California’s $59 bn agriculture sector: review
A report from University of California-Riverside (UCR) researchers calls for urgent and innovative measures to address declining water availability due to climate change.
In a UCR release the researchers said California should take urgent and bold measures to adapt its $59 billion agriculture sector to climate change as the amount of water available for crops declines, according to a collaborative report by University of California faculty from four campuses.
Published in the Proceedings of the National Academy of Sciences, the report provides a roadmap for more water capture, storage, and distribution systems that align with climate projections and ecosystems. It further explores how runoff and groundwater can be reused as it generally flows from mountainsides to coastal lands.
India’s grain production sustains strong
Led by rice and wheat, India’s grain production for Indian crop year (ICY) 2023-24 (July-June) is projected to be 328.85 million tonnes, slightly below last year’s record of 329.69 million tonnes, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA).
India’s Ministry of Agriculture and Farmers Welfare released its third advance estimate for major crops for 2023-2024 on June 4, with near-record production anticipated despite a below normal and uneven 2023 southwest monsoon, the FAS said. The outlook is largely owing to record production of rice and wheat, while production of corn, other coarse grains and pulses is estimated lower than last year.
Natural gas price forecast: tests downtrend line, bearish viewpoint persists
Natural gas rose to a four-day high of 2.15 on Wednesday before encountering resistance. The high was a successful test of resistance around the internal downtrend line. Subsequently, sellers took back control and drove the price of natural gas to lows for the day.
At the time of this writing, it continues to trade near the lows of the day. Since the attempt to go higher was met by resistance at the trendline, the downtrend may continue to progress. There have been no sustainable bullish reversal signals and consolidation continues near the lows of the trend.
Oil market in short story
Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one.
In a recent note, Bank of America analysts referred to the current situation in crude oil as a Bermuda Triangle because of the region’s notoriety as a sort of black hole where vessels and aircraft disappear without a trace. In the case of oil, the disappearance could be that of demand worries about China or expectations of extended production cuts by OPEC+, Investing.com wrote.
Australia closes attempts to revive uranium mining in National Park
The Australian government has intervened to block a renewed attempt to mine under Kakadu National Park in the country’s Northern Territory, all but ending a decades-long dispute over one of the world’s largest untapped deposits of high-grade uranium.
Energy Resources of Australia, a company majority-owned by Rio Tinto, had applied to renew a licence permitting uranium mining at a site called Jabiluka, triggering an outcry from the local Mirarr indigenous community. Members virulently opposed any prospect of mining there since an original development plan was stopped in the 1990s after a huge public protest.
1,320MW coal power plant in Patuakhali to fire up in Oct
A 1,320-megawatt (MW) coal-based thermal power plant located in Kalapara upazila of Patuakhali is ready to begin commercial operations by the end of this year, officials said.
The first of the plant’s two units, which can generate 660 MWs daily, will commence production in October while the second will start in December.
This is the second 1,320 MW coal-based power plant in Kalapara upazila, with the Payra Thermal Power Plant situated nearby.
Punjab-CM orders crackdown on milk adulteration
Punjab Chief Minister Maryam Nawaz Sharif has ordered a campaign to check milk adulteration in the province.
Chairing a meeting, she discussed in detail a comprehensive strategy to prevent artificial increase in the prices of essential commodities like chicken and milk. “Artificial increase in prices cannot be tolerated,” she said. She had a detailed review of issues related to the supply chain and pricing mechanism of chicken and milk in the province.
Sugar price sees major rise over export permission
The recent permission to export 150,000 tonnes of sugar has led to a noticeable increase in local prices, with the retail price of sugar rising from Rs145.15 to Rs147.71 per kilogramme.
This surge in prices, amounting to an increase of Rs2.56 per kg, has prompted the Ministry of Industry and Production to take swift action.
The Ministry of Industry and Production has taken notice of the price hike of Rs2.56 per kg and has sought clarification from the Pakistan Sugar Mills Association (PSMA) regarding the sudden increase in sugar prices. In response to the rising costs, the ministry is considering suspending the export quota granted to the sugar mills.
EU wheat steadies after slide
Euronext wheat futures edged up on Wednesday, holding chart support after a six-session slide, as traders awaited further news on rain-hit harvesting in western Europe.
September wheat on Paris-based Euronext was up 0.6 percent at 216.50 euros ($234.38) a metric ton by 0948 GMT. The front-month contract reached its lowest in nearly two weeks on Tuesday at 214.25 euros, but traders said it held a chart floor at 214-215 euros.