Commodity Update — Cereals are getting softer; G7 continues to pressure Russia to tackle wheat war; Indonesia seizes cooking oil shipment
RIYADH: Chicago Board of Trade wheat and corn futures weakened on Friday, a day after rising on forecasts from the US Department of Agriculture that pointed to tighter global supplies.
Traders took profits ahead of the weekend and on expectations that U.S. farmers are advancing corn plantings on improved crop weather in the Midwest, analysts said. The USDA is expected to release a weekly update on the planting progress on Monday.
The most active Chicago Board of Trade soft red winter wheat contract ended down 1-1/4 cents at $11.77-1/2 a bushel after hitting a two-month high.
The most active CBOT corn closed down 10-1/4 cents at $7.81-1/4 a bushel, while soybeans finished up 32-3/4 cents at 16.46-1 /$2 per bushel.
G7 continues to pressure Russia to tackle wheat war
The Group of Seven foreign ministers vowed on Saturday to further Russia’s economic and political isolation, continue to supply arms to Ukraine and tackle what the German foreign minister described as a “wheat war” led by Moscow.
After meeting in the Baltic Sea resort of Weissenhaus, senior diplomats from Britain, Canada, Germany, France, Italy, Japan, the United States and EU also pledged to continue their military and defense assistance “as long as necessary”.
They would also tackle what they called Russian disinformation aimed at blaming the West for food supply problems around the world due to economic sanctions against Moscow and urged China not to help Moscow or justify Russia’s war, according to a joint statement.
“Have we done enough to mitigate the consequences of this war? This is not our war. This is a war led by the Russian president, but we have a global responsibility,” German Foreign Minister Annalena Baerbock told reporters.
Former Russian President Dmitry Medvedev, a close ally of Vladimir Putin, rejected the meeting, particularly the group’s insistence that the integrity of Ukraine’s internationally recognized borders be recognized.
“Let’s put it nicely: our country does not care that the G7 does not recognize the new borders. What matters is the true will of the people who live there,” he said in an online post.
Russian forces control large parts of eastern Ukraine.
Indonesia seizes cooking oil shipment bound for East Timor
Indonesia has seized at least 81,000 liters of cooking oil bound for East Timor, the commerce ministry said, as the Southeast Asian country seeks to enforce a ban on oil exports. crude palm oil and its derivatives, including cooking oil.
At least eight shipping containers containing cooking oil and other items were confiscated at the port of Tanjung Perak on April 28 in Surabaya on the island of Java after “the ship deceived (authorities) into not mentioning cooking oil in the export declaration document,” the Commerce Department said in a statement late Thursday.
Those found guilty of violating the cooking oil export ban could face a maximum of five years in prison and a fine of up to $341,997, said Sihard Hadjopan Pohan, director at the ministry of Trade. Authorities did not name the vessel or the owner of the cargo.
Indonesia, the world’s largest palm oil producer, has since late last month halted exports of crude palm oil and refined products in a bid to control soaring palm oil prices. cooking in the country.
(Contributed by Reuters)