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May 2nd - In Greg Abels first quarter as CEO, Berkshire Hathaways cash reserves jumped to a record high of $397 billion. While the companys cash reserves declined slightly at the end of last year, they increased significantly in the first quarter due to net sales of $8.1 billion in stock during that period.The Yemeni Coast Guard stated that the oil tanker M/T EUREKA was hijacked off the coast of Shabwa. The tanker has been taken into custody by boarding personnel and subsequently sailed towards the Somali coast.May 2nd - According to foreign media reports, the German auto industry is calling for an immediate de-escalation of the tariff dispute between the US and the EU, and demanding that both sides begin negotiations immediately. Trump previously stated that he would raise tariffs on EU cars to 25%, claiming that the EU had failed to fully comply with the trade agreement negotiated with the US. Hildegard Müller, president of the lobbying group German Association of the Automotive Industry, said in an emailed statement on Saturday: "The US-EU trade agreement must be mutually respected. This also means that the EU must finally approve its due portions of the agreement reached last summer." A spokesperson stated that the EU is fulfilling its commitments according to standard legislative procedures and has consistently provided full information to the US administration. The spokesperson added that the European Commission will seek a clear explanation from the US while reserving various options to protect EU interests.The China Earthquake Networks Center officially determined that a 4.6-magnitude earthquake occurred in Kuqa City, Aksu Prefecture, Xinjiang, at 19:34 on May 2, with a focal depth of 17 kilometers.On May 2nd, Iranian Justice Chief Justice Ejai stated that Iran does not shy away from negotiations with the United States, but firmly opposes US coercion. He pointed out that negotiations are reasonable and logical, but this does not mean accepting the USs domineering demands, nor can Iran tolerate the US imposing its will through threats. At the same time, Ejai emphasized that Iran does not want war, and even less does it want a prolonged war.

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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