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EU 2023/24 soft wheat exports at 29.15 mln T by June 16

Soft wheat exports from the European Union since the start of the 2023/24 season last July had reached 29.15 million metric tons by June 16, compared with 30.73 million tons a year earlier, data published by the European Commission showed on Tuesday. EU barley exports totalled 5.59 million tons, against 6.35 million tons in the corresponding period of 2022/23, while EU maize imports were at 17.97 million tons, against 25.92 million tons a year earlier. However, the Commission said that grain export data for France has been missing since the ...

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EU 2023/24 soybean imports 12.55 mln T by June 16, rapeseed 5.31 mln T

European Union soybean imports so far in the 2023/24 season that started last July had reached 12.55 million metric tons by June 16, compared with 12.58 million tons a year earlier, data published by the European Commission showed on Tuesday. EU rapeseed imports in the same period totalled 5.31 million tons, against 7.29 million tons a year earlier. However, the Commission said export data for France has been missing since the beginning of 2024. Data for Bulgaria and Ireland have not been complete since the beginning of marketing year 2023/24. ...

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Ukrainian wheat starts new season with higher prices, analyst says

Starting prices for Ukrainian wheat for the 2024 harvest will be 3-8% higher than last year’s prices, but they are likely to fall, consultancy ASAP Agri said. Prices for Ukrainian milling wheat with 11.5% protein content could be 8% higher year on year, while feed wheat could add 3%, the consultancy said. Ukraine’s wheat harvest is likely to decrease to 21 million metric tons in 2024 from 22.5 million tons in 2023 due to a smaller sowing area. “Despite prices being higher year on year, we see the trend as ...

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API shows weekly US crude, distillate stocks rose, gasoline fell, market sources say

U.S. crude oil and distillate inventories rose last week while gasoline fell, according to market sources citing American Petroleum Institute figures on Tuesday. The API figures showed crude stocks were up by 2.264 million barrels in the week ended June 14, the sources said, speaking on condition of anonymity. Gasoline inventories fell by 1.077 million barrels, and distillates rose by 538,000 barrels. Source: Reuters (Reporting by Georgina McCartney in Houston; Editing by David Gregorio)

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India sees record peak demand for power in north as heatwave persists

Peak demand for power in India’s hot, arid northern plains hit a record on Monday, the government said as it continues to implement measures to meet high energy consumption, although the weeks’ long heatwave is forecast to abate soon. The India Meteorological Department (IMD) has predicted above-normal temperatures for June in the northwest and central parts of the country, making it one of the longest heatwave spells. Government data shows that there were nearly 25,000 cases of suspected heat stroke and 56 people lost their lives in the sweltering heat ...

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Hedge fund’s trades with lenders point to return of crisis-era structures

Earlier this year a hedge fund structured two trades worth $642 million, the kinds of which have not been seen since the 2008 crisis. It sold insurance to two U.S. lenders against losses on a loan portfolio, and then sold much of that risk to investors. The trades, a form of re-securitization, were done by Bayview Asset Management after it sold credit default swaps (CDS) to Huntington HBAN.O and Sofi SOFI.O late last year, according to Moody’s reports about the trades seen by Reuters and a person familiar with the ...

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G10 FX Talking: US disinflation could be drowned out by European politics

EUR/USD: Fed convergence trade faces French politics • It has been a struggle, but it is starting to look like investors are swinging behind Federal Reserve rate cuts this year. US May CPI and PPI price data are showing encouraging signals and point to another low print for the Fed’s preferred price gauge – core PCE – when it is released on 28 June. We think there is plenty of room for US short-dated yields to fall – a clear dollar negative. • EUR/USD may not be able to take ...

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FX Daily: UK inflation helps sterling ahead of Bank of England

USD: US markets closed today US data and communication from the Federal Reserve appear to be in a ‘tug-of-war’. If the Fed stayed relatively dovish in the first quarter despite the slow disinflation, last week’s FOMC and communication afterwards were relatively hawkish given the improvement in the US inflation picture and some softer activity data. On the activity side, retail sales for May were weaker than expected yesterday and a downward revision to the April print was also published. The reading is in line with our view that consumer spending ...

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Fed officials steer cautiously toward potential rate cuts

Federal Reserve officials, heartened by recent data, are looking for further confirmation that inflation is cooling and for any warning signs from a still-strong labor market as they steer cautiously toward what most expect to be an interest rate cut or two by the end of this year. Outlining a litany of reasons for optimism that inflation is back on track to the U.S. central bank’s 2% goal after stalling earlier this year, Fed Governor Adriana Kugler said on Tuesday she believes monetary policy is “sufficiently restrictive” to ease price ...

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China’s risky answer to wall of debt is more debt

China’s economy is buried under a great wall of debt and Xi Jinping’s answer is to add more bricks. The president has sanctioned an extraordinary programme of borrowing by the central government to steer the $18 trillion behemoth to “high quality development”. In doing so, he is piling risk onto the country’s last decent balance sheet. There is nothing new in the Chinese central government taking on more debt in a time of crisis. But the latest plan, outlined in March by the State Council, to sell special sovereign bonds ...

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Increased spending pushes 2024 US budget deficit estimate to $1.9 trillion

The U.S. budget deficit will jump to $1.915 trillion for fiscal 2024, topping last year’s $1.695 trillion gap as the largest outside the COVID-19 era, the Congressional Budget Office said on Tuesday, citing increased spending for a 27% increase over its previous forecast. The CBO said in an update to its budget outlook that higher outlays for student loan relief, Medicaid healthcare for the poor, higher Federal Deposit Insurance Corp costs to resolve bank failures and U.S. aid to Ukraine and Israel make up the bulk of a $408 billion ...

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“Encouraged” by recent data, Fed’s Kugler eyes rate cut later this year

Inflation is exhibiting encouraging signs of cooling, U.S. Federal Reserve Governor Adriana Kugler said on Tuesday, and although it is still too high, as long as economic conditions continue moving in “the right direction” it will be appropriate to cut interest rates later this year. While more progress is required on moving inflation back to the Fed’s 2% target, “I believe economic conditions are moving in the right direction,” Kugler said in the prepared text of a speech titled “Some Reasons for Optimism about Inflation.” “If the economy evolves as ...

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China banks walk narrow path past property crisis

China’s major banks appear to have pulled off an impressive feat. Their balance sheets have so far managed to avoid imploding as the property bubble bursts in the world’s second-largest economy. Now a different threat is looming: poor earnings. Real estate directly and indirectly accounts for an estimated 159 trillion yuan of total bank loans in the country, reckon analysts at Citi, equivalent to 38% of lenders’ assets last year. Yet non-performing loans stood at just 1.59% of the total at the end of 2023, down from some 1.73% two ...

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EU to delay core element of Basel bank capital reforms by one year

The European Union will delay a core element of global reforms to bankcapital rulesby one year to January 2026, the bloc’s financial services chief said, to ensure a level playing field between EU banks and their U.S. rivals. Countries are introducing the last batch of a global bank capital accord known as Basel III, rolled out after taxpayers were forced to bail out lenders in the global financial crisis of 2007-09. EU financial services commissionerMairead McGuinness, said it was becoming clear the United States would not be able to meet ...

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UAE’s Fujairah marine fuel sales hit six-month low in May

Marine fuel sales at the United Arab Emirates’ Fujairah fell to a six-month low in May, latest data showed, as tighter inventories capped uptake while lower prices at neighbouring port Khor Fakkan also drew some demand away, trade sources said. May bunker volumes at the world’s third largest bunkering port, excluding lubricants, totalled 615,462 cubic metres (about 610,000 metric tons), hitting the lowest since November, based on Fujairah Oil Industry Zone (FOIZ) data published by S&P Global Commodity Insights. Sales for May dipped 3.7% from April and were down 0.8% ...

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