2025-05-15 23:38

WASHINGTON, May 15 (Reuters) - The U.S. Commerce Department is considering placing more Chinese companies, including ChangXin Memory (CXMT), on its restricted export list, a person familiar with the matter said. The Bureau of Industry and Security is also looking at adding subsidiaries of Semiconductor Manufacturing International Corporation and Yangtze Memory Technologies Co. to the "Entity List", the person said. Sign up here. Timing of move has been complicated by a recent trade deal between the U.S. and China, according to the Financial Times, which first reported the news. Companies on the list cannot receive goods or technology exports without a license, which is generally denied. Companies are added for activities viewed as contrary to U.S. national security or foreign policy interests. The Biden administration added more than two dozen Chinese entities to the list in January, including Zhipu AI, a developer of large language models, and Sophgo, a company whose TSMC-made chip was illegally incorporated into a Huawei artificial intelligence processor. The Commerce Department at that time also strengthened controls on the flow of chips to China to better prevent diversion to Huawei. https://www.reuters.com/technology/us-eyes-placing-more-chinese-companies-entity-list-ft-reports-2025-05-15/

2025-05-15 23:37

Hedge funds trim bitcoin ETF positions State of Wisconsin exits bitcoin; Brown University buys in May 15 (Reuters) - A number of high-profile asset managers cut their stakes in spot bitcoin exchange-traded funds amid a 12% drop in the cryptocurrency's price in the first quarter of 2025, according to recent regulatory filings. This marks a shift from previous quarters when asset managers had typically increased their holdings in spot bitcoin ETFs, as shown in previous quarterly 13-F filings with the Securities and Exchange Commission. Sign up here. Spot bitcoin ETFs, which made their market debut in January 2024, now paint a more complex picture. Hedge funds trimmed their holdings while some financial advisory firms and wealth funds boosted or rebalanced their positions. "What we witnessed in the first quarter was the collapse of the premium that people were paying for bitcoin futures, which had set up a very lucrative basis trade," said Matt Hougan, chief investment officer of Bitwise Asset Manager. Hedge funds seeking to profit from the spread between spot and futures prices could capture annualized yields in the region of 15%, Hougan said. "But that premium collapsed and reached its nadir around the end of March," he said. "So I'm not surprised to see hedge funds trim their holdings." Millennium Management LLC cut its holdings of iShares Bitcoin Trust ETF (IBIT.O) , opens new tab by 41% to 17.6 million shares and exited its position in the Invesco Galaxy Bitcoin ETF (BTCO.Z) , opens new tab. It increased its stake in only two ETFs, boosting its holdings of the ARK 21 Shares Bitcoin ETF (ARKB.Z) , opens new tab and the Grayscale Bitcoin Mini Trust (BTC.P) , opens new tab. Jersey-based Brevan Howard trimmed its stake in the iShares ETF by 15.6%. The State of Wisconsin Investment Board, one of the earliest institutional investors to make a significant allocation to spot bitcoin ETFs in the first quarter of 2024, sold its entire six million share position in the iShares Bitcoin Trust (IBIT.O) , opens new tab in the first three months of this year. Meanwhile, Brown University made its first foray into cryptocurrency ETF ownership during the same period, acquiring a stake in the same ETF, worth $4.9 million at the end of March. Neither the state pension fund nor representatives from Brown University responded to requests for comment on their moves. Abu Dhabi's Mubadala sovereign wealth fund added to its holdings of the iShares ETF in the first quarter, bringing its total position to 8,726,972 shares, valued at $408.5 million. "What will be most important for me is whether, when all the data is finally in and we can analyze it, more investment advisory firms are stepping in," said Hougan. "That wave of adoption may be a slow-moving train, but it has forward momentum." https://www.reuters.com/business/institutional-investors-juggle-bitcoin-etf-holdings-us-filings-show-2025-05-15/

2025-05-15 23:02

ROSEMONT, Illinois, May 15 (Reuters) - The U.S. Food and Drug Administration plans to step up safety reviews on chemicals in foods, including one widely used as a preservative in products containing fats, said Kyle Diamantas, the agency's top food official, on Thursday. Health Secretary Robert F. Kennedy Jr., whose agency oversees the FDA, has pledged to tackle chronic illnesses by overhauling the U.S. diet. He has pushed for bans on synthetic food colors and encouraged fast-food chains to switch to beef tallow instead of seed oils for French fries. Sign up here. The FDA, which has suffered mass layoffs under President Donald Trump, will update a list of chemicals that will be top priorities for reviews, said Diamantas, acting deputy commissioner for human foods. "Historically FDA has been somewhat reactionary when it comes to reviewing chemicals in the food supply," he said at a food safety conference outside Chicago. "The goal is to move to a proactive process to ensure that the chemicals in our food remain safe." The FDA will prioritize reviews of chemicals including butylated hydroxytoluene (BHT); butylated hydroxyanisole (BHA); and azodicarbonamide (ADA), Diamantas said. BHT is one of the most commonly used antioxidants in foods containing fats, according to the health department , opens new tab. The FDA plans to release a scheme for highlighting other chemicals for reviews that will be available for public feedback this month, Diamantas said. Chemicals may be assessed based on consumers' concerns or on other countries' data and regulatory actions, he said. Even as food chemicals and nutrition have received a lot of attention, Diamantas told the conference that the FDA is still committed to microbiological food safety, which is the agency's division with the most employees and funding. Kennedy said on Wednesday that the "central focus" of the FDA and National Institutes of Health will be on studying ultra-processed foods, sugars and food additives. At the CDC, which also operates under Kennedy, an environmental health division endured layoffs and is no longer at the agency, said Megin Nichols, director of CDC's division of foodborne, waterborne, and environmental diseases. The division was critical to food safety and CDC continues to "maintain the spirit of that work," Nichols said in a virtual appearance at the conference. https://www.reuters.com/world/us/fda-plans-review-chemicals-us-food-supply-official-says-2025-05-15/

2025-05-15 22:57

NAPERVILLE, Illinois, May 15 (Reuters) - The U.S. government’s first estimates for the upcoming season are still hot off the press, but industry analysts are already discussing the feasibility of the figures, especially as they pertain to U.S. exports. U.S. corn exports have been on fire in the current 2024-25 marketing year while soybean and wheat shipments have been more modest, yet still respectable. Sign up here. But how are things shaping up so far for 2025-26? A look at new-crop export sales can help paint that picture. For reference, the 2025-26 U.S. marketing years begin on June 1 for wheat, September 1 for corn and soybeans, and October 1 for soybean products. CORN As of May 8, U.S. exporters had sold 2.75 million metric tons of corn for export in 2025-26. That is a three-year high for the date but a bit below the longer-term average. However, that is the second-best volume in at least two decades if excluding China and unknown destinations. China bought virtually no U.S. corn in 2024-25 after having accounted for 31% of American shipments in 2020-21. The U.S. Department of Agriculture this week pegged 2025-26 U.S. corn exports at the second-largest all-time, up 3% on the year. The early sales pace covers about 4% of that target, the same as a year ago. Some analysts doubt U.S. corn exporters can repeat the strong 2024-25 performance as they may face more Brazilian competition. Brazil’s heavily exported second corn crop is set to rise 11% in 2024-25 and harvest will begin in a few weeks. SOYBEANS U.S. soybean export sales for 2025-26 finally sprung to life last week, bringing total bookings to 1 million tons as of May 8. That is slightly better than the year-ago volume but is otherwise the date’s lowest in 20 years. But that doesn’t necessarily doom the upcoming season. Despite the terrible start to 2024-25 sales, USDA’s latest export target for that season is slightly higher than first projected a year ago. The agency predicts 2025-26 U.S. soybean exports down 2% on the year. China might not show up anytime soon given Brazil’s massive export program and trade conflicts between Beijing and Washington. Last year, China made its first new-crop U.S. soybean purchase in July, its latest start since 2005. WHEAT U.S. wheat prices have found competitive levels, and exporters last week made some of their best sales of the last several years. Those were mostly for 2025-26, boosting new-crop bookings to about 3.3 million tons as of May 8. That is the second-largest volume for the date within the last decade, just slightly behind 2021. The year-ago pace of new-crop export sales was also relatively brisk, boosting USDA’s latest 2024-25 export target above initial estimates last year. The agency sees 2025-26 shipments slipping more than 2% from the current levels with top exporter Russia likely to continue its dominance. SOYBEAN MEAL USDA predicts that U.S. soybean meal exports will notch a fourth consecutive record high in 2025-26, rising 3.4% on the year as domestic processing expands. However, global end users are not yet feeling pressured. U.S. meal export sales for 2025-26 totaled just 185,000 tons as of last Thursday, the date’s lowest in 14 years. Top meal exporter Argentina is expected to have a steady offering this year, and its 2024-25 soybean crop outlook was boosted this week. The 2025-26 U.S. soy crop is already set to shrink on the year, so the record meal export forecast could come under threat if acres, yield or both were to slip. SOYBEAN OIL Large volumes of new-crop U.S. soybean oil are not usually sold this far ahead. USDA projects 2025-26 U.S. soybean oil exports falling 29% on the year but remaining well above the barren levels seen two and three years ago. Shifts in the global vegetable oil market can certainly throw a wrench into the forecast. Late last year, Malaysian palm oil futures established a rare premium to Chicago soybean oil. As a result, U.S. bean oil exporters in 2024-25 are expected to ship nearly five times the volume that USDA predicted a year ago. But similar to meal, Argentina is poised for robust bean oil shipments into next year, particularly if competing U.S. or Brazilian supplies fall short. Karen Braun is a market analyst. Views expressed above are her own. (The views expressed here are those of the author, a columnist for Reuters.) https://www.reuters.com/markets/peek-next-years-us-grain-exports-five-easy-charts-braun-2025-05-15/

2025-05-15 22:34

May 15 (Reuters) - Large swaths of central and south Texas sweltered for a second day under a record-setting springtime heat wave on Thursday, as forecasters warned residents of the region to stay hydrated and limit strenuous outdoor activities. The National Weather Service posted heat advisories across 15 Texas counties stretching from the Rio Grande and Texas Hill Country to the Gulf of Mexico where temperatures were climbing 15 to 20 degrees Fahrenheit (8 to 11 degrees Celsius) above normal into the upper-90s and triple-digit readings Fahrenheit (upper 30s Celsius). Sign up here. An area of central Texas encompassing San Antonio and the state capital of Austin was expected to see heat-index values - a measure of how warm it feels with air temperatures and relative humidity combined - running as high as 109 degrees F (42.7 C). The heat index was forecast to reach 110 F in the border town of Laredo on the Rio Grande and to top out at 112 F (44.4 C) in the oil field hub of Alice, inland from Corpus Christi. Houston was expected to feel almost brisk by comparison with a maximum heat index expected at 101 F. The 100-degree peak air temperature recorded on Wednesday at Austin-Bergstrom Airport marked an all-time high for that date, and forecasters said Thursday's daily record, 96 degrees F in 2003, was expected to be shattered as well. The Weather Service said more high heat and humidity were in store through the weekend and into early next week, with sauna-like conditions expected to crest on Friday. While no single extreme-weather event can be easily attributed to global warming, scientists generally agree that episodes of unseasonably high temperatures are becoming more frequent, prolonged and pronounced as a consequence of climate change. To prevent heat exhaustion or heat stroke, residents were urged to avoid over-exertion outdoors, run their air-conditioning indoors, drink plenty of fluids and wear lightweight clothing. The torrid Texas weather was part of a larger dome of above-average heat building over large stretches of the U.S. from the central and southern Plains east to the Atlantic coast into Florida, according to forecasters. https://www.reuters.com/business/environment/swath-texas-swelters-record-setting-spring-heat-wave-2025-05-15/

2025-05-15 22:30

SAO PAULO, May 15 (Reuters) - Brazilian food companies Marfrig (MRFG3.SA) , opens new tab and BRF (BRFS3.SA) , opens new tab are expected to announce a merger involving a share swap this evening, a source briefed on the matter told Reuters on condition of anonymity because the deal has not been made public yet. The companies are eyeing annual synergies over 800 million reais ($140.80 million) from their tie-up, the person said, adding that the name of the new company created by Marfrig and BRF will be MBRF. Sign up here. BRF processes chicken and pork products, while Marfrig focuses on beef and has a large operation in the United States, where it controls National Beef (NBEEF.UL). Marfrig already owns 50.49% of BRF. Marfrig and BRF declined to comment. Marfrig first bought a stake in BRF in May 2021, when it said it would be a passive investor. Shares of both companies rose in Sao Paulo trading on Thursday, outperforming sector peers including Minerva (BEEF3.SA) , opens new tab and JBS (JBSS3.SA) , opens new tab. BRF's shares closed 4.78% higher at 20.62 reais, but at one point in the session rose over 7%. Marfrig was up by 4.34% to 20.66 reais. Earlier in the evening, Bloomberg News reported that Marfrig would make an offer for the shares it did not already own in BRF, citing sources. ($1 = 5.6817 reais) https://www.reuters.com/markets/deals/brazil-food-companies-marfrig-brf-merge-says-source-2025-05-15/