CS Brazil h1 August sugar production expected to fall 5pc on the year
Sugar production in Brazil’s key Center-South region is expected to total 2.85 million mt in the first half of August, reflecting a 5 percent year-on-year decline, according to results from an S&P Global Commodity Insights survey of 11 analysts released Aug. 23. During the survey, the cane crush estimate ranged from 37 million mt to 43.8 million mt. The average estimate was for a total cane crush of 41.4 million mt, down 7.5 percent on the year. Weather in the Center-South region was mostly favorable for crushing during H1 August, with less than two days expected lost to rain and 255-260 mills active as of Aug. 16. “During the period, the spread between sugar and ethanol prices widened, incentivizing an even higher sugar mix,” according to Platts Analytics.
Rs350m okayed for rice research
Sindh Government has approved Rs350 million for the establishment of phytotron tunnels for speedy research and development in order to introduce new rice varieties within the shortest possible time. Previously, it was taking six to eight years to introduce a new rice seed for commercial use, as per the statement of the Rice Exporters Association of Pakistan (REAP). “This project will be a game changer in the agriculture sector, as it is also useful for all agricultural commodities,” said REAP Secretary Altaf Hussain Shaikh. Officials of Sindh Agriculture Department have submitted the initial draft of the feasibility report (PC-1) with the planning department for sanction of funds for this project, he added. Pakistan is one of the largest producers of rice in the world. It produces about 9 million tons of rice annually and exports about 6 million tons to various countries. Pakistan has a large share in global rice exports alongside other commodities such as cotton and sugar. Pakistan’s production is more than that of other countries like Vietnam and Thailand.
Oil rises as Saudi Arabia hints at possible output cut
Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices and with the prospect of a drop in U.S. crude inventories. The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg. Global benchmark Brent crude advanced 3.88 percent to $100.22 a barrel. U.S. West Texas Intermediate crude ended the day $3.38, or 3.7 percent, higher at $93.74 per barrel. “Much of the impetus behind today’s strength is being driven by comments out of Saudi Arabia alluding to a possible output cut in an attempt to ‘stabilise’ the market,” said Jim Ritterbusch of oil trading advisory firm Ritterbusch and Associates.
LNG stocks to watch as natural gas prices retreat from 14-year highs
LNG stocks were mixed Tuesday as U.S. natural gas futures fell back from levels not seen since 2008. A reported delay in the restart of Freeport LNG’s Texas export terminal appeared to trigger the price decline. Freeport LNG said Tuesday it anticipates partial operations to resume at the Quintana, Texas, export terminal in early November, vs. earlier estimates for October. The facility aims to ramp up to a sustained level of at least 2 billion cubic feet per day (bcf/d) by the end of November. Full capacity is not expected to return until March 2023, the company reported. The privately held company had previously estimated that its export terminal, one of the largest in the country, would be offline for only three weeks after a June 8 fire and explosion shut it down. On Aug. 4, Freeport LNG announced it agreed with regulators on steps to reopen the export terminal.
Texas wheat production down 49pc
Persistent drought conditions and forage shortages as well as strong prices for wheat silage and wheat hay have resulted in a large percentage of Texas wheat acres either failing, being chopped or being hayed this year. Overall, Texas wheat production was down 49 percent from the previous year because of failed acres and reduced yields. As a result, wheat seed is in short supply, so Texas A&M AgriLife Extension Service agronomists are encouraging producers who are making a variety change or needing to purchase seed for forage to go ahead and reserve seed as quickly as possible. Several Texas High Plains seedsmen are already out of top selling varieties.
June tea output drops 17pc as floods hit plucking
The June tea production fell 17.4 percent from a year earlier to 141.31 million kilograms (kg), the state-run Tea Board said, as floods and pest attack dented output in the main producing region. Heavy June rainfall flooded tea gardens in Assam, which accounts for more than half the country’s production, making tea plucking difficult for workers. That sent production down 19 percent year on year to 74.35 million kg. Tea plucking in India, the world’s second-biggest tea producer, usually accelerates from June to October. In the first half of 2022 tea production fell 20 percent from a year earlier to 360.19 million kg, Tea Board data shows.
India targets 900 million tonne coal production in fy23: minister
The ministry of coal is targeting production of 900 million tonne (MT) this financial year and national miner Coal India Ltd (CIL) would produce 700 MT coal, union coal minister Pralhad Joshi said on Wednesday. “During the last four months, CIL has set new record by producing around 207 MT of coal. Indian economy is growing at a very fast pace and coal based power generation has recorded 16.8 percent increase this year and the production of domestic coal has gone up by 22 percent. By the year 2030 India’s coal requirement will be of 1.5 billion tonne,” Joshi said. With regards to commercial mining, the minister said 43 mines have been awarded during the last two years.