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Taiwan's MFIG offers to purchase up to 65,000 tonnes of corn
European traders reported on Friday that Taiwan's MFIG buying group had issued an international tender for up to 65,000 metric tonnes of animal feed corn, which could be sourced in the United States, Argentina or Brazil. They said that the deadline for submitting price offers to the tender is on Wednesday, May 28. MFIG is seeking price offers for a consignment between 40,000 and 65,000 tons of yellow corn at a premium to the Chicago December 2025 Corn Contract. Traders said that if corn comes from the U.S. Gulf region, Brazil, or Argentina then shipments are needed between July 21 and September 9. The shipment must be made between August 5-24 if it is sourced from either the Pacific Northwest Coast of the United States or South Africa. Traders said that due to concerns over poor quality, Argentine Corn would only be accepted if the price was the lowest offered, and the bushel price at least four cents below the next cheapest offer of other origins. In its last tender, which was reported on April 29, MFIG bought approximately 65,000 tons corn. The corn would be sourced from United States. (Reporting and editing by David Evans, with Michael Hogan)
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China's LNG consumption is being slowed by WGC-Increased gas production and pipeline supplies
China's increasing natural gas production and pipeline supply is slowing down its liquefied gas imports in this year. This has capped prices in the area, but executives in the industry expect LNG demand to grow from the industrial and power sectors in China in the future. Customs data revealed that imports to the top LNG-importing country in the world fell to 20 millions metric tons over the first four month of this year. This is down from almost 29 million tons for the same period last year. The mild weather conditions and the buyer's resistance to higher prices were the main reasons. Chinese firms also resell instead of importing U.S. goods after Beijing imposed an import tariff of 15% in a trade dispute with Washington. Zhu Yanyan said that China's gas production increased by 2.7 billion cubic meters (bcm) in the first quarter while imports of pipeline gas rose by 1.2 bcm. She added that LNG imports had fallen by 20%, or 5.7 billion cubic meters. She told the delegates of the World Gas Conference that "our domestic gas and pipeline gases are covering the losses of LNG because LNG is expensive." Li Yao, CEO of SIA Energy, expects China to increase its gas production and imports by 8 bcm this year. She said that domestic and imported pipeline gases can more than offset the decline in LNG imports as well as the slowdown in demand caused by the ongoing Trade War. Steve Hill, Mercuria Executive Vice President Gas & LNG, said that Chinese LNG demand had struggled this year due to mild weather and economic uncertainties. However, a recovery is expected, driven by lower gas prices, an economic stimulus and stable relations with the U.S. DEMAND DRIVE On the long term, Chinese companies predict that gas demand will grow over the next decade. This will require more LNG imports. Sinopec Corp's chairman forecasts a peak in gas demand of 620 billion cubic meters between 2035 and 2020. The president of China Oil and Gas Pipeline Network Corp (PipeChina) expects the gas demand to be 650-700 Bcm by 2030-2035. Sinopec and China National Petroleum Corp, both state-owned companies, expect China's gas consumption to increase by 6% in this year. ENN Natural Gas is one of China’s largest private gas distributors. It expects the gas demand to reach between 550 and 600 bcm in 2030. Su Li, vice president of ENN, told reporters that, "Although the growth rate is slowing, the trend will remain upwards, even for the period 2030-2060." She added that ENN wants to increase its LNG supply to overseas markets and domestic markets to meet the growing demand. Shell Vice President LNG Cederic Cremers stated: "Industry is a more important factor than power and it's also a more significant market for transport, especially heavy transport." He was referring to China's conversion of diesel trucks into LNG.
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Source: Lack of tankers has curtailed supplies from Russia's Arctic LNG 2 plant sanctioned by the United Nations.
A source familiar with the situation said that the first production train of the Arctic LNG 2 plant in Russia, which is currently under U.S. sanction, was shut down because the reservoirs were full and there were no tankers available to load. The Russian company Novatek, which holds a 60% stake, has not responded to a comment request. The plant, located on the Gydan Peninsula that extends into the Kara Sea was set to become Russia's biggest LNG plant, with a total output of 19,8 million metric tonnes per year, divided between three trains. Novatek has fallen behind schedule due to a shortage of ice class gas ships, and Western sanctions over Russia’s war in Ukraine. Novatek announced that 15 Arc7 ice class tankers for LNG transport from Arctic projects would be built at Zvezda Shipyard. Sources said that between August and September, the first Arc7 tanker from Zvezda will be delivered to Russia’s largest tanker group Sovcomflot. (Reporting and editing by Vladimir Soldatkin, David Gooddatkin)
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Adani Group and Reliance announce more investments in North-Eastern India
In separate statements released on Friday, Indian conglomerates led Mukesh and Gautam Ambani, billionaires who own Indian conglomerates, said they would invest more to further develop their projects in India's northeast. Gautam Adani, the chairman of Adani Group, announced at an industry conference in New Delhi that his company will invest 500 billion rupees (5.84 billion dollars) over the next ten years to develop infrastructure including roads, highways and green energy projects like hydro and pumped-storage. He announced earlier this year that his ports-to power conglomerate would invest 500 billion rupies in Assam, the state located in northeastern India, to expand roads, airports and gas distribution. Mukesh Amani, the chairman of Reliance Industries who spoke at the same event, said that the company, which had invested 300 billion rupees so far in the region, aims to raise this amount to 750 billion in the next five year. He added that the oil-to-retail company will establish 350 biogas plants and build factories for fast-moving consumer products in the area. $1 = 85.6880 Indian Rupees (Reporting and editing by Janane Vekatraman, Nivedita Battacharjee).
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WGC-Shell anticipates that more LNG exporters will become net importers and drive demand
Shell Energy expects that several traditionally LNG exporting nations will become net importers. This could drive demand for super-cooled fuel and ease concerns about an oversupply of the super-cooled fuel due to a number of new planned projects. Shell's Executive Vice President for LNG, Cederic Cremers said that Indonesia, Malaysia and Algeria will likely become net importers in the future, as their domestic demand is increasing while their production is decreasing. He said that he predicted that the LNG market would grow by 50 million tonnes between now and the year 2040. These LNG exporters will likely join Egypt which became a LNG net importer last season. Egypt is currently in negotiations with energy companies and trading houses for the purchase of 40-60 LNG cargoes, as a result of a worsening shortage ahead summer peak demand. Shell and TotalEnergies had earlier signed contracts worth $3 billion to secure LNG. While LNG projects face challenges, they are also affected by delays in project completion during the COVID Pandemic, which limited the new supply of LNG in 2023-2024. They may also be affected by bottlenecks and shortages in supply chains around the world, and labour shortages along the U.S. Gulf Coast. Cremers stated that "the net increase in the supply capacity for 2024 was just about 2 mtpa" (million metric tonnes per annum). This is because some projects, which were supposed to be completed by then, have been delayed. He said that the new capacity from these projects might be more phased and not all come at once as some industry analysts had reported. We may also see some softer landings in terms of supply on the market. Diamond Gas International, TotalEnergies and other producers have also stated that they anticipate a glut of LNG around 2027-2028. QatarEnergy’s North Field East Natural Gas Expansion Project, which will start production by mid-2026, is a major project. The U.S. companies, which are the largest LNG exporters in the world, plan to approve new production capacity of over 90 million tons per annum this year. Cremers says that increased infrastructure investments in Asia and latent demand will help absorb the new supply. Shell forecasts that the global demand for LNG would rise by 60% by 2040. This is mainly due to economic growth in Asia and AI's power-hungry nature, as well as efforts to reduce emissions in heavy industry and transportation. Cremers stated that Asian demand is sensitive, however, to price. "We noticed that spot prices in Q2 fell below $10 per MMBtu, and you could see a strong response from customers in Asia at that time." (Reporting and editing by Florence Tan, Tomaszjanowski and Colleen Waye)
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Japanese bonds rise after fiscal concerns push super-long yields up to records
After a volatile week in which fiscal and inflation fears drove super-long yields up to record levels, Japanese government bonds slightly recovered on Friday. The yields on JGBs of 20-, 30-40-year terms have been increasing, fuelled by concern over the worsening fiscal situation in the country, while some political parties are advocating consumption tax reductions to counter rising prices. Bond prices and yields are inversely related. Data released on Friday shows that Japan's core inflation rate for consumers hit 3.5%, the highest annual pace it has seen in over two years. This puts pressure on Bank of Japan to keep raising interest rates. The market's ability to absorb additional debt to finance the fiscal deficit of the government is diminishing. BOJ Governor Kazuo Ueda stated on Thursday that after the rise in yields for super-long bonds, the central bank would closely monitor the market's developments. Mizuho analysts stated in a Friday research note that the risk of JGBs being 'indigestible" in the ultra-long-term zone still exists. "The incentive to decrease the issuance of super long bonds (thus shortening their duration) is fairly strong." The yield on the 30-year JGB fell by 5 basis points, to 3.115%. This is a retreat from the record high of 3.185% reached on Wednesday. The yield on the 40-year JGB fell 7 basis points, to 3.6%. This is down from a record high of 3.675% reached on Thursday. The benchmark 10-year rate fell by 1.5 basis points to 1.545%. The yields on the two and five-year bonds also fell. Shinsuke Kajita, chief strategist at Resona Holdings, says that despite the recovery of JGBs, there are still concerns over demand for long-dated bonds. He said, "We cannot rest easy as the auctions of 40-year bonds are scheduled to take place next week in Japan." (Reporting and editing by Mrigank Dahniwala, Sherry Jacob Phillips, and Rocky Swift)
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Canada Post will remain operational, but unions call for a ban on overtime
Canada Post announced on Friday that it will continue to operate, but there may be delays for customers due to the union's ban that limits workers to working eight-hour days. In a separate press release, the Canadian Union of Postal Workers announced an immediate ban on overtime work nationwide, instructing its members to refuse any work exceeding 40 hours a week. Canada Post stated that there is no national work stoppage or rotating strike at this time. This development came after Canada Post and the union met Thursday evening in order to continue contract negotiations. A spokesperson for Canada Post stated that the meeting was less than 30 minutes long and "was not enough to show meaningful progress." Canada Post received notices in advance from the union that they would be starting a strike on Friday. The postal service had stated that it would not deliver mail or parcels if there was a strike. (Reporting and editing by Tomaszjanowski, Ananya Palyekar in Bengaluru, Mrinmay Dey)
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Maguire: France's nuclear and solar power output is on the rise.
France's energy producers have raised clean energy production to six-year-highs this year. They've generated 95% of the country's electricity from clean sources, which is far more than any other European nation. Solar power generation was at a record high and nuclear power production reached its highest level since 2019. France's ability to maintain growth in clean energy despite lower hydro- and wind-power output shows the resilience of France’s power system. This contrasts with recent declines in clean power production across Europe. LSEG data shows that France's high energy production levels has also resulted in some of the lowest wholesale electricity prices across continental Europe. These have been around 25 to 35 percent lower than rival nations such as Germany and Italy so far in 2025. The combination of a durable growth in clean energy and power prices below average highlights the importance of France’s energy sector as part of Europe’s interconnected energy system. France is a key player within this system because it exports power. NUCLEAR DEPENDENCE France's nuclear fleet, which includes more than 50 reactors, is the backbone of the nation's power generation system. It accounts for about 70% of France's electricity. The country's nuclear reactors, some of which are over 40 years old, require complex and expensive maintenance. Warm river temperatures in the summer can affect other reactors, limiting their output potential. They may also pose operational risks when there is not enough cooling available to regulate fuel rod temperatures. France's energy firms have increased the generation capacity of alternative power sources to reduce its dependence on nuclear power. They also closed outdated nuclear power plants. According to the energy think tank Ember, this has led to a decline in nuclear power’s share of total electricity generation capacity from 45% in 2018 to 39% by 2024. Solar and wind farms are the fastest growing sources of power generation and account for 30% of total generating capacity. Hydro plants are responsible for 16% of the total, gas plants for 12%, and bioenergy plants for 2%. CLEAN COMMITMENT France's energy firms have reduced coal-fired capacity by nearly half since 2019, while gas-fired capacity has remained largely unchanged. Ember data shows that the country's electricity firms have nearly doubled their bioenergy plant capacities and increased hydropower capacity in the last five years. The French power system, which is based on a reduction of nuclear power while increasing its non-nuclear energy sources, has been able to maintain its clean status as the most environmentally friendly among major economies. In April, France's electricity system generated almost 98% of its power from clean sources. This is the cleanest monthly share since mid-2024. This clean power share is compared to 65% for the United Kingdom, 60 % in Germany, and 64% in Europe. France is the clear leader in clean power in the region. Price Impact France's electricity costs are among the lowest in Europe thanks to a 17% increase in clean energy capacity since 2019. According to LSEG, France's spot base wholesale power costs in 2025 have averaged around 73 Euros ($82) per Megawatt Hour (MWh). LSEG data show that the average power price in Germany is around 98 Euros/MWh, 107 Euros/MWh for Poland and 125 Euros/MWh for Italy. These steep discounts on power prices to regional competitors have given French power firms a competitive edge in Europe's interconnected markets for power, since they can export surplus power profitably. France's cleaner power base is now available to power importers who rely primarily on fossil fuels. These are the opinions of a columnist at. ($1 = 0.8863 euros)
The death toll from the floods in Australia has risen to four. Tens of thousands are stranded.
A man's body was discovered in a car that had been trapped in floodwaters on Friday in Australia's Southeast, bringing the death toll up to four. Three days of non-stop rains have cut off entire towns and swept livestock away, as well as destroying homes.
The man was located near Coffs Harbour. This is about 550 km north of Sydney. Searches for missing persons have continued since the flooding began earlier this week.
Emergency services staff said that around 50,000 people were still isolated. Residents returning to their homes after flooding have been warned about dangers.
"Floodwaters can contain contaminants. There may be vermin or snakes. You need to evaluate these risks." "Electricity can be a threat as well," said state Emergency Services Deputy commissioner Damien Johnston during a press briefing.
After fast-rising water burst the river banks, television videos showed cars submerged up to their windscreens, and intersections with street signs.
The coast is littered with debris from the flooding, as well as dead and missing livestock.
Floodwaters forced Anthony Albanese to cancel a planned visit to Taree - one of the hardest hit towns.
Albanese, a reporter from Maitland (in the Hunter region), told reporters: "We tried... but it was not possible because of the circumstances. I'm certain people understand."
Our thoughts are with the communities who are currently cut off. We're here primarily to say that you are not alone.
Climate change is causing more extreme weather in Australia, according to some experts. Since early 2021, after devastating bushfires and droughts at the end last decade, there have been frequent floods.
Climate change is changing Australia's weather patterns one flood at atime, according to Davide Faranda of ClimaMeter.
SYDNEY DISRUPTIONS
The weather bureau's latest update said that the system is expected to subside by Friday night.
Sydney Airport had to close two of its runways on Friday for an hour due to strong wind, which delayed flights.
Officials warned that the Warragamba Dam could overflow. The dam, which provides 80% of Sydney’s water and is currently operating at 96% capacity, has a high risk of spilling.
(source: Reuters)