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Overall, China's 2023 imports are likely to reach around 12 million tons, two Singapore-based traders said, topping 2022's record 9.96 million tons, and the avid buying is expected to continue into 2024. read moreBeijing has not provided a crop quality assessment. MORE TO COMEChina's January-September wheat imports jumped 53.6% to 10.17 million metric tons, customs data showed, including 6.4 million tons from Australia and 1.8 million tons from Canada. Chinese wheat purchases have stabilised global wheat prices, one of the Singapore traders said. Given lower output in Australia, traders and analysts said China is likely to import significantly higher volumes of French wheat in the coming months.
Persons: China's, Muyuan, Stefan Meyer, Ma Wenfeng, Price, Rosa Wang, Jeffrey McPike, Naveen Thukral, Dominique Patton, Peter Hobson, Gus Trompiz, Julie Ingwersen, Tony Munroe, Simon Cameron, Moore Organizations: Traders, Russia, Reuters, El, Beijing Orient, Shanghai JC Intelligence Co, U.S, WASDEA Commodities, Thomson Locations: China, SINGAPORE, BEIJING, Chicago, Singapore, Australia, Beijing, Sydney, StoneX, Canada, Indonesia, Japan, North America, U.S, Canberra, Paris
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBirkenstock belongs to be public, and that's been the intent all along, says L Catterton's ThukralNikhil Thukral, L Catterton managing partner, joins 'Squawk on the Street' to discuss what changes Thukral made that drove the upside in Birkenstock's valuation, why Birkenstock was determined to go public now, and more.
Persons: that's, Nikhil Thukral, Thukral, Birkenstock
What's causing the chronic haze across Southeast Asia?
  + stars: | 2023-10-06 | by ( ) www.reuters.com   time to read: +4 min
Despite pleas by Malaysia this week not to "normalise" the haze, Indonesia has flatly denied any responsibility. Global consumption of palm oil, used in a wide range of products such as cookies, candles and as a cooking oil, is growing rapidly. Palm oil is the world's most used edible oil, accounting for 60% of global vegetable oil exports. For Indonesia, the world's biggest palm oil producer, the product is one of the biggest export earners after coal. Export earnings from palm oil and its derivatives stood at $39.28 billion in 2022, according to the Indonesian Palm Oil Association.
Persons: Siti Nurbaya Bakar, Ananda Teresia, Kate Lamb, Bernadette Christina, Naveen Thukral Organizations: of Southeast Asian Nations, Control, ACC, El, Greenpeace, Indonesian Palm Oil Association, Thomson Locations: JAKARTA, Southeast Asia, Indonesian, WHAT'S, Malaysia, Indonesia, Borneo, Singapore, Greenpeace Indonesia
Despite pleas by Malaysia this week not to "normalise" the haze, Indonesia has flatly denied any responsibility. Global consumption of palm oil, used in a wide range of products such as cookies, candles and as a cooking oil, is growing rapidly. Palm oil is the world's most used edible oil, accounting for 60% of global vegetable oil exports. For Indonesia, the world's biggest palm oil producer, the product is one of the biggest export earners after coal. Export earnings from palm oil and its derivatives stood at $39.28 billion in 2022, according to the Indonesian Palm Oil Association.
Persons: Siti Nurbaya Bakar, Ananda Teresia, Kate Lamb, Bernadette Christina, Naveen Thukral Organizations: of Southeast Asian Nations, Control, ACC, El, Greenpeace, Indonesian Palm Oil Association, Thomson Locations: JAKARTA, Southeast Asia, Indonesian, WHAT'S, Malaysia, Indonesia, Borneo, Singapore, Greenpeace Indonesia
New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.
Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok
A farmer harvests rice by a paddy field outside Hanoi, Vietnam June 10, 2019. Exporters are rushing to cover rice supplies from farmers who have raised prices following a surge in the world market, putting millions of dollars worth of deals at risk. 2 and 3 exporters respectively, are estimated to ship more than one million metric tons of rice in August. While large exporting houses are likely to fulfil contracts, smaller trading companies are expected to default on shipments, traders said. Importers, including the Philippines, are likely to seek direct deals with governments of exporting countries to ensure critical food supplies.
Persons: Rice, Naveen Thukral, Khanh Vu, David Evans Organizations: REUTERS, Reuters, Rice, Thomson Locations: Hanoi, Vietnam, Thailand, SINGAPORE, India, Asia, Africa, Singapore, Ho Chi Minh City, Philippines
El Nino, a warming of water surface temperatures in the eastern and central Pacific Ocean, is expected to develop in the coming months, according to meteorologists. The onset of monsoon rains across South Asia is likely to be slightly delayed this year and El Nino could hit rice and oilseeds production. "El Nino could develop during July ... it might have an impact in the second half of the season," said O.P. "In general, a big part of the Pampean region and Northern Argentina have above-normal rains with the El Nino phenomenon." In Europe, where El Nino is not typically linked to pronounced weather patterns, major crops are in good shape after abundant spring rain, with the exception of drought-hit Spain.
Persons: El Nino, Chris Hyde, El, Phin Ziebell, Sreejith, Germán Heinzenknecht, David Tolleris, Rains, Naveen Thukral, Maximilian Heath, Mark Weinraub, Rajendra Jadhav, Gus Trompiz, Christian Schmollinger Organizations: Nino, El, National Australia Bank, India Meteorological Department, El Nino, HIT, Thomson Locations: Australia, India, Southeast Asia, Asia U.S, South America, SINGAPORE, Asia, U.S, Indonesia, Malaysia, Thailand, Pakistan, El Nino, Americas, Russia, Ukraine, New South Wales, Queensland, South Asia, ARGENTINA, United States, Argentina, Northern Argentina, China, Europe, Spain, Buenos Aires, Chicago, Mumbai, Bengaluru, Paris
BHP's exploration accelerator to open to uranium, lithium finds
  + stars: | 2023-04-05 | by ( ) www.reuters.com   time to read: +2 min
SINGAPORE, April 5 (Reuters) - BHP Group's (BHP.AX) programme to support promising minerals explorers will expand beyond copper and nickel to prospective uranium and lithium projects from September, the head of its Xplor program said on Wednesday. For its second year, the programme wants to receive double the number of applications at 500 from the first year as it opens up to more commodities, said Sonia Scarselli, vice president of BHP Xplor. "We will be looking not just at copper and nickel, but at uranium and lithium and so on," Scarselli told a commodities conference in Singapore. Scarselli told Reuters last month BHP saw lithium's demand-supply equation as not as fundamentally stretched as that for copper and nickel. The miner, which produces uranium as a byproduct at its Olympic Dam copper operations in South Australia, has become more vocal about the role of uranium in a new energy world.
Indonesia, the world's biggest producer of palm oil, raised the mandatory blend of palm oil in biodiesel to 35% starting in February, from 30% earlier, to reduce diesel fuel imports amid high global energy prices and to reduce emissions. The benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange slid 24 ringgit to 4,181 ringgit a tonne on Wednesday. An El Nino episode usually results in below-average rainfall in main palm oil producers Indonesia and Malaysia, cutting yields and pushing up global prices. "It used to be palm oil is export-oriented for Indonesia, but sales are declining and domestic consumption is increasing," Fadhil said. James Fry, the chairman of commodities consultancy LMC International, however, cautioned that the correction in gasoil prices could bring down demand for biodiesel and pull-down palm oil prices.
Indonesia, producer of more than half of global palm oil supplies, also tightened trade rules this year, allowing exporters to ship just six times their domestic palm oil sales volume, less than a fourth-quarter 2022 ratio of eight times. "Indonesian palm oil export definitely will drop, as output will decline, domestic consumption will increase," Fadhil Hasan, an Indonesian Palm Oil Association (GAPKI) official, told Reuters. Indonesia produced 51.3 million tonnes of palm oil in 2022 and exported 33.7 million tonnes, GAPKI estimated. In 2023, palm oil output is expected at 50.82 million tonnes and exports at 26.42 million tonnes, it said. "But India's strong demand for palm oil will continue as it is still the cheapest edible oil."
The additional demand for liquefied natural gas (LNG) and tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. Newcastle coal futures have soared almost 140% in 2022, the biggest jump since 2008. U.S. gas futures jumped by more than 20% and Dutch wholesale gas prices rose by almost 8%, both rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue to import LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated as limited new supplies come onstream. However, a European cap on gas prices starting in February could keep a lid on the market and reduce the volatility seen this year.
Industrial metals, iron ore and rubber are on track to finish in negative territory, pushed down in 2022 by China's strict zero-COVID policy and fears of a world recession. The additional demand for liquefied natural gas (LNG) amid tighter supplies of piped gas placed enormous strain on the global market, spurring an energy crisis that pushed gas prices to historic highs. U.S. gas futures and Dutch wholesale gas prices have jumped by more than 20%, rising for a third consecutive year. Power-generation fuels - coal, natural gas and gasoil - outperform other energy products in 2022 following cut in Russian energy supplies to EuropeBecause Europe will continue importing LNG to rebuild gas inventories next year after winter, gas prices are expected to remain elevated amid limited new supplies coming on-stream. However, a European cap on gas prices starting in February could help keep a lid on the market and reduce the volatility seen this year.
"As this stage, it looks highly unlikely, if we look at the global production prospects for cereals and oilseeds." Wheat, corn and palm oil futures have from dropped from record or multi-year highs but prices in the retail market remain elevated and tight supplies are forecast to support prices in 2023. Food imports costs are already on course to hit a near $2 trillion record in 2022, forcing poor countries to cut consumption. Corn and soybeans climbed to their highest in a decade, while Malaysia's benchmark crude palm oil prices climbed to a record high in March. For rice, prices are expected to remain high as long as export duties imposed earlier this year by India, the world's biggest supplier, remain in place, traders said.
Meta's India public policy chief, WhatsApp's India boss quit
  + stars: | 2022-11-15 | by ( ) www.reuters.com   time to read: +1 min
NEW DELHI, Nov 15 (Reuters) - WhatsApp's India head Abhijit Bose and Meta Platforms Inc's (META.O) public policy director in India Rajiv Aggarwal have resigned, a Meta spokesperson said on Tuesday. The departures follow the exit of Meta's India head Ajit Mohan, who quit this month after four years in the job to join rival Snap Inc (SNAP.N). A Meta spokesperson said both of the exits were unrelated to the current layoffs. Meta has appointed Shivnath Thukral as its new director for public policy in India and the company will look for a replacement for Bose, the spokesperson said. Couple of months back, the head of WhatsApp's India payment business, Manesh Mahatme, also quit to join Amazon India.
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.
CHICAGO, Oct 31 (Reuters) - U.S. wheat futures jumped 6%, hitting a two-week high, and corn rose 1.6% on Monday as Russia's withdrawal from a Black Sea export agreement raised concerns over global supplies. Chicago Board of Trade December wheat settled up 53 cents at $8.82-1/4 per bushel after reaching $8.93-1/4, the contract's highest since Oct. 14. CBOT December corn ended up 10-3/4 cents at $6.91-1/2 a bushel and January soybeans finished up 19-1/4 cents at $14.19-1/2 a bushel. Reuters GraphicsReuters Graphics"The grain and oilseed markets rose sharply overnight, led by wheat, as food shortage fears rise again after Russia pulls out of the Black Sea trade agreement," StoneX chief commodities economist Arlan Suderman said in a client note. Moscow suspended its participation in the Black Sea deal on Saturday in response to what it called a major Ukrainian drone attack on its fleet in Russia-annexed Crimea.
Summary Russia suspends participation in Black Sea grain exports dealWheat futures jump 5%, at highest since mid-Oct, corn up 2%Black Sea wheat, corn supplies at risk on Russia withdrawalU.N., Turkey, Ukraine press ahead with grain exportsSINGAPORE, Oct 31 (Reuters) - Chicago wheat futures jumped more than 5% on Monday and corn rose over 2% as Russia's withdrawal from a Black Sea export agreement raised concerns over global supplies. Wheat futures hit a record high of $13.64 a bushel in March. "This is an inflationary move, supporting prices of wheat and corn," said a Singapore-based trader. Moscow suspended its participation in the Black Sea deal on Saturday in response to what it called a major Ukrainian drone attack on its fleet in Russia-annexed Crimea. More than 9.5 million tonnes of corn, wheat, sunflower products, barley, rapeseed and soy have been exported from the Black Sea since July.
Summary Russia suspends participation in Black Sea grain exports dealBlack Sea wheat, corn supplies at risk on Russia withdrawalU.N., Turkey, Ukraine press ahead with grain exportsSINGAPORE, Oct 31 (Reuters) - Chicago wheat futures jumped more than 5% on Monday and corn rose over 2% as Russia's withdrawal from a Black Sea export agreement raised concerns over global grain supplies. "(The market) is going to be overwhelmed in early trade today by Russia suspending its participation in the Black Sea grain corridor during the weekend," said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia. "Our view has been that wheat futures were adding little premium to prices for the risk that the corridor would close." Moscow suspended its participation in the Black Sea deal on Saturday in response to what it called a major Ukrainian drone attack on its fleet in Russia-annexed Crimea. Wheat futures hit a record high of $13.64 a bushel in March.
Russia on Saturday suspended participation in the U.N. grain deal for an "indefinite term", after what it said was a major Ukrainian drone attack on its Black Sea fleet in Crimea. Not much really," said one Singapore-based grains trader who supplies wheat to buyers in Asia and the Middle East. It is not clear if Ukraine will continue to ship grains and what happens to Russian exports," said the Singapore-based grains trader. Asian buyers recently booking Ukrainian wheat cargoes include Indonesia, the world's second-largest importer of the grain, although the region typically relies on Australia and North America. More than 9.5 million tonnes of corn, wheat, sunflower products, barley, rapeseed and soy have been exported from the Black Sea since July.
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