Latest news with #wheat
Zawya
a day ago
- Business
- Zawya
Saudi SALIC eyes investment opportunities in Russia
Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said. (Reporting by Olga Popova, writing by Gleb Bryanski; editing by David Evans)
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Saudi SALIC Eyes Investment Opportunities in Russia
Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia, Reuters reported. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said.
Reuters
a day ago
- Business
- Reuters
Saudi SALIC eyes investment opportunities in Russia
MOSCOW, May 30 (Reuters) - Saudi Arabia's agricultural and livestock investment firm SALIC is studying investment opportunities in Russia but sees more value in helping to market Russian wheat globally, the company's CEO Sulaiman Al-Rumaih said on Friday. "We are in serious discussions about certain prospects. For us it is the question of time," Al-Rumaih told a grain conference in the city of Sochi in southern Russia. Al-Rumaih stressed that Russian supplies account for about 50% of Saudi Arabia's total wheat imports, which showed that Russian firms were very competitive and could, with help from SALIC, boost exports to more Middle Eastern and African markets. "I think we will be more beneficial (for Russia) as conduits of Russian grain to the global market," he said.
Zawya
a day ago
- Business
- Zawya
Wheat and corn higher, soybeans stuck near 3-week low
PARIS/SINGAPORE - Chicago wheat and corn edged higher on Friday as the cereal markets consolidated after losses this week linked to favourable U.S. and global harvest prospects. Soybeans ticked lower to hold near Thursday's three-week low, curbed by expectations of ample supplies along with uncertainty over biofuel demand as the U.S. government considers waivers for oil refiners. A firmer dollar kept grain prices in check as grain markets awaited an update on demand from weekly U.S. export sales figures later on Friday. The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.7% to $5.37-3/4 a bushel by 1015 GMT. Corn added 0.5% to $4.49-1/4 a bushel to steady after a one-week low on Thursday. CBOT soybeans inched down 0.1% at $10.50-1/2 a bushel to consolidate above Thursday's low of $10.40. Agricultural consultancy Sovecon on Thursday raised its forecast for Russia's wheat exports for the 2025-2026 season by 1.1 million metric tons to 40.8 million tons, citing improved weather conditions for the harvest. India is likely to produce a record 117.5 million metric tons of wheat in the year ending June 2025, the farm ministry said, above its March forecast of 115.4 million tons. In the U.S., winter wheat conditions are at a five-year high despite an unexpected decline last week, while regular showers have helped most corn and soybean crops get off to a good start to their growing season. With expectations rising for Brazil's upcoming second corn crop, the corn market found little support in large export sales reported on Thursday by the U.S. Department of Agriculture. "Despite exceptional export sales reported by the USDA —amounting to 205,096 tons for the 2024/25 campaign — market support remains absent," Argus Media analysts said in a note. The soybean market was assessing a Reuters report that the White House is considering a plan to clear a record backlog of requests from small refineries for exemptions from U.S. biofuel laws. Prices at 1015 GMT Last Change Pct Move CBOT wheat 537.75 3.75 0.70 CBOT corn 449.25 2.25 0.50 CBOT soy 1050.50 -1.25 -0.12 Paris wheat 202.00 0.00 0.00 Paris maize 193.00 2.25 1.18 Paris rapeseed 474.50 2.00 0.42 WTI crude oil 61.35 0.41 0.67 Euro/dlr 1.13 0.00 -0.34 Most active contracts - Wheat, corn and soy US cents/bushel, Paris futures in euros per metric ton
Zawya
2 days ago
- Business
- Zawya
Wheat, corn prices ease as dollar strengthens
Chicago wheat futures eased slightly on Thursday with a stronger dollar helping to keep a lid on prices despite lower-than-expected U.S. crop ratings. Sluggish demand and expectations that a strong Northern Hemisphere harvest will keep the market well supplied also weighed on the market. The rise in the dollar was triggered by a U.S. federal court blocking President Donald Trump's "Liberation Day" tariffs from going into effect. A stronger dollar makes U.S. farm exports costlier for buyers with other currencies. The most active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2% at $5.29-1/4 a bushel at 1032 GMT. The USDA on Tuesday rated only 45% of U.S. spring wheat in good to excellent condition, far below expectations, and showed a decline in the condition of U.S. winter wheat. A coming flip to better weather should help the young wheat crop but the low rating sets the scene for market scares if unfavourable weather patterns set in, wrote Reuters columnist Karen Braun. Elsewhere, crop news has been better. The European Commission on Wednesday slightly raised its forecast for usable production of common wheat in the EU in 2025/26. A strong wheat harvest in India is rapidly replenishing stocks, meaning the country won't need to import. While wheat stocks should rise in India, they won't in the rest of the world, analysts at Rabobank said, predicting CBOT prices would rise towards $6 a bushel over the course of 2025. "A big question mark is whether India could allow some exports," Rabobank said. "If India opens the export gates or Russian output ends up being bigger than expected following mild spring weather, we could see prices capped." CBOT corn prices were also lower, slipping 0.8% to $4.47-1/2 a bushel, while soybeans rose 0.2% to $10.50-1/2 a bushel. Jordan's state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday.
