2025-08-06 21:54

Beijing says probe on beef imports will run until November 26 Chinese beef industry battles to reduce supply glut China has not renewed many registrations for US shipments BEIJING/CHICAGO, Aug 6 (Reuters) - China has extended for three months an investigation period for beef imports, the commerce ministry said on Wednesday, giving global suppliers a breather from the prospect of trade curbs as the domestic industry battles to reduce a supply glut. The inquiry, launched last December, came as slowing demand squeezes the world's largest market for imports and consumption, but does not target a particular country. Sign up here. Trade measures to reduce imports could hit major suppliers such as Argentina, Australia and Brazil, after China has already restricted imports from the United States. The investigation will now run until November 26, the ministry said, citing "the large volume of investigative work and the complexity of the case". It also pledged to ensure a "healthy and stable" global trade environment by communicating with all parties. "It's definitely a relief to beef exporters," said Even Rogers Pay, agriculture analyst at Trivium China. "The extension buys Beijing a few months to see whether the domestic industry can regain profitability without safeguards, and hopefully to make progress on other issues with major beef exporters." Although trade measures such as quota curbs were still not completely off the table, it was more likely something could be worked out quietly rather than being imposed, she added. Authorities have ramped up support for the industry, including financial measures. In July, an agriculture ministry official said beef cattle farming had been "generally profitable" for three consecutive months. China imported a record 2.87 million metric tons of beef in 2024, but imports of 1.3 million metric tons for the first half of 2025 were down 9.5% on the year. China has restricted imports of American meat by not renewing registrations that permitted shipments from hundreds of U.S. beef facilities after they expired in March, according to the U.S. Meat Export Federation, an industry group. "The vast majority of our plants aren't eligible to ship to China presently," federation spokesperson Joe Schuele said. "While the safeguard investigation is important, it's not at the top of our minds. The most urgent situation is to get our plants registered for China." Without exports to China, the federation estimated the U.S. beef industry's lost opportunities at about $4 billion annually. "Consistent and transparent plant approvals, without expiration, were among the most important components of the 2020 Phase One Agreement with China," federation President Dan Halstrom said, referring to the trade pact signed during U.S. President Donald Trump's first term. "It's time for China to return to those commitments." https://www.reuters.com/markets/commodities/china-extends-probe-imported-beef-respite-global-suppliers-2025-08-06/

2025-08-06 21:46

SAO PAULO, Aug 6 (Reuters) - Brazil exported 41.1 million metric tons of iron ore in July, breaking the country's previous record of 39.5 million tons set in December 2015, official data showed on Wednesday. WHY IT'S IMPORTANT Brazil is the world's second-largest exporter of iron ore after Australia. The steel-making material is also one of Brazil's main exports alongside oils and soybeans. Sign up here. The data comes as Brazil posted a $7.1 billion trade surplus for July, down 6.3% from a year earlier. BY THE NUMBERS Brazilian iron ore shipments, usually led by local miner Vale (VALE3.SA) , opens new tab, rose 4.7% in July from the same month last year, government data showed, even as revenues from these exports fell 8.8% to $2.62 billion as prices dipped about 13%. KEY QUOTE "June and July saw confidence rebound in the sector due to the progress of large projects in China and a resumption of production," Brazilian mining lobby group Ibram said in a statement. "This is one of the factors that may have influenced this demand," Ibram added, noting it also helped global prices to edge up from late June. https://www.reuters.com/business/energy/brazils-july-iron-ore-exports-hit-record-volumes-2025-08-06/

2025-08-06 21:38

Stock up 6% in extended trading Raises 2025 adjusted profit and net sales forecast Expects to repurchase about $1 billion of shares during 2025 Aug 6 (Reuters) - U.S. agrichemicals company Corteva (CTVA.N) , opens new tab raised its annual adjusted profit and sales forecast on Wednesday, following strong performance in the first half of the year, sending its shares 6% higher in extended trading. Reuters had reported in May that U.S. farmers have hit very few snags with corn planting this spring, and the foreseeable future is barrier-free. Sign up here. "While we continue to navigate a fluid macro environment, we are raising our full year guidance as a result of the strength of our global business and the setup for our Latin American business in the second half," said CEO Chuck Magro. The company expects full-year net sales to be in the range of $17.6 to $17.8 billion from $17.2 to $17.6 billion previously. It now forecasts 2025 adjusted earnings to be between $3.00 and $3.20 per share, from a prior view of $2.70 to $2.95 per share. "The improved crop protection results with higher volumes and profits show inventory destocking is behind Corteva. Going forward, we expect differentiated crop protection products will drive long-term profit growth in this business as well," said Morningstar analyst Seth Goldstein. Corteva's net sales rose 5.6% to $6.46 billion during the second quarter, driven by higher sales in all its regions. Analysts, on average, estimated net sales of $6.27 billion, according to data compiled by LSEG. Quarterly net sales at its seeds segment rose 4.8% to $4.54 billion, while that at its crop protection segment rose 7.7% to $1.92 billion. On an adjusted basis, the Indianapolis-based company posted a profit of $2.20 per share for the three months ending June 30, beating analysts' estimates of $1.89 per share, according to data compiled by LSEG. Corteva, among the largest crop-protection product makers in the United States, expects to repurchase about $1 billion of shares during 2025. https://www.reuters.com/business/energy/corteva-raises-annual-profit-sales-forecast-after-strong-first-half-performance-2025-08-06/

2025-08-06 21:35

SAO PAULO, Aug 6 (Reuters) - SALIC International Investment Company, a wholly-owned subsidiary of Saudi Agricultural and Livestock Investment Company, told Brazilian competition authorities on Wednesday it is a passive minority shareholder in rival food producers BRF (BRFS3.SA) , opens new tab and Minerva (BEEF3.SA) , opens new tab. SIIC, which owns 11.03% of BRF and 24.49% of Minerva, said "it does not hold any political rights that would allow it to interfere with or influence the independence and normal course of business and management of BRF and Minerva." Sign up here. The Saudi investor's clarification comes after a formal information request made by Brazil's antitrust watchdog CADE regarding the proposed takeover of BRF by Marfrig (MRFG3.SA) , opens new tab. The deal was approved by the minority shareholders of both companies on Tuesday. The Saudi investor abstained from voting and did not participate in the merger discussions of BRF and Marfrig, according to CADE's disclosures. Separately, CADE cleared the proposed transaction in early June. But CADE's nod was later challenged by Minerva, which asked it to scrutinize the deal more closely. Minerva claimed the merger would involve the transfer of BRF's current shareholders, including SALIC, to Marfrig's shareholding structure through a share swap. Minerva said if the transaction went ahead, the Saudi investor would gain influence over the business decisions of three competitors: Minerva, Marfrig, and BRF. BRF and Marfrig did not comment. CADE responded to Minerva by agreeing with a more prolonged merger review, according to a public decision on Monday. "The alleged facts, if proven, may indicate a possible alignment of interests and exchange of sensitive information between ... competitors," CADE's general superintendent wrote. That decision must be confirmed by a virtual CADE panel on August 11. By law, CADE has a 240-day deadline to investigate complex mergers, extendable by 90 days. If approved, Marfrig and BRF will create another global Brazilian food processor, with factories across the Americas, the Middle East and Asia. https://www.reuters.com/sustainability/boards-policy-regulation/brfs-saudi-investor-says-it-has-no-influence-management-2025-08-06/

2025-08-06 21:17

Apple to announce $100-billion pledge, says White House official S&P 500 earnings reports continue to be better than expected Indexes: Dow up 0.2%, S&P 500 up 0.7%, Nasdaq up 1.2% NEW YORK Aug 6 (Reuters) - U.S. stocks ended higher on Wednesday, led by a more than 1% gain in the Nasdaq, as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge, and as some companies delivered upbeat earnings reports. Shares of Apple (AAPL.O) , opens new tab jumped 5.1% and provided the biggest boost to all three of the major indexes after a White House official said the company would announce a $100-billion domestic manufacturing pledge. Sign up here. In addition, shares of McDonald's (MCD.N) , opens new tab rose 3% after the fast-food restaurant's affordable menu drove global sales past expectations, while Arista Networks (ANET.N) , opens new tab shares jumped 17.5% after the cloud networking company projected current-quarter revenue above estimates. "Earnings continue to come in better than expected," said Sam Stovall, chief investment strategist at CFRA Research. He said while there is uncertainty surrounding tariffs, investors appear to be upbeat about the near term. Results are now in from about 400 of the S&P 500 companies for the second-quarter earnings season. About 80% of reports are beating analyst earnings expectations - above the 76% average of the last four quarters - and earnings growth for the quarter is estimated at 12.1%, up from 5.8% at the start of July, according to LSEG data. On Wednesday, U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil. The Dow Jones Industrial Average (.DJI) , opens new tab rose 81.38 points, or 0.18%, to 44,193.12, the S&P 500 (.SPX) , opens new tab gained 45.87 points, or 0.73%, to 6,345.06 and the Nasdaq Composite (.IXIC) , opens new tab gained 252.87 points, or 1.21%, to 21,169.42. Also positive for stocks were increasing bets for a September interest rate cut from the Federal Reserve. Last week's jobs report showed slowing employment growth and downward revisions for previous months. Minneapolis Fed President Neel Kashkari said on Wednesday the Fed may need to cut rates in the near term to account for a slowing economy. Market expectations for a September rate cut of at least 25 basis points from the Fed stood at 95.2%, up from 92.9% in the prior session and well above 46.7% from a week ago, according to CME's FedWatch Tool. Investors also awaited Trump's choice to fill a slot on the Fed's Board of Governors. Bucking the day's trend, shares of chip company Advanced Micro Devices (AMD.O) , opens new tab and server maker Super Micro Computer (SMCI.O) , opens new tab fell sharply after the companies posted disappointing results in their data center segments. Advanced Micro was down 6.4% and Super Micro was down 18.3%. Walt Disney (DIS.N) , opens new tab delivered a strong quarter and lifted its full-year outlook, but its shares eased 2.7%. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE. There were 166 new highs and 76 new lows on the NYSE. On the Nasdaq, 2,195 stocks rose and 2,377 fell as declining issues outnumbered advancers by a 1.08-to-1 ratio. Volume on U.S. exchanges was 16.85 billion shares, compared with the 18.27-billion average for the full session over the last 20 trading days. https://www.reuters.com/business/wall-street-ends-higher-with-nasdaq-up-more-than-1-led-by-apple-2025-08-06/

2025-08-06 21:14

SAO PAULO, Aug 6 (Reuters) - Exports of fresh beef from Brazil reached a record 276,900 metric tons in July, according to trade data on Wednesday, showing a steep rise before a hefty U.S. tariff applied on sales from the world's biggest exporter. July shipments exceeded those of the same month last year by nearly 17%, surpassing the previous monthly record from October 2024, when 270,300 tons of beef were shipped, the data showed. Sign up here. Some 12% of Brazil's beef shipments go the United States, its second most important importer after China. Other key markets for Brazil include Mexico and the Middle East. Brazilian exporter Astra, which sells 5% of its production to the U.S. from Parana state, said the company sent cargo this week to avoid the new duty, which is valid from today. Astra ships beef to practically every port in the United States. "We don't know what will happen," Diogo Oliveira, Astra's export coordinator, said in an interview. "My U.S. volume, although small, was consistent. And from September onward, I don't know if we'll have more business." Brazil's beef sales have steadily grown this year, with strong demand from major importers. In the first half, Brazil sent 181,400 tons of beef to the U.S. alone, which faces a persistent cattle shortage, and another 631,800 tons to the Chinese market. https://www.reuters.com/world/china/eve-us-tariffs-brazilian-beef-exports-hit-record-high-july-2025-08-06/