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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.
What is the issue in US discussions with Ukraine and Russia
Here are some issues that Russia and the U.S. are addressing in their talks to pave the way for the end of the war in Ukraine.
ENERGY INFRASTRUCTURE On March 18, President Vladimir Putin accepted a proposal from U.S. president Donald Trump that Russia and Ukraine cease attacks on the other's infrastructure energy for 30 days. Volodymyr Zelenskiy, the president of Ukraine, said that Ukraine would support this proposal.
The proposed 30-day blanket truce was not reached, as the U.S. and Ukraine both wanted. Since then, both sides have reported that they continue to strike their energy facilities.
NUCLEAR PLANTS According to a U.S. press release, Trump suggested during a phone call with Ukrainian president Volodymyr Zelenskiy, on March 19, that the U.S. might be able to help Ukraine run its nuclear power plants, as well as owning and operating some of Ukraine's energy infrastructure.
Zelenskiy denies that Trump discussed ownership, but he did say the Zaporizhzhia nuclear facility in Ukraine, Europe’s largest plant, which is occupied by Russia, was one of the topics. Russia and Ukraine accuse each other of putting the plant at risk by attacking it. Zelenskiy stated that Kyiv was ready to discuss U.S. participation in modernizing plant if the plant were returned to Ukraine.
BLACK SEA SHIPPING On March 24, U.S. officials and Russian officials met in Saudi Arabia to discuss a Trump initiative for a maritime ceasefire along the Black Sea.
The Black Sea Grain Initiative, which was launched in July 2022 by the United Nations and Turkey, allowed for the safe exportation of almost 33 million metric tonnes of Ukrainian grain.
The World Bank's Global Commodities Outlook from April 2024 stated that both Russia and Ukraine shipped grain without major issues. Zelenskiy said that he supports the idea of a maritime ceasefire. Kyiv, however, has not commented on Trump's Black Sea Initiative. It could use Mykolaiv in addition to the three other ports located in Odesa to export grain, iron ore, and other commodities.
Since 2022, Ukraine has caused significant damage to Russia's Black Sea Fleet, forcing Moscow out of its base on occupied Crimea.
PRISONER CHANGES Russia, Ukraine and both sides announced on March 19 that they had exchanged 175 prisoner of war. Russia also handed over 22 Ukrainian prisoners as a gesture of goodwill. Zelenskiy stated that the 22 Ukrainians are "severely injured warriors" and were persecuted by Russia for fabricating crimes.
NATO MEMBERSHIP
Putin wants Ukraine to drop its official ambitions to join NATO.
In its constitution, Ukraine states that joining NATO is a priority and that this would be the most effective way to guarantee security as part of any peace agreement. John Coale said last month that the United States has not ruled out a potential NATO membership or a negotiated return of Ukraine to its pre 2014 borders. U.S. defense secretary Pete Hegseth said this prospect was unrealistic.
Trump said that he did not believe Russia "would allow" Ukraine to join NATO.
UKRAINE POST-WAR SECURITY
Ukraine, whose NATO membership is not imminently in the cards, wants to strengthen its military as well as secure continued support from Europe and America. This will be part of any future peace agreement. After a peace agreement is signed, Britain and France plan to build a force of foreign ships, planes and troops in or around Ukraine as a deterrent.
Some Russian officials said that they would not accept such a force, and Moscow said a condition for a peace agreement is the reduction of Ukraine's military.
WESTERN SANCTIONES, ELECTIONS Putin said that he wanted the Western sanctions against Russia to be eased. He also wants a presidential elections in Ukraine.
Ukrainian law prohibits elections to be held during martial laws and Ukrainian officials claim that it's not the place of Moscow to dictate a date for an election.
Under Biden, the United States led a broad campaign of sanctions against Russia. This included measures to limit Russia's oil and gas revenue such as a $60 cap per barrel for Russian oil exports. According to sources, the Trump administration is examining ways in which it can ease sanctions in exchange for Moscow ending the war. Trump has also hinted at the possibility of large-scale tariffs and banking restrictions on Russia until peace was achieved.
RUSSIAN HOLDED TERRITORY
Russia wants control of all four partially-occupied eastern Ukrainian areas it claims as its own. It also wants the Crimean Peninsula, which it annexed and seized in 2014. Unnamed sources at a private Putin event told Russia's Kommersant that Putin wants the U.S. formally to recognise Luhansk and Donetsk as part of Russia, along with Crimea.
Ukraine has said that it will not recognise Russian sovereignty on Ukrainian territory, but it is aware it will need to be returned diplomatically in due course.
UKRAINIAN MINERALS Kyiv has been in talks with Washington about a deal that would give the United States a financial reward for the development of Ukrainian resources, namely rare earths which are used to make electronics. The deal fell apart after the disastrous meeting between Trump and Zelenskiy in the White House at the end last month. On March 19, the White House announced that it was moving beyond just a deal framework to focus on a long term peace agreement. Trump announced the next day that a rare earths deal would be signed in a very short time.
(source: Reuters)