t be too surprising with farmers expected to switch to soybeans. Planted area is estimated to fall from 94.6m acres last season to 90m acres. Lower acreage is partly offset by expectations of improved yields, however, obviously much will depend on how the weather evolves through the summer. As a result, output for the next marketing year is forecast at 14.86bn bushels, which is ...

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Investors propel copper towards two-year peak

Copper prices climbed towards the two-year highs hit last month as expectations of strong demand growth and hopes for cuts to U.S. interest rates encouraged investors to pile into the market on Monday. Benchmark copper CMCU3 on the London Metal Exchange (LME) was up 1.3% at $10,134 a metric ton by 1045 GMT after touching $10,144.50. Copper hit $10,208 on April 30 for its highest since March 2022. Accelerating demand for copper from the electric vehicle, artificial intelligence and automation sectors in future years is expected to create significant shortages ...

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Chicago wheat hits new nine-month highs on Russian crop worry, then falls

Chicago wheat hit new nine-month highs on Monday on concern frosts could damage crops in top exporter Russia, but fell back on selling pressure with rain forecast in dry Russian grain belts. Soybeans and corn fell, depressed by large U.S. supplies forecast by the U.S. Department of Agriculture on Friday. Chicago Board of Trade most-active wheat Wv1 fell 0.1%, to $6.62-1/2 a bushel at 1034 GMT. Wheat earlier hit its highest since August at $6.72 a bushel, exceeding Friday’s previous nine-month high reached because of concerns about frosts and dry ...

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Rio Tinto driverless iron ore train derails in Western Australia

Rio Tinto said on Monday a driverless train and wagons carrying iron ore had derailed at its Western Australian iron ore operations after a collision overnight and that it was investigating the incident in which no one was hurt. The derailment, which is at least the third in a year for the world’s biggest iron ore miner, occurred when a driverless train collided with a set of stationary wagons loaded with iron ore, Rio Tinto said. Some 22 wagons carrying iron ore and three locomotives were impacted, according to statements ...

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Palm ends up on support from rival oils, market waits for export data

Malaysian palm oil futures closed higher onMonday as the market tracked strength in rival oils at Dalian and Chicago Board of Trade, while the market awaited export data for further cues. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange increased 58 ringgit, or 1.52%,to 3,867 ringgit ($818.07) a metric ton on the closing. “Palm oil is tracking Dalian and CBOT, while looking forward to the 15-day export data to provide further lead,” a Kuala Lumpur-based trader told Reuters. Dalian’s most-active soyoil contract DBYcv1 rose ...

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