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Data shows that Russian diesel is still being shipped to Syria by US-sanctioned oil tankers.
Data shows that a second tanker subject to U.S. sanction is moored at the Syrian port Banias, and could deliver a cargo of diesel from Russia. This comes as Moscow and Damascus are strengthening their ties. Moscow supported former Syrian autocrat Bashar al-Assad for more than 10 years of civil war, but now wants to improve its relations with Ahmed al-Sharaa as it wants to keep the two Russian military bases in Syria. According to LSEG, the Barbados flagged Proxima with approximately 30,000 metric tonnes of diesel left Primorsk back in February. It is currently drifting near Banias as it awaits to unload its cargo. On January 10, the Proxima, along with 180 other vessels, was sanctioned by the United States. The tanker Prosperity arrived last week in Syria's coast waters with about 37,000 tons of diesel that was loaded at the Russian Baltic port Primorsk. Shipping data shows that both tankers switched off their ship tracking devices upon arrival and hid their operations. Syria recently received a shipment of local currency that was printed in Russia. More shipments are expected to follow in the near future, another sign of improved relations between Moscow and Syria’s new rulers. Western countries such as the U.S. and EU, along with Britain, are also easing pressure on Syria. Reporting by in Moscow. (Editing by Sharon Singleton.)
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South Korea's FLC purchases about 65,000 T of corn in a private deal, traders claim
The Feed Leaders Committee of South Korea (FLC) purchased around 65,000 tons of animal feed in a private transaction on Thursday, without holding an international tender. Although it can be purchased worldwide, traders have suggested that the best source would be from South America or the United States. The corn was bought at an estimated cost of $251.80 per ton, including freight. There was also an extra $1.50 surcharge per ton for port unloading. The seller was thought to be ADM, a trading house. Arrival in South Korea was scheduled for around June 15th. The shipment originating from the Pacific Northwest coast of the United States was made between May 1 and 31. The reports reflect the assessments of traders, and future estimates on prices and volume are possible. The deal was a continuation of the brisk purchases of corn by Korean importers following Wednesday's falls in Chicago corn contracts. Michael Hogan is reporting.
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Consultancy says that Ukraine soybean exports reached a record 2,35 million tonnes in the H1 season 2024/25.
APK-Inform, a consultancy for agricultural matters, reported on Thursday that Ukraine's soybeans exports had reached a new record of 2,35 million metric tonnes in the first half 2024/25 season (September-August) following a record harvest. Ukraine produced a record of 6.3 million tonnes of soybeans in the year 2024. This is up from 5.4 millions tons in 2023. The consultancy stated in a report that "according to our estimations, the export capacity in 2024/25 has already been 66% met, and that further shipments may be limited because of the new crop from South America." It noted, however, that demand for Ukrainian crops could remain high despite the global tariff wars escalating. The Ukrainian UCAB Farm Lobby said earlier this season that the country's exportable soybean surplus could total 3.8 millions tons compared to 3.3 million in 2023/24. APK-Inform reported that over one million tons of Ukrainian soya beans were exported to Europe, which was the primary export destination. Last month, Taras Vysotskiy, the first deputy minister of agriculture in Ukraine, said that Ukraine would reduce its soybean area by 10 to 15% for corn. (Reporting and editing by Tomaszjanowski)
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South Korea's NOFI buys estimated 67,000 T corn, traders say
The European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 67,000 metric tonnes of animal feed corn on Thursday in an international bid seeking up to 138,000 metric tons. The corn was bought in one consignment for an estimated price of $251.81 per ton, cost and freight included (c&f), plus $1.50 extra per ton to cover additional port unloading. The seller is believed to be CJ International, a trading house. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. Around June 30, corn was ordered for delivery to South Korea. Shipping is required between May 28 and 16 if the shipment originates from the U.S. Pacific Northwest Coast, if it comes from the U.S. Gulf coast between May 8 and 27, originating from South America or South Africa between 3 May and 22 May. Only 65,000 tonnes of oil can be sourced from the U.S. Gulf. The traders reported that Asian buyers were interested in buying corn following the sharp fall of Chicago corn futures Wednesday. This was after a U.S. Government crop report revealed more corn stocks than expected. South Korea's Major Feedmill Group has also released a tender up to 140,000 tonnes of feed corn. Korea Feed Association in South Korea bought 65,000 tons in a private transaction late Wednesday night without issuing a international tender. (Reporting and editing by Tomaszjanowski).
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After a slump in profits, port operator DP World has an uncertain outlook for trade
DP World, a Dubai owned ports and logistics firm, reported a 28 percent fall in its annual profit on Friday, partly because of higher finance costs. It also highlighted global trade uncertainty and geopolitical risk as clouding the outlook. DP World announced that the profit attributable by owners after accounting for items separately dropped from $820 to $591 millions a year ago. In a statement, Chairman and CEO Sultan Ahmed bin Sulayem stated that "while the year started on a good note, global trade is still in flux because of ongoing geopolitical issues." DP World's revenue rose by 9.7%, to $20 billion. This was partly due to an improved performance in its ports and terminals division. Revenues in the Middle East and Europe grew by 5.3%, as the United Arab Emirates, Africa and DP World’s European Unifeeder businesses all performed better than expected. However, the Red Sea disruption had a negative impact on Saudi Arabia’s Jeddah Port and DP World’s European Unfeeder business. Yemen's Houthis announced that they will resume attacks against Israeli ships traveling through the Red, Arabian, Bab al-Mandab, and Gulf of Aden. This marks the end of a relative calm period since January. The disruption caused by Houthi attacks on key regional shipping routes has forced companies to travel around southern Africa at a higher cost and longer distance. In solidarity with Palestinians, the Iran-aligned groups has attacked over 100 ships in support of Palestine since November 2023. DP World has plans to invest $2.5 billion in the flagship Jebel Ali Port in Dubai, as well as in other assets such as London Gateway. (Reporting and editing by Sherry Phillips, Rachna uppal, and Federico Maccioni)
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Bangladesh announces new tender for the purchase of 50,000 T rice
On Thursday, traders reported that Bangladesh's state grain buyer had issued a new tender for the purchase of 50,000 metric tonnes of rice. The deadline to submit price offers is the 27th of March. After its domestic crop suffered damage last year, Bangladesh continues to purchase large quantities of rice on international markets. On March 19, a previous tender issued by Bangladesh for 50,000 tons rice will also close, while on March 11, price offers were submitted to another 50,000-ton rice tender. Floods in Bangladesh between August 2024 and October 2024 A total of 1.1 million tonnes of rice were imported by the country in order to reduce the rising prices of food. Bangladesh's latest tender is seeking price offers for nonbasmati parboiled risotto in CIF terms including ship unloading charges, for shipment into the ports of Chittagong & Mongla. The rice can be imported from anywhere in the world and must be shipped within 40 days of contract award. (Reporting and editing by Louise Heavens, Michael Hogan)
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Most Gulf markets gain on US inflation data
The Gulf's major stock exchanges rose early on Thursday due to a lower-than-expected U.S. Inflation print. However, uncertainty about tariffs continued. The U.S. consumer price index increased less than anticipated in February. However, the improvement may only be temporary due to aggressive tariffs on imported goods that will likely increase the cost of most goods over the next few months. According to LSEG, traders are currently pricing in 70 basis points more of easing until the end of the calendar year. Most regional currencies are pegged with the dollar, so decisions made by the Federal Reserve usually guide monetary policy in the Gulf Cooperation Council. Investors are now awaiting the U.S. Producer Price Index due later that day for further insight into the Fed's policy. Saudi Arabia's benchmark Index gained 0.3%. Al Rajhi Bank added 0.6%, and ACWA Power Company increased 1.2%. Saudi Ground Services, which has seen its annual profit rise sharply, was among the other companies that gained. Rasan Information Technology Co., which completed an accelerated bookbuilding process for the sale of 17.16% at 69 Riyals, also surged by more than 7%. The shopping mall operator Arabian Centres Company, however, fell 1.8% on the ex-dividend market. Dubai's main stock index rose 0.1%, with the top lender Emirates NBD increasing by 0.5%, and Parkin Company, which manages public parking in the emirates rising by 0.8%. ADNOC Gas' 1.2% increase helped the Abu Dhabi index to rise by 0.2%. Al Ramz Capital was appointed as the energy company's liquidity provider. The Qatari Index fell by 0.3%. This was due to a 6% drop in United Development Company. It is set to be its largest intraday fall since June 2023.
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French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. Airbus Airbus signed a letter with DRF Luftrettung on Wednesday for the purchase 10 H140 helicopters. The New York State Police also placed an order for an Airbus H160, three H145 helicopters and signed a contract with Omni to buy three H160 helicopters. Lotus Bakeries Lotus Bakeries announced Wednesday that it will expand its partnership with Mondelez International into the Ice Cream category. ID Logistics ID Logistics released its annual results for 2024 on Wednesday. Pluxee Pluxee launched its first commercial paper program, NEU CP (up to 400 millions euros), on Wednesday. Jacquet Metals Jacquet Metals published its annual results for 2024 on Wednesday. Euronext Euronext announced on Wednesday that Montea would be included in the BEL20 index from 24 March, and Galapagos would be excluded. Legrand Legrand announced a 500-million euro bond issue on Wednesday. Pan-European market data: European Equities speed guide................... FTSE Eurotop 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurotop 300 sectors..................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt items......... CAC-40................. Paris items............ World Indices..................................... survey of world bourse outlook......... European Asset Allocation........................ News at a glance: Top News............. Equities.............. Main oil report........... Main currency report.....
South Korea's MFG bids for 140,000 t corn, traders claim
The Major Feedmill Group of South Korea (MFG) issued an international tender on Thursday to purchase animal feed corn up to 140.000 metric tons.
The deadline to submit price bids in the tender is March 14, Friday.
Two consignments of corn, each weighing up to 70,000 tonnes, are expected in South Korea between June and July. The corn can be sourced from South America, the United States or South Africa.
They said that the MFG also seeks separate offers of up to 140,000 tonnes of corn from South America and South Africa for arrival in June and July only.
Shipping of one consignment optional origin corn to South Korea for arrival on June 23 was sought from May 20 to June 8 if it is sourced from U.S. Pacific Northwest Coast, April 30 May 19 from U.S. Gulf coast, April 25-May 14, from South America, or May 5-24 if it is sourced from South Africa.
The second consignment with an optional origin for arrival on July 3, South Korea, is to be shipped between May 30 and June 18 if it comes from the U.S. Pacific Northwest Coast, or between May 10 and May 29 if it comes from the U.S. Gulf.
The tender is seeking price offers both in terms of outright cost per ton and freight included (c&f), or at a higher premium than the Chicago corn contract for July 2025. (Reporting and editing by Tomaszjanowski, with Michael Hogan)
(source: Reuters)