International Grains Council raises forecasts for 2020/21 global wheat, corn crops

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The International Grains Council (IGC) raised its forecast for global wheat production in the 2020/21 season, with improved outlooks for Australia and China more than offsetting a downward revision for the European Union. In its monthly update, the inter-governmental body increased its global wheat crop forecast by 2 million tonnes to 768 million tonnes, up […]

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Excess output prompts China to boost its record share of world wheat stocks

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With or without China, world wheat stocks are set to reach a new high by mid-2021, though record demand should prevent supplies from becoming too burdensome. However, China is going on its eighth consecutive year of producing more wheat than it uses, further expanding already-massive stockpiles and nudging its share of global wheat supplies to […]

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Oil prices fall as EIA confirms crude inventory build in the United States

Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]

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Worldsteel predicts lower productivity and an extended production cycle for different geographies

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As most countries have been gradually reopening from their lockdowns since mid-May, recovery of economic activities is expected in the third quarter, claims the recently released Short Range Outlook (SRO) report for 2020 and 2021 by Wordsteel. Even though all steel-using sectors are affected by the lockdown measures, the mechanical machinery and automotive sectors are […]

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