Russia is set to increase fertilizer output by 10% next year after a recovery which should bring production and exports back to 2021 levels, the Russian Fertilizers Producers Association said on Wednesday.
Malaysian palm oil futures climbed for a second session on Wednesday, underpinned by strength in rival edible oils, although low trading volumes weighed on the market.
Chicago wheat slid on Wednesday after climbing to a more than two-week high in the previous session, although losses were curbed by renewed concerns over Black Sea supplies following Ukraine's attack on a large Russian naval ship.
Prices of most base metals rose on Wednesday after data showed manufacturing activity in top consumer China improved last month, while a weak U.S. dollar also lent support to the market.
China has approved a first batch of seed companies to breed and sell genetically modified corn and soybean seeds, paving the way for commercial planting of GMO grains in a move that could cut its reliance on imports from the U.S. and Brazil.
Malaysian palm oil futures rose for a second session on Wednesday, supported by strength in rival edible oils, although weaker crude oil prices and a stablising ringgit capped the gains.
High food prices in recent years have prompted farmers worldwide to plant more cereals and oilseeds, but consumers are set to face tighter supplies well into 2024, amid adverse El Nino weather, export restrictions and higher biofuel mandates.
Chicago wheat futures gained more ground on Wednesday, to trade near a more than two-week high reached in the previous session after Ukraine's attack on a large Russian naval ship renewed concerns over Black Sea grain supplies.
Shipments of Russian Sokol crude oil to Indian Oil Corp have been delayed by payment problems, forcing India's biggest refiner to draw from its inventories and buy more oil from the Middle East, two sources familiar with the matter said.
Brazilian state-run oil company Petrobras will reduce diesel prices at its refineries by an average of 8% starting Wednesday, it said in a statement on Tuesday.
Chicago Board of Trade wheat climbed more than 3% on
Tuesday, the biggest daily gain in more than five weeks, as the
market reacted to potential shipping route issues in the Black
Sea after Ukraine struck a large Russian warship in Crimea.
Grain growers in Brazil's main agricultural state began reaping their soybeans from the 2023/24 cycle, a season marked by hot and dry weather that accelerated the crop cycle and hurt yields, farmers said.
Mexico re-launched former state airline Mexicana de Aviacion on Tuesday, setting out plans to increase operations with 10 additional aircraft next year, the government said.
Chicago Board of Trade wheat climbed more than 3% on Tuesday, as the market reacted to potential shipping route issues in the Black Sea after Ukraine struck a large Russian warship in Crimea.
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