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The Eurozones February PPI and retail sales figures will be released in ten minutes.April 8 - According to Iranian sources, an explosion occurred at the Ravan oil refinery in Iran on April 8 local time. The cause of the explosion is still unclear.The Israeli military issued a warning that it would evacuate seven neighborhoods in the southern suburbs of Beirut in light of the possibility of an attack.April 8th - On March 31st, the National Energy Administration held a monthly (March) scheduling meeting for the development and construction of renewable energy power nationwide. The meeting emphasized that this year, the first year of the 15th Five-Year Plan, requires focusing on the following key tasks: First, continue efforts to further expand investment. Second, coordinate and improve the integration of new energy sources. Local energy authorities should coordinate the development of imported electricity and local new energy sources, strengthen the fulfillment of long-term power purchase agreements, and stabilize expectations for new energy power consumption; power grid companies should increase grid investment, optimize dispatch management, and continuously improve the capacity for new energy consumption; power generation companies should make rational judgments and plan project layouts appropriately. Third, promote the development of new models and new business formats based on local conditions. Local energy authorities should explore new models and new business formats such as green power direct connection and zero-carbon industrial parks, based on local energy endowments and industrial structures, and continuously expand the space for non-electricity consumption of new energy. Fourth, enhance the market competitiveness of new energy enterprises through both internal and external efforts. The full participation of new energy enterprises in market transactions is an inevitable trend.According to Irans Mehr News Agency, an explosion occurred at Irans Ravan oil refinery, but the source of the explosion is still unclear.

Soybeans Rise With A Thin Cover, As Do Wheat And Corn

Charlie Brooks

Nov 02, 2022 14:40

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Traders reported a nearly 2% surge in U.S. soybean futures on Tuesday, driven by short-covering as the U.S. harvest winds down, optimism for export sales to China, and concern over the availability of South American supplies.


Wheat futures rebounded from early declines as traders focused on the unpredictability of grain supplies from the Black Sea export corridor and crop concerns in the Southern Hemisphere. Corn followed the hardness trend.


After reaching a contract high of $14.49 per bushel on September 23, the January contract for soybeans closed up 28-1/4 cents at $14.47-3/4 per bushel.


CBOT Wheat for December finished at $9.02-1/2 per bushel, an increase of 20-1/4 cents, while corn for December closed at $6.97-3/4 per bushel, an increase of 6-1/4 cents.


As a result of chart-driven purchasing, the benchmark January contract for soybeans rose beyond its October trading range.


"We are chasing out a lot of shorts with this move," said Terry Linn, an analyst with Linn and Associates in Chicago, adding that obstructions by protesters in Brazil, the largest soy exporter in the world, were also cause for concern.


The principal entry road to Brazil's Paranagua port, the country's second-busiest for grain exports, remained blocked by protestors on Tuesday, as supporters of outgoing Brazilian President Jair Bolsonaro demonstrated over his narrow election loss to the left-leaning Luiz Inácio Lula da Silva.


Linn noted, "there was concern that this could persist and have a severe impact on agricultural flows and exports."


The outlook for soy output in Brazil remains optimistic. StoneX commodity brokerage raised its 2022/23 soybean crop forecast from 153.8 million tonnes to 154.35 million tonnes.


According to the U.S. Department of Agriculture, as of October 30, 88% of the crop has been harvested. The corn harvest was 76% complete.


Concerns about the future of grain exports from war-torn Ukraine pushed CBOT wheat prices to their highest level in two weeks. According to industry insiders, insurers no longer issue new cargo insurance coverage for Black Sea exports via a U.N.-backed safe corridor after Russia's withdrawal from the corridor.


In the meantime, the Argentine government is ready to announce measures that will allow wheat exporters to delay shipments following the devastation of the harvest by a severe drought.


Additionally, dry conditions have affected the 2023 winter wheat harvest in the United States. Monday, the USDA rated 28% of the crop as good to excellent, the lowest percentage for this time of year since records began in 1987.

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