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Wheat futures hit a one-week high on renewed concerns over dry weather in Russia, the world's biggest wheat supplier. In Argentina, corn stunt disease spread by leaf-cutter insects and adverse weather prompted the Buenos Aires grains exchange to slash its estimate for Argentina's 2023/24 corn harvest by 3 millions metric tons to 46.5 tons. In wheat, Russia's IKAR agricultural consultancy cut its forecast for the country's crop to 91 million metric tons from 93 million tons and its wheat exports to 50.5 million metric tons from 52 million tons. Wheat futures jumped as weather forecasts showed the region getting virtually no rain in the coming two weeks. Managed money funds held a net short position in CBOT wheat futures at the beginning of 2024 because of a strong dollar and slow U.S. demand, Zuzolo said.
Persons: Jim Niewold, Susan Stroud, Mike Zuzolo, Nature, Zuzolo Organizations: Chicago Board of Trade, Global, Analytics Locations: Loda , Illinois, Brazil, Russia, Brazil's Rio Grande do Sul, Argentina, Buenos Aires, South America
Former Australian prime minister Tony Abbott has been nominated to Fox Corp's board of directors. The rightwing politician is a controversial figure who's called climate change science "absolute crap." The nomination came just a day after Lachlan Murdoch took the reins of the Fox media empire. Abbott and Johnson "bring skills, experience and perspectives that will contribute to the board and benefit Fox," Lachlan Murdoch said in a press release. A representative for Lachlan Murdoch declined to comment, and Abbott did not immediately respond to a request for comment from Insider, made outside normal working hours.
Persons: Tony Abbott, Lachlan Murdoch, Rupert Murdoch, Lachlan, Peggy Johnson, Abbott, Johnson, Murdoch, He's, Microsoft Abbott, Anne Dias, Jacques Nasser Organizations: Fox, Service, Media, News Corp, Liberal Party, Murdoch, Australian, Bloomberg, UK Board of Trade, Sydney Morning Herald, Microsoft Locations: Wall, Silicon
Black Sea wheat war is sideshow for grain deal
  + stars: | 2023-08-09 | by ( Pierre Briancon | ) www.reuters.com   time to read: +4 min
LONDON, Aug 9 (Reuters Breakingviews) - A fast-escalating wheat war in the Black Sea may have a silver lining. The Turkey-brokered accord had allowed Kyiv, the world’s fifth largest wheat producer, to export food via Odesa across the Black Sea. As a result, global wheat prices on the Chicago Board of Trade declined by nearly 40% between October and May. Reuters GraphicsNervousness around the unravelling of last year’s grain deal triggered short-lived spikes of 17% to 20% in wheat prices. Both Moscow and Kyiv know by now that protecting their vital grain exports is in both countries’ interest.
Persons: Vladimir Putin, Putin, Antony Blinken, ” Blinken, Tayyip Erdogan, Russia ”, Lisa Jucca, Oliver Taslic Organizations: Reuters, Agriculture, U.S . Department of Agriculture, Chicago Board of Trade, NATO, SWIFT, Russia’s Defence, Security, Thomson Locations: Novorossiysk, Ukraine, Izmail, The Turkey, Kyiv, Russia, Romania, Moscow, United States, Europe, Russian, Ukrainian
Pope Francis called on Russia to restore the Black Sea grain deal Sunday. “I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely,” Francis said. "I appeal to my brothers, the authorities of the Russian Federation, so that the Black Sea initiative may be resumed and grain may be transported safely," Francis said during his weekly Angelus message, delivered to Roman Catholics worldwide. Benchmark wheat prices had their biggest one-day jump in over a decade the week Russia pulled out of the Black Sea grain deal, a United Nations-brokered agreement that had allowed Ukraine to export grains and oilseeds through a safe shipping corridor for the past year. As well as Pope Francis, top policymakers from the UN and European Union have warned that Russia's latest economic assault on the West will make it much more expensive for poorer countries to import grain.
Persons: Pope Francis, Moscow, ” Francis, Francis, Angelus, Pope, António Guterres, Josep Borrell Organizations: UN, Russian Federation, Service, United Nations, Chicago Board of Trade, Kremlin, European Union Locations: Russia, Wall, Silicon, Ukraine, Moscow
Insiders are speculating more layoffs and organizational changes are on the way. The media giant is wrapping its ad sales upfront period, where sales have been soft across the industry. Discovery has parted ways with another top ad sales exec, and insiders are speculating that more layoffs and changes are on the way. He's also a vet of Hulu ad sales and active in digital advertising, serving on the board of trade group the Interactive Advertising Bureau. Keller's exit is the second big WBD ad sales departure this year; John Dailey stepped down from his position as SVP of ad sales in March.
Persons: Discovery's, salespeople, Jim Keller, Jon Steinlauf —, Keller, He's, WBD, Keller didn't, Chris Licht, Steinlauf, David Zaslav, John Dailey Organizations: Warner Bros, Insiders, HBO Max, Hulu, Interactive, CNN, Discovery Locations: Discovery
CNBC Daily Open: Tech stocks were battered
  + stars: | 2023-07-21 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Elon Musk, CEO, CTO, founderElon Musk is CEO of Tesla and SpaceX; CTO of Twitter; founder of Neuralink, The Boring Company and now xAI. Tesla may have reported record revenue for its second quarter and beaten Wall Street's expectations for both profit and revenue. But Wall Street isn't completely cheering the electric vehicle maker because of its shrinking margins.
Persons: Dow, Tesla, Elon Musk, Timothy Ash Organizations: CNBC, Dow outperforms, Netflix, Nasdaq, Dow Jones, SpaceX, Twitter, The Boring Company, Chicago Board of Trade, Initiative, Agriculture, BlueBay Asset Management, Tesla Locations: Dow outperforms U.S
Known as the world's "bread basket," Ukraine grows far more wheat than it consumes and it's exports contribute to global food security, especially in African countries, which now fear food shortages. Wheat prices rose on Thursday after Russia threatened to treat ships heading for Ukrainian ports as military cargo carriers, deepening fears of a global food security crisis. It follows a jump of 8.5% in the previous session, the biggest daily gain in more than a year, on mounting geopolitical tensions. Wheat prices remain well below the peak levels of 1,177.5 cents per bushel reached in May of last year, however. European Union foreign policy chief Josep Borrell said Thursday that Russia's decision to pull out of the pact would imperil global food security.
Persons: António Guterres, Josep Borrell, Borrell Organizations: Chicago Board of Trade, Initiative, Union Locations: Ukraine, Russia, EU
London CNN —Wheat and corn prices on global commodities markets jumped Monday after Russia pulled out of a crucial deal allowing the export of grain from Ukraine. The collapse of the pact threatens to push up food prices for consumers worldwide and tip millions into hunger. The White House said the deal had been “critical” to bringing down food prices around the globe, which spiked after Russia invaded Ukraine in February last year. Food pricesThe global food price index complied by the UN’s Food and Agriculture Organization hit an all-time high in March 2022, but has fallen steadily since then. “A renewed rise in agricultural commodity prices would obviously push up retail food prices but perhaps not by as much as you think, particularly in developed economies,” she said.
Persons: , ” Adam Hodge, , Vladimir Putin, General Antonio Guterres, Shashwat, ” Saraf, Richer, Caroline Bain, , Rob Picheta, Hanna Ziady, Mick Krever, Anna Chernova, Priscilla Alvarez Organizations: London CNN —, US National Security Council, Chicago Board of Trade, United Nations, Organisation for Economic Co, Development, Gro Intelligence, Food Security Information Network, European Union, Rescue, East, Agriculture Organization, Capital Economics, CNN Locations: Russia, Ukraine, Turkey, Istanbul, Kyiv, Moscow, United States, Sevastopol, Russian, Crimea, East Africa, East, Africa
Secretary of State for International Trade and President of the Board of Trade, Minister for Women and Equalities Kemi Badenoch leaves 10 Downing Street. LONDON — Britain's Kemi Badenoch, the business and trade secretary, formally signed a treaty confirming accession to the vast Indo-Pacific CPTPP bloc, the country's largest post-Brexit trade deal to date. The U.K. would be the first European nation to join the bloc, which the government says would unlock trade to a region with a total GDP of £12 trillion ($15.7 trillion). Badenoch said Sunday that Britain was using its status as an independent trading nation to join an "exciting, growing, forward-looking trade bloc." One in every 100 workers in Britain was employed by a business headquartered in a CPTPP nation, according to the government citing 2019 data.
Persons: Badenoch, Kemi Organizations: State for International Trade, of Trade, Women, Equalities, CPTPP, Trans, Pacific Partnership Locations: Kemi Badenoch, New Zealand, Canada, Mexico, Japan, Australia, Vietnam, Singapore, Malaysia, Britain
London CNN —Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched. This approach would probably deliver about €3 billion ($3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets. The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at €140 billion ($153 billion), boosted by payments associated with frozen Russian assets, including bonds. Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded €734 million ($802 million) in interest earned on cash balances from sanctioned Russian assets.
Persons: Anders Ahnlid, , ” Ahnlid, , Euroclear, Arturs Krišjānis Kariņš, John Thys, I’m, , ” — James Frater Organizations: London CNN, Union, Bank, EU, Swedish National Board of Trade, CNN, European Commission, European Central Bank, ECB, Group, Latvia’s, Latvia's, European Locations: Ukraine, Brussels, Russia, EU, Belgium, AFP, Europe
The Polar Prince, the ship from which the submersible was launched, is of Canadian registry and based out of Canada. Both the United States Senate and the British Board of Trade led investigations into the loss of the ocean liner. The United States has not even ratified the U.N. convention. Meaning that if Titan was launched from a Canadian ship, from a Canadian port, Canada has jurisdiction. At present, it’s unclear which country has jurisdiction in the Titan investigation, as the craft was reportedly built in the United States but launched from a Canadian vessel.
Organizations: Canadian Transportation, U.S . Coast Guard, Marine Board of, U.S . National Transportation Safety, Titanic, United States Senate, British Board of Trade, Titan, United Nations ’ International Maritime Organization, Federal Aviation Administration, United Nations Convention, United, International Maritime Organization Locations: Canada, U.S, United States, Canadian
The fallout is a rare chink in Lopez Obrador's formidable popularity, steadily above 60% throughout his term. The pricing issue is urgent as northern corn farmers are harvesting now, many with nowhere to sell without taking a loss. It is not the first time that tensions have heated up between this administration and the agriculture sector. Valdez estimated that commercial agriculture producers represent about 10 million votes. Farmers argue Lopez Obrador's government has eliminated important sector benefits, including loans at beneficial interest rates, which his administration says too often fell into arrears.
Persons: Edgard Garrido, Andres Manuel Lopez, Lopez, Lopez Obrador's, Bosco, la Vega, Lopez Obrador, Claudia Sheinbaum, Marcelo Ebrard, Adan Augusto, Baltazar Valdez, Valdez, Raul Urteaga, Urteaga, spokespeople, Luz Maria Mendoza, Cassandra Garrison, Stephen Eisenhammer, Nick Zieminski Organizations: REUTERS, MEXICO CITY, U.S, Regeneration, Producers, Chicago Board of Trade, CNA, Farmers, North American Free Trade, United Farm Workers, Valdez, Global Agrotrade Advisors, Agriculture, Finance Ministry, FIRA, Thomson Locations: La Constitucion Totoltepec, Toluca , Mexico, MEXICO, Sinaloa, United States, U.S, Chihuahua, Mexico, Canada
Such was the belief in the Titanic that safety regulations of the day were not updated to keep pace with the technology. The first version was adopted in 1914, in response to the Titanic disaster,” the International Maritime Organization (IMO) says on its website. Other SOLAS regulations linked back to the Titanic disaster include:Abandon ship drills – The Titanic captain had canceled one the day of the sinking. Lessons from TitanMaritime experts and historians have noted the Titan submersible operated outside of the regulations prompted by the Titanic disaster. The Titan submersible did not need to conform to safety regulations, since it operated in international waters.
Persons: , SOLAS, Sal Mercogliano, ” Mercogliano, , Per Wimmer, ” Wimmer, CNN’s Anderson Cooper, James Cameron, Cooper, ” Cameron, “ We’re Organizations: CNN, Titanic, Convention, OceanGate Expeditions, White Star Line, United States National Archives, of Congress, Board of Trade, Washington, SOLAS Convention, International Maritime Organization, Titan Maritime, Titan, Campbell University, States, Challenger Locations: Southampton, British, , North Carolina, , Britain, Danish
"Much of the (Midwest) region did not see appreciable rainfall. As of June 20, 58% of the Midwest was in moderate drought or worse, the broadest area since 2012, the Drought Monitor data showed. 2 soybean producer in moderate drought or worse. In Illinois, the largest soy grower and second-largest corn producer, moderate drought or worse spanned 82% of the state. Conditions worsened across the eastern half of the High Plains, with 34% of the region in moderate drought or worse.
Persons: climatologists, Karl Plume, Matthew Lewis Organizations: U.S . Drought, Drought, U.S . Department of Agriculture, Chicago, of Trade, USDA, Weather, Thomson Locations: North Dakota, Kansas, U.S, Midwest, Iowa, Illinois, Nebraska, Southern Plains, Chicago
MEXICO CITY, June 14 (Reuters) - Dozens of flights at an international airport in the northern Mexican state of Sinaloa were suspended Wednesday as protests by farmers demanding guaranteed prices for grains ramped up a standoff with the government. Producers urge President Andres Manuel Lopez Obrador to guarantee prices for corn, wheat and sorghum, saying government intervention is vital to counter a steep drop in international prices. Saying they had no response, a group of farmers marched to Culiacan airport and blocked the doors in videos shared on social media. In other videos, farmers entered government offices and tipped grain from bags onto the floor. Sinaloa Governor Ruben Rocha asked farmers to instead protest commodities trader Cargill (CARG.UL) and Mexican corn product makers Minsa and Gruma, implying they were responsible for lower prices.
Persons: Andres Manuel Lopez Obrador, Wheat, Ruben Rocha, " Rocha, Minsa, Cassandra Garrison, Lisa Shumaker Organizations: MEXICO CITY, Farmers, Chicago Board, Sinaloa, Cargill, Agriculture Ministry, Thomson Locations: MEXICO, Mexican, Sinaloa, Culiacan, Phoenix , Arizona, Mexico
London CNN —Global wheat prices fell Thursday after Ukraine and Russia agreed to extend a deal allowing grain to be exported from Ukrainian ports in the Black Sea. “These agreements matter for global food security,” António Guterres, secretary general of the United Nations, told journalists Wednesday. “Ukrainian and Russian products feed the world.”The grain deal, first signed in July, was due to expire on Thursday, but Turkish and Ukrainian officials said on Wednesday that it would be extended for another two months. Ukraine and Russia together account for nearly a third of global wheat exports, according to Gro Intelligence, an agricultural data firm. In the days after the invasion, global wheat prices skyrocketed, with the UN’s Food and Agriculture Organization warning that as many as 47 million people could be pushed into “acute food insecurity” because of the war.
Most international grain traders have stopped new investment in Russia since last year following Moscow's invasion of Ukraine but continued exporting Russian wheat. "As grain export-related challenges continue to mount, Cargill will stop elevating Russian grain for export in July 2023 after the completion of the 2022-2023 season," the company said in an emailed statement. "The cessation of its export activities on the Russian market will not affect the volume of domestic grain shipments abroad. The company's grain export assets will continue to operate regardless of who manages them," the agriculture ministry told Reuters. According to RBC business daily, Cargill will export 2.2 million tonnes of Russian grain in the 2022-23 exporting season, or around 4% of Russia's total grain exports.
The recent losses are far from records by magnitude, though the selling is the most extreme for new-crop beans in March since 2008. Over 28 sessions between April and May 2019, new-crop beans were lower in 22, a 79% losing rate. New-crop beans had been down in both June 2021 and July 2022 by around 13% within a 13-session span. The last comparable time was mid-March 2020, when RSI on new-crop beans remained below 17 for three consecutive sessions. CBOT November soybean futures with RSIKaren Braun is a market analyst for Reuters.
Talks underway on Black Sea grain deal extension in Geneva
  + stars: | 2023-03-13 | by ( ) www.reuters.com   time to read: +2 min
GENEVA, March 13 (Reuters) - Negotiations began on Monday between U.N. officials and Russian Deputy Foreign Minister Sergei Vershinin on a possible extension to a deal allowing the safe export of grain from Ukraine's Black Sea ports, the Russian diplomatic mission in Geneva said. The deal, which was extended for 120 days in November, is up for renewal on March 18. Two sources involved with the talks said they were initially scheduled to last just one day but could be extended as needed. "Wheat and corn markets are weaker today as the talks start about extending the safe shipping agreement for Ukraine’s exports," said Matt Ammermann, StoneX commodity risk manager. "As such a large wheat and corn exporter, Ukraine’s supplies are vital to world markets."
London CNN —The European Union is setting up a working group to examine whether frozen Russian assets can be used to rebuild Ukraine. The statement added that part of this work would involve obtaining a “clearer picture” of where Russian state-owned assets are located and their value. “In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine,” Swedish Prime Minister Ulf Kristersson said. A senior EU official estimated earlier this month that the European Union and Western allies had frozen more than $300 billion in Russian central bank assets that could potentially be used to rebuild Ukraine. The European Union is also working on a tenth package of sanctions against Russia.
EU seeks to use frozen Russian funds to rebuild Ukraine
  + stars: | 2023-02-14 | by ( ) www.reuters.com   time to read: +1 min
OSLO, Feb 14 (Reuters) - The European Union will on Wednesday launch an ad hoc group to investigate how billions of dollars in frozen Russian funds, including central bank reserves, can be used for reconstruction work in Ukraine, the Swedish government said on Tuesday. "The mandate is to contribute to mapping which funds have been frozen in the European Union ... and secondly how to legally proceed to access those funds," Swedish Prime Minister Ulf Kristersson told a news conference in Stockholm. "It's Russian tax payers, not all other tax payers, who must bear the cost of the necessary reconstruction work," Kristersson added. Among the key assets will be Russian central bank funds expected to amount to tens of billions of dollars, Ahnlid said. "The EU has never before used frozen funds for the reconstruction of a war-torn country, so we are in a sense chartering new territory," Ahnlid added.
The United States wanted to sell Mexico more yellow corn and Mexico declined, Lopez Obrador said in a regular news conference. "There is a market for it, but the government cannot make a purchase because we do not want GM," Lopez Obrador said, citing a lack of scientific investigation into its effects. Lopez Obrador did not specify who made the request to sell more corn, the amount of the requested sale or the time frame. Mexico is ready to halve its U.S. imports of yellow corn when the decree goes into effect and is considering direct agreements with farmers to secure non-GM yellow corn imports, the country's deputy agriculture minister said in October. Chicago Board of Trade corn futures fell on Wednesday after the news, with the benchmark December contract down 6 cents a bushel at a two-month low of $6.61-1/2 a bushel.
Summary Grain flowing out of Ukraine despite Russia ending shipping dealU.S. winter wheat suffers from drought - USDASoybeans rise, hopes of China buyingHAMBURG, Nov 1 (Reuters) - Chicago wheat and corn futures fell on Tuesday as grain shipments continued from Ukraine despite Russia suspending its participation in an export agreement for a safe shipping channel from Ukrainian ports. Soybeans rose on hopes of more U.S. export sales to China, while protests were eyed in Brazil - including road blocks - after the presidential election. Chicago Board of Trade most-active wheat was down 1% to $8.73-1/4 a bushel at 1138 GMT, while corn was down 0.3% to $6.89-1/4 a bushel. Markets surged on Monday after Russia suspended its involvement in an agreement allowing Ukraine to make grain and other food shipments in a safe Black Sea shipping corridor. “Wheat and corn are weakened today on expectations the safe shipping channel for Ukraine’s exports may not be ended but could continue in some form,” said Matt Ammermann, StoneX commodity risk manager.
Soybeans gained more ground, climbing to their highest in more than a month, while corn ticked lower. "While Russia pulled out of the export grain corridor deal from Ukraine, there was still grain flowing out of Ukraine," Hightower said in a report. Ukrainian President Volodymyr Zelenskiy said on Monday that his country would continue exporting grain from its Black Sea ports because the shipments offered stability to world food markets. The U.S. Department of Agriculture (USDA) on Monday rated 28% of the U.S. winter wheat crop in good-to-excellent condition, the lowest for this time of year in records dating to 1987, underscoring the effects of persistent drought in the Plains wheat belt. Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said.
Soybeans and corn lost ground after closing higher on Monday with a rapid pace of U.S. harvest weighing on prices. * Losses in the wheat market were curbed by dryness hitting the U.S. winter crop. For corn, the harvest was 76% complete, ahead of the average analyst estimate of 75% and the five-year average of 64%. * Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said. DATA/EVENTS (GMT)0030 Japan JibunkBK Mfg PMI Final SA Oct0145 China Caixin Mfg PMI Final Oct0330 Australia RBA Cash Rate Nov0700 UK Nationwide house price MM, YY Oct0930 UK S&P GLBL/CIPS Mfg PMI Final Oct1345 US S&P Global Mfg PMI Final Oct1400 US ISM Manufacturing PMI OctU.S. Federal Reserve's Federal Open Market Committeestarts its two-day meeting on interest ratesReporting by Naveen Thukral; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
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