Chicago wheat futures ticked lower on Wednesday, with a lack of demand for U.S. cargoes adding pressure on prices, although concerns over Black Sea supplies and lower output in Australia provided a floor under the market. Soybeans edged higher. FUNDAMENTALS. * The most-active wheat contract on the Chicago Board of Trade fell quarter of a cent $6.27-1/2 a bushel, as of 0026 GMT.
The breach of a huge dam on the front-line Dnipro river has muddied the picture for a much-awaited Ukrainian counteroffensive against Russian invaders and threatens an environmental disaster for civilians living in the war zone.
The breach of a huge dam on the front-line Dnipro river has muddied the picture for a much-awaited Ukrainian counteroffensive against Russian invaders and threatens an environmental disaster for civilians living in the war zone.
Nestle is piloting a scheme to give cash to coffee farmers who grow beans sustainably as part of its plan to halve greenhouse gas emissions in its coffee business by 2030, the food company said on Tuesday. The move comes as major consumer goods companies face increased reputational and legal pressure to clean up their supply chains globally.
Australia's weather bureau said on Tuesday there was a 70% chance this year of an El Nino weather pattern developing, typically associated with hotter, dryer weather. The Bureau of Meteorology said its climate models and indicators have now met the criteria to raise the level to "alert" from "watch" for the possibility an El Nino event.
Australia's production of winter crops is set to fall from record highs, with wheat output seen declining more than 30%, the country's agricultural department said, as forecasters predict dryness due to the El Nino weather pattern. Australia is the world's second largest wheat exporter, supplying mainly to buyers in Asia, including China, Indonesia and Japan.
A possible extension next month of a deal allowing the safe wartime export of grains and fertilizers from three Ukrainian Black Sea ports could hinge on the reopening of a pipeline that delivers Russian ammonia to one of those Ukrainian ports. THE DEALS.
The European Commission said on Monday it had extended until September 15 an arrangement whereby five of Ukraine's neighbours can ban domestic sales of Ukrainian grains, while allowing the grains to transit their countries.
- Russia's foreign ministry said on Monday that it saw no prospects for extending the Black Sea grain export deal, which is set to expire in mid-July, Russian news agencies reported. TASS news agency quoted the ministry as saying that it was continuing consultations with the United Nations, and that ship inspections had resumed.
Mexico said on Friday it would counter U.S. arguments over agriculture biotech measures, including plans to limit its use of genetically modified corn, in trade dispute settlement consultations requested by Washington earlier in the day.
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