Wheat rises for 2nd session on Black Sea, China supply woes
SINGAPORE/PARIS - Chicago wheat futures rose on Thursday, supported by the escalating conflict between major grain suppliers Russia and Ukraine, a weak dollar, as well as dry weather threatening yields in top consumer China. Corn prices firmed, but soybeans edged lower. "Ukraine has hit Russia and there are fears of escalation which is supporting wheat prices," said one trader in Singapore.
A weak dollar against major currencies was also supporting prices although it was not enough to keep soybean prices in green territory. The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.5% to $5.46 a bushel, as of 1040 GMT. Corn added 0.7% to $4.41-3/4 a bushel, while soybeans gave up 0.2% to $10.42-1/2 a bushel.
Parts of China's wheat belt in Shaanxi and Henan provinces have been hit hard by hot and dry weather, with near-record temperatures threatening to reduce yields. Ukraine has stepped up attacks on Russian targets, prompting Russian President Vladimir Putin to tell the U.S. President Donald Trump in a telephone conversation that Moscow would have to respond, escalating worries over grain supplies.
Ukrainian corn exports are set to fall to 1 million metric tons in June from 2 million tons in May, as Ukraine-origin corn is uncompetitive compared to its American equivalent, producers' union UAC said on Wednesday. Corn and soybean prices are being capped by favourable weather in the U.S. Midwest, where farmers are wrapping up their planting.
Commodity funds were net buyers of CBOT corn, wheat, soybean and soymeal futures contracts on Wednesday and small net sellers of soyoil futures. Prices at 1040 GMT Last Change Pct Move CBOT wheat 546.00 2.75 0.51 CBOT corn 441.75 3.00 0.68 CBOT soy 1042.50 -2.50 -0.24 Paris wheat 202.50 -0.50 -0.25 Paris maize 182.00 0.00 0.00 Paris rapeseed 479.50 1.00 0.21 Euro/dlr 1.14 0.00 0.10 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per tonne
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Middle East Eye
2 hours ago
- Middle East Eye
US sanctions four ICC judges over Israel and Afghanistan investigations
The administration of US President Donald Trump on Thursday issued sanctions on four judges of the International Criminal Court (ICC) over investigations into the US and its ally Israel. The sanctions build on the designation of ICC chief prosecutor Karim Khan in February, carried out under an executive order issued shortly after Trump assumed office. "This is an escalation in a series of attacks by the US government against this global judicial institution, which was created to end impunity for the worst crimes," said Meg Satterthwaite, the UN's special rapporteur on the independence of judges, speaking to Middle East Eye. "It is shocking to see a country that has for decades championed the rule of law using a tool usually reserved for corrupt or criminal actors against judges of this global judicial body." The sanctioned judges, all women, are: ICC Second Vice-President Reine Adelaide Sophie Alapini Gansou (Benin), Solomy Balungi Bossa (Uganda), Luz del Carmen Ibanez Carranza (Peru) and Beti Hohler (Slovenia). New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Gansou and Hohler have been sanctioned in connection with their decision as pre-trial judges to issue arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defence Minister Yoav Gallant in November over charges of war crimes and crimes against humanity committed in Gaza. The US and Israel are not state parties to the Rome Statute, the treaty that established the ICC in The Hague in 2002. Both states have opposed the court's investigation into the situation in Palestine, launched by the ICC's previous prosecutor, Fatou Bensouda, in 2021. 'It is shocking to see a country that has for decades championed the rule of law using a tool usually reserved for corrupt or criminal actors against judges of this global judicial body' - Meg Satterthwaite, UN rapporteur The court's jurisdiction was based on the accession of the state of Palestine to the Rome Statute in 2015. Accordingly, the court can investigate Israeli individuals for crimes committed in occupied Palestine, which includes the Gaza Strip, the West Bank and East Jerusalem. However, Israel and the US have challenged the court's jurisdiction, saying they do not recognise Palestine as a state, and that Israel is best placed to investigate itself under the principle of complementarity as set out in Article 17 of the Rome Statute. Trump's order of 6 February reiterated this view and described the arrest warrants as an abuse of power, an allegation refuted by the ICC. The ICC is the only permanent international court tasked with the prosecution of individuals for war crimes, crimes against humanity and genocide. 'President Trump's sanctions on ICC judges aim to deter the ICC from seeking accountability amid grave crimes committed in Israel and Palestine and as Israeli atrocities mount in Gaza, including with US complicity,' Liz Evenson, international justice director at Human Rights Watch, told MEE. Under Netanyahu's government, Israel has faced accusations of war crimes, genocide and crimes against humanity. The US is the largest supplier of arms to Israel and has backed its offensive in Gaza since October 2023, triggering accusations of aiding and abetting alleged crimes. Israel's war on Gaza has killed more than 54,000 Palestinians, forcibly displaced most of the 2.1 million population and made the enclave largely uninhabitable. Obstruction of justice Experts who spoke with MEE in the aftermath of Trump's order have suggested that the ICC should bring charges of obstruction of justice against the US president and any individuals behind the sanctions, based on Article 70 of the Rome Statute. The article prohibits offences against the administration of justice, including: "Impeding, intimidating or corruptly influencing an official of the Court for the purpose of forcing or persuading the official not to perform, or to perform improperly, his or her duties; and retaliating against an official of the Court on account of duties performed by that or another official." UN rapporteur urges EU to use legal powers to protect ICC from Trump sanctions Read More » The ICC has jurisdiction over Article 70 offences, irrespective of the nationality or location of the accused individuals. The Slovenian foreign ministry reacted to the sanctioning of Hohler, saying it will support her in carrying out her mandate. It also said it would propose the activation of the EU Blocking Statute. The statute primarily focuses on shielding EU operators, such as the Netherlands-based ICC, from certain US sanctions considered to have extraterritorial reach, like those against Cuba and Iran. Belgian Foreign Minister Maxime Prevot has also said his government would ask the EU to activate the statute. "While this would be the first time the blocking statute is applied in defense of the ICC, Belgium believes it is essential to protect the Court's independence and its crucial role in delivering justice for the gravest crimes," he said on Friday. The pre-trial chamber that issued the Netanyahu and Gallant decision included Gansou and Hohler, as well as French national Nicolas Guillou. It remains unclear why Guillou has been excluded from the sanctions. Legal scholar Kevin Jon Heller, who is Khan's war crimes advisor, argued that the US has sanctioned individuals who are perceived to be nationals of weaker states. 'The US seems to have sanctioned only the judges who come from smaller and less powerful states,' Heller said. The two other judges, Bossa and Ibanez Carranza, have been sanctioned for being part of the 2020 appeals chamber that authorised the ICC's investigation into crimes committed in Afghanistan since 2003. This included actions by the Taliban, Afghan National Security Forces, and US military and CIA personnel. Heller pointed out that Canadian judge Kimberly Prost was part of the same panel as the Ugandan judge Bossa and the Peruvian judge Ibanez Carranza, but she has been excluded from sanctions. 'The US seems to have sanctioned only the judges who come from smaller and less powerful states' - Kevin Jon Heller, legal advisor to Karim Khan 'That supports the 'weak state' explanation, because Judge Prost (Canada) was part of the same AC and is still an ICC judge,' he wrote on X. In response to the ICC's decision to investigate crimes in Afghanistan, the previous Trump administration imposed sanctions on ICC officials, including then-prosecutor Fatou Bensouda, and revoked her US visa. But since 2021, the ICC has shifted its strategy under current prosecutor Khan, deprioritising investigations into alleged crimes by US forces - a move widely denounced by human rights groups. Khan stated that the focus would instead be on crimes committed by the Taliban and the Islamic State - Khorasan Province, citing resource constraints and the need to concentrate on those most responsible for the gravest crimes. In January 2025, Khan applied for arrest warrants for two Taliban leaders for the crime against humanity of persecution on the grounds of gender. No applications for arrest warrants for US nationals have been made by the prosecutor. What is the impact of sanctions? The sanctions will have a wide-ranging financial impact on the affected judges, particularly on any property in the US and any transactions involving US citizens. 'As a result of today's sanctions-related actions, all property and interests in property of the sanctioned persons described above that are in the United States or in possession or control of U.S. persons are blocked and must be reported to the Department of the Treasury's Office of Foreign Assets Control (OFAC),' the State Department said. The three ICC judges who issued the historic Netanyahu arrest warrant Read More » 'Additionally, all individuals or entities that are owned, either directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.' The ICC denounced the sanctions, saying they aim at hindering its efforts to bring justice to victims of atrocities worldwide. 'These measures are a clear attempt to undermine the independence of an international judicial institution which operates under the mandate from 125 States Parties from all corners of the globe,' a statement by the ICC read, saying the sanctions will affect all situations being investigated by the court beyond Palestine. 'These sanctions are not only directed at designated individuals, they also target all those who support the Court, including nationals and corporate entities of States Parties.' Dutch Foreign Minister Caspar Veldkamp said the Netherlands 'disapproves' of the sanctions and stands behind the court and its officials. However, he has yet to announce specific measures to protect the sanctioned officials. MEE has reached out to the Dutch and Slovenian foreign ministries for comment.
Gulf Today
3 hours ago
- Gulf Today
US job growth slows in May; unemployment rate steady
US job growth slowed in May amid headwinds from tariff uncertainty, while the unemployment rate held steady at 4.2 per cent, potentially giving the Federal Reserve cover to delay resuming interest rate cuts for a while. Nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April, the labour Department's Bureau of labour Statistics said in its closely watched employment report on Friday. Economists polled by Reuters had forecast 130,000 jobs added after a previously reported 177,000 rise in April. Estimates ranged from 75,000 to 190,000 jobs. The unemployment rate remained at 4.2 per cent for the third straight month. The economy needs to create roughly 100,000 jobs per month to keep up with growth in the working age population. That number could decline as President Donald Trump has revoked the temporary legal status of hundreds of thousands of migrants amid an immigration crackdown. Much of the job growth this year reflects worker hoarding by businesses amid Trump's flip-flopping on tariffs, which economists say has hampered companies' ability to plan ahead. Opposition to Trump's tax-cut and spending bill from hardline conservative Republicans in the US Senate and billionaire Elon Musk adds another layer of uncertainty for businesses. Employers' reluctance to lay off workers potentially keeps the US central bank on the sidelines until the end of the year. Financial markets expect the Fed will leave its benchmark overnight interest rate unchanged in the 4.25 per cent-4.50 per cent range this month, before resuming policy easing in September. US Treasury yields rose after data on Friday showed that employers added more jobs than economists had expected in May, while average hourly earnings also rose more than was forecast. Employers added 139,000 jobs last month, above estimates for a 130,000 increase. Average hourly earnings increased 0.4 per cent in May, above expectations for a 0.3 per cent increase. The unemployment rate held steady at 4.2 per cent, as expected. The yield on benchmark US 10-year notes was last up 5.1 basis points on the day at 4.446 per cent. Interest rate sensitive two-year note yields rose 3.8 basis points to 3.962 per cent. US stock index futures extended gains on Friday after a stronger-than-expected jobs report calmed worries over the health of the labour market in the wake of President Donald Trump's tariff war. A labour Department report showed nonfarm payrolls increased 139,000 in May, compared with estimates for a rise of 130,000, according to economists polled by Reuters. The unemployment rate stood at 4.2 per cent, in-line with a forecast of 4.2 per cent. At 08:30 a.m. ET, Dow E-minis were up 232 points, or 0.57 per cent, S&P 500 E-minis were up 36.25 points, or 0.63 per cent, and Nasdaq 100 E-minis were up 142.75 points, or 0.66 per cent Meanwhile the dollar was headed for a weekly loss on Friday, undermined by signs of fragility in the US economy and little progress on trade negotiations between Washington and its partners, ahead of a critical jobs report. The US nonfarm payrolls report expected later on will draw greater scrutiny after a slew of weaker-than-expected economic data this week underscored that President Donald Trump's tariffs were taking a toll on the economy. Analysts say the data so far has indicated that the US economy faces a period of increasing price pressures and slowing growth, which could complicate Federal Reserve monetary policy, even as Trump has been critical of the institution's cautious stance. Against a basket of currencies, the dollar edged up to 98.9, and was headed for a weekly loss of 0.5 per cent. The euro was taking a breather after hitting a 1-1/2-month top on Thursday following hawkish remarks from the European Central Bank. It last bought roughly $1.1423, down just 0.18 per cent on the day. Traders have pushed back expectations on the timing of the next rate cut, but continue to anticipate a 25-basis point reduction by year-end. Deutsche Bank's Mark Wall said he still expects 50 basis points worth of ECB rate cuts, adding 'it is still too early to judge the impact of the trade war, and the path of the trade war is in any case still inherently unpredictable.' Reflecting a struggling economy, data showed that German exports and industrial output fell more than expected in April. Most currencies had surged against the dollar late on Thursday, helped by news that Trump and Chinese President Xi Jinping spoke on a call for more than an hour, before paring some of their gains. Investors remain worried about US trade negotiations and the lack of progress in hashing out deals ahead of an early July deadline. The highly anticipated call between Trump and Xi also provided little clarity and the spotlight on it was quickly stolen by a public fallout between Trump and Elon Musk. Elsewhere, cryptocurrency dogecoin, often supported by Musk, was a touch firmer after falling to a one-month low on Thursday. US equity funds saw outflows for a third straight week through June 4, as concerns lingered over uncertainty surrounding US trade policies, while investors remained cautious ahead of a key jobs report due Friday. Reuters
Middle East Eye
3 hours ago
- Middle East Eye
British Palestinians demand UK action as Gaza relatives face starvation
Basem Farajallah speaks with his sister in Gaza every day. She is diabetic and surviving on scraps of bread. He has 80 family members still alive in Gaza - but 40 others have been killed in Israeli attacks since October 2023, including 25 who were wiped out in a single strike. Farajallah emphasised that he is not alone. He is the co-founder of the UK Gaza Community, a group of some 350 British Palestinians with relatives in Gaza. For the last 18 months, they have been forced to watch them disappear under the rubble of their homes under relentless Israeli bombardment. Now, they are watching them starve amid Israel's ongoing blockade on the territory. Since Israel's war on Gaza began in October 2023, the group has been fruitlessly pushing to bring their families to the UK, launching a petition that garnered over 100,000 signatures demanding the government create a Ukraine-style visa scheme to reunite them. While UK Prime Minister Keir Starmer has pronounced Israel's blockade on Gaza 'intolerable', Farajallah said they have been 'neglected' by the government, which has rejected their calls for the creation of the scheme. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters 'For us, its like torture,' Farajallah told Middle East Eye. 'We are not talking about huge numbers, when we created our list of the family members we wanted to bring to the UK, it was less than 2000 people'. Farajallah spoke alongside a panel of British Palestinians and their families, patched in from Gaza via Zoom calls, at a conference on Thursday calling on the UK government to impose sanctions and a total arms embargo on Israel. 'Nearly every member of the community here in the UK has close family members in Gaza, mothers, fathers, brothers, sisters' Farajallah said. 'For the last 600 days, we have lived in constant fear, checking with our families every day, not a single day passed without fear.' 'Today, after 600 days of uncertainty, we know one thing for sure, if this starvation continues, our families will not survive, not for weeks, but days'. 'I'm losing myself' Ali Mousa, a 30-year-old British Palestinian who lives in Manchester, struggles to stay in contact with his sister Hend, a teacher at an Unrwa school in Gaza. Internet and power outages mean calls are sporadic. In the periods of silence, he fears she could have been killed in a strike or have collapsed from hunger. Hend, a 29-year-old mother of three who addressed the conference via a patchy Zoom call, said she was at her home near Mawasi, west of Khan Younis in southern Gaza, expecting imminent forced expulsion orders. 'If this happens, where will my family and I go?' she said. She described how her three-year-old asks her every morning if they will have breakfast. 'Unfortunately, my answer is always no,' Hend said. Gaza: US-backed aid group suspends food distribution for a second day Read More » As a school teacher, Hend said she is also confronted with her students' suffering on a daily basis. She conducts her classes with students sat on the floor, which she also uses as a blackboard. In one of her classes, a student lost consciousness because he hadn't eaten for two days. When another student didn't complete an online test, Hend contacted the boy's mother to ask what had happened. The mother replied that he had been killed. 'I feel like I'm losing myself,' she said. Wafaa Shamallakh, 38, an Arabic interpreter who works for Kingston Council and whose siblings are in southern Gaza, described how her husband-in-law and her 15-year-old nephew were forced to walk over an hour just to reach an aid distribution point. 'Hundreds of thousands of people had come there from the north and south of Gaza, desperate to find a bag of flour, a little sugar, maybe some pasta,' Shamallakh said. Drones flew overhead, firing at them. 'They came back empty handed; no food, no flour, nothing. They had to run for their lives'. 'This is what it means to survive in Gaza,' Shamallakh said. 'Beyond anything I've seen' Dr Rossel Mohrij, a plastic and reconstructive surgeon who volunteered at Gaza's Nasser Hospital in December 2024, described amputating limbs with blunt instruments and without sterile dressing. 'We used cling film to dress wounds, vinegar for infection,' she told the conference. The doctor recalled being inundated with casualties following an air strike targeting a nearby school where displaced families were sheltering. 'It was beyond anything I've seen, I will carry it with me forever,' Mohrij told the conference. 'A flood of the dead, dying, the dismembered. Children too stunned to cry, staring at their missing body parts'. She described standing at the bed of a child, who had been stuck under the rubble and presented late with severe burns to his legs. 'They were so severe, the blood supply to his legs was restricted'. 'Me, some other visiting surgeons, some local surgeons, stood at his feet, debating how to make his death less excruciating,' she said. "A flood of the dead, dying, the dismembered. Children too stunned to cry, staring at their missing body parts," - Dr Rossel Mohrij, plastic and reconstructive surgeon 'He did not understand our words but I guess he felt our despair. He quietly covered his face with a white cloth to block the world out. He died the next morning'. For Farajallah, and many other British Palestinians, Starmer's pledges to ensure the flow of aid to Gaza and to secure a ceasefire are no more than a 'political show'. Despite Starmer's condemnation of Israel's attacks on Palestinian aid seekers over the past week, the government is so far resisting calls for a total arms embargo and recognition of Palestine. At the conference, the voices from Gaza were shaking with grief, but were also defiant. They were not asking for pity, but for action. 'Let this be not another press conference where we beg for basic humanity. Let this be a turning point where Britain stops whispering about international law and starts upholding it. Because the people of Gaza are not waiting for your sympathy,' Shamallakh said. Mousa turned to his sister, Hend, saying, 'I want to speak directly to you. We are here for you, and we will never leave you, even if your whole world does'.
