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Japan buys 114,305 metric tons of food-quality wheat via tender

Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) bought a total of 114,305 metric tons of food-quality wheat from the U.S., Canada and Australia in a regular tender that closed on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of its second-most important staple after rice, buying a majority of the grain for milling via tenders typically issued three times a month. Source: Reuters (Reporting by Fumika Inoue; Editing by Sonia Cheema)

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China’s wheat import could decline in 2024 amid shipment cancellations, delays

China’s wheat imports could decline in 2024 as shipment cancellations and delays from multiple origins have raised concerns of weakening demand. Trade participants expect China’s 2024 imports to decline from prior estimates of 12 million-15 million mt for this year and potentially drop below 11.88 million mt in 2023. Imports in 2023 were 2.24 million mt above the tariff-rate quota of 9.636 million mt according to Chinese customs data. The TRQ for 2024 has been maintained at 9.636 million mt. Australian and Canadian wheat shipments to China from multiple sellers ...

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Russia expects oil exports to rise due to refinery outages

Russia’s energy ministry said on Thursday that it expected the country’s crude oil exports to increase due to unplanned maintenance at refineries, news agencies reported. “The situation is stable, but primary (refinery) output will be less. This is a fact, but there is nothing critical about it, because it means that oil exports will be higher,” First Deputy Energy Minister Pavel Sorokin said, according to TASS news agency. He added that there was no concern about fuel supplies on domestic market, Interfax news agency reported. Russia has seen multiple outages ...

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Rongsheng buys US and Brazilian crude for June

Chinese refiner Rongsheng Petrochemical has bought at least 4 million barrels of U.S. and Brazilian crude via a tender for June delivery, trade sources said on Thursday. The company bought 2 million barrels of Brazilian Tupi and Atapu crude from Petrobras and the same amount of U.S. Mars crude from ExxonMobil, they said. It was not immediately clear if Rongsheng had awarded more cargoes in the tender, the sources said. Last month Rongsheng bought 2 million barrels of Khafji and 2 million barrels of Angolan grades Mondo and Hungo via ...

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Chinese buyers cancel, postpone Australian wheat buys amid global surplus

Chinese wheat importers have cancelled or postponed about one million metric tons of Australian wheat cargoes, trade sources with direct knowledge of the deals said, as growing world stockpiles drag down prices. News of the moves comes after the U.S. government reported cancellation of more than 500,000 metric tons of U.S. wheat exports last week to China, the world’s No. 1 buyer, with international prices trading close to three-and-half year lows. China increased wheat imports last year after adverse weather damaged its crop, buying mainly Australian, U.S., French and Canadian ...

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Russian coal exports to Asia-Pacific up 23% in 2023 -TASS

The volume of Russian coal exports to Asia-Pacific countries rose 23% in 2023, Russian Deputy Energy Minister Pavel Sorokin said on Thursday, as quoted by state news agency TASS. Source: Reuters

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S Korean authorities probe origins of naphtha imports – sources

South Korean authorities are investigating imports of naphtha, a petrochemical feedstock, looking into whether supply from Russia was being mislabelled as fuel from elsewhere, multiple sources familiar with the matter said. It could not immediately be determined why authorities were probing the origin of the naphtha, although Russian-origin energy cargoes have come under closer scrutiny in the aftermath of the sanctions on Moscow. The authorities have sought information from South Korean petrochemical firms as well as Trafigura, a global commodities trader which is among severalcompanies selling naphtha into the country, ...

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FranceAgriMer cuts 2023/24 wheat export outlook, raises stocks

Farm office FranceAgriMer on Wednesday lowered its forecast of French soft wheat exports outside the European Union in 2023/24 to 10.15 million metric tons from 10.25 million projected last month. In a supply and demand outlook, the office also cut its forecast for French soft wheat shipments within the EU this season, to 6.19 million tons from 6.32million expected in February. French soft wheat stocks at the end of the 2023/24 season were now projected at 3.74million tons, up from 3.51million forecast last month. Source: Reuters (Reporting by Gus Trompiz, ...

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China cancels some French wheat deals, traders tell FranceAgriMer

Grain market players are reporting that China has cancelled some French wheat purchases, France’s farm office said on Wednesday, in a move that could be in response to a recent slide in prices and would follow some U.S. wheat deal cancellations. The market players cited the cancellations in a monthly supply and demand meeting with FranceAgriMer, but did not provide more details, Adele Dridi, an analyst with the farm office, told reporters. Several French traders cautioned there were no clear signs of French wheat being cancelled, though they said it ...

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China’s Unipec snaps up North Sea crude for May delivery -sources

Unipec, the trading arm of Asia’s largest refiner Sinopec, has swept up 8 million barrels of North Sea crude Johan Svedrup to be delivered in May amid weak demand in Europe, several trade sources said. The volume is set to be the highest since February 2022 when 8.3 million barrels of the grade headed for China, according to Kpler data. Johan Svedrup which used to be popular with Chinese buyers has been diverted over the past year to meet European demand due to Western sanctions after Moscow’s invasion of Ukraine ...

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Russian coal exports to Asia struggle amid lower prices

Russia’s exports of seaborne coal to Asia have been weakening in recent months, with lower shipments of both thermal grades and metallurgical coal used to make steel. Exports of all grades of coal were assessed by commodity analysts Kpler at 8.48 million metric tons in February, slightly higher than January’s 8.37 million. However, that small increase came after six straight months of declines, and the February exports were also some 21.6% below the 10.81 million tons for February 2023. Coal miners in Russia switched from selling mainly to Europe to ...

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Azerbaijan-Kazakhstan joint investment fund to spur transfer of Kazakh oil through BTC

A new chapter is being opened in the relationship between Azerbaijan and Kazakhstan, the two Turkic-speaking countries. Thus, both countries plan to establish an investment fund with capital worth $300 million that will finance very crucial projects The Chairman of the Samruk Kazyna Sovereign Wealth Fund noted that the fund will also ensure the financing of priority projects in various sectors of the economies of Central Asian countries, Bulgaria, Hungary, Romania, and Turkiye. He added that the fund will strengthen Kazakhstan’s partnership with Azerbaijan. It is worth noting that the ...

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US Senators introduce bill to reimpose 25% tariff on Mexican steel imports

US Senators Tom Cotton and Sherrod Brown introduced legislation March 12 that would reinstate Section 232 tariffs on imports of steel from Mexico amid concerns raised by US steelmakers about a surge in steel imports from the country. The bill, known as the Stop Mexico’s Steel Surge Act, has bipartisan support and is co-sponsored by eight additional Senators. Representatives Rick Crawford and Frank Mrvan are introducing companion legislation in the House of Representatives, according to a statement from Cotton’s office. The legislation would reinstate the 25% tariff on Mexican steel ...

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Buyers in Thailand purchase about 120,000 T feed wheat, traders say

An importer group in Thailand is believed to have purchased about 120,000 metric tons of animal feed wheat sourced from optional origins in an international tender on Wednesday, European traders said. It was bought in two consignments of about 60,000 tons each, one at an estimated price of around $244.80 a ton c&f liner out for shipment between June 20 and July 10, and the other at around $242.80 a ton c&f liner out for shipment between July 11 and July 31. Seller to the Thai feed millers’ association TFMA ...

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Buyers in Thailand purchase about 120,000 T feed wheat, traders say

An importer group in Thailand is believed to have purchased about 120,000 metric tons of animal feed wheat sourced from optional origins in an international tender on Wednesday, European traders said. It was bought at an estimated price of around $244.80 a ton c&f liner out in two consignments, one for shipment between June 20-July 10 and the other between July 11-July 31. Seller was believed to be trading house Cofco. Reports reflect assessments from traders and further estimates of prices and volumes are still possible later. Source: Reuters (Reporting ...

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