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NOPA US soybean crush in March is 194,551 million bushels below most estimates
According to data released by the National Oilseed Processors Association on Tuesday, U.S. soybean crushing in March was below most estimates. The industry's daily average processing rate also declined for a second consecutive month. NOPA members, who account for 95% or more of U.S. processed soybeans, crushed 194.551 millions bushels last month. This is up 9.4% compared to February's crush of 177.870, but down 0.9% compared to the March 2024 crushing of 196.406, According to NOPA, the March total indicated an average daily processing rate of 6.276 millions bushels per day. This was lower than the 6.353million bushels per day crushed in the month of February, and the lowest rate since September. The average processing rate decreased despite the inclusion of Scoular, a new member of the NOPA, and its crushing plant in Goodland (Kansas) in the monthly report by the group for the first month in March. In recent years, the rate of soy crushing has increased as more processing plants came online and facilities have expanded their capacity to meet the rising demand for biofuels. Analysts said that a slump in soymeal and weaker crush margins caused several plants to reduce their output over the past few months. Nine analysts polled estimated that the March 2025 crush would be below the average analyst's estimate of 197.602 millions bushels. Estimates ranged between 193.500 and 202.000 million bushels with a median estimate of 198.000 millions bushels. As of March 31, soyoil stock levels among NOPA member companies fell for the first six-month period to 1.498 bn pounds. This is down 0.3% compared to 1.503 bn pounds at the end February, and 19.1% compared to the 1.851 bn pounds of stocks one year ago. Six analysts estimated that stocks would rise on average to 1.617 trillion pounds. The estimates ranged between 1.475 billion and 1.700 billion pounds, with a median estimate of 1.624 million pounds. (Reporting from Karl Plume).
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Chile, Canada, and Peru respond to Trump's copper tariff probe
Three of the top copper suppliers in the United States have told the administration of President Donald Trump that the imports do not pose a threat to U.S. national security. Chile, Canada, and Peru are attempting to avoid potential tariffs for the metal, which is needed for electric cars and other industrial applications. Trump began a probe in February into potential duties under the Section-232 national security provision of Trade Expansion Act of 1964, which he had used during his first term in the United States to impose global tariffs of 25% on steel and aluminium. In recent weeks, the three countries have reacted to the investigation through letters that they submitted to the U.S. Commerce Department. These letters are now available publicly on a U.S. Federal website. According to Trade Data Monitor's (TDM) data, these nations together account for 94% of U.S. copper imports and copper alloys. Chile is the top exporter, accounting for 70% of these imports. Canada has 17% and Peru 7%. All are covered by free trade agreements. In a letter dated 31 March, Chile's Ambassador in Washington Juan Valdes stated that "Copper imports are beneficial to the United States supply chain and do not pose any threat to its national interests." The Trump administration is yet to provide any details on the results of its February investigation that aims to reduce China's influence on the global copper markets. Section 232 investigations must be completed within 270 calendar days after they are initiated. The American Chamber of Commerce in Chile stated that Chilean copper exports are beneficial to the United States in terms of security and economy, and that tariffs may end up helping China. Chile exports most of its products to China. In a letter, Paula Estevez wrote that "the playing field has been leveled and tariffs on Chilean Copper would only serve as a way to make Chilean copper exports more appealing to China and ultimately weakened the economic and security interest of the United States." The Canadian government stated that maintaining a free trade in copper would help the United States' security efforts, as this metal is used in defense industries. The top Canadian mining group said that tariffs would give China an advantage over the United States. In a letter, Pierre Gratton wrote that imposing tariffs on Canadian Copper would be counterproductive. In a letter, the Peruvian ministry of foreign trade also asked the United States not to impose any restrictions on the country's copper imports. It noted that the imports did not pose any security risk. The letter stated: "We are confident that our reliable and longstanding trade relationship will continue... thus allowing our exports continue."
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Nigeria prepares a petroleum product stockpile in order to combat global supply shocks
The Nigerian petroleum products regulator announced at a Tuesday press conference that the country plans to create a strategic national stockpile of petroleum products this year in order to protect its economy from disruptions on the international market. Farouk Ahmad, the head of Nigeria's Midstream and Downstream Petroleum Regulatory Authority said that the reserve would reduce supply shocks and improve the energy security of the nation. Nigeria is a country rich in oil, but it suffers from fuel shortages, and there are often long lines. The country aims to use expanding domestic refining capacity, particularly the 650,000-barrel-per-day Dangote Refinery, to build resilience against global supply fluctuations. Ahmed stated that the new National Strategic Stock would be much larger than the current Nigerian Petroleum Reserves, which cover about 30 days' supply. The stock will be modeled after the Strategic Petroleum Reserve of the United States. He did not specify how much he planned to reserve. The Nigerian Petroleum Industry Law requires the regulator to grant a bulk petroleum storage licence to private depots. These depots can store products as long as they need. The Dangote Refinery, as well as five other refineries, were started in September. This resulted in a significant reduction in Nigeria's gas imports, which dropped from 50.8 millions litres a day in September to 28,7 million litres a day in October. According to data from the regulator, local refineries that are currently operating will process 770.500 bpd by June. The regulator expressed confidence that the expansion of refineries could eliminate the need to import gasoline. Reporting by Isaac Anyaogu Editing By Rod Nickel
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Austrian banker loses battle against extradition to US for money laundering charges
London's High Court on Tuesday ruled that the former CEO of an Austrian Bank can be extradited back to the United States for money laundering charges related to Brazilian construction firm Odebrecht. Peter Weinzierl, former chief executive officer of Meinl Bank (later renamed Anglo Austrian AAB Bank), is accused of helping to launder hundreds millions of dollars through a scheme that involved the use of slush money to bribe government officials. The 59-year old Austrian denies these allegations and has fought to prevent his extradition for a variety of reasons, including the fact that he had been "lured" into Britain in May 2021 in order to be arrested by an alleged U.S. agent. In June 2023, his appeal against his extradition decision was largely rejected. The High Court had previously ruled that Weinzierl was not extradited for one charge, conspiracy to commit money-laundering. However, the court approved Weinzierl’s extradition in regard to his other charges. The UK Supreme Court has blocked the appeal of Weinzierl’s case. Judge Jeremy Johnson ruled on Tuesday that the case does not raise a question of law of public importance. David Pack, Weinzierl’s lawyer, said in a press release: "The judiciary has missed an opportunity to give certainty regarding UK-U.S. Extradition Law." Weinzierl is facing charges in New York over his alleged involvement in a massive fraud scheme and bribery scheme that involved Odebrecht. Odebrecht changed its name to Novonor SA in 2020 after its previous name became synonymous with corruption. Odebrecht admitted to paying bribes in Latin America for the construction of its massive construction empire. Odebrecht, Brazil's biggest petrochemicals firm, and Braskem, its affiliated petrochemicals subsidiary, paid at least $3.5 Billion in 2016 to settle charges brought against them by U.S. authorities, Brazilian authorities, and Swiss officials.
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Chile pushes back against Trump copper tariff probe
The Chilean government wrote to President Donald Trump’s administration informing them that the copper imports from Chile - the largest supplier of metal to the United States - do not pose a threat to U.S. national security. Trump ordered an investigation in February, under Section 232 of the 1962 Trade Expansion Act. This is the same U.S. legislation he used during his first term in order to impose global tariffs of 25% on steel and aluminium. In a letter dated March 31, the Chilean government expressed their anti-tariff position in a U.S. Commerce Department document that is now available publicly on a U.S. Federal website. Chile's Ambassador in Washington, Juan Valdes, wrote that copper imports from Chile contributed to the United States supply chain security. They did not pose any threat to their national security interests. The Trump administration has yet to provide any details on the results of its February investigation that aims to reduce China's influence on the global copper market. Section 232 investigations must be completed within 270 calendar days after they are initiated. Chile is the largest copper producer in the world, accounting for a quarter. Most of Chile's exports are sent to China. A free trade agreement has been in place since 2004 to cover its imports into the United States. The American Chamber of Commerce in Chile stated that Chilean copper exports are beneficial to the United States in terms of security and economy, and that tariffs may end up helping China. The group's CEO, Paula Estevez said that "the playing field has been leveled and tariffs would only serve to increase the attractiveness of Chilean copper exports to China and ultimately weaken the economic and security interest of the United States" in a March 31 letter, which is also available on the U.S. Federal website.
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B2Gold will cut 300 jobs from Namibia in this year
B2Gold, a Canadian gold mining firm, plans to reduce 300 jobs in Namibia by the end of this year. The company will continue its phased downscaling at Otjikoto after it has exhausted open pit reserves. Otjikoto, which started commercial production in March of 2015, produced an unprecedented 198,142 gold ounces last year. This accounted for almost a quarter B2Gold’s total output. "By 2025, we will reduce our permanent staff from 700 to 400. This means that 300 employees will be affected during 2025", B2Gold Namibia’s country manager John Roos told reporters Monday at a company presentation. Otjikoto also reported a record profit thanks to record-high gold prices. The company plans to continue processing the stockpiles until at least 2032. Current underground operations of the mine are expected to last until 2027. An extension is possible if exploration uncovers new mineral deposits. B2Gold began its phased reduction in Namibia in the first quarter 2024. 130 employees were laid off in that year. Otjikoto is expected to produce 165,000-185,000 ounces gold this year. B2Gold has gold mines operating in Mali, the Philippines and other countries. It also has numerous exploration and development projects in Mali, Colombia, and Finland. (Reporting and editing by Nelson Banya, Tomaszjanowski, and Tomasha Janowski).
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Stellantis Chairman: US tariffs and EU rules put auto industry at risk
John Elkann, Chairman of Stellantis, said on Tuesday that the U.S. Tariffs and strict European Union emission standards put automakers in danger at a time they are facing increased competition from China. Elkann, at a shareholder's meeting, said that the American and European auto industries were at risk due to the current course of tariffs and regulations. He said: "That would be tragic as the car industry is a source for jobs, innovation, and strong communities." Elkann is leading the group as it searches for a new chief executive officer after Carlos Tavares departed late last year. He said that "China is on a different trajectory", with the auto market in China set to surpass the combined U.S., European and Asian markets for the first ever. Elkann stated that automakers in the United States are faced with "layers upon layers of additional compounding duties including those on steel, aluminum and parts", beyond the 25% rate on automotive imports. He said that the statement made by U.S. president Donald Trump on Monday, in which he indicated he would consider some type of tariff reprieve to auto and auto part imports from Mexico and Canada, and other countries, was encouraging. Elkann said that the EU's CO2 regulation was "a realistic path to electrification but disconnected from the market reality". He said that "Governments in Europe, sometimes abruptly, have withdrawn purchase incentives and the charging infrastructure is still inadequate." In 2021, Stellantis was created by the merger between Fiat-Chrysler, Peugeot-Citroen and PSA. Jeep, Alfa Romeo, and Opel are also part of its brands.
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Mali closes Barrick Gold Bamako's office due to alleged non-payment taxes
Two sources familiar with the situation have confirmed that the Malian authorities closed the Canadian miner Barrick Gold’s office in Bamako due to alleged non-payments of taxes. This is the latest in a long-running dispute over mining revenue. Barrick Gold didn't immediately respond to an inquiry for comment. It had previously denied all wrongdoing. Since 2023, the Toronto-based miner has been involved in a dispute with Mali over the new mining code of the West African nation that grants Mali's Government a larger share in the mine. One source said that staff in Bamako could not access the office. The closure, however, did not affect Barrick’s Loulo-Gounkoto mine complex in western Mali where operations had been suspended since the middle of January. Both sides are in negotiations to settle the dispute. On February 19, Barrick reported that it had signed a settlement agreement that is awaiting approval by the Malian government. Two other sources and one source who talked about the closure of the headquarters said that a resolution of the dispute could be expected by next week. All sources asked to remain anonymous due to the sensitive nature of the subject. The government seized three tons of gold from the Loulo Gounkoto complex in January, accusing it of failing to meet its tax obligations. One source said that the tax dispute was separate from the reason for the office closing this week. Since early November, the Mali government, which came to power following coups in 2020 & 2021, has been blocking gold exports by the company. A fifth source confirmed that Barrick's Kibali Mine in Democratic Republic of Congo is temporarily transferring nearly 40 Malian employees from the Loulo-Gounkoto Complex. The person who spoke to us said that the transfers were part of a "first wave", but 100 Malian employees in total had been identified as being relocated, which is a sign that operations will not be restarted soon. (Reporting and editing by Silvia aloisi and Barbara Lewis.
BP discovers new oil off US Gulf Coast
By Sheila Dang
BP, a UK-based oil company, announced on Monday that it had made a discovery of oil in the Far South Field in the U.S. Gulf of Mexico.
The exploration well was located in Green Canyon Block 584, about 120 miles from the coast of Louisiana. The company stated in a release that both the original well and the sidetrack found oil. Preliminary data indicated a potential commercial volume of gas and oil. BP announced a radical shift in strategy in February, reducing planned investments in renewable energy to refocus its efforts on oil and natural gas production.
By 2030, the company plans to increase production in Gulf of Mexico from 400,000 barrels of equivalent oil per day to 400,000 boepd. By the end of this decade, global production will reach 2.3 to 2.5 million barrels of oil equivalent per day (boepd).
BP operates Far South, with a 57.5% share. Chevron has a 42.5% stake. BP plans to do more exploration of the ocean basin. It has approved the development of Kaskida, a complex geological formation called the Paleogene. The company plans to move forward with the second Paleogene project, Tiber.
(source: Reuters)