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☆ Sen. Mike Braun: Here's why ESG funds are a slippery slope
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSen. Mike Braun: Here's why ESG funds are a slippery slopeSen. Mike Braun (R-Ind.) joins 'Squawk Box' to discuss the critiques around the recent bill from Congress against ESG business practices, how this bill would play out in real-time, and more.

☆ U.S. Congress votes to block ESG investing, Biden veto expected
▼ + stars: | 2023-03-02 | by ( David Morgan | ) www.reuters.com time to read: +3 min

Republicans said their resolution would prevent fund managers from basing investment decisions on ESG factors primarily. But they acknowledged that it would not stop funds from considering ESG issues altogether. The Labor Department said the Trump-era rule failed to account for the positive impact that ESG investing can have on long-term returns. In 2022, ESG funds were hit by fallout from the Ukraine war, tumbling financial markets and U.S. political backlash against the industry. Republicans used a tool called the Congressional Review Act that allows them to bypass the customary 60-vote Senate threshold to challenge the Labor Department rule.

☆ Senate Votes 50-46 to Reverse ESG Rule for Retirement Funds
▼ + stars: | 2023-03-01 | by ( Andrew Ackerman | Lindsay Wise | ) www.wsj.com time to read: 1 min

Republican Sen. Mike Braun of Indiana introduced the measure in the Senate, where it is expected to pass. WASHINGTON—The Senate voted Wednesday to overturn a new Biden administration regulation that would allow retirement-plan managers to consider climate change and other factors when they make investment decisions, setting up what could be President Biden’s first veto. The Senate action, with 50 in favor and 46 against, comes a day after the House voted to toss the regulation on environmental, social and corporate governance guidelines, or ESG, by a vote of 216-204.

☆ Scooter Braun Buys Santa Monica Building for $25.9 Million
▼ + stars: | 2023-03-01 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. Celebrity talent manager Scooter Braun, who is known for discovering pop star Justin Bieber and a public spat with Taylor Swift, has purchased a building in Santa Monica, Calif., for $25.9 million, according to the local multiple listings service and people familiar with the situation.

☆ Republicans stoke 2024 culture wars by attacking Biden's socially conscious investing rule
▼ + stars: | 2023-03-01 | by ( Warren Rojas | ) www.businessinsider.com time to read: +5 min

A brewing fight over socially conscious investing appears to be a preview of 2024 attack lines. The GOP's ongoing battle against environmental, social and corporate governance issues seems to be picking up steam ahead of the next presidential election, with Senate Republicans unanimously opposed to government involvement in personal investments. "If there's some other social goals, that'd be run through government, not through investing," Johnson told Insider between Senate votes. Sen. Steve Daines of Montana, who is running Senate Republicans' reelection arm for the 2024 cycle, declined to comment on whether an anti-ESG plank would be part of that campaign. "Stay focused on investors and shareholders, not on stakeholders," Daines told Insider before being whisked away by the Senate subway.

☆ 2 Senate Democrats join GOP in rejecting socially conscious investing rule, rushing it back to Biden for a promised veto
▼ + stars: | 2023-03-01 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

The US Senate voted down a Biden-backed socially conscious investing rule 50-46. Two Democratic senators up for reelection in 2024 joined Republicans in opposing ESG. Wednesday's defectors, both of whom are facing tough reelection bids this cycle in states Donald Trump won by double digits in 2020, include Democratic Sens. The absence of Democratic Sens. Dianne Feinstein of California, Jeff Merkley of Oregon, and John Fetterman of Pennsylvania left Senate Majority Leader Chuck Schumer three votes down before deliberations even started.

Although winter weather has been gentle to Ukraine’s crops, the ongoing conflict has reduced the country’s 2023 winter wheat plantings 22% below last year’s harvested area. CROP CONDITIONSRecent rains for parched winter wheat in the U.S. Plains have also added to wheat market pressure, though updated crop conditions released late on Monday suggest risks remain. Winter wheat in Texas and Oklahoma is not doing well, but it is better than a year ago. This week, Oklahoma is at 36% GE versus 17% a month ago, 31% in November and 11% a year ago. Kansas, Texas and Oklahoma planted half of this year’s U.S. winter wheat acres, and producers there are hoping yields will rebound from last year’s drought.

☆ US House Republicans target ESG investments in latest culture war salvo
▼ + stars: | 2023-02-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

The measure is the latest salvo in the Republican culture war against the use of issues that promote environmental interests, social equality and corporate responsibility in business and investment decisions. "Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda," said Republican Representative Andy Barr, who introduced the House resolution. "If Congress doesn't block the Department of Labor's rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard-earned money." The measure is widely expected to pass the House, where Republicans hold a slim 222-212 seat majority. Two Democratic absences could give Republicans the simple majority necessary to pass the measure and send it to Biden's desk.

As of Jan. 31, money managers held a net long of 219,924 CBOT corn futures and options contracts, a net long of 175,504 contracts in CBOT soybeans, a net long of 140,943 contracts in CBOT soymeal, a net long of 31,224 contracts in CBOT soyoil, and a net short of 63,628 contracts in CBOT wheat. That included 18,127 contracts of corn, soybeans 29,242 contracts, soymeal 5,440 contracts and CBOT wheat 10,305 contracts. Funds’ Jan. 31 net long in corn was the highest since November, and their net short in CBOT wheat as of Jan. 24 had been the strongest since May 2019. Daily fund estimates collected by Reuters suggest that between Feb. 1 and Feb. 24, commodity funds were net sellers of 26,500 CBOT corn futures and 34,500 CBOT wheat futures. Money managers have not been net sellers of more than 25,000 CBOT wheat futures and options combined over a four-week span since late 2021.

Recent price trends imply better profitability for U.S. farmers to plant corn over soybeans this year, and both analysts and USDA agree corn acres will rise above the year-ago levels. USDA’s 91 million corn acres were nearly identical to the trade’s 90.9 million and above last year’s 88.6 million. I polled Twitter on Wednesday for the most likely surprise in this year’s intentions, offering choices of corn acres high or low or soybean acres high or low. Those long-term tables also had 2023 wheat plantings at 47.5 million acres, soybeans at 87 million and corn at 92 million. USDA’s trend corn yield is calculated with planting progress and summer weather assumptions.

Beijing last week approved planting of genetically modified (GM) corn for this year, though GM acres will likely account for less than 1% of the total corn area. CHINESE ACREAGE TRENDSChina harvests the second largest combined grain and oilseed area in the world after India, some 33% more than in No. On average, China’s area has remained steady over the last decade but is now about 11% higher versus 40 years ago. Additional price gains in the following years encouraged further corn area growth. Since 2007, China’s corn area has increased nearly 60% compared with 5% and 4% gains for rice and wheat, respectively.

Corn planting pace in ParanaParana’s 2021 safrinha crop was its latest planted since at least 2009, so it was especially subject to frost and freeze toward the end of the season. 2 producer of first crop corn, but it does not plant a second crop. Corn planting pace in Mato GrossoAlthough Mato Grosso’s planting pace is not necessarily alarming, it may reduce the corn’s resilience to any potentially tough weather conditions later, and last year provides a great example. May followed the exact same pattern, though Mato Grosso’s corn yields were very respectable last year. Mato Grosso’s biggest risk of late corn planting is the onset of dry season, as early as April.

☆ Republican senators want Mitch McConnell and Rick Scott to stop their 'petty bickering': 'Can't we all just get along?'
▼ + stars: | 2023-02-14 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Mitch McConnell and Rick Scott are feuding over the Florida Republican's "12 point plan" yet again. "I don't think we need petty bickering within the Republican conference," said Sen. Cruz of Texas. Andrew Caballero-Reynolds/AFP via Getty Images"They're good at that," observed Republican Sen. Mike Braun of Indiana, referring to Biden's use of the plan. mused Republican Sen. Mike Lee of Utah on Twitter over the weekend. "If you want to go out and say that you want to change Social Security and Medicare, go right ahead," said Hawley.

As of late January, large speculators held moderate to large net long positions across CBOT corn, soybeans and soybean products, and those collectively outweighed their sizable net short in CBOT wheat. CBOT futures have mostly strengthened since then. Black Sea concerns and worsening crops in Argentina also helped CBOT corn drift 0.5% higher in the last 13 days, ending at $6.80-1/2 per bushel Friday. Corn has been the most mild-mannered of CBOT contracts since Jan. 25, trading up or down by less than 2% since then. ESTIMATESAs of Jan. 24, money managers’ net long position in CBOT corn futures and options hit an 11-week high of 201,797 contracts.

☆ 'Day of pain': Wirecard boss denies charges in massive fraud trial
▼ + stars: | 2023-02-13 | by ( Jörn Poltz | ) www.reuters.com time to read: +2 min

MUNICH, Feb 13 (Reuters) - The former boss of Wirecard on Monday expressed his "deepest regret" over the collapse of the defunct payments company but denied all allegations as he took to the stand in Germany's biggest post-war fraud trial. Austrian-born Braun, 53, and two other ex-Wirecard managers Oliver Bellenhaus and Stephan von Erffa are on trial on charges including market manipulation and fraud and face up to 15 years each in prison if convicted. "There was in reality no life outside the company," he said, speaking throughout in a calm and concentrated voice. Braun's lawyers have alleged that Bellenhaus was the main perpetrator of the fraud at Wirecard, which began processing payments for pornography and online gambling and rose to be a blue chip DAX company worth $28 billion. Reporting by Jörn Poltz and Alexander Hübner Writing by Matthias Williams Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

USDA’s views of Argentina’s corn and soybean crops landed below trade guesses by more than 1 million tonnes each. Applying those losses to 2023 would yield 34 million tonnes, still much below the current forecast. Rosario also reduced its corn crop outlook to 42.5 million tonnes from 45 million, and USDA made a 10% cut to 47 million from 52 million. Ukraine’s corn exports also increased 2 million tonnes to 22.5 million, well above the grim sub-10 million ideas from mid-last year. USDA took Argentina’s corn exports down with the smaller crop, but it does not ship corn to China.

☆ Bernie Sanders, White House pressure railroads on paid sick leave for union workers
▼ + stars: | 2023-02-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

a member of the committee, demanded railroad carriers offer workers at least seven paid sick days. "If they think that those [Senate members] who voted for seven days sick pay that they forgot, they got it wrong. A House amendment that guaranteed comprehensive sick leave passed the House but failed in the Senate. After the vote, Sanders and more than 70 members sent a letter to President Joe Biden urging his administration to take action to guarantee paid sick days for rail workers. The failed vote on paid sick leave led union leaders to remind politicians that votes have election consequences.

Bulk exports including corn, soybeans, wheat, cotton and sorghum totaled 146 million tonnes, down 6% from 2021. The average exported cost of U.S. corn, soybeans and wheat all hit new records in 2022 as a result. CHINAU.S. agricultural and related exports to China in 2022 reached a record $40.85 billion, up 14% from the prior high set last year. U.S. corn exports to China last year were down 14% by volume from 2021’s high, and forward bookings are relatively very light. U.S. beef exports to China hit a record 244,000 tonnes in 2022, up 28% on the year and worth $2.16 billion, surpassing pork’s $1.36 billion.

“We see those as really strong opportunities to flip from Democrat to Republican,” McIntosh said. In West Virginia, McIntosh name checked two Republicans, Attorney General Patrick Morrissey and Rep. Alex Mooney, as possible candidates. Mooney has already announced his bid and Morrissey could run again after he fell short against Manchin as the party's 2018 nominee. Of Rosendale, another unsuccessful 2018 nominee who could run again (against Democratic Sen. Jon Tester), McIntosh said, “we know his record. She’s not really, as far as I can tell, an economic conservative.”The conservative group has already announced its endorsement of Rep. Jim Banks (R-Ind.

Export inspections, a proxy for actual exports, totaled a preliminary 8.2 million tonnes in January 2023 compared with 6.5 million a year ago and 8.9 million in January 2021. January 2022 soy shipments totaled 6.4 million tonnes, a couple of cargoes above the five-year average. U.S. soy export sales were decent last month as Brazilian farmers have been stingy sellers of their huge impending harvest. Trade estimates ahead of the U.S. Department of Agriculture’s Wednesday supply and demand report suggest analysts are mostly content with the agency’s latest forecast for 2022-23 U.S. soybean exports of 1.99 billion bushels (54.2 million tonnes). Weekly U.S. soybean export inspectionsKaren Braun is a market analyst for Reuters.

☆ NBA roundup: Knicks rally from 21-point deficit to beat 76ers
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +5 min

Miles McBride came off the bench to score 14 points while fellow reserve Isaiah Hartenstein had 14 rebounds. Joel Embiid (31 points, 14 rebounds), Tobias Harris (14 points, 10 rebounds) and James Harden (12 points, 12 assists) recorded double-doubles for the 76ers, who had their eight-game road winning streak snapped. De'Anthony Melton scored 14 points while Tyrese Maxey had 12 points and P.J. Scottie Barnes added 16 points and seven rebounds. Bruce Brown scored 16 and both Ish Smith and Zeke Nnaji scored 10 off the bench.

☆ Indiana's Senate race will show the depths of the fault lines within the GOP. Early signs show it's still Trump's party.
▼ + stars: | 2023-02-04 | by ( John L. Dorman | ) www.businessinsider.com time to read: +10 min

Mitch Daniels would have been an ideal GOP Senate candidate. Daniels' decision offers a look at the obstacles that the party continues to face headed in 2024. Mitch Daniels would have been seen by most traditional conservatives as an ideal candidate to run for the Senate. Eric Holcomb is a potential candidate in the 2024 Indiana Republican Senate primary. AP Photo/Manuel Balce CenetaIndiana could drive the GOP Senate roadmapAhead of the 2022 midterm elections, Republicans anticipated making major gains in Congress, which eventually didn't come to pass.

Meanwhile, Russia may be emerging as the new leader in sunflower oil trade. Sunflower oil exports, Russia and UkraineGlobally, sunflower oil is the least prominent of the major four vegetable oils (palm, soybean and rapeseed are the others), but it has been a vital source of revenue for Ukraine’s economy. In calendar year 2021, sunflower oil was Ukraine’s highest grossing agricultural export, valued at $6.4 billion. Sunflower meal added another $1.2 billion, and agricultural product exports accounted for 41% of all Ukrainian exports. RUSSIAN RISEIn the 2022-23 marketing year, USDA projects Russia will eclipse Ukraine in sunflower oil exports, accounting for 35% of trade versus 34% for Ukraine.

Combined corn and soy acreage estimates are now closer to 178 million to 180 million rather than 183 million-plus two years ago, keeping primary crop acreage somewhat competitive. Fertilizer prices remain high but have eased since last fall, favorable for corn profitability prospects so long as corn prices do not significantly decline. Insurance price for spring wheat is also set during February, and half of the U.S. spring wheat crop is planted in North Dakota. The state’s spring wheat plantings ended higher than original intentions while corn and soy acres ended lower. Still, U.S. spring wheat acreage in 2022 was down from both intentions and the previous year.

All U.S. winter wheat area is estimated at an eight-year high. Wheat health is better in key soft red winter wheat states like Illinois and Missouri, where GE this week covers 69% and 68% of the crop, respectively. But only 5% of the country’s winter wheat has been sown in these states. Winter wheat at the U.S. level was 34% GE and 26% PVP in the last assessment at the end of November. Hard red spring wheat accounted for 28%, soft white winter 20%, soft red winter 9%, and durum and other wheat accounted for 5% of inspections.

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