Sugar exports push retail price to Rs150 per kg
Amid the lack of any government interest towards rising commodity prices, the sugar price in Jodia Bazaar, the country’s main wholesale commodity market, further surged to Rs136-137 per kg on Saturday from Rs131-132 a few days back mainly due to an export-driven spike in demand.
In Less than 20 days, the wholesale rates have swelled by Rs19 per kg as speculators and hoarders have taken over the market, wholesalers and retailers said.
According to the Sensitive Price Index (SPI) for the week ending on July 13, sugar retail price in Karachi was hovering at Rs138-150 per kg as compared to Rs128-135 in the preceding week ending June 22.
Country-wide sugar prices had also surged as the national average rate of sweetener rose to Rs135-150 per kg from Rs124-140 some 20 days back.
Apple snail ‘disastrous’ for rice production and food security
An Invasion of apple snail could be “disastrous” for rice production and food security in Kenya as well as other rice growing regions across Africa, according to a new CABI-led study published in the journal Pest Management Science.
The Scientists, led by Kate Constantine, Project Scientist at CABI, highlight apple snail (Pomacea canaliculata) as a serious problem in Kenya’s Mwea Irrigation Scheme. Extension agents stated apple snail is one of farmers’ top five complaints and agro-dealers reported that 70 percent of complaints on a daily basis were due to apple snail.
Household surveys and focus group discussions with smallholder farmers, alongside key informant interviews, revealed the invasive species—which is native to South America—reduced rice yields by up to 14 percent and net rice income by up to 60 percent for farmers experiencing moderate levels of infestation (>20 percent of cultivated area affected).
Oil prices up on expected economic support in China, weaker US output
Oil Prices climbed more than 1 percent on Tuesday after China said it will act to support economic growth in the world’s biggest oil importer and on expectations the U.S. Federal Reserve will stop raising interest rates soon and a forecast decline in U.S. output.
Brent futures rose $1.13, or 1.4 percent, to settle at $79.63 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.60, or 2.2 percent, to settle at $75.75.
That Cut Brent’s premium over WTI to its lowest since late May. The smaller premium makes it less likely energy firms will spend money to send ships to the U.S. to pick up crude cargoes for export.
Lee Mielke: milk estimate lowered
The Agriculture Department left its 2023 milk production forecast unchanged in last week’s World Agricultural Supply and Demand Estimate report but lowered the 2024 estimate, citing lower cow inventories and slower growth in milk per cow.
2023 production and marketings were estimated at 228.4 billion and 227.4 billion pounds, respectively, unchanged on both from a month ago. If realized, both would be up 1.9 billion pounds or 0.84 percent from 2022.
2024 production and marketings were projected at 230.6 billion and 229.6 billion pounds, respectively, down 200 million pounds on both.
Natural gas deliveries to U.S. lng export facilities increased
Natural gas deliveries by pipeline to U.S. liquefied natural gas (LNG) export facilities (LNG feed gas) averaged 12.8 billion cubic feet per day (Bcf/d) in the first six months of 2023, following the Freeport LNG terminal’s return to service, according to data by S&P Global Commodity Insights. This average was 1.0 Bcf/d (8 percent) more than the 2022 annual average and 0.5 Bcf/d (4 percent) more than the same six-month period in 2022. LNG feed gas set a monthly record in April 2023 at 14.0 Bcf/d, supported by high international demand for U.S. LNG exports, particularly in Europe.
Tea production for first 6-month turns positive
The National tea production for the month of June, 2023 amounted to almost 23 million kgs. vis a vis 20.3 million kgs in 2022, recording an increase of 2.7 million Kgs or 13.4 percent.
Total tea production for the first six months, January to June 2023 has increased by 0.8 percent against the same period last year. Whilst high and medium elevations have shown a marginal increase, the low growns are still a fraction below the same period last year.
Tea Exports continued to fall. January to June tea exports volume has declined by 10 percent compared to 2022. However the revenue has increased by 28 percent. The FOB price per kg for the period under review was US $ 5.66 as against US $ 4. 61.
Pakistan can be self-sufficient in wheat
The International Maize and Wheat Improvement Centre (CIMMYT) says self-sufficiency in wheat production is now more attainable for Pakistan with the release of 31 wheat varieties since 2021 which will help the country’s 9 million hectares of cultivated wheat fields become more productive, climate resilient and disease resistant. The varieties, a selection of 30 bread wheat and one durum wheat, 26 of which developed from wheat germ-plasm provided by the Mexico-based International Maize and Wheat Improvement Center (CIMMYT) were selected after rigorous testing of international nurseries and field trials by partners across Pakistan, according to Dr Thakur P. Tiwari, Country Representative of CIMMYT, Pakistan.
Uranium price update: q2 2023 in review
Even in a difficult economic environment characterized by recession concerns and high interest rates, uranium has distinguished itself from some of its commodity peers by continuing to maintain momentum.
Prices for the energy fuel traded solidly above the US$50 per pound level in Q2.
Speaking to INN in late June, Justin Huhn, founder and publisher of Uranium Insider, said he thinks there’s a solid price floor for uranium at US$50 and noted that he would be surprised if it went back to that level at all.
“The Market is thin enough and the demand is sufficient enough that we should see a pretty stable and rising spot price for the remainder of the year,” he commented, pointing to increased contracting from utilities.