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South Korea's NOFI offers up to 60,000 tons of soymeal
European traders reported on Wednesday that leading South Korean animal feed manufacturer Nonghyup Feed Inc. has announced an international tender for the purchase of up to 60,000 tons of soymeal, sourced from South America or China. They said that the deadline for submitting price offers to the tender is also on Wednesday, May 14. Soymeal in a consignment between 40,000 and 60,000 metric tonnes was wanted for delivery to South Korea on or around September 20. They said that shipments were needed between July 24 and august 12 for South America, or between September 1 to 20 for China, or between August 18 and september 6 if they came from the U.S. Pacific Northwest Coast. Traders said that they were seeking offers in both outright and cost and freight included (c&f), as well as a premium to the Chicago September 2025 contract for soymeal. NOFI also released a separate bid to purchase up to 138,000 tonnes of animal feed corn, which also closes on Wednesday. (Reporting and editing by Emelia Matarise, Emelia Hogan)
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South Korea's NOFI offers to purchase up to 138,000 T of corn
European traders reported on Wednesday that the leading South Korean feedmaker Nonghyup Feed, or NOFI as it is commonly known, has launched an international tender for up to 138,000 tons of animal feed grain. Also, the deadline for submitting price offers to the tender is Wednesday, May 14th. Two consignments of corn, each ranging from 45,000 to 69,000 tonnes, are expected in South Korea in September. Around September 10, the first corn shipment was expected to arrive in South Korea. Shipping is required between August 8 and 27, if the product comes from the U.S. Pacific Northwest Coast, or the U.S. Gulf, between July 19 and August 7, from South America, between July 14 to 2nd, or from South Africa, between July 24 to 12th. Second corn shipment is expected to arrive in South Korea on or around September 20. If you are sourcing from the U.S. Pacific Northwest Coast, the shipment will be between August 18 and September 6, if from the U.S. Gulf of Mexico between July 29 and August 17, if from South America or South Africa between July 24 and August 12, or a combination between those dates. The sellers have the right of choice in the origins they supply. Traders said that they were looking for offers in both outright prices per tonne c&f as well as a premium to the Chicago September 2025 Corn contract. The traders said that Asian demand was sparked by the Chicago corn futures falling to a five-month low on Tuesday due to technical selling, and good planting conditions in the U.S. Corn Belt. NOFI also announced a separate tender on Wednesday to purchase up to 60,000 tonnes of soymeal. (Reporting and editing by Rashmi aich, with Michael Hogan)
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Maguire: How to gauge China's potential power rebound after the trade truce
The recent agreement between the United States of America and China to pause hostilities in trade for 90 days is likely to spur new activity within China's massive manufacturing sector. This will have repercussions on the country's need for energy. The trade truce, on paper, is only temporary and could be rescinded by either party if they feel unfairly treated in negotiations. The sharp reduction in tariffs during the truce period marks a significant deescalation of trade tensions and should lead to a rebound in output and sentiment among Chinese manufacturers. Here are some key metrics you can use to track the impact of the trade tensions reduction on power generation, emissions and manufacturing output in China in the next few months. CLEAN START As factory production increases across China, the share of clean energy sources in China's overall mix of electricity generation will decline. Ember data shows that clean power sources made up a record 39% (950 TWh) of China's electric supply during the first quarter 2025. This was aided by a 18% increase in the production of clean electricity from the same period of 2024. Clean energy has increased its share in the mix of power generation partly due to Beijing’s efforts to reduce reliance on fossil fuels, which have resulted in a steady increase in clean power production capacity. The subdued tone in China's manufacturing sector between January and March also contributed to a higher share of clean power. Since the beginning of the year, scores of Chinese factories have reduced their output as Trump's tariffs threatened or came into effect. This has led to a reduction in the power consumption of these plants. In turn, this allowed utilities to reduce the use of fossil fuels in electricity generation. Ember data show that fossil fuel-fired power production was down by 4% compared to the previous year, at 1,494 TWh. The use of fossil fuels in China's energy mix will continue to increase, and any sustained improvement in industrial output and factory production is likely to give it a boost. SUMMER PEAK The impending factory production rebound is likely to occur during China's traditionally peak period of power consumption. This could lead to record electricity generation and usage over the summer, regardless of whether the trade truce lasts. China's electricity demand peaks in the summer, due to a greater use of air conditioners. The temperatures can reach over 85 degrees Fahrenheit (30 degrees Celsius) in Beijing on average. In order to meet the high demand, power companies tend to rely heavily on fossil fuels, particularly during evenings, when air conditioner usage increases and solar farm production falls. China's energy firms could be forced to reduce fossil fuel generation more than usual if China's massive manufacturing sector increases its collective output in the summer. The use of fossil fuels could reverse the gains that were made in China by using clean energy sources during the first quarter of this year. The increased use of fossil fuels could also cause a new rise in emissions from the power sector, which are already at their highest during summer. This could reach a record high in 2025, if fossil energy production also reaches new heights. OUTPUT MOTOR MONITORING The trade truce is likely to spark an increase in manufacturing, but some materials will see a greater rise in production. Assemblies will increase and stockpiles will be replenished, resulting in a significant increase in the production of resins, plastics, and copper wires. Tariffs reduced, exports of Chinese goods and products are expected to increase in the next few months. Solar cells, toys, furniture, and other items that are not easily produced at scale elsewhere should respond quickly to the lower tariffs. This can give a good indication of the health of China's manufacturing industry. The traffic at key Chinese container port could also be a good indicator of the health of Chinese manufacturers. Shipments of semi-finished and finished products are expected to increase in the coming months. These are the opinions of a columnist who writes for.
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MSCI's May revision includes India's Coromandel and Nykaa in the key index
MSCI added two Indian companies, fertiliser maker Coromandel International as well as beauty products retailer Nykaa, to its Global Standard Index earlier on Wednesday. This was part of the index rejig for May 2025. The key global index does not include any Indian stocks. Changes will take effect after the close of markets on May 30. According to IIFL Alternate Research estimates and JM Financial, the inclusion could result in passive inflows of $216-$227 millions into Coromandel. MSCI has also added Coromandel, as well as airport operator GMR Airports to its India domestic index. Sona BLW Precision Forgings was removed. MSCI's global small-cap index saw 11 new stocks added and 21 deleted. The MSCI India Domestic Small-Cap Index saw 12 stocks added and 21 stocks removed. Due to their increased weights in Global Standard, the drug maker Cipla and telecom infrastructure provider Indus towers as well as textiles and chemicals manufacturer Grasim Industries will likely see passive inflows between $33-$45million, $36-$40million and around $17million. According to IIFL Alternate Research estimates and JM Financial, Astral could experience outflows of $15-17 million as a result of weight reduction. According to IIFL Alternate Research, India's weight within the MSCI Global Standard Index has increased marginally from 19.4% to 19.4%. India's weight in the MSCI Global Standard index was about 19% at the time of the February revision. MSCI's last revision in February added Hyundai Motor to its global standard index and removed Adani Green Energy.
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Documents show that Venezuela has topped up its heavy naphtha stock ahead of the expiration date for licenses.
According to shipping documents, Venezuela's PDVSA increased imports of heavy naphthalene, a fuel that is used to dilute the extra-heavy oil produced and to make it exportable. This was done in anticipation of expiring U.S. licensing this month. Since 2022, the U.S. Treasury Department allowed Venezuela to import oil diluents as part of oil exchanges with joint-venture partners and customers. But in March, President Donald Trump’s administration revoked licenses authorizing these deals and gave companies until 25 May to end transactions. PDVSA only delivers Venezuelan crude oil to customers who can pay in advance for the cargoes, or exchange them for diluents such as heavy naphtha and light crude. Last month, cargoes for U.S. Chevron had to be canceled due to payment uncertainty. Venezuela requires diluents in order to produce crude grades that are exportable. The imports of naphtha have restocked the stocks of the state oil company, providing diluents to cover future months, and compensating for lower productions of medium and light crudes in Venezuela, which are also used as diluents. A shipper who deals in imports said, "There is so much heavy naphtha that there are no tanks available at this time. They have to stop cargo discharges and look for other storage options. They use floating storage vessels." Documents show that the extra oil supply will double Venezuela's oil exports to 165,000 barrels a day (bpd), including foreign crude, naphtha, and other fuels. PDVSA agreed last month to a major deal with Maurel & Prom, a partner of its company, and Vitol. The agreement increased the volume of a longstanding swap between crude oil and naphtha. The agreement stipulates that the Venezuelan crude oil will be shipped to the United States and the U.S. Naphtha to PDVSA. PDVSA, Maurel & Prom and PDVSA did not respond to requests for comments. Vitol declined comment. Documents show that PDVSA imported light oil and naphtha from other sources. Documents show that PDVSA inventories at Jose port of crude oil and naphtha have exceeded 9 million barrels this week. In February, they were only 6.6 million. Reporting by Staff
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Carney unveils cabinet to restore US-Canada relations
Mark Carney, the Canadian Prime Minister who won a re-election last month on a promise to take on U.S. president Donald Trump, announced a new Cabinet Tuesday, which he claimed would help define a brand new relationship between Canada and the United States. Carney reduced the number of Ministers from 39 to 29, but kept key players like Finance Minister Francois Philippe Champagne and Dominic LeBlanc who is responsible for U.S. Trade. After four years, he transferred Melanie Joly to Industry from Foreign Affairs and replaced her by Anita Anand. In a press release, Carney's Office said that "Canadians voted this new government because they had a mandate to establish a new relationship of economics and security with the United States. (And) to build a more robust economy." "... "This focused team will act with urgency and determination on this mandate for a change." Chrystia Freiland, whose resignation from the Finance Ministry in December last year helped to oust a Trudeau who was becoming increasingly unpopular, retains her position as Minister of Transport and Internal Trade. Jonathan Wilkinson was removed from the cabinet and replaced by Tim Hodgson, a former Goldman Sachs banker. Carney claims that Canada must invest billions of dollars to begin shifting the focus of the economy away from the United States. He also promises to reduce government spending. He has made immediate promises of a tax reduction and the removal of all trade barriers between provinces. The Liberal platform, with its promise of additional spending in the range of C$130 billion (US$92.85 billion), predicts a deficit for 2025-2026 that is C$62.3billion, a far greater amount than the C$42.2billion forecasted by December. ($1 = 1.4001. Canadian Dollars) (Writing and Editing by Rod Nickel).
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India accepts additional Russian marine insurers
A government notification shows that India has approved the use of three Russian insurers including Sberbank, which provides marine insurance to ships entering Indian ports. This will help Moscow to maintain oil supplies on a major market. India is now the second largest buyer of Russian oil by sea after China, as Western nations have shunned purchasing and imposed sanctions against Moscow because of its military actions in Ukraine. India has now recognised eight Russian entities as eligible to offer protection and indemnity coverage (P&I). The order stated that the permits for Sberbank Insurance Ugoria, and ASTK will be valid until 20 February 2026. Last month, it was reported that three companies were seeking approval from Indian shipping regulators to provide P&I coverage. Oil cargoes, which are at risk of spills and require the highest standards in safety due to their high value, need insurance. The International Group of P&I Clubs does not cover Russian entities for claims of personal injury and environmental cleanup. The United States and European Union have been increasing their scrutiny of Russia's supply chain for oil, and this includes compliance with the price cap established by the Group of Seven Democracies, which applies to the use of Western vessels and insurance. This has made it more difficult for Moscow export its oil. In order to circumvent the restrictions, Indian refiners purchase Russian oil delivered, and sellers provide vessels and insurance. In February, India's oil minister said that the country only wanted to purchase Russian oil from companies and vessels that were not subject to U.S. sanction. (Editing by Louise Heavens, Mark Potter and Mark Potter).
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Maguire: Tracking Texas power system as heat waves loom in Texas
A heat wave that is expected to bring temperatures above 100 degrees Fahrenheit this week is causing the main power system in Texas to prepare for an increase in electricity demand. Electric Reliability Council of Texas reported that the growing demand for electricity from industry and data centres, along with widespread air conditioning use, is expected to push peak electricity usage to an all-time high of 84,000 megawatts this week. According to industry analysts this demand load is 9% higher than the previous peak demand for May. This will put one of the largest power systems in the country under extreme strain over the next few days. Here are some key tools power analysts can utilize to monitor how the ERCOT is performing. REAL-TIME MONITORING Power trading tools, such as LSEG Workspace, allow analysts to monitor the forecasts of temperatures, peak loads and power supply from major generation sources. The latest weather forecasts tracked by LSEG predict that temperatures in the ERCOT will average around 82 Fahrenheit (28 Celsius) from May 16 to June 30, which is approximately 7 degrees or 9% higher than the long-term mean. Power demand models predict an increase in the system load between May 12 and 16. LSEG's average weather-based models of power demand predict that the power demand from May 12 to May 16 will be approximately 30% higher than the current power load. Analysts can track the evolution of the power generation mix at ERCOT in the next few days as a response to the increase in electricity demand. In the near future, solar farms and natural gas plants will be the largest sources of power within the ERCOT network. Wind farms, coal and nuclear reactors will also play a key role in the supply. This week, analysts can track the power prices to see how the strain on the ERCOT is affecting consumers. LSEG Workspace, along with other tools for the power system, provides real-time power prices and day-ahead estimates across the key regions of the ERCOT network. This allows traders to identify potential localized hotspots within the broader system. WIDER LENS Analysts can also use tools to track the evolution of ERCOT's power system over time. This allows them to compare how well-equipped system managers were in previous grid strain periods. Cleanview, an energy data portal, allows analysts and power supply analysts to track the capacity increase of battery storage systems. Cleanview's website shows that since 2023, Texas added nearly 4,400 megawatts of battery storage and around 9,000 MW of solar generation. These capacity additions were the most among all the states in that time period, and show that the ERCOT managers have been aggressive about adding storage and generation capacity to the network. Analysts can track ERCOT's power mix over time by generation share, giving them a better understanding of how ERCOT managers adjust system resources to meet demands. Gridstatus.io, an online monitoring tool for electricity, allows analysts to view how battery storage plays a growing role in providing extra power during peak demand periods. Batteries supplied more than 9% of the total ERCOT electricity between 8 pm and 9 pm on May 11. This was higher than the amount supplied by wind farms or nuclear reactors during the same time period. Batteries continue to be a vital component of the system balance this week. This is especially true when solar power drops at night, just as families across the state return from school and work and turn on their cooling systems. These are the opinions of the columnist, an author for.
The long journey of the Nord Stream gas pipeline to Europe
The United States' push to end the conflict in Ukraine has raised concerns about how European companies could re-engage Moscow and return to the Russian markets, including by resuming natural gas supplies.
Nord Stream, which crosses the Baltic Sea and flows into Germany, is the largest route.
Here is a look into the idea of resuming Nord Stream:
What is the NORD STREAM PIPELELINE?
Nord Stream is actually two double pipelines that can deliver 110 billion cubic meters (bcm), or enough gas to supply 26 million homes, to Europe every year.
Nord Stream 2 was completed in 2021 but has never been granted an operating permit.
The project, which was controlled by Russian gas company Gazprom, also had the backing of large Western energy companies, including Shell, E.ON Uniper, Engie, OMV, and Wintershall Dea (now owned by Harbour Energy).
What happened when explosions hit the pipeline?
The damage caused by the explosions that occurred in September 2022 is a major obstacle to resuming supplies via Nord Stream.
Damage was sustained to both pipes of the first pair and one pipe of the second pair. One line was left intact. The cause of the damage is still unknown. Some Western officials suggested that Moscow had blown up its own pipes, but Vladimir Putin dismissed this idea as "idiotic".
Russia has accused the United States of being responsible for the explosions. These countries have denied any involvement.
According to estimates, the broken line of NS2 still contains approximately 9-10 millions cubic metres of gas while the intact line is still filled with gas.
What are NORD STREAM's financial problems?
Second pair of pipes is also facing financial problems, as operator Nord Stream 2 AG - a unit of Russia’s Gazprom - faces pressure from its creditors to pay.
A Swiss court has set a deadline of May 9 for Switzerland-headquartered NS2 AG to both restructure its debts and pay back its small-scale creditors, adding it could declare it bankrupt if this condition was not met.
In January, Russian Foreign Minister Sergei Lavrov stated that the possible bankruptcy or sale of NS2 AG amounted to "theft".
NS2 AG was not available for comment.
Gazprom has not responded to a comment request
What is the status of legal cases?
There are several arbitration cases against Gazprom relating to disruptions in its gas supply.
Cederic Crémers, executive vice-president of integrated gas at Shell – one of the financial supporters of the NS2 pipe – said that these cases must be resolved before considering a restart. And even then, the question remains whether Europe wants to continue its dependence on Russian natural gas.
In December, under the then-President Joe Biden, the U.S. Administration issued additional sanctions against entities based in Russia for their involvement in NS2, which included its operator and a Russian insurance company that provided coverage to companies involved in this project.
WOULD EUROPE WANT to buy Russian gas again?
The reopening of Nord Stream may be complicated by the fact that Europe is no longer interested in Russian energy since Russia invaded Ukraine in 2022, and annexed Crimea in 2014.
The European Commission delayed its announcement of a plan for the EU to reduce its reliance on Russian Energy. However, the Commission said that NS2 was not a project in the common interest nor did it diversify EU energy sources.
Germany, Europe's largest gas buyer, has recently stated that it is not in negotiations with Moscow about gas supplies.
The majority of European countries are seeking alternative sources, including increasing the importation of liquefied gas (LNG), from the United States, Africa, and the Middle East, as well as taking on more pipeline imports, such from Norway and Algeria. They also increase renewable energy production. (Reporting from Frankfurt by Christoph Steitz and Nina Chestney; Additional reporting from Ariane Luthi, Kate Abnett and Vladimir Soldatkin; Editing by Jason Neely & Susan Fenton).
(source: Reuters)