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South Korean mills purchased 35,800 t wheat from US traders, traders claim
European traders reported on Friday that a group of South Korean mills purchased an estimated 35.800 metric tonnes of milling grain to be sourced in the United States at an international auction earlier this week. The purchase included several wheat varieties and all were purchased on a FOB basis (free on board) for shipment between 15 July and 15 August. Traders said that they believed the seller to be United Grain Corporation. Traders said that the purchase included 9,400 tons soft white wheat with a protein content between 9.5% to 11%, bought at $230.25 per ton FOB. 800 tons soft white wheat with a maximum protein of 9% was purchased at $235.06 per ton FOB. The traders also said that 11,200 tons of dark northern spring wheat with a minimum of 14% protein were purchased at $263.85 per ton. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is the reporter. Mark Potter (Editing)
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Data and sources say that the last Chevron chartered vessel is returning oil cargo to Venezuela.
According to shipping data, and a reliable source, a vessel chartered by Chevron, carrying 300,000 barrels Venezuelan oil, was scheduled to begin discharging in a Venezuelan harbor on Thursday. The last tanker would return its crude following the order of the state-owned PDVSA to return the crude due to payment uncertainty related to U.S. sanctioned. The Marshall Islands flagged vessel, Dubai Attraction entered a berth at Amuay Terminal, Venezuela on Thursday to begin discharging its cargo that it had originally intended to export. LSEG shipping information showed. Chevron and PDVSA didn't immediately respond to requests for comments. Delcy Rodriguez (Vice President of Venezuela and Minister of Oil for OPEC) has said that the U.S. sanctions prevented Chevron to pay for the oil. Due to cargo cancellations, Venezuela's oil output fell by almost 20% to 700,000 barrels a day in April, the lowest level in nine months. Chevron's Venezuelan crude exports to the U.S. fell 69%, to 66,000 barrels per day. Sources said that some tankers chartered by Chevron to transport crude oil from Venezuela to the U.S. had been sold for spot contracts in other countries. Sources said last week that Chevron did not expect to ship all of the cargoes from Venezuela, even if the dispute with PDVSA is resolved. In March, the administration of President Donald Trump revoked Chevron's license to operate in Venezuela that was issued by the U.S. Treasury Department in 2022. The deadline of May was set for the winding down of operations and oil exports. Other partners of PDVSA including Eni Repsol Maurel & Prom Reliance Industries and others were given the same deadline to wind down oil shipments bound for Europe or Asia. According to data and documents, Vitol trading house tankers were loading and unloading normally in Venezuelan ports. Meanwhile, vessels chartered for India and Maurel & Prom to deliver to Europe left on time last week ahead of the deadline for winding down operations and cargoes set for May 27. Reporting by Arathy S. Somasekhar, Houston; Editing and production by Chris Reese & David Gregorio
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Syria signs 30-year agreement with French shipping giant CMA CGM
A company official confirmed that Syria signed a deal on Thursday with French shipping and logistic group CMA CGM for a 30-year partnership. The agreement includes the construction of a new berth in the Latakia Port and an investment of 230 million Euros ($260 million). Latakia is Syria's principal maritime gateway. CMA CGM took over Latakia’s container terminal from Bashar al Assad, the now deposed Syrian leader in 2009. Most recently, the contract was renewed for another 30 years in October 2024 under Assad. After the rebels overthrew Assad in December, the new authorities started talks about an amended agreement. The deal was signed by representatives of the port authority and the company on Thursday. CMA CGM signed a 30-year concession contract for the port of Latakia today. Joe Dakkak is the general manager of CMA CGM LEVANT. He said, "We are committed to modernizing the terminal and expanding it to meet the growing demand in the region and strengthen supply chains." Dakkak, a local broadcaster, told Syria TV that this agreement includes a 230 million euro investment as well as the construction of a new, deep berth in Latakia to increase the activity at the Port. According to a person who is familiar with the agreement, CMA CGM will invest 30 million euro in the first and rest of the money in the next four years. The berth will be 17 meters wide and 1.5 kilometers long (0.9 miles), with advanced infrastructure. CMA CGM, a French-Lebanese company, is owned by Rodolphe Saade (a billionaire franco-lebanese with roots in Syria) and members of his family. Sources familiar with the negotiations in Syria had told earlier that the Syrian authorities hoped to negotiate an increased share of revenues than the previous agreement as well as shorter lease terms for the terminal.
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Ukraine's farm exports fell 23% month-on-month in April, according to lobby.
The Ukrainian agricultural lobby UCAB reported on Thursday that Ukraine's exports of agricultural products fell 23.4% from a year earlier, to 4.1 millions metric tons. This was after a nearly 10% increase in March. Ukraine is one of the world's largest grain and oilseeds exporters. "Almost all product categories show a decrease in exports... The only exception is the vegetable oil which is on the increase," UCAB stated on Facebook. This decline in exports has been typical of this season. The majority of crops have been exported and only a small amount is left to export," the report added. UCAB reported that exports of grain fell by 33% and oilseeds by 3%. Shipments of vegetable oil increased by 6%. As of April 30, the data from the agriculture ministry showed that Ukraine had exported 35.1 million tonnes of grain in total during 2024/25's July-June period. (Reporting and editing by Susan Fenton; Reporting by Pavel Polityuk)
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Turkey maintains its commitment to the contested "Kanal Istanbul" project
A government minister announced on Thursday that Turkey will build a canal to relieve the pressure on the Bosphorus Strait once funding is secured. This is despite widespread criticism about its potential environmental impact. The President Tayyip Erdoan laid the foundation for the canal in 2021. Its goal is to connect the Black Sea, north of Istanbul, to the Marmara Sea in the south. This will also prevent accidents on the Bosphorus. It was estimated that the initiative, which Erdogan called his "crazy" project when he announced it over a decade earlier, would cost around 75 billion liras ($1.9 billion) Critics question the viability and safety of a 45-km (28-mile) waterway that runs through marshland, farms and the western edge to Istanbul. They say the waterway will cause environmental damage, destroy an ecosystem marine and threaten some of the city's fresh water supplies. In recent years, the plan has been shelved largely because of economic turmoil, lack financing and public opposition. "We haven't abandoned the Kanal Istanbul Project. "It is not something we are doing today but, when the time comes and the funding is available, we will do it," said Transport and Infrastructure Minister Abdulkadir Uraloglu. He spoke a day after Environment and Urbanisation minister Murat Kurum stated that the project had not been on the agenda of the government for some time. Uraloglu's remarks come amid an intensifying legal crackdown against opposition members of Istanbul's municipal government, including senior officials who the Republican People's Party's (CHP), the main opposition party, claims were responsible for issues such as the environment. The CHP is in charge of the municipality. As part of the crackdown that lasted for months, an Istanbul court in March imprisoned CHP Mayor Ekrem Ismaoglu. Erdogan sees the mayor as his main political rival, and he leads in some polls. Imamoglu denies all the charges brought against him. The CHP, as well as other opposition parties, and Western powers, have claimed that his arrest is a politically motivated move in order to eliminate any potential electoral threat for Erdogan, who has been running the country since more than 20 years. The government has denied any influence on the judiciary. His arrest has caused mass protests, economic turmoil and social unrest. ($1 = 38.4461 liras)
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Adani Ports in India beats its quarterly profit forecast on the back of higher cargo growth
Adani Ports and Special Economic Zone in India reported a profit for the fourth quarter that was above expectations on Thursday. The growth of cargo volumes increased during a strong construction season. According to data compiled by LSEG, the country's largest private port operator posted a consolidated profit of 30,14 billion rupees (US$356 million) in the third quarter that ended on March 31. This was higher than analysts' estimates of 25,71 billion rupees. Adani Ports, a private port operator, and its smaller rival JSW Infrastructure, have benefited from the steady movement of cargo across Indian borders. This is especially true during the fourth quarter when construction activity increases due to favorable weather conditions. Adani Ports cargo volumes increased 8%, to 118 millions metric tons in the quarter reported. The revenue grew by nearly 24% to 84.88 trillion rupees. This was higher than analysts' estimates of a 16.5% increase. The erratic policies of U.S. president Trump have the potential to disrupt trade, and add additional risks to India's already slowing economy. ($1 = 84.6740 Indian Rupees) (Reporting and editing by Sonia Cheema in Bengaluru)
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Cargill and LDC among the winners of Brazil's port auction
Cargill and BTG Pactual Commodities, as well as a consortium consisting of Louis Dreyfus, Brazilian grain trader Amaggi and the Louis Dreyfus Group have been awarded rights to operate 3 terminals in Paranagua Port on Wednesday. The competitive auction that involved multiple bidders highlights the importance to improve Brazilian logistics within the context of the global trader's war. The companies bid a total of 855 million reais (about 151 million dollars) at an auction held by the Sao Paulo Stock Exchange for the right to operate three different Paranagua zones for 35 years. Global grain traders are preparing to meet the increased demand for Brazilian agricultural products from countries such as China, which is in a war of trade with the United States. The Port's Press Office said that after the auction the company is expected to increase its volume of vegetable bulk shipments from Paranagua by 4.8 millions tons per year, which represents a 47% growth. Cargill won the auction with a bid for the PAR 15 Terminal of 411,000,000 reais, the highest bid at the time. Paulo Sousa said that Cargill's president in Brazil is happy to have been awarded the rights to operate this terminal for 35 more years. Paranagua's strategic location allows it to receive soymeal produced by Cargill in its first soy processing plant in Brazil. This unit is located in Ponta Grossa, just 214 km (133 miles) from the port. The ALDC consortium consisting of Louis Dreyfus Company, Amaggi and Amaggi won the PAR25 Port Area. Amaggi and Dreyfus stated in a joint statement that they were committed to boosting shipments via Paranagua. This is one of Brazil's main grain export hubs, along with Santos Port. According to the Brazilian federal government, the total investment in the three terminals is expected to be 2.4 billion Brazilian reais (423 million dollars). (1 dollar = 5.6781 reals) (Reporting and editing by Marguerita choy)
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Google funds electrician training as AI power crunch increases
Google announced on Wednesday that it would fund the training of up to tens-of-thousands of new U.S. electrical workers as Big Tech continues its push into the power industry in the United States, searching for the huge amounts of electricity required for its AI expansion. Lack of power supply is the main problem facing giant technology companies that are racing to develop artificial Intelligence in energy-intensive Data Centers, which is driving up U.S. Electricity Demand after nearly 20 years stagnation. Donald Trump declared a national emergency to speed up the approval process for transmission and generation projects. Google's funding includes a grant of $10 million for electrical worker non-profits. This is the latest move by technology giants to reduce the backlog in power projects and the electricity shortages in the United States. Microsoft, for example, announced last year it would partner up with Constellation in order to restart the reactor at the Three Mile Island Nuclear Power Plant in Pennsylvania. This plant was the site of the worst nuclear incident to ever occur on American soil. The reactor will be used to power its data centers. According to a study backed by the Department of Energy, data centers in the U.S. could triple their electricity use over the next three year to account for 12% of all the country's consumption. In order to meet demand, the nation will need additional power plants, transmission systems, and workforces. According to the Bureau of Labor Statistics, the market for electricians will grow by 6% per year in the next seven. The Google grant is being used to fund electrician apprenticeship programs, and training of current workforce, through organizations such as the Electrical Training Alliance International Brotherhood of Electrical Workers, and the National Electrical Contractors Association. The company claimed that it could increase the pipeline for electrical workers by 70 percent by the end decade. Kenneth Cooper (international president of IBEW) said, "This initiative will bring in more than 100,000 electricians to the trade who are desperately needed for the AI-driven surge of data centers and power production." Google announced earlier this month that it would be partnering with PJM Interconnection, the largest regional U.S. electric grid, to use artificial intelligence technology in order to connect new power lines and electricity supplies faster. It has signed the first corporate agreement to buy energy from small nuclear reactors as well as advanced geothermal power for its data centres. On Wednesday, the company will release a paper on how to accelerate the expansion of grid. This white paper is the first report to include policy recommendations for supporting new energy technologies such as small modular reactors or advanced geothermal. Among the proposals are cost-overruns protections for advanced reactors via the Department of Energy Loan Program Office; accelerating permits at the Nuclear Regulatory Commission; and bolstering a nuclear fuel supply in the United States. The paper recommends that Congress also take action in order to speed up certain permits for carbon capture and the building of transmission lines, as well as to support technologies which increase the efficiency of the existing grid.
CANADA-CRUDE-Discount on Western Canada Select heavy crude narrows; remains historically tight
The discount between the benchmark North American West Texas Intermediate (WTI) futures and Western Canada Select heavy crude (WCS), continued to narrow on Thursday. This trend continues what has been historically tight prices this spring.
WCS for June deliveries in Hardisty (Alberta) settled at $9.35 per barrel below WTI according to brokerage CalRock. It had settled at $9.70 below the U.S. benchmark Wednesday.
In recent months, Canadian heavy crude oil has traded at a discount partly due to the Trans Mountain Pipeline expansion that was opened exactly one year prior. According to RBC Capital Markets, the average differential between WCS and WTI has narrowed by $4 or 23% in the last year.
The expansion of the pipeline increased Canada's capacity to export oil, and reduced the volatility in prices that occurred historically whenever Canada's producers ran out pipeline space.
Alberta Energy Regulator data shows that crude production continues to increase in Canada's oil producing province, despite the ongoing uncertainty in the global economy due to U.S. Trade Policy. Alberta crude production, according to the regulator's latest figures, reached a record of 4.2 millions barrels per day in March this year. This represents a 3.6% year-over-year increase.
* Oil prices rose nearly 2% globally on Thursday, after U.S. president Donald Trump announced secondary sanctions against Iran following the postponement of a fourth round U.S. Iran talks.
The bulk of Canadian crude oil trading takes place between the first day of every month and the day before pipeline nominating deadlines. Reporting by Amanda Stephenson, Calgary; editing by Shailesh Kuber
(source: Reuters)