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Lagos-niger partnership to boost rice production- Govt

The Lagos State Government has said its partnership with Niger State is to boost rice production. The Special Adviser to the Governor on Agriculture, Dr. Oluwarotimi Fashola, on Tuesday, said the government, through its Rice Mill Initiative, was partnering with different states in Nigeria to sustain the availability of paddy production and enhance productivity. Fashola spoke while the state Commissioner for Agriculture, Ms. Abisola Olusanya, was giving the report of the ministry in Ikeja to commemorate the first year of the second term in office of Governor Babajide Sanwo-Olu.

Pakistan’s dairy, beef sectors need to be transformed by precision farming

Despite being 4th largest milk producer in the world and major sub-sectors of agriculture, contributing, along with livestock, over 60 percent of value-added agriculture and 11.7 percent of the total GDP contribution, the dairy sector faces persistent challenges that hinders its optimal potential.

With a population of 240 million people to meet their protein and dairy needs, Pakistan’s dairy and beef industry is largely underperforming, which requires huge efforts to improve it.

In June OPEC+ likely to extend production cuts

Saudi Arabia and its allies in OPEC+ are likely to keep oil production unchanged for a further three months when ministers review output allocations on June 1.

The tightening of petroleum supplies and depletion of inventories widely anticipated at the start of the year has failed to materialise so far.

If OPEC+ (Organization of the Petroleum Exporting Countries and allies) officials had hoped to increase production into a tightening market characterised by rising oil prices they are likely to be frustrated.

Crude stocks, futures prices and calendar spreads are all at similar levels to a year ago, making a significant increase in output unlikely.

US cutoff of Russian uranium imports

The United States’ move toward banning imports of Russian uranium will be viable but replacing that supply will be costly to fund the necessary investment needed to meet the growing demand, a leading US uranium firm and expert told Sputnik.

The US Senate on Tuesday passed the Prohibiting Russian Uranium Imports Act, sending it to President Joe Biden’s desk to be signed into law. The legislation bans US imports of unirradiated low-enriched uranium produced in Russia or by a Russian entity and measures to close loopholes.

Arabica coffee rebounds on prospects of limited rain in Brazil

July arabica coffee (KCN24) on Tuesday closed up +1.45 (+0.74 percent), and July ICE robusta coffee (RMN24) closed down -163 (-4.60 percent).

Coffee prices on Tuesday settled mixed, with robusta falling to a 6-week low. Robusta coffee closed sharply lower Tuesday as it reopened after being closed on Monday for a holiday. A rebound in ICE coffee inventories has eased supply concerns and is bearish for prices after ICE-monitored arabica coffee inventories rose to a 1-year high Tuesday, and ICE-monitored robusta coffee inventories rose to a 5-month high.

Arabica coffee price Tuesday recovered from a 5-week low and moved moderately higher as short covering emerged when updated weather forecasts pushed back the chances for rain in Brazil until late next week. Dryness in Brazil could reduce coffee yields, and it is bullish for prices. Somar Meteorologia reported Monday that Brazil’s Minas Gerais region received no rainfall or 0 percent of the historical average in the past week, the second consecutive week the area has received no rainfall. Minas Gerais accounts for about 30 percent of Brazil’s arabica crop.

Coffee prices have a negative carryover from last Friday when the International Coffee Organization (ICO) reported that global Mar coffee exports rose +8.1 percent y/y to 12.99 million bags and Oct-Mar global coffee exports were up +10.4 percent y/y at 69.16 million bags.

Sugar prices post moderate gains as sugar production in India declines

July NY world sugar #11 (SBN24) on Monday closed up +0.20 (+1.04 percent), and Aug London ICE white sugar #5 (SWQ24) did not trade, with markets in the UK closed Monday for the May Day holiday.

Sugar prices posted moderate gains on Monday as sugar production in India declined. The Indian Sugar and Bioenergy Manufacturers Association reported Monday that India’s 2023/24 sugar production from Oct-Apr fell -1.6 percent y/y to 31.4 MMT as more sugar mills closed for the year and ended their sugarcane crush. As of Apr 30, 516 Indian sugar mills had closed operations compared with 460 mills that closed at the same time last year.

Strength in the Brazilian real (^USDBRL) also supported sugar prices as the real Monday rallied to a 3-1/2 week high against the dollar. Strength in the real discourages export selling from Brazil’s sugar producers.

Egypt aims for 8pc increase in natural gas production in fy2024/25

The Egyptian government aims to boost its natural gas production by about 8 percent in the next fiscal year (FY) 2024/2025 to an average of 5.7 billion cubic feet per day, compared to 5.3 billion cubic feet per day currently, an unnamed government official told Asharq Business.

The anticipated rise in natural gas production is poised to stem from the commencement of operations in new deep-water fields in the western Delta by Shell and Petronas, boasting a daily production capacity of 200 million cubic feet, according to the source.

The official added that this surge will also encompass contributions from fields under the purview of Eni and Chevron.

Relevant government authorities seek to counteract the natural decline observed in current fields through these endeavors, the official noted.

In April, it was reported that the Egyptian Natural Gas Holding Company (EGAS) bought at least one shipment of liquefied natural gas (LNG) for delivery in May, and is seeking several more.

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