Brazil’s soybean exports should reach 99 million metric tons in 2023, up by 500,000 from a month ago, oilseed group Abiove said on Tuesday, as the country counts on solid demand from China and a record harvest this year. Abiove’s estimate for soybean output from the world’s largest producer and exporter of the oilseed was raised by 300,000 tons to a record 157.3 million tons. Forecasts point to a sharp increase compared to 2022, when Brazil exported 78.7 million tons and produced 129.9 million tons, according to the association that ...

European Union soybean imports in the 2023/24 season that started in July had reached 2.52 million metric tons by Sept. 8, up 7% from 2.36 million as of Sept. 11, 2022, data published by the European Commission showed on Tuesday. EU rapeseed imports in the same period totalled 612,465 tons, down 45% from 1.12 million imported by the same stage a year earlier. The weekly figures only ran up to Friday, instead of Sunday usually, due to a technical issue, the Commission said. Soymeal imports totalled 2.88 million tons against ...

This week, eyes are on the volumes of Russian crude and oil products moving via dark ship-to-ship transfer, Europe’s growing LNG infrastructure, China’s steel exports outlook and Pakistan’s wheat imports. 1. Russia oil in dark STS on the rise as Western sanctions bite What’s happening? Russia has turned to shadowy tanker operations to sidestep an EU embargo and the G7’s price caps on its oil exports. At least 47 million barrels of Russian crude and oil products were transferred by tankers that turned off their location transponders in April-June, versus ...

Energy – OPEC sees large deficit The oil market continued its move higher yesterday. ICE Brent rallied by almost 1.6% taking it above US$92/bbl and trading to its highest level since November last year. The catalyst for the move was a bullish monthly report from OPEC. The group’s numbers suggest that the oil market could see a deficit of more than 3MMbbls/d over the fourth quarter of this year. These numbers will cause some to question OPEC’s claims that their main objective is to keep the market balanced as their ...

OPEC on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024 citing signs that major economies are faring better than expected despite headwinds such as high interest rates and elevated inflation. World oil demand will rise by 2.25 million barrels per day (bpd) in 2024, compared with growth of 2.44 million bpd in 2023, the Organization of the Petroleum Exporting Countries said in a monthly report. Both forecasts were unchanged from last month. A lifting of pandemic lockdowns in China has helped oil ...

Price caps on Russian oil imposed by the G7 and EU are damaging the world economy, with recently higher prices reflecting market reality, Russian Energy Minister Nikolai Shulginov said in an interview published Sept. 11 by RIA Novosti. In the interview during an economic forum in the Russian Far East, Shulginov said current prices were sufficient to enable re-investment in new supply. However, he took aim at the price caps intended to limit how much Russia earns for its oil, and which penalize companies that provide shipping services for deals ...

Shares fell on Wednesday as markets braced for key U.S. inflation data, with a spike in oil prices fuelling anxiety that price pressures are proving more ingrained than hoped. European stocks fell as much as 0.5% in early trading, with rate-sensitive tech stocks losing 0.8%. The crucial U.S. Consumer Price Index (CPI) report, due at 1230 GMT, will shed light on the inflation outlook and provide some clarity over whether the Federal Reserve has finished raising rates. While core CPI is seen cooling to 4.3% year-on-year in August from 4.7%, ...

Malaysian palm oil futures fell for the sixth consecutive day on Monday after data from the Malaysian Palm Oil Board (MPOB) showed an increase in inventories and declining exports in the world’s second-biggest producer of the oil. The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange lost 116 ringgit, or 3.03%, to 3,714 ringgit ($794.78) per metric ton on its closing. The contract declined 5.20% last week. Malaysia’s palm oil stocks at the end of August rose 22.5 from the previous month to 2.12 ...

Iranian Ambassador to Russia Kazem Jalali has said that the development of Russia’s Solyanka Port will lead to boosting trade with Iran. Underling that the development of Russia’s Solyanka Port is a need for the promotion of trade between the Islamic Republic and Russia, Jalali called the purchase of a portion of stocks of Russia’s Solyanka Port “important and positive.” He pointed out that non-dredging of the Volga River is one of the main obstacles ahead of maritime transport and transit, Tasnim reported. Although the relations between Iran and Russia ...

Vietnam’s rice exports in Aug rose 39.5% from July to 921,443 metric tons, government customs data released on Monday showed. For the first eight months of this year, rice shipments from Vietnam rose 21.4% from a year earlier to 5.8 million tons, the Customs Department said in a report. Source: Reuters (Reporting by Phuong Nguyen)

Russian oil pipeline monopoly Transneft has received orders from Kazakhstan for 2024 to deliver oil through the Druzhba pipeline, the firm’s deputy head Sergei Andronov told the TASS state news agency on Monday. Andronov did not disclose volumes, TASS added. He also said that Transneft has not revised its oil pumping plans for this year, despite Russia’s extension of its voluntary production cuts. The company also plans to increase oil shipments from the Pacific port of Kozmino in 2023, compared to last year, Andronov said, without disclosing details. Source: Reuters ...

In view of the maritime sector’s strengthened commitments to reduce GHG emissions to net-zero by 2050, the Lloyd’s Register (LR) Maritime Decarbonisation Hub’s “The Future of Maritime Fuels” report presents a review of a wide range of fuel mix projections and has identified two alternative paths that will steer shipping’s course – hydrogen-based fuels scenarios and biofuels scenarios. The report analyses the dynamics of the energy supply system within these scenarios, accounting for the expected supply as well as demands from other sectors for these fuels. In the hydrogen-based fuels ...

In Russia’s Pacific port, residents said they were anticipatinga visit by North Korean leader Kim Jong Un that the United States fears could lead to more weapons supplies for Russia’s military in Ukraine. Kim’s trip is still unconfirmed. It was first reported by the New York Times citing unidentified U.S. officials and South Korea’s intelligence agency said it was possible. But state media in both North Korea and Russia have been silent. The Kremlin said it had “nothing to say” on the matter, though President Vladimir Putin is due to ...

Asia’s cash premium for very low sulphur fuel oil (VLSFO) fell on Monday as more selling interest emerged on the window, while spot bids were absent. The 0.5% VLSFO cash premium eased to $3 a metric ton, though October crack climbed from the previous session to a premium of $8.26 a barrel at 0830 GMT. Meanwhile, high sulphur fuel oil (HSFO) was little changed on thin trading. The 380-cst HSFO cash premium FO380-SIN-DIF was pegged at $11.89 a ton, while October crack FO380DUBCKMc1 eased to a discount of $9.54 a ...

The gain of 339,000 U.S. payroll jobs in May was a blockbuster number, nearly double what was normal before the pandemic and seeming confirmation that key parts of the economy motor along despite aggressive Federal Reserve interest rate increases. But details beneath the headline number may, if sustained, point to some of the first cracks in a labor market that has defied expectations through much of the recovery from the COVID-19 pandemic. The unemployment rate rose by what is a comparatively large three-tenths of a percentage point, from 3.4% to ...