Latest news with #OksanaLut
Business Recorder
07-07-2025
- Business
- Business Recorder
Wheat falls more than 3% on supply pressure; corn, soybeans drop
SINGAPORE: Chicago wheat futures slid more than 3% to a one-week low on Monday, as ample supplies from the ongoing Northern Hemisphere harvest dragged down the market. Corn and soybeans fell about 1.3% on expectations of bumper US production as trading resumed after the US Independence Day holiday on Friday. 'There is general harvest pressure in the wheat market,' said Ole Houe, head of advisory services at IKON Commodities in Sydney. 'US futures in particular for wheat had rallied to a level where US was uncompetitive.' The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 3.2% to $5.46-1/4 a bushel, as of 0230 GMT, after hitting its lowest since July 1 earlier in the session. EU wheat eases in US holiday lull Corn lost 1.4% to 4.27-1/2 a bushel and soybeans shed 1.4% to $10.33-3/4 a bushel. Wheat prices are being anchored by an accelerating US winter crop harvest and big crops in the Black Sea region and western Europe. There was additional pressure on the wheat market as Russia, the world's No. 1 supplier, decided to cut its export tax to zero. It is the first time the tax has been removed since it was introduced in 2021 to protect the domestic market from price spikes and to discourage excessive exports. Drought in the Rostov region, Russia's top wheat and grain producing region in 2024, is not seen affecting the overall grain harvest in Russia, Agriculture Minister Oksana Lut said on Friday, the state RIA news agency reported. Participants in agricultural markets are closely watching the outcome of trade talks between the United States and its key partners, particularly China, by far the world's largest soybean importer. The United States is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Donald Trump said on Sunday, with the higher rates to take effect on August 1. The European Union will cut Ukrainian wheat and sugar imports by up to 80% to address its farmers' concerns, according to quotas announced on Friday, that are likely to drive Ukraine growers to sell more to markets in Asia and Africa.
Business Recorder
24-06-2025
- Business
- Business Recorder
Russian wheat export prices up following global rates
MOSCOW: Russian wheat export prices rose last week, tracking global rates amid rising geopolitical tensions and weather problems in a number of countries, including Russia, analysts said. The price for new crop Russian wheat with 12.5% protein content for free-on-board (FOB) delivery by July-end was $227 per metric ton at the end of last week, up $5 from the previous week's prices, said Dmitry Rylko, head of the IKAR consultancy. The SovEcon consultancy estimated new crop offers at $226-$230 per ton, compared with $225–$229 the week before. '(Russian wheat's) competitive edge improved significantly after a sharp rise in European prices,' SovEcon wrote in a weekly note. SovEcon lowered its estimate of wheat exports in June to 1.2 million tons from 1.5 million tons. IKAR maintained its estimate at about 1 million tons. Rusagrotrans raised its export forecast for June 2025 to 1.25 million tons from 1.06 million tons. The railway operator estimated exports in July 2025 at the same level as a year before, at 3.6 million-4.0 million tons. The harvesting campaign started in a number of Russian regions. Grain sowing slowed after a fast start, reflecting reduced profitability, SovEcon said. The agency reduced its forecast for spring wheat acreage in Russia to the lowest for the decade, at 11.8 million hectares from 12.7 million hectares, against 12.3 million hectares in 2024. Last week, Rostov was joined by another of the country's largest grain-growing regions, Krasnodar, in declaring a state of emergency due to drought in northern districts. At the same time, the Ministry of Agriculture expects a harvest slightly higher than last year. The wheat harvest could reach 90 million tons, Minister Oksana Lut said last week. New season wheat exports are forecast at 45 million tons.
Russia Today
22-05-2025
- Politics
- Russia Today
Russia boosting Africa support with new food shipments
Russia will supply 709.5 tons of food aid to Burkina Faso this May as part of its growing humanitarian support to African nations, Izvestia reported on Thursday, citing the Russian Foreign Ministry. In addition, Moscow is finalizing formal procedures to deliver up to 20,000 tons of wheat to Niger, Russian Agriculture Minister Oksana Lut told the news agency. She indicated that further aid could be arranged 'if agreements are reached.' 'In recent months, we have sent 559 tons of peas and 164 tons of sunflower oil to Zimbabwe [in December 2024], as well as 29,400 tons of diesel fuel to the Central African Republic [in January 2025]. In May, 709.5 tons of peas are expected to be transferred to Burkina Faso,' the ministry announced. Lut emphasized Russia's readiness to continue humanitarian support, confirming that domestic reserves are able to meet future requests. She said such decisions are made at the presidential level and will depend on coordination between heads of state. Speaking to the outlet, Vsevolod Sviridov, the deputy director of the Higher School of Economics Center for African Studies, said African countries have the long-term potential to reduce reliance on humanitarian aid. In an interview, he suggested Russia could offer a unique approach by providing tools like 'drones and digital technologies for agriculture, fertilizers, or seeds adapted to local conditions' instead of traditional aid deliveries. In January, the Russian Embassy in Addis Ababa confirmed to TASS that more than 1,600 tons of grain had been delivered to Ethiopia. On December 30, Moscow also sent over 65 tons of wheat to Mali via the port of Conakry in Guinea. During a meeting with President Vladimir Putin in February, Agriculture Minister Dmitry Patrushev reported that Russia had completed the delivery of 200,000 tons of wheat to six low-income African countries. He described the effort as the largest humanitarian food initiative ever undertaken by the Russian government.
Telegraph
18-05-2025
- Business
- Telegraph
Chagos fears rise as Mauritius pledges closer links to Russia
Mauritius and Russia have agreed to strengthen their relationship on fishing and 'marine research', raising fresh fears over the UK's decision to give away the Chagos islands. Representatives of the two countries met in Port Louis, the Mauritian capital, on Friday and agreed to work more closely together on marine issues. The talks have alarmed some in the UK, who point out that Mauritius will soon gain control of the Chagos islands, where there is a strategic British-American military base. Sir Keir Starmer has agreed to sign away sovereignty of the archipelago and lease back Diego Garcia, the largest of the islands, that hosts the base. The Government says the deal, which will cost the UK a reported £9 billion over 100 years, will give the military base 'security' from legal threats by Mauritius, which has long claimed the islands. Critics say it will allow Mauritian allies to build listening posts around Diego Garcia, compromising the security of the base. On Friday concerns were heightened further after a meeting between Oksana Nikolaevna Lut, the Russian agriculture minister, and Arvin Boolell, her Mauritian counterpart. The Mauritian government said the pair discussed their 'commitment to advancing cooperation in agriculture, research, irrigation, and fisheries, and building on a longstanding partnership with a shared focus on sustainable development'. Mr Boolell also visited a historic Russian sailing ship moored in Mauritius, and described the trip as an 'opportunity to deepen collaboration in key sectors, including agriculture, irrigation, and marine research'. Once the transfer of the Chagos islands is complete, Mauritius will control fishing rights in the area, and be responsible for marine conservation. It comes after The Telegraph reported a similar meeting between the Mauritian prime minister and the Chinese ambassador on Thursday. Dame Priti Patel, the shadow foreign secretary, said the close ties between Russia and Mauritius raised fresh concerns about the Chagos deal. 'It is inconceivable that a Government whose first concern and priority has to be the defence of the realm would give away one of the most important strategic and military assets we hold to a country which cosies up to a deal with Russia,' she told The Telegraph. 'We simply cannot afford to gamble in any way with our national security and defence and Mauritius's collaboration with Russia, a country responsible for a war on European soil, sums up how catastrophic this knee-bending Labour government is. 'Britain's standing in the world is being crushed by Labour's disregard of our national interest.' Ministers insist that the Chagos deal will contain security guarantees that would prevent spying by foreign powers and point to support for the deal by the Trump administration. The final terms of the agreement, which have not been made public, were expected to be published earlier this month. But government sources said the announcement had been delayed amid nervousness in Downing Street about how it would be received by MPs. The Conservatives and Reform UK have both attacked Sir Keir over the deal, claiming it amounts to a 'surrender' to international courts. Downing Street maintains that it will provide 'legal certainty' that will allow the military base to continue to operate.
The Star
29-04-2025
- Business
- The Star
Cambodia, Russia agree to advance cooperation in key areas
PHNOM PENH: Cambodia and Russia on Monday (April 28) agreed to boost bilateral cooperation in major areas for mutual benefits, said the readout by a Cambodian foreign ministry spokesperson. The agreement was made during the 11th Session of the Cambodia-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC) via videoconference, which was co-chaired by Cambodian Deputy Prime Minister and Foreign Minister Prak Sokhonn (pic) and Russian Agriculture Minister Oksana Lut. "After the exchange of views and discussions on a wide range of issues of bilateral cooperation, the session agreed on a course of actions to advance cooperation in key areas, among them: economy, trade, investment, energy and natural resources, industry, transport, ICT, finance and banking, education, culture and sports, healthcare, and environment," the readout said. - Xinhua
