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Paraguay's soy harvest may break records as it enters the final stages
Analysts?and producers say that Paraguay’s soybean crop in 2025/26 is expected to exceed 10 million tons, and could become the biggest ever recorded by the country. StoneX, a South American agricultural?consultancy, revised its estimate of the crop harvested from October to February, increasing it by 500,000 tons. This is a significant increase over the previous estimate, which was 9.65 million tonnes. The crop, according to StoneX, "is among the best recorded ever" in this landlocked South American producer, the report stated. Analysts believe the final production total will depend on the second, smaller crop (or "zafrina") harvested between April-May. StoneX's most recent estimate would mean that if the harvest is within average range and reaches 1,39 million tons (the second crop), total production?would be 11.53 million tonnes, a new record. Cargill Viterra and ADM are the main companies that ship soybeans to Paraguay. In its latest report, CAPECO, the chamber of grain exporters, stated that Paraguay will export 6.4 million tonnes of soybeans by 2025. 80% would be shipped to Argentina, and 14% to Brazil. Paraguay is unable to export directly to China because of its diplomatic relations with Taiwan. The majority of the crop is shipped to nearby crushing plants in Brazil and Argentina and exported as soybean oil and meal, including to China. UGP, Paraguay’s most influential farming group, stated that a favorable weather pattern would increase production above last season's 10 million tons. Hector Cristaldo, UGP President, said: "Actual yields and late harvest are moving well." He added that "we will certainly?have a?better year than last year", estimating the harvest to be 60% complete on 3 million hectares of planted crops.
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Farmers in South Africa's Western Cape lose their cattle due to drought
Western Cape is South Africa's most visited and wealthy province. One of the worst droughts ever recorded has dried up dams and scorched grass, killing livestock and forcing the government to declare an emergency. Scientists claim climate change is worsening the droughts that are occurring in the province. The region, which attracts tourists for its?vineyards and beaches, as well as the lush slopes above Cape Town of Table Mountain, lies at the edge of semi-desert Karoo. In 2015, the city's taps were almost completely dried out by a severe drought. Farmers say that this year's drought has been more severe than 10 years ago. Christian and Ilze Pieenaar, a mixed-race couple, distributed?feed over the weekend to feed their hungry cattle. One cow was recently found to have died from starvation, with its bones clearly visible through the skin. Ilze, 40 said that the drought was not as bad before because there was still... grazing. "Now, there is nothing. The dams are dried... and we spend all our money on food." She claimed to have lost 16 cattle and thirteen sheep in January alone. The drought has also affected parts of the Eastern Cape and the Northern Cape. It comes just weeks after flooding in the northeastern region of South Africa, blamed on climate changes and the cyclical "La Nina" weather, washed out the area and claimed 200 lives. Anton Cartwright is an economist at the African Centre for Cities. He said that the intensity and duration of both floods and droughts are increasing in this part of the world. He said: "Farmers here are very good at adapting to weather, but... it's becoming less predictable." "Seasons don't start and end at the same time every year. It's likely to get worse."
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Izvestia: Russia will soon send crude oil to Cuba and fuel there
Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said to the newspaper that "supply of crude oil and oil products will be expected from Russia in the near future, as humanitarian assistance." Izvestia reported that Russia delivered 100,000 metric tonnes of oil to Cuba last in February 2025. The Kremlin refused to directly comment on the reported plan, but said that it was in touch with Havana about possible support. Dmitry Peskov, Kremlin spokesperson, told reporters that "we are in close contact with our Cuban Friends and are discussing the options of providing them with assistance." Peskov was asked if Washington would increase tariffs on Russian products if Moscow helped Cuba. He replied: "We don't want any escalation but, on the other side, we have very little trade with the United States at the moment." We would probably rely on constructive dialogue to solve existing problems. The U.S. is accused of "suffocating" Cuba's economy by trying to "suffocate the fuel situation in Cuba". Moscow has voiced its?solidarity and opposition to?any military intervention. Russia said Wednesday that it will also suspend flights to Cuba after Russian tourists leave the Island. (Reporting from Vladimir Soldatkin & Gleb Stolyarov. Mark Trevelyan, Mark Potter and Mark Trevelyan edited the report.
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Thames Water in the UK begins process to unlock new debt of $1.12 billion
Thames Water, Britain’s largest water supplier, announced that 'its creditors have agreed to begin a process of lending it an additional 823 million pounds ($1.1 billion), as the work on a long-term plan to ensure its financial survival continues. The company that supplies 16 million customers has become a symbol for the failure of this sector, as it faces criticism over sewage contamination while grappling with debts of nearly 20 billion pounds. The company has spent the last three years fighting to avoid being nationalised. The last-ditch offer by senior?creditors of a write-off of 7.5 billion pounds in debt is still on the table. However, the negotiations with the government and regulators over the deal's terms are taking longer than expected. Creditors agreed on Thursday to "begin the process" of providing extra funding, even though the debt-write-off deal had not yet been finalised. This was one of the requirements for further lending. The group announced in a press release that "Super Senior Issuer" will launch a process today to allocate approximately 823 million pounds. The company has already withdrawn 1.43 billion pounds from an initial super-senior facility of 1.5 billion pounds. In order to keep the company afloat as it searches for a long-term solution, they have the option of drawing another 1.5 billion pounds over two tranches. If no long-term restructuring deal can be reached, Thames Water will likely end up under the government's special management regime, which is a temporary nationalisation. Raechel Thankam Job and Sarah Young reported from Londom. Sonia Cheema, Mark Potter and Sonia Cheema edited the article.
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3M India reports first quarterly loss in June 2020 due to labour code hit
The Indian arm of 3M suffered its first quarterly loss in over five and a half years due to a one-time cost'related to the new labour codes'. The company's products, which range from Post-it Notes to power tools posted a loss on Thursday of 620.6 millions rupees (about $6.85 million), compared with a profit last year of 1.14 billion rupees. The company had last posted a loss during the quarter ending June 2020, amid a COVID-19 lockdown across the country. 3M India’s revenue for the December quarter in the Transportation and Electronics?segment grew 3.8%. This is down from the 10% increase of the previous year. 3M India’s second largest business, the safety and industrials division, grew 20%, while its healthcare sector grew 13.5%. The total revenue increased 12.7%, to 12,28 billion rupees. This was higher than the expenses which rose by 10%. The company recorded a charge for 746?millions of rupees, tied to India's labour codes. This is the biggest overhaul in workers' laws that India has seen in decades. It has impacted profits across all sectors. Aseem Joshi, the Managing Director designate of 'Scotch-Brite Scrub' manufacturer, will succeed Ramesh Ramadurai as of April 2026. Last month, 3M parent company reported a?annual loss that was just below Wall Street expectations, citing uneven demands. CEO ?Bill Brown said its ?roofing-granules and automotive-aftermarket units will ?stay under pressure early in 2026 due to a weak macro environment. $1 = 90.6080 Indian Rupees (Reporting and editing by Mrigank Dahniwala in Bengaluru)
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Sources: India withdraws from Russian-backed Mali Lithium project due to security concerns
Sources say that security risks have prompted 'India to withdraw 'from a lithium project in Mali, backed by the state nuclear corporation of Russia, Rosatom. New Delhi is trying to protect its investments in this politically unstable West African country. Western nations from Britain to France and the United States have urged their citizens to leave the landlocked country as security concerns 'rise? in its fight against al Qaeda-linked militants who target economic assets and foreign investments. Last year,?Rosatom approached India-backed Khanij Bidesh India Ltd and NLC India Ltd to explore lithium in?Mali. This emerging producer of this metal is critical for making batteries for electric cars. One of the sources stated that "the project is on hold because we cannot spend on something where a risk exists?that?we may lose our 'investment. The discussions between the two sources were private and confidential. The Indian mining ministry, KABIL, and NLC India have not responded to requests for comments. Rosatom declined comment. Russia has developed ties with several African countries, including Mali and Burkina Faso, through military cooperation. India, the fastest-growing major economic power in the world, has been seeking a "steady" supply of lithium to meet the rising demand. The metal is a key component of India's efforts to reduce carbon emissions. New Delhi aims to increase the penetration of electric cars and two-wheelers from 4% now to 30% by 2030. India recently increased its efforts to secure deals for accessing critical minerals from resource-rich countries like Argentina, Australia and Chile. KABIL hasn't signed any deals similar to the one it signed in?2024 with a state owned firm in Argentina for exploration and mining of five lithium blocks. (Reporting and editing by Mayank Bhadwaj, Clarence Fernandez and Anastasia Lyrchikova; Additional reporting by Neha Aroos in Moscow)
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Iron ore prices fall as China reports weak auto sales
Iron ore futures fell on Thursday as disappointing data about China's consumption and falling auto sales confirmed the weak demand for steel in the world's biggest consumer. The May contract for 'iron ore' on China’s Dalian Commodity Exchange traded 0.2% lower, at $762 yuan ($110.40), per metric ton. As of 0707 GMT, the benchmark March iron ore contract on Singapore Exchange was down 0.35% at $99.6 per ton. China's auto sales fell in January at the 'fastest pace for nearly two years, as the competition intensified in a cut-throat market. Automakers are battling fading government subsidies and softer demand. Data from the China Association of Automobile Manufacturers revealed on Wednesday that domestic sales fell 19.5%?from the previous year to 1.4million vehicles. This is the largest drop since February 2024. Steel demand has shifted from construction to manufacturing as China's property woes show little signs of improvement. The fastest-growing sub-sectors in the steel industry are automobile, appliance, and shipbuilding. According to Mysteel, data shows that by 2025, China will use around 53% more steel in manufacturing than construction. After China's central banks announcement, the mood of investors has improved slightly. Pledged To lend financial assistance to boost the domestic demand as industrial overcapitalisation, and lacklustre consumer confidence weighs on business confidence. There are a number of concerns. consumption data The report released on Wednesday highlighted the entrenched weakness of?demand? in the second largest economy. The consumer price index (CPI), which measures prices at the retail level, increased by 0.2% in one year. This is below the 0.4% increase projected in an? The producer price index (PPI), which is a measure of industrial firm profits, fell by 1.4% in the past year, continuing a trend of deflation that has lasted for years. Coking coal and coke, two other steelmaking ingredients listed on the DCE, also fell. They were down by 0.53% and 0.33% respectively. The Shanghai Futures Exchange?also saw a decline in steel benchmarks. Rebar fell 0.23%; stainless steel declined 0.18%; wire rod softened by 0.42%, and hot-rolled coil dropped 0.31%.
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MORNING BID EUROPE - Jobs in the rearview and earnings next
Ankur Banerjee gives us a look at what the European and global markets will be like tomorrow. Investors will be focusing on a slate of European earnings after the U.S. jobs report surprised many with its strength. This has led to expectations that the Federal Reserve would likely keep rates steady at least until the second half. The future of policy is dependent on the labour market and consumer price trends. Investors are reducing their bets on a Fed move in the near future, and the focus is now shifted to Friday's inflation data. The U.S. employment data presented a mixed picture. The headline figure was higher than expected, which 'hinted that the labour market may be doing well. But a closer look revealed?job consolidation and previous downward revisions showing underlying weakness. The current market pricing suggests that there is little chance of a rate cut in March. However, a possible move could be made in June. The Fed's shift in expectations has helped the dollar firm up a little bit against most currencies, except for the yen. It is now up 3% on the week after Prime Minister Takaichi won a resounding victory at the weekend. Takaichi's reassuring comments on fiscal policy have boosted the yen. Investors hope her victory will mean that the Takaichi Government is fiscally responsible, and does not have to bend down to opposition demands. The pan-European STOXX 600 closed at a new record high?on Wednesday?and futures indicate a higher opening ahead of earnings reports from Mercedes, world's largest brewer Anheuser-Busch?InBev, and luxury firm Hermes. LSEG data shows that the outlook for European 'corporate health' has improved. However, companies are expected to still report a 'decrease in fourth-quarter earnings, which could be the worst performance in the past seven quarters. The following are key developments that may influence the markets on Thursday. Economic events: UK GDP for Q4 and beyond Earnings: Mercedes Benz, Hermes, Anheuser-Busch Inbev and L'Oreal
Copper extends gains as US dollar weakens
Copper extended gains to a fourth session on Wednesday as the U.S. dollar deteriorated, while London aluminium held company after China decided to remove export tax refunds.
Three-month copper on the London Metal Exchange (LME). rose 0.6% to $9,143.5 per metric lot by 0140 GMT, while. the most-traded December copper contract on the Shanghai Futures. Exchange (SHFE) gained 0.8% to 74,600 yuan. ($ 10,305.15) a load.
The dollar drew back after its current blazing rally,. making greenback-priced metals more budget friendly for other. currency holders.
LME aluminium climbed up 0.5% to $2,657 a lot, rising. for a second straight session.
China stated on Friday it would cancel a 13% export tax refund. for aluminium and copper products from Dec. 1. China's copper. item exports are substantial, while the volume of aluminium. exports is significantly greater.
The reduction in export aids is most likely also a. measure to decrease the growth in smelting capacity, which has. likewise continued to increase due to rising exports, Commerzbank. said in a note.
These measures are most likely to support prices on the LME in. the long term, as supply on markets outside China is threatening. to end up being scarcer or more pricey.
LME nickel increased 0.4% to $15,930, zinc. rose 0.6% to $2,969.5, lead was up 0.5% at $2,011 and. tin advanced 1% to $29,160.
SHFE aluminium increased 1.2% to 20,720 yuan a ton,. nickel rose 1.5% to 126,430 yuan, tin added. 0.2% to 242,580 yuan, lead was up 0.4% at 16,850 yuan. and zinc included 0.9% at 24,905 yuan.
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(source: Reuters)