Commodities, Business & Shipping

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Why not register an account and join the discussions? When you register an account and log in, you may enjoy additional benefits including no Google ads, market data/charts, access to trade/barter with the community and much more. Registering an account is free - you have nothing to lose!

Republicans are bringing new legislation before the US senate which, if passed, would fine dockworker unions up to $2bn a day, making strike action practically impossible.

Introduced by Idaho senator Jim Risch and co-sponsored by fellow Idaho senator Mike Crapo and North Carolina senator Ted Budd, the bill would amend the National Labor Relations Act and Labor Management Relations Act to redefine port slowdowns by maritime workers – including no-shows and work-to-rule strikes – as unfair labour practices.

theloadstar.com

Striking dock unions should pay $2 billion a day, say Republican senators - The Loadstar

Republicans are bringing legislation before the US senate which would fine dockworker unions up to $2bn per day.
theloadstar.com theloadstar.com
 
Nothing to see..........just a podcast. If you're interested you can listen in one tab, play around in bug land or surf the web in a different tab. May need to sign up for free to listen.

In Part 1, host Mike King and Alex Lennane look at the ‘tentative’ US west coast docker contract deal: is this the end of the dispute that has dogged US logistics for over a year, or could talks still break down? They also examine the highlights and lowlights of the recent CNS Partnership air cargo conference in Miami and are joined by TAC Index’s Peyton Burnett to discuss the latest air cargo trends, appointments and rate movements.

In Part 2, The Loadstar looks at the air cargo industry’s daunting task of rapidly cutting emissions. Currently, there isn’t enough sustainable aviation fuel (SAF) available and it’s too expensive, but that needs to change – and quickly. But who is going to pay, what is holding up production, and will more regulation really speed progress?

theloadstar.com

News podcast | June 2023 | USWC docker deal; the SAF challenge; CNS Partnership Conference - The Loadstar

The Loadstar Podcast looks at at the ‘tentative’ US west coast docker contract deal; air cargo; and decarbonisation.
theloadstar.com theloadstar.com
 

Placements 104.6% of year-ago levels: Weekly Livestock Market Update for 6/24/23​

Jun 24, 2023


15:57

- This week in the markets – Live fed cattle prices were down $4.10 on the week, while feeder cattle prices were down $5 to $10. August live cattle were down $.80 on the week, and August feeder cattle were down nearly $.20 on the week. Choice box beef was down $4 this week but is still $70 above the year-ago level. Cash hogs were up $3.50 this week. July lean hog futures were down about $.80 on the week. Pork cutout values were up $6 this week with strength across the board.
- Weekly Slaughter Numbers – At the end of the week, cattle slaughter was 649,000 head, up 15,000 on the week and down 16,000 for the year. Hog slaughter was 2.372 million head, that’s up 42,000 from the previous week and up 60,000 on the year. Year-to-date cattle slaughter is down 3.6%, while hog slaughter is up 1.2%
- Livestock Slaughter – Cattle slaughter was up 1% in May relative to a year ago. Beef production was up 0.7% as dressed weights were down one pound. Year-to-date beef production is down 3.8%. Year-to-date beef cow slaughter is 4.95% of beginning cow inventory. That compares to 5.4% for the same period of 2022. From 2015 to 2018 that number was 3.5%. Hog slaughter was up 5.5% for May and pork production was up 4.1% as hog dressed weights fell three pounds. Year-to-date pork production is 1.5% above year-ago levels. May had one more week-day slaughter than in 2022.
- Cold Storage – Beef ending stocks were down 19.5% in May relative to 2022. Pork ending stocks were down 3.7%. However, pork bellies were up 45.5%. Chicken stocks were up 10% relative to year-ago levels.
- Cattle on Feed – On Feed June 1, 97.1% of year-ago levels. The surprise in the report was that placements were 104.6% of year-ago levels, outside the upper end of pre-report expectations.
- Next week’s reports – Restaurant Performance Index, USDA Acreage Report, Quarterly Hogs and Pigs
 
From the link:

Ailing commercial electric pickup truck maker Lordstown Motors on Tuesday filed for Chapter 11 bankruptcy protection, put itself up for sale and sued former partner Foxconn, alleging fraud and failure to live up to its financial commitments.

Lordstown had been struggling in the past couple of years. It was able to hold on financially for a while because it sold its Lordstown, Ohio, plant to Foxconn, a Taiwanese electronic components maker, for $170 million a year ago and agreed to let Foxconn become the contract assembler of the Endurance commercial electric pickup truck. Lordstown production employees became Foxconn employees.

www.freightwaves.com

Lordstown Motors files for bankruptcy, sues Foxconn

Electric pickup truck maker Lordstown Motors has filed for bankruptcy while alleging fraud against Foxconn, its former partner.
www.freightwaves.com www.freightwaves.com
 

Bringing manufacturing back to America​

Supply chains are headline news. It seems that every delay, shortage or inventory inconsistency is now blamed on their difficulties.

Many companies suffered from shortages of supplies coming from overseas during the pandemic, mostly due to Chinese factories closing, opening and then closing again as COVID-19 outbreaks were happening everywhere. Long global supply chains and the exposure to risk started company executives thinking through their global sourcing and manufacturing strategies. Now they are considering nearshoring and reshoring.

Reshoring is no longer just a nice idea: It is really happening. According to Reuters, more than 80% of manufacturers are considering reshoring some or all of their production.

More:

www.freightwaves.com

Bringing manufacturing back to America

Long global supply chains and the exposure to risk started company executives thinking through their global sourcing and manufacturing strategies. Now they are considering nearshoring and reshoring.
www.freightwaves.com www.freightwaves.com
 

The Rare Metal Keeping Xi and Biden Up At Night​

The ground beneath Case Lake in northeastern Ontario houses a critical mineral that may form the heart of one of the most pressing North American security issues of the century.

The critical mineral is cesium (Cs), and its discovery and potential for development has become a battleground between Canada and the U.S. on one hand, and China on the other.

At stake is nothing less than potential global technological dominance. North America has no cesium of its own. Those known cesium deposits around the world have either been depleted or the mines have been rendered inoperable—and when they were operable, China maintained control of them all, one way or another.

Without cesium, the U.S. likely cannot win the 5G race—a race that may be the determining factor for technological superiority.

More:

finance.yahoo.com

The Rare Metal Keeping Xi and Biden Up At Night

Canada’s Case Lake is the center of one of the most exciting rare metal discoveries of the last decade, with a small explorer unearthing what could be the only new cesium play in existence
finance.yahoo.com finance.yahoo.com
 
June 27 (Reuters) - Tesla's (TSLA.O) electric-vehicle charging technology is being put on a fast track to become a North American standard, giving a further boost to the automaker's plan to expand access to its once-exclusive chargers.

Tesla's charging technology has been gathering momentum for weeks. Volvo Car (VOLCARb.ST) on Tuesday joined General Motors (GM.N), Ford (F.N) and Rivian (RIVN.O) in embracing Tesla's charging design, shunning earlier efforts by the Biden administration to make the Combined Charging System (CCS) the dominant charging standard in the United States.

www.reuters.com

Tesla charging technology put on fast track to become US standard

Tesla's electric-vehicle charging technology is being put on a fast track to become a North American standard, giving a further boost to the automaker's plan to expand access to its once-exclusive chargers.
www.reuters.com www.reuters.com
 

Drought intensifies across US Corn Belt​

Jun 29, 2023


17:06

Brian Fuchs, an author of the US Drought Monitor, provides an update on the latest release, and he compares this year's drought to 2012.
 

A more volatile normal for food and agricultural commodities​

Inflation has been the central economic story of the last year, with food prices perhaps drawing the most attention. Many consumers in the US and Europe are encountering fast-rising food prices at supermarkets and there is no shortage of articles and op-eds (and blog posts) wondering when consumers will ultimately see relief. Food companies and retailers are also facing increased public pressure as commodity prices, which were pointed to as the key driver of inflation, have fallen from their peaks last year.

More:

www.spglobal.com

A more volatile normal for food and agricultural commodities

Inflation has been the central economic story of the last year, with food prices perhaps drawing the most attention.
www.spglobal.com www.spglobal.com
 
Fitch Ratings-London-29 June 2023: Fitch Ratings has revised its global mining sector outlook to Neutral from Deteriorating due to increased demand from China following earlier re-opening, more resilient global GDP growth in 2023, and balanced supply and demand for major mining commodities.

The earlier-than-expected end of Covid restrictions in China led to a rapid rebound in consumption-driven economic expansion and an increase in our forecast of the country’s GDP growth in 2023, to 5.6%. As more than 50% of major mining commodities are consumed in China, returning demand supports our more positive view of the sector. Broad infrastructure investment increases (so far in 1H23 and in our forecast for 2H23) and a seasonal construction pick-up in 3Q23 will further boost demand from the Chinese steel sector. Chinese infrastructure investments are underpinned by special-purpose bond issuances and higher local government investment targets. This will support demand for iron ore, metallurgical coal, ferronickel and zinc.

More:

 

The Commodities Feed: More positive US data​

Oil edged higher yesterday following some good US macro data. However, this data also increases the likelihood of further rate hikes. And the expectation of further hikes will ultimately provide resistance to commodity prices moving significantly higher

The oil market managed to edge higher yesterday with ICE Brent settling a little more than 0.4% higher on the day. This follows first-quarter US GDP being revised significantly higher, while jobless claims also fell over the week. However, stronger-than-expected US macro data also increases the likelihood of further rate hikes from the Fed. Growing expectations of further hikes is one of the factors which is capping the upside in the market, while on the downside, the belief that OPEC+ will take further action if there is significant further weakness provides a floor to the market. As a result, the oil market continues to trade in a fairly rangebound manner.

More:

 
goldprice.org

Gold Price Recap: June 26 - 30

Happy Friday, traders. Welcome to our weekly market wrap, where we look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets—and may continue to into the future.
goldprice.org goldprice.org
 


John Rubino, founder of rubino.substack.com, and author of 5 bestselling books, returns to the show with his unique insights on the financial markets and survival preparedness.

1.01 - The importance of storing PMs safely.
2.20 - Different storage nuances.
4.35 - Insurance for PMs storage.
5.45 - Currency debasement issues.
6.10 - Interest rates headed higher.
8.11 - Global recession concerns.
10.02 - Debt challenges in Japan and the EU.
14.12 - Political changes in the EU.
15.32 - Impact of debt on the real estate sector.
18.01 - When will gold aficionados be rewarded?
21.12 - Prospects for gold, silver, oil and tangibles.
23.05 - Opportunities in royalty and streaming companies.
24.24 - Newfound Gold - big drill results. One technical projection suggests a break-out run higher by 90%.
https://newfoundgold.ca/
https://finance.yahoo.com/quote/NFG.V/
25.36 - Junior mining speculation - 10x profit potential.
27.01 - Uranium mines - UraniumSeek.com coming soon! http://www.uraniumseek.com/news/
 

Hogs, Pigs report shows larger breeding inventory: Weekly Livestock Market Update for 6/30/23​


17:30
 

Texas vertical farms designed to disrupt fresh produce supply chains​

Eden Green Technology aims to revolutionize the fresh produce supply chain using indoor vertical farming.

The farming technology company is based in Cleburne, Texas, just outside the Dallas-Fort Worth metroplex. Eden Green Technology operates a vertical greenhouse near a large Walmart distribution center that supplies more than 400 stores in Texas and Oklahoma.

www.freightwaves.com

Borderlands: Texas vertical farms designed to disrupt fresh produce supply chains

This week in Borderlands: Vertical farms in Texas are designed to disrupt fresh produce supply chains; Mexico imposes a 50% tariff on white corn exports from the U.S.; Quality Custom Distribution is opening a new facility in Texas; and CBP officers seized nearly 900,000 fentanyl pills in California.
www.freightwaves.com www.freightwaves.com
 
The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to Moscow, the Financial Times said on Monday.

With the bank under sanctions, the move aims to safeguard the Black Sea grain deal that allows Ukraine to export food to global markets, the newspaper said.

www.esmmagazine.com

EU Weighs Concession To Russian Bank Over Black Sea Grain Deal: Report | ESM Magazine

The European Union is considering a proposal for the Russian Agricultural Bank to set up a subsidiary to reconnect to the global financial network as a sop to M...
www.esmmagazine.com www.esmmagazine.com
 
By Thomas Gualtieri (Bloomberg) —

At a port across from Gibraltar, two European monarchs made a rare joint appearance in June to bestow their imprimatur on a bold and risky endeavor.

Standing alongside freight ships in Algeciras, King Felipe VI of Spain and King Willem-Alexander of the Netherlands inaugurated a new maritime corridor. The critical cargo that attracted the attention of modern royalty was: green ammonia — a way to transport hydrogen and a key part of Spain’s plans to become the continent’s hub for clean energy.

The rest of Europe might not be ready.

gcaptain.com

Spain Risking Billions to Export Green Hydrogen

By Thomas Gualtieri (Bloomberg) — At a port across from Gibraltar, two European monarchs made a rare joint appearance in June to bestow their imprimatur on a bold and risky endeavor....
gcaptain.com gcaptain.com
 
LONDON, July 6 (Reuters) - China's abrupt announcement this week that it will restrict exports of some germanium and gallium products from Aug. 1 is expected to disrupt global supply chains for semiconductors.

For metals such as aluminium, copper and zinc traded on the London Metal Exchange, the price reaction to disruptions or the possibility of supply issues is transparent and can be seen quickly, often within seconds.

www.reuters.com

Explainer: Inside the opaque world of minor metals pricing

China's abrupt announcement this week that it will restrict exports of some germanium and gallium products from Aug. 1 is expected to disrupt global supply chains for semiconductors.
www.reuters.com www.reuters.com
 
goldprice.org

Gold Price RECAP: July 3 - 7

Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets—and may continue to into the future.
goldprice.org goldprice.org
 

What the Exxon Earnings Warning Means for Oil Stocks - Brace for Impact​

Jul 7, 2023


9:15

Several pieces of oil news has come out that has both positive and negative effects on the price of crude oil. With all the news, oil stocks have been heading down. With the surprise Exxon Mobil Earnings warning sending the stock down 4%, is there more bad news for crude oil prices and oil and energy stocks in the future?
Is now the time to get into oil stocks like XOM, CVX, OXY, while investors like Warren Buffett continue to buy OXY stock?
 

Markets Now: Closing Markets 7-7-23​

Jul 7, 2023


9:21

Grains slide lower on Friday with more favorable weather and ideas of improving crop conditions but also awaiting supply direction from the WASDE including possible yield cuts. November soybeans closed below the level on the bullish report day. So how concerning is that? Cotton closes higher but the market is still rangebound. Cattle post a strong recovery with lower corn, strong exports and steady to higher cash in the north. Darren Frye, Water Street Solutions has analysis.
 

Preview of USDA July Reports: Weekly Commodity Market Update for 7/11/23​


13:51

Market recap (changes on week as of Monday's close):
- September corn up $.04 at $4.92
- December 2023 corn up $.06 at $4.99
- August soybeans down $.12 at $14.55
- November soybeans down $.32 at $13.45
- August soybean oil up 1.66 cents at 65.33 cents/lb- August soybean meal down $5.90 at $405.80/short ton- September 2023 wheat up $.05 at $6.46- July 2024 wheat down $.01 at $6.90- June WTI Crude Oil up $2.72 at $72.96/barrel

Weekly highlights:
- US energy stocks were down on the week on higher use. US ethanol production increased slightly to 312 million gallons on the week, but not enough to keep ethanol stocks from declining 30 million gallons. The 105 million bushels of estimated corn use is the largest volume of the calendar year and second highest of the marketing year.
- US Ag Export Sales for 2022/23 were mixed week over week with increases for corn and decreases for soybeans. However, 2023/24 export sales were relatively bullish with strong corn and soybean sales and wheat sales above all expectations.
- Fund holding positions fell hard on the most recent week of data. Corn producer and merchant positions increased as producers looked for coverage while managed money traders sold off 71,054 positions taking corn from a net long to a net short. The pattern was also true for soybeans but to a lesser degree.
- Weekly ag export inspections for the week ending July 6, 2023, were mixed for row crops- bearish for corn, neutral for soybeans, and bullish for wheats particularly soft red wheat.
- US crop conditions increased as expected on the week. The corn condition composite score rose 7 points to 347, but below the 363 last year. Soybeans increased 2 points to 339 compared to 361 last year. Rice increased 11 points to 386.
- 46% of the US winter wheat crop has been harvested compared to 62% at this time last year. The eastern corn belt remains well behind normal.
 
Shipping:

Allied" Weekly Market Report - Week 27

Intermodal Weekly Market Report- Week 27 Broker's Insight

IMB raises concern on resurgence of maritime piracy and armed robbery in Gulf of Guinea in 2023 mid-year report

IMB raises concern on resurgence of maritime piracy and armed robbery in Gulf of Guinea in 2023 mid-year report

London and Kuala Lumpur 11 July 2023: The ICC International Maritime Bureau (IMB) has raised concern on the resurgence of reported incidents in the Gulf of Guinea waters and the increase in incidents in the Singapore Straits in its mid-year report for 2023. Sixty-five incidents of piracy and...
www.icc-ccs.org www.icc-ccs.org
 

UN Offers Putin SWIFT Access in Exchange for Black Sea Grain Extension, Sources Say​

UNITED NATIONS, July 12 (Reuters) – U.N. Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend a deal allowing the safe Black Sea export of grain from Ukraine in return for connecting a subsidiary of Russia’s agricultural bank to the SWIFT international payment system, sources told Reuters.

Russia has threatened to ditch the grain deal, which expires on Monday, because several demands to dispatch its own grain and fertilizer abroad have not been met. The last two ships traveling under the Black Sea agreement are currently loading cargoes at the Ukrainian port of Odesa ahead of the deadline.

More:

gcaptain.com

UN Offers Putin SWIFT Access in Exchange for Black Sea Grain Extension, Sources Say

By Michelle Nichols UNITED NATIONS, July 12 (Reuters) – U.N. Secretary-General Antonio Guterres has proposed to Russian President Vladimir Putin that he extend a deal allowing the safe Black Sea export of...
gcaptain.com gcaptain.com
 

What Happens if Black Sea Grain Corridor Deal is Not Extended?​


A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension there are fears it may collapse.

Why is it important?
Ukraine is a major producer of grains and oilseeds and the interruption to its exports at the outbreak of war pushed global food prices to record highs. The current deal, agreed in July 2022 some five months after the war started, helped to bring down prices and ease a global food crisis.

Ukraine grain has also played a direct role with 725,200 tonnes or 2.2% of the supplies shipped through the corridor used by the United Nations World Food Programme (WFP) as aid to countries such as Ethiopia, Somalia and Yemen.

More:

www.marinelink.com

What Happens if Black Sea Grain Corridor Deal is Not Extended?

A deal allowing Ukraine to export grain via the Black Sea expires on July 17 and with Moscow saying it sees no grounds for an extension…
www.marinelink.com www.marinelink.com
 
HIGHLIGHTS
Ukrainian seaborne flows slow amid inspection turmoil

Participants remain unconvinced about possible extension

Corn exporters turn to the Danube

Black Sea Watch: Markets on tenterhooks ahead of safe-passage deadline

Ukrainian seaborne flows slow amid inspection turmoil Participants remain unconvinced about possible extension Corn exporters turn to the Danube With grain shipments out of Ukraine disrupted once agai
www.spglobal.com www.spglobal.com
 
By Jonathan Saul

LONDON, July 17 (Reuters) – Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia on Monday quit a U.N.-backed deal that allows the export of grain through a wartime Black Sea safe corridor, industry sources said.

The agreement, brokered by Turkey last July, aimed to alleviate a global food crisis by allowing Ukrainian grain blocked by Russia’s February 2022 invasion of its neighbor to be exported safely.

“Due to the collapse of the Black Sea corridor deal, most shipowners will now refrain from calling Ukrainian ports,” said Christian Vinther Christensen, chief operating officer with Danish shipping group NORDEN.

gcaptain.com

Insurers Reviewing Black Sea Ship Cover After Russia Quits Deal -Sources

By Jonathan Saul LONDON, July 17 (Reuters) – Insurers are reviewing whether to freeze cover for any ships willing to sail to Ukraine after Russia on Monday quit a U.N.-backed deal that allows the...
gcaptain.com gcaptain.com
 
Vessel tracking data shows clearly today that grain exports by ship from Ukraine are having to take a more circuitous route inland following Russia’s decision yesterday to pull out of the UN-backed Black Sea Grain Initiative.

Russia’s decision to halt its participation in the deal that allowed Ukraine to ship grain through the Black Sea via three ports has dealt another blow to food security, global leaders have warned.

splash247.com

Ukraine seeks alternatives as Black Sea Grain Initiative folds - Splash247

Vessel tracking data shows clearly today that grain exports by ship from Ukraine are having to take a more circuitous route inland following Russia’s decision yesterday to pull out of the UN-backed Black Sea Grain Initiative. Russia’s decision to halt its participation in the deal that allowed...
splash247.com splash247.com
 
You must log in or register to reply here.
Back
Top Bottom