Argentina braces for another ports strike
Argentina's ports are bracing for another labor strike after recovering from back-to-back strikes last week that paralyzed shipping throughout most of the country.
Seven grains tankers that were ready to depart from Rosario port when a strike by port workers began on 18 May were able to set sail. The last of the seven vessels left Rosario today, Capym ports chamber manager Guillermo Wade said.
Rosario is the hub for the country's grain exports on the Parana river.
A group of unions that represent port workers said they will hold a two-day strike starting on 26 May to reiterate a demand for priority access to Covid-19 vaccines.
Government authorities have rejected the unions' demands, asserting that a national vaccination plan is already underway.
Argentina has applied 11.1mn vaccine doses, but only just over 5pc of its population of some 45mn has been fully vaccinated.
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US House panel advances waterways’ projects bill
US House panel advances waterways’ projects bill
Houston, 27 June (Argus) — A Congressional committee on Wednesday advanced a bill to authorize a bundle of US port and river infrastructure projects for the US Army Corps of Engineers (Corps). The Water Resources Development Act (WRDA) biennially authorizes projects handled by the Corps' civil works program aimed at improving shipping operations at the nation's ports and harbors, and along the inland waterway system. The traditionally bipartisan legislation also approves flood and storm programs, and work on other aspects of water resources infrastructure. The House of Representatives' Transportation and Infrastructure Committee on Wednesday passed the bill by a 61-2 vote. The Senate Committee on Environmental and Public Works passed its own version of the bill on 22 May by a 19-0 vote. Neither the full Senate nor House have yet voted on the bills, which will need a conference committee to sort out different versions. A key difference is that the House bill did not include an adjustment to the cost-sharing structure for lock and dam construction and major rehabilitation projects. The Senate measure adjusted the funding mechanism so that 75pc of costs would be paid for by the US Treasury Department's general fund, with the rest coming from the Inland Waterways Trust Fund. The 2022 version of the bill made permanent an increase to 65pc from the general fund and 35pc from the trust fund, which is funded by a barge diesel fuel tax. The House committee's decision not to include the funding change drew disappointment from shipping interests. The Waterways Council was "disappointed that the House did not include a provision to modernize the inland waterways system", but was hopeful that conference negotiations would result in its inclusion, Tracy Zea, chief executive of the group, said. The latest House version of the bill authorizes 12 projects and 160 new feasibility studies. Among the projects receiving approval were modifications to the Seagirt Loop Channel near the Baltimore Harbor in Maryland. The federal government would pay $47.9mn towards an estimate $63.9mn project to widen the channel, which would help meet future demand for capacity within the Port of Baltimore. That would include increased container volume at the Seagirt Marine Terminal. The project was in the works before the 26 March collapse of the Francis Scott Key Bridge temporarily diverted freight from Seagirt and many other port terminals. The committee also authorized $314.25mn towards a resiliency study of the Gulf Intracoastal Waterway. The study would consider hurricane and storm damage and identify ways to improve navigation, reduce the maintenance requirements, and provide resiliency. The waterway connects ports along the Gulf of Mexico from St Marks, Florida, to Brownsville, Texas. The House version of the bill also includes provisions to strengthen flood control, wastewater, and stormwater infrastructure. "Critically, WRDA 2024 will help communities increase resiliency in the face of climate change," representative Rick Larsen (D-WA) said. By Abby Caplan and Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
ExxonMobil exits, Vitol enters California RD project
ExxonMobil exits, Vitol enters California RD project
New York, 26 June (Argus) — A company hoping to construct a 15,000 b/d renewable diesel refinery in Bakersfield, California, this year has settled a dispute with ExxonMobil and inked a new offtake deal with Swiss commodity trader Vitol, providing a reprieve for a project that has been financially stressed. Global Clean Energy Holdings will pay ExxonMobil $18.2mn as a one-time settlement and cancel all 125,000 shares of Global Class C preferred stock that the US oil major had owned, according to a regulatory filing on Wednesday. Two ExxonMobil employees have exited the Global Clean Energy board. The two companies will also ask the Delaware Court of Chancery to dismiss a complaint brought by ExxonMobil that alleged wrongdoing. ExxonMobil had previously moved to cancel an offtake agreement to purchase much of the plant's expected output, citing various production delays, and asked the Delaware court to compel the release of Global internal files. A Global subsidiary has entered into a new agreement with Vitol, in which the trading firm will be the "exclusive supplier of renewable feedstocks" to the Bakersfield plant and "exclusive offtaker" of all renewable diesel and naphtha produced by the facility and its associated environmental attributes, according to the filing. The two companies also entered into a revolving credit agreement, which provides Global with a working capital loan of $75mn. Global Clean Energy has said it wants the facility's primary feedstock to be camelina oil, which would be more able to capitalize on low-carbon fuel incentives because it comes from a cover crop. But the company said in an April regulatory filing that it expects to use only a "minimal amount" of camelina oil in 2024 and 2025. The filing on Wednesday also lists soybean oil, canola oil, and various waste feedstocks, such as used cooking oil, as potential feedstocks Vitol could supply. The agreement with Vitol provides fresh hope for the long-delayed Bakersfield project, one of a handful of renewable fuels facilities that have set plans to come online in California. Global Clean Energy as recently as last month warned there was "substantial doubt" about its ability to survive, given its debt obligations and the uncertain timing for completing its facility. Vitol can terminate the supply and offtake agreement, which is otherwise set to last for three years and can be extended for two more, if the project is not producing at least 5,000 b/d of renewable diesel by 31 October this year. Global Clean Energy declined to provide more details on its construction timeline today but said in a regulatory filing last month that it planned to commence "the start-up phase" of the project this month and begin initial commercial operations during the third quarter. The facility, if completed, could face additional headwinds. Declining prices over the last year for federal renewable identification numbers (RINs) and California low-carbon fuel standard credits have depressed margins for renewable diesel producers. And the growth of biorefineries in the state — including Phillips 66's Rodeo facility that the company said Wednesday is running at full capacity — could mean steep competition for feedstocks. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Neutral outlook supports Australia’s NSW winter crops
Neutral outlook supports Australia’s NSW winter crops
Sydney, 26 June (Argus) — Australian forecasts predicting New South Wales' (NSW) 2024-25 winter crop production to be the fifth largest since records began in 1989-90 are being supported by recent rainfall and a continuing neutral winter outlook. NSW's winter crop in 2024-25 (June-July) is forecast to increase by 36pc from 2023-24 to 15.02mn t, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (Abares). It projects wheat yields in 2024-25 to rise by 27pc from 2023-24 to 2.72 t/hectare with favourable soil moisture levels and a neutral winter rainfall outlook that did not predict below average rainfall in most of NSW's cropping regions. Rainfall in June and the continuation of a three-month neutral rainfall outlook lends support to the above average yield projections. The chance of exceeding median rainfall in state's northern cropping regions is about 50pc, according to the Bureau of Meteorology's (BoM) July-September rainfall forecast issued on 20 June. The BoM did not change its El Nino–Southern Oscillation (Enso) outlook from a La Nina Watch on 25 June, indicating a La Nina or neutral Enso weather event is equally likely to develop later in 2024. The south of NSW could be an exception with its drier weather and in the southerly state of Victoria, leading to a more challenging cropping environment. May rainfall deciles in western Victoria were below and very much below average. The upcoming NSW harvest is unlikely to exert abnormal pressure on logistics and grain storage networks. GrainCorp, the largest bulk handler on the east coast, received approximately 16mn t of grain when NSW winter crop output peaked at 20.33mn t in the 2020-21 season. GrainCorp has a storage capacity exceeding 20mn t, which can accommodate almost 75pc of the combined winter crop of Queensland, NSW and Victoria calculated at Abares' 2024-25 output projections. It is too early in the season for GrainCorp to determine if it will need to significantly increase its casual workforce, which can reach up to 3,000 staff for some harvests. By Edward Dunlop NSW rainfall 1-25 June (mm) Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Brazil's 23-24 soybean harvest almost done: Correction
Brazil's 23-24 soybean harvest almost done: Correction
Corrects heading of 4th table to "Wheat Crop Planting Progress" for story originally published on 11 June Sao Paulo, 25 June (Argus) — Brazil's harvest of the 2023-24 soybean crop reached 99.8pc completion in the latest week, according to national supply company Conab. Soybeans: Work advanced 1 percentage point in the week ended 9 June. That is in line with progress registered for the prior crop at this time in 2023. Maranhao and Rio Grande do Sul states are still harvesting. Winter corn: The 2023-24 second corn crop is 7.5pc harvested as of the week ended 9 June, up from 3.7pc a week prior. That compares with progress of 1.7pc a year ago for the 2022-23 cycle. Activities have yet to begin in Piaui, Maranhao, Sao Paulo and Minas Gerais states. Summer corn: The 2023-24 first corn crop harvest advanced by 3.6 percentage points to 85.2pc in the week ended 9 June. Work is now slightly ahead of the 85pc harvested for the prior season at this time in 2023, after posting a yearly delay during most of the cycle. Sao Paulo, Parana and Santa Catarina are the only states where activities are finished. Cotton: Harvesting is 1.7pc complete as of 9 June, from 0.9pc a week before and a year ago for the 2022-23 crop. Only Piaui state has yet to start work. Wheat: Planting for this year's cycle reached 46.8pc of the area expected nationwide, up by 11 percentage points from 2 June. The 2023 wheat crop was 46.9pc sowed at this time last year. Santa Catarina has yet to begin work, while all states had started activities at this time a year ago. Minas Gerais, Sao Paulo and Mato Grosso do Sul already finished sowing. By Nathalia Giannetti Cotton crop 2023-24 - Harvesting progress State 8 Jun 23 2 Jun 24 9 Jun 24 Maranhao 0.0% 0.0% 1.0% Piaui 0.0% 0.0% 0.0% Bahia 4.0% 4.0% 5.9% Mato Grosso 0.0% 0.0% 0.4% Mato Grosso do Sul 4.0% 5.0% 6.0% Goias 1.0% 2.0% 2.5% Minas Gerais 3.0% 6.0% 8.0% Total 0.9% 0.9% 1.7% — Conab Soybean crop 2023-24 - Harvesting progress State 8 Jun 23 2 Jun 24 9 Jun 24 Tocantins 100.0% 100.0% 100.0% Maranhao 98.0% 93.0% 97.0% Piaui 100.0% 100.0% 100.0% Bahia 100.0% 100.0% 100.0% Mato Grosso 100.0% 100.0% 100.0% Mato Grosso do Sul 100.0% 100.0% 100.0% Goias 100.0% 100.0% 100.0% Minas Gerais 100.0% 100.0% 100.0% Sao Paulo 100.0% 100.0% 100.0% Parana 100.0% 100.0% 100.0% Santa Catarina 100.0% 99.0% 100.0% Rio Grande do Sul 99.0% 94.0% 99.0% Total 99.8% 98.8% 99.8% — Conab Summer corn crop 2023-24 - Harvesting progress State 8 Jun 23 2 Jun 24 9 Jun 24 Maranhao 47.0% 23.0% 30.0% Piaui 42.0% 39.0% 48.0% Bahia 74.0% 73.2% 81.0% Goias 100.0% 90.0% 99.0% Minas Gerais 100.0% 97.0% 99.0% Sao Paulo 100.0% 100.0% 100.0% Parana 100.0% 100.0% 100.0% Santa Catarina 100.0% 100.0% 100.0% Rio Grande do Sul 96.0% 93.0% 95.0% Total 85.0% 81.6% 85.2% — Conab Wheat crop 2024 - Planting progress State 8 Jun 23 2 Jun 24 9 Jun 24 Goias 100.0% 97.0% 99.0% Minas Gerais 100.0% 100.0% 100.0% Bahia 100.0% 30.0% 50.0% Rio Grande do Sul 12.0% 0.0% 11.0% Parana 75.0% 59.0% 73.0% Santa Catarina 4.6% 0.0% 0.0% Sao Paulo 100.0% 80.0% 100.0% Mato Grosso do Sul 100.0% 100.0% 100.0% Total 46.9% 35.8% 46.8% — Conab Winter corn crop 2023-24 - Harvesting progress State 8 Jun 23 2 Jun 24 9 Jun 24 Goias 0.0% 2.0% 2.5% Piaui 0.0% 0.0% 0.0% Tocantins 0.0% 1.0% 3.0% Sao Paulo 0.0% 0.0% 0.0% Minas Gerais 0.4% 0.0% 0.0% Maranhao 0.0% 0.0% 0.0% Mato Grosso do Sul 0.0% 4.0% 5.0% Mato Grosso 3.7% 4.8% 11.2% Parana 0.0% 4.0% 7.0% Total 1.7% 3.7% 7.5% — Conab Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
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