Latest news with #NationalEnergyPolicyCouncil
Yahoo
20 hours ago
- Business
- Yahoo
Corn Weakness Extending to Thursday AM Trade
Corn price action is steady to a penny lower on Thursday morning. futures settled Wednesday with losses of 6 to 7 ¼ cents across most contracts to extend to new contract lows for several front months. Lack of a threatening forecast moving into July is putting pressure on the market. Preliminary open interest was up 29,604 contracts on Wednesday, with exception to Jult The front month CmdtyView national average Cash Corn price was down 6 cents at $3.87 1/2. The Wednesday EIA report showed ethanol output pulling back 28,000 barrels per day in the week that ended on June 20 to 1.081 million bpd. That was a 4-week low. Stocks of ethanol were up 284,000 barrels to 24.404 million barrels. Ethanol exports were down 53,000 bpd wk/wk to 110,000 bpd, with refiner inputs of ethanol up 3,000 bpd to 913,000 bpd. Gasoline product supplied (implied gasoline use) was the largest since December 2021 at 9.688 million bpd. Coffee Prices Extend 2-week Plunge as Frost Risks Recede in Brazil Have the Wheels Fallen Off the Corn Market? Coffee Prices Continue to Fall on Reduced Frost Risk in Brazil Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Export Sales data will be released this morning, with the trade looking for between 0.5 and 1.2 MMT of old crop corn sold in the week that ended on June 19. Sales for 2025/26 are estimated to total between 100,000 and 350,000 MT. USDA will release their June Acreage report on Monday. Traders are looking for an average of 95.4 million acres planted this spring, which would be slightly below the March Intentions report. The range of estimates is a wide 93.8 to 96.8 million bushels. Brazil is raising their level of ethanol mandated to be mixed with gasoline from 27% to 30% after approval from the National Energy Policy Council. Jul 25 Corn closed at $4.10 1/4, down 6 cents, currently unch Nearby Cash was $3.87 1/2, down 6 cents, Sep 25 Corn closed at $4.05, down 7 1/4 cents, currently down 1/2 cent Dec 25 Corn closed at $4.22 1/2, down 6 1/2 cents, currently down 1 cent New Crop Cash was $3.79 1/4, down 6 1/2 cents, On the date of publication, Austin Schroeder 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 Sign in to access your portfolio
Business Recorder
a day ago
- Business
- Business Recorder
Chicago soybeans hover near 11-week low despite modest rebound
BEIJING: Chicago soybean futures edged higher on Thursday but remained near an 11-week low as favourable U.S. Midwest weather and selling pressure weighed on the market. The most active soybean contract rose 0.05% to $10.19 per bushel, following four sessions of consecutive losses. Warm, rainy weather has created ideal conditions for soybeans and corn crops. Selling pressure ahead of the first notice date for the July soybean, wheat and corn contracts added to the bearish tone. In Brazil, the National Energy Policy Council (CNPE) on Wednesday approved increasing the level of biofuels mixed into fossil fuels. The move could boost domestic demand for soyoil as a key biofuel feedstock. Corn dropped 1.16% to $4.05-4/8 a bushel, hitting its lowest level since October, pressured in part by expectations of a large Brazilian crop. Chicago soybeans rebound after early pressure from weaker soyoil; corn, wheat dip Wheat eased 0.05% to $5.44-2/8 a bushel, weighed down by ample global supply outlooks and favourable weather. Agricultural consultancy Sovecon said on Wednesday it had slightly raised its forecast for Russian wheat production for 2025 to 83.0 million metric tons, citing improved crop conditions in parts of central Russia. Traders are watching for the U.S. Department of Agriculture's crop progress and quarterly stocks reports due Monday. Commodity funds were net sellers of Chicago Board of Trade corn, soybeans, wheat and soymeal futures contracts on Wednesday, traders said. Traders were net buyers of soyoil contracts.
See - Sada Elbalad
18-02-2025
- Business
- See - Sada Elbalad
Brazil Officially Enters OPEC+ Ahead of UN Climate Summit
On Tuesday, Brazil solidified its status as a significant player in the global oil market by officially joining OPEC+, the influential coalition of oil-producing nations. This strategic move comes as Brazil gears up to host the upcoming United Nations Climate Summit in just nine months. The approval by Brazil's National Energy Policy Council followed an official invitation from OPEC in 2023. OPEC+ includes 12 core OPEC members dedicated to coordinating oil production for market stability, alongside 10 additional prominent oil-producing nations, with Russia as a notable member. At a press conference, Alexandre Silveira, Brazil's Minister of Mines and Energy, emphasized that although Brazil will cooperate with other OPEC countries, it will not be subject to mandatory production cuts. Silveira highlighted the importance of OPEC+ as a strategic forum for oil producers, advocating that Brazil should embrace its role in the oil sector to foster economic growth, development, and job creation.
