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South Korea's MFG purchases about 64,000 T of feed wheat, traders claim
Major Feedmill Group of South Korea (MFG) bought about 64,000 metric tonnes of animal feed wheat from worldwide origins that were optional in a private transaction on Wednesday, without holding an international tender. A consignment of goods was purchased for an estimated cost and freight (c&f), plus $1.50 per ton, as a surcharge to cover additional port unloading. The trading house Cofco was thought to have sold it. If the shipment is from the Black Sea, as some traders anticipated, it will be between July 25 and august 25. Black Sea wheat shipped via Cape of Good Hope (often done to avoid attacks against shipping in the Red Sea) should be transported between July 5 and august 5. If you are sourcing from Australia, Canada or the United States, your shipment will be between August 15 and Sept. 15 Russia, Denmark India and China cannot be considered as origins. Ukrainian wheat cannot be loaded in Ukrainian ports. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The MFG bought around 60,000 tons soymeal on a separate deal with traders, said traders. (Reporting and editing by Louise Heavens, Michael Hogan)
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South Korea's NOFI buys estimated 65,000 tons corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 65,000 metric tonnes of animal feed corn on Wednesday in an international bid seeking up to 138,000 metric tons. The corn was bought in one shipment for arrival in South Korea on or around 10 September. It was expected that the corn would only be from South America and South Africa. The estimated price was $234.46 per ton, cost and freight plus $1.50 for port unloading. It was thought that the seller would be Mitsui, a trading house. A second consignment up to 69,000 tonnes, also requested in the tender, was not purchased. The reports reflect the assessments of traders, and future estimates on prices and volume are possible. The tender requested shipment from South America from July 14 to August 2, or from South Africa from July 24 to August 12. The seller has the right to choose the origin of the corn they supply. However, traders were expecting South American origin. If South African corn was sourced, then only 55,000 tonnes would be required. Chicago corn futures dropped to Five-month lows Technical selling and ideal planting conditions in the U.S. Corn Belt pushed prices on Tuesday. NOFI also purchased about 60,000 tonnes of soymeal on Wednesday in a separate bid. (Reporting and editing by Vijay Kishore, with Michael Hogan)
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Alstom confirms that talks are ongoing about the Channel Tunnel trains but says there has been no agreement yet
Alstom, a French train manufacturer, said that it is in discussions about providing high-speed, double-decker trains to be used through the Channel Tunnel. However, no contract has yet been signed, according to the company. A spokesperson for the company confirmed that there were talks, but refused to name the operators, citing their confidential nature. The spokesperson also said the company would not reveal the size of any potential contract until it was signed. Financial Times reported the first reports of the talks. The Financial Times said that the second largest train manufacturer in the world was looking to supply trains between London and Europe's continental cities, including Paris, Brussels, and Amsterdam. Alstom CEO Henri Poupart Lafarge told analysts in a call after earnings that deregulation of the high-speed rail industry in Europe was creating new opportunities for both traditional and new operators to expand their fleets. Poupart-Lafarge stated that "Even the traditional operators now want to acquire more rolling stock in order to meet this growing demand." "We have made significant progress in certifying and homologating our trains for use in tunnels." Alstom’s Avelia Horizon is the only double-decked high-speed train on the market that offers low costs per seat with high capacity. The spokesperson stated that the model meets all technical requirements for operation in France, Britain, and the tunnel between the two. Avelia Horizon has so far confirmed orders for 115 trains with France's SNCF and 12 with Proxima - the first independent company in France to enter the high speed market - as well as 18 with Morocco's ONCF. Alstom is positioning this model as an important product for Europe's expanding cross-border rail industry, which has seen a surge in passenger demand amid the push to find more sustainable travel options. (Reporting from Anna Peverieri, Gdansk; editing by Milla Nissi-Prussak).
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South Korea's NOFI purchases about 60,000 T of soymeal from traders
European traders reported that leading South Korean animal feed manufacturer Nonghyup Feed Inc. purchased about 60,000 tons of soymeal in a Wednesday international tender. The soymeal could have been sourced from the United States or South America, but also China. The estimated price was $348.69 per ton, c&f. This included a surcharge of an additional port unloading. Trading house Olam was suspected to be the seller. The tender was for soymeal to arrive in South Korea by September 20. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The tender stated that shipments were to be made between July 24 and august 12 from South America or between September 1 and 20, from China. Or between August 18 and september 6, if coming from the U.S. Pacific Northwest Coast. 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 Louise Heavens, Michael Hogan)
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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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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
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)
(source: Reuters)