Connect with us
  • tg

Commodities

Factbox-US government shutdown: agriculture data hit

letizo News

Published

on

Factbox-US government shutdown: agriculture data hit
© Reuters. FILE PHOTO: A general view of the U.S. Capitol, where Congress will return Tuesday to deal with a series of spending bills before funding runs out and triggers a partial U.S. government shutdown, in Washington, U.S. September 25, 2023. REUTERS/Jonathan E

CHICAGO (Reuters) – The release of commodity market-sensitive reports released by the U.S. Department of Agriculture (USDA) and other government agencies will be suspended if Congress fails to provide the government with funding for the fiscal year starting Sunday.

During shutdowns, nonessential government employees are typically furloughed, or placed on temporary unpaid leave. Workers deemed essential, including those dealing with public safety, food safety, and national security, keep working.

Private exchange operators such as the CME Group (NASDAQ:) are generally not affected. But routine government reports have in the past been delayed until the government reopens.

“Market reporters will pause USDA’s market news reports that help farmers, ranchers, commodity traders, and buyers determine the market value of goods, creating uncertainty in the marketplace with detrimental ripple effects for farmers who need to sell their products,” a USDA spokesperson said.

Below is a schedule of key reports planned for release in October and how they may be affected, depending on how long a shutdown lasts.

Monday, Oct. 2:

Weekly U.S. grain export inspections data, released by USDA’s Agricultural Marketing Service each Monday at 11 a.m. ET (1500 GMT), will not be published, according to the USDA spokesperson. Inspections reports were released during the 2019 shutdown as some personnel continued to work.

Monthly reports on U.S. grain crushings and fats and oils, including U.S. soy crushings, released by USDA’s National Agricultural Statistics Service (NASS) on the first business day of each month at 3 p.m. ET (1900 GMT), would also be suspended.

A weekly U.S. crop progress report, released by USDA’s NASS each Monday at 4 p.m. ET (2000 GMT), would be suspended, according to the USDA spokesperson. Farmers and traders rely on the report for harvest progress and crop condition data.

Wednesday, Oct. 4:

The U.S. Energy Information Administration said on Friday that a government shutdown would not have any immediate impact on the release schedule for its weekly oil inventory data, which includes figures on production and stocks of corn-based ethanol. The EIA releases its report each Wednesday at 10:30 a.m. ET/1430 GMT.

Thursday, Oct. 5:

Weekly U.S. export sales data, released by USDA’s Foreign Agricultural Service each Thursday at 8:30 a.m. ET (1230 GMT), would be suspended. Multiple weeks of export sales data delayed by two previous government shutdowns were later released in single, combined reports once the government reopened.

USDA Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor told reporters on Thursday the export sales report “is not produced while the government is shut down.” Taylor said the report “is a critical tool for market intelligence for our exporters and for our industry in the United States.”

Friday, Oct. 6:

The U.S. Commodity Futures Trading Commission’s weekly Commitments of Traders reports, which detail the size of positions in options and futures, will not be published if there is a shutdown, a CFTC spokesperson said. When the reports were disrupted during the last shutdown, CFTC backfilled the data over a period of weeks after the government reopened. Released each Friday at 3:30 p.m. ET (1930 GMT).

Thursday, Oct. 12:

The monthly World Agricultural Supply and Demand report, set for release by USDA’s World Agricultural Outlook Board at noon ET (1600 GMT), would be suspended, according to a spokesperson for USDA’s Office of the Chief Economist. Farmers and traders are counting on the monthly report for an update on the size of the U.S. soy and corn harvests and how much the crops have been affected by late-summer dry weather.

Monthly crop production data, released each month by USDA’s NASS at noon ET(1600 GMT), would be suspended.

Friday, Oct. 20:

Monthly cattle on feed report, released by USDA’s NASS at 3 p.m. ET (2000 GMT), would be suspended, according to a USDA spokesperson. The report gives livestock traders and ranchers an estimate of the number of cattle in feedlots at a time when the U.S. herd is shrinking.

Wednesday, Oct. 25:

Monthly cold storage report, released by USDA’s NASS at 3 p.m. ET (2000 GMT), would be suspended, according to a USDA spokesperson. The report details supplies of everything from frozen meats to orange juice in storage.

Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

letizo News

Published

on

Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

Continue Reading

Commodities

Angry French farmers storm into agriculture fair in Paris

letizo News

Published

on

2/2
Angry French farmers storm into agriculture fair in Paris
© Reuters. Protesters wearing shirts with the logos of the FNSEA and Jeunes Agriculteurs farmers’ unions gather to protest at the opening of the 60th International Agriculture Fair (Salon de l’Agriculture) at the Porte Versailles exhibition centre in Paris, France,

2/2

By Stephanie Lecocq and Manuel Ausloos

PARIS (Reuters) -A group of French farmers stormed into a major Paris farm fair on Saturday ahead of a planned visit by President Emmanuel Macron amid anger over costs, red tape and green regulations.

Facing dozens of police officers inside the trade fair, the farmers were shouting and booing, calling for the resignation of Macron and using expletives aimed at the French leader.

“This is our home!”, they shouted, as lines of French CRS riot police sought to contain the demonstration. There were some clashes with demonstrators and the police arrested at least one of them, a Reuters witness saw.

Pascal Beteille, one of the demonstrators said he did not expect anything from Macron’s visit.

“This is our home and he’s welcoming us with CRS,” he told Reuters.

Macron, who met French farmers’ union leaders over breakfast, was scheduled to walk within the alleys of the trade fair afterwards.

“I’m saying this for all farmers: you’re not helping any of your colleagues by smashing up stands, you’re not helping any of your colleagues by making the show impossible, and in a way scaring families away from coming,” Macron told reporters after his meeting with union leaders.

The protests delayed the opening of the show to the public by at least an hour.

The French president said he would convene farmers’ union representatives and other stakeholders of the sector at the Elysee palace in three weeks after he canceled a debate he wanted to hold at the fair with farmers, food processors and retailers.

He denied a reports that he planned to invite controversial environmentalist group Soulevements de la Terre to that debate, which had further stirred anger among French farmers.

An impromptu heated discussion between Macron and demonstrators was being broadcast live on French news channels.

The Paris farm show – a major event in France, attracting around 600,000 visitors over nine days – is a political fixture, where presidents and their opponents are expected to engage with the public under intense media scrutiny.

Farmers’ protests which have spread across Europe, have stoked concerns in France and beyond about their political fallout, given they represent a growing constituency for the far right, expected to make gains in European Parliament elections in June.

French farmers earlier this month largely suspended protests after Prime Minister Gabriel Attal promised new measures worth 400 million euros ($433 million).

But protests resumed this week to put pressure on the government to provide more help and deliver on promises, ahead of the Paris farm show.

($1 = 0.9244 euros)

Continue Reading

Commodities

Oil ends lower, posts weekly decline as US rate cut hopes dim

letizo News

Published

on

Oil ends lower, posts weekly decline as US rate cut hopes dim
© Reuters. FILE PHOTO: A view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

By Nicole Jao

NEW YORK (Reuters) -Oil prices fell nearly 3% lower on Friday and posted a weekly decline after a U.S. central bank policymaker indicated interest rate cuts could be delayed by at least two more months.

futures settled down $2.05, or 2.5%, at $81.62 a barrel, while U.S. West Texas Intermediate crude futures (WTI) were down $2.12, or 2.7%, to $76.49.

For the week, Brent declined about 2% and WTI fell more than 3%. However, indications of healthy fuel demand and supply concerns could revive prices in the coming days.

Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb oil demand.

The Fed has held its policy rate steady in a 5.25% to 5.5% range since last July. Minutes of its meeting last month show most central bankers were worried about moving too quickly to ease policy.

“The entire energy complex is reacting, because if inflation begins to come back it will slow demand for energy products,” said Tim Snyder, economist at Matador Economics.

“That is not something the market wants to digest right now, especially as it is trying to figure out a direction,” he added.

Some analysts, however, say demand has remained largely healthy despite the impact of high interest rates, including in the United States.

JPMorgan’s demand indicators are showing oil demand rising by 1.7 million barrels per day (bpd) month over month through Feb. 21, its analysts said in a note.

“This compares to a 1.6 million bpd increase observed during the prior week, likely benefiting from increased travel demand in China and Europe,” the analysts said.

Meanwhile, Gaza truce talks were underway in Paris in what appears to be the most serious push in weeks to halt the conflict in Palestine and see Israeli and foreign hostages released.

Ceasefire talks could prompt the market to anticipate an easing of geopolitical tensions, Tim Evans, an independent oil market analyst, said in a note.

Still, tensions in the Red Sea continued, with attacks by Iran-backed Houthi militants near Yemen on Thursday forcing more shipping vessels to divert from the trade route.

U.S. energy firms this week added the most oil rigs since November, and the most in a month since October 2022, energy services firm Baker Hughes said.

The oil rig count, an early indicator of future output, rose by six to 503 this week, and increased by four this month.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved