EU Sanctions Against India's Nayara ‘Unjustified,' Rosneft Says
The European Union on Friday adopted the 18th package of restrictions targeting Russia and its oil trade in condemnation of the invasion in Ukraine. The measures included sanctions against the Indian crude-processing facility, in which Rosneft holds 49.13%, as the bloc seeks to reduce the Kremlin's energy revenues that have been supported by Russian crude exports to India.
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💰 América de Cali cash in thanks to Jhon Arias
A Premier League club has signed the 27-year-old Colombian footballer who was playing for Fluminense. One of the most resonant transfers this Thursday in European football has been starred by the Colombian John Arias, who has been signed by Wolverhampton from the Premier League and left money in several FPC teams. Arias, 27, comes to the Wolves from Fluminense of Brazil in exchange for just over 20 million euros, an amount that represents income for Llaneros, America de Cali, Santa Fe and Patriotas Boyacá. 'Mechita', like Llaneros and Santa Fe, will receive 75,000 pounds sterling through FIFA's solidarity mechanism, which ensures that the clubs that contributed to a player's training receive a part of the compensation. In this way, America de Cali has pocketed approximately 300 million Colombian pesos with this transfer of the Colombian attacker who arrives at the elite of English football. Patriotas Boyacá, owner of a larger percentage of his sporting rights, pockets about five million pounds thanks to John Arias making the leap to Europe. This article was translated into English by Artificial Intelligence. You can read the original version in 🇪🇸 here.
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Fox News Politics Newsletter: A Big, Beautiful Clawback
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Cocoa Prices Finish Sharply Lower as Chocolate Demand Wanes
September ICE NY cocoa (CCU25) on Thursday closed down -316 (-3.74%), and September ICE London cocoa #7 (CAU25) closed down -122 (-2.23%). Cocoa prices gave up an early advance Thursday and settled sharply lower due to concerns about chocolate demand. On Tuesday, chocolate maker Lindt & Spruengli AG lowered its margin guidance for the year due to a larger-than-expected decline in first-half chocolate sales. More News from Barchart Coffee Prices Underpinned by Frost Concerns in Brazil Cocoa Prices Jump on Fears of Tighter Supplies Prospects of Higher Indian Sugar Exports Weigh on Prices Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Also, chocolate maker Barry Callebaut AG reduced its sales volume guidance earlier this month for a second time in three months, citing persistently high cocoa prices. The company projects a decline in full-year sales volume and reported a -9.5% drop in its sales volume for the March-May period, the largest quarterly decline in a decade. Cocoa prices initially climbed to 2-week highs Thursday on concerns that a slowdown in the pace of Ivory Coast cocoa exports will tighten global supplies. Monday's government data showed that Ivory Coast farmers shipped 1.74 MMT of cocoa to ports this marketing year from October 1 to July 20, up +6.1% from last year but down from the much larger +35% increase seen in December. A significant short position by commodity funds in London cocoa futures raises the potential for short covering. Last Friday, ICE Futures Europe reported that funds boosted their net-short London cocoa positions by 1,010 to 6,361 short positions the week ended July 15, the most in more than two years. Cocoa prices sold off last week, with NY cocoa sinking to an 8-month nearest-futures low last Thursday and London cocoa slumping to a 17-month nearest-futures low. Weakness in global cocoa demand has hammered prices. The European Cocoa Association reported last Thursday that Q2 European cocoa grindings fell by -7.2% y/y to 331,762 MT, a bigger decline than expectations of -5% y/y. Also, the Cocoa Association of Asia reported that Q2 Asian cocoa grindings fell -16.3% y/y to 176,644 MT, the smallest amount for a Q2 in 8 years. North American Q2 cocoa grindings fell -2.8% y/y to 101,865 MT, which was a smaller decline than the declines seen in Asia and Europe. In a bearish development, ICE-monitored cocoa inventories held in US ports reached a 10.5-month high of 2,368,141 bags on Tuesday. Higher cocoa production by Ghana is bearish for cocoa prices. On July 1, the Ghana Cocoa Board projected the 2025/26 Ghana cocoa crop would increase by +8.3% y/y to 650,000 from 600,000 MT in 2024/25. Ghana is the world's second-largest cocoa producer. Cocoa prices have support from quality concerns regarding the Ivory Coast's mid-crop cocoa, which is currently being harvested through September. Cocoa processors are complaining about the quality of the crop and have rejected truckloads of Ivory Coast cocoa beans. Processors reported that about 5% to 6% of the mid-crop cocoa in each truckload is of poor quality, compared with 1% during the main crop. According to Rabobank, the poor quality of the Ivory Coast's mid-crop is partly attributed to late-arriving rain in the region, which limited crop growth. The mid-crop is the smaller of the two annual cocoa harvests, which typically starts in April. The average estimate for this year's Ivory Coast mid-crop is 400,000 MT, down -9% from last year's 440,000 MT. On May 30, the International Cocoa Organization (ICCO) revised its 2023/24 global cocoa deficit to -494,000 MT from a February estimate of -441,000 MT, the largest deficit in over 60 years. ICCO said 2023/24 cocoa production fell by 13.1% y/y to 4.380 MMT. ICCO stated that the 2023/24 global cocoa stocks-to-grindings ratio declined to a 46-year low of 27.0%. Looking ahead to 2024/25, ICCO on February 28 forecasted a global cocoa surplus of 142,000 MT for 2024/25, the first surplus in four years. ICCO also projected that 2024/25 global cocoa production will rise +7.8% y/y to 4.84 MMT. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
