2025-03-02 23:16

March 3 (Reuters) - Mining major Rio Tinto (RIO.AX) , opens new tab said on Monday its East Intercourse Island facility at the Dampier iron ore export port in Western Australia had resumed operations after flooding from Tropical Cyclone Sean. The miner, one of the world's biggest iron ore producers, also said it had kept its full-year iron ore shipment guidance from Western Australia for 2025 unchanged at 323 million to 338 million metric tons. Rio warned in late January that its first-quarter shipments could be affected due to disruptions in rail operations along the state's Pilbara coastline caused by the cyclone. The cyclone season in Western Australia usually runs from November to April. "As the system rebalances and normal operations resume, an update will be provided in the first quarter operations review on 16 April", Rio said in a statement. Sign up here. https://www.reuters.com/markets/commodities/rio-tinto-resumes-operations-australias-dampier-port-after-cyclone-disruption-2025-03-02/

2025-03-02 22:18

NAPERVILLE, Illinois, March 2 (Reuters) - The 2024-25 marketing year may still be in progress, but it is never too early to peek into the future. The U.S. Department of Agriculture on Friday published unofficial U.S. supply and demand outlooks for 2025-26, which starts on Sept. 1 for corn and soybeans and June 1 for wheat. These forecasts are tentative and could even be subject to major changes by May, when USDA releases its first official 2025-26 projections. But there are a few items worth exploring in the meantime. PLANTED ACRES USDA pegs combined planted acres of U.S. corn, soybeans and wheat at 225 million. This is roughly equal to a four-year average and is driven by a healthy 94-million-acre corn prediction. But final combined area for the top three U.S. crops has not exceeded USDA’s February prediction in eight years. This is potentially reflective of the shrinking pool of available acres, which could limit or prevent upside for this year. At least three of these acreage slides within the last seven years are explainable by poor planting weather (2019, 2022) and the pandemic (2020). In just two of the last seven years, 2020 and 2023, have farmers in March reported a larger three-crop acreage than what USDA had slated in February. RECORD CORN YIELDS U.S. corn farmers produced back-to-back record yields in 2023 and 2024. Ironically, both results were actually disappointing versus USDA’s initial trend assumption. In fact, U.S. corn yield has fallen below USDA’s trend for seven straight years, causing some market frustration as high initial yields may lead to an overstating of supplies early on. USDA set the 2025 trend at 181 bushels per acre, above last year’s record 179.3. However, strong U.S. corn plantings typically involve a lot of additional lower-yielding acres from outside the main Corn Belt, and this could be a drag on the national yield. More acres equal more corn output, but it is important to see the impact of overall yield. Taking USDA’s 94 million acres and exchanging the 181 bpa for last year’s yield would reduce 2025 output by about 150 million bushels. MORE MEAL EXPORTS The U.S. has been exporting record volumes of soybean meal thanks to expanded processing capacity and less competition from domestic soybean exporters. USDA expects U.S. soymeal exports in 2025-26 will hit yet another record of more than 16 million metric tons. However, the 2% yearly growth rate would be the slowest in four years. About 57% of the 2025-26 U.S. soybean crop is expected to be processed domestically, the highest non-trade-war share in 18 years. Soybean exports are seen up 2% on the year despite a negligible rise in production, something of which analysts are already suspicious. U.S. meal exporters’ increased presence in the global market could be threatened if the U.S. drastically cut soybean acres. A rebound in Argentina’s soy crop could also bite, as it has been a few years since the top exporter has recorded truly solid harvest results. ALL SCENARIOS ON THE TABLE USDA predicts 2025-26 U.S. corn and soybean ending stocks to rise 28% and fall 16%, respectively, versus 2024-25. But a lot can happen between now and August 2026. This marks the sixth consecutive February in which corn stocks for the upcoming cycle were seen rising on the year. Interestingly, final U.S. corn ending stocks were higher than USDA’s February estimate in just one of the last eight years (2019-20). This could be linked to lofty corn yield goals, but an underestimation of demand during higher supply years also factors in. However, there is not a clear pattern for soybean ending stocks as the final outcomes versus February have been mixed in recent years. FUNDS STILL BULLED UP Analysts fear that large speculators’ massive net long position in Chicago-traded corn could cause a significant selloff in futures, though history indicates that funds do not usually eliminate such bullish corn bets so quickly. However, there are some atypical forces at play, namely the U.S. tariff threats against major trade partners. CBOT corn futures plunged nearly 5% between Thursday and Friday as the March 4 deadline for tariffs against top U.S. corn buyer Mexico loomed. Corn fell more than 4% in the week ended Feb. 25, and money managers reduced their net long position in CBOT corn futures and options to 337,454 contracts from 353,533 a week earlier. Considerable selling is thought to have occurred on Thursday and Friday. Aside from trade uncertainty, an even bigger U.S. corn acreage at the end of March along with potentially favorable weather for corn crops in South America continue to be top threats for corn bulls. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Sign up here. https://www.reuters.com/markets/us/five-charts-consider-ahead-2025-26-us-crop-season-braun-2025-03-02/

2025-03-02 20:15

National security adviser Waltz suggests Ukraine needs new leader Rubio says he has not spoken to Zelenskiy since White House exchange Democrats knock White House for meeting WASHINGTON, March 2 (Reuters) - Top Republicans aligned with U.S. President Donald Trump pushed Ukrainian President Volodymyr Zelenskiy on Sunday to change his position on the war with Russia or step aside, ramping up pressure on the Ukrainian leader after a contentious White House meeting last week. European leaders gave a show of support to Zelenskiy at a meeting in London on Sunday, with British Prime Minister Keir Starmer urging his counterparts to step up their defense efforts, just two days after Trump and Vice President JD Vance clashed with Zelenskiy in the Oval Office, spurring him to leave early without signing a planned minerals deal. The blowup, which showcased Vance in an attack dog role for his boss, stunned leaders around the world and raised questions about the next phase of the war, which Russia started by invading Ukraine three years ago, and Trump's efforts to end it. Zelenskiy argued in the meeting that Russian President Vladimir Putin had not honored a 2019 ceasefire agreement and described him as a killer and a terrorist. Trump's national security adviser, Mike Waltz, said it was not clear to the administration that Zelenskiy was ready to negotiate an end of the war. Waltz underscored Trump's goal for a permanent peace between Moscow and Kyiv involving territorial concessions in exchange for European-led security guarantees. Asked whether Trump wanted Zelenskiy to resign, Waltz told CNN's "State of the Union" program: "We need a leader that can deal with us, eventually deal with the Russians and end this war." "If it becomes apparent that President Zelenskiy's either personal motivations or political motivations are divergent from ending the fighting in his country, then I think we have a real issue on our hands," Waltz added. U.S. Senator Lindsey Graham of South Carolina, a top Trump ally and also an advocate for Ukraine, questioned whether the United States could still work with Zelenskiy following the White House clash in remarks to reporters on Friday. House of Representatives Speaker Mike Johnson issued a similar message on Sunday. "Something has to change. Either he needs to come to his senses and come back to the table in gratitude, or someone else needs to lead the country to do that," the top congressional Republican told NBC's "Meet the Press" program, referring to Zelenskiy. "I'd like to see Putin defeated, frankly. He is an adversary of the United States. But in this conflict, we've got to bring an end to this war." 'ABSOLUTELY SHAMEFUL' U.S. Senator Bernie Sanders, an independent from Vermont aligned with the Democrats, dismissed suggestions that Zelenskiy should resign. "I think that is a horrific suggestion. Zelenskiy is leading a country, trying to defend democracy against an authoritarian dictator, Putin, who invaded his country," Sanders said on "Meet the Press." Republican U.S. Senator James Lankford of Oklahoma said on the same program that he did not agree with calls for Zelenskiy to resign. Democrats have expressed disgust over the tenor of Trump's meeting with the Ukrainian leader. U.S. Senator Chris Murphy of Connecticut lambasted the White House for drawing closer to Russia than to fellow democracies. "It is absolutely shameful what is happening right now. The White House has become an arm of the Kremlin," he said on CNN's "State of the Union" program. "The entire pretext for that meeting... was an attempt to rewrite history in order to sign a deal with Putin that hands Putin Ukraine. That is disastrous for U.S. national security." Waltz called it "absolutely false" that the Oval Office meeting was an ambush, and the Trump administration put the onus on the Ukrainians to shift their position. "We'll be ready to reengage when they're ready to make peace," Secretary of State Marco Rubio said on ABC's "This Week" program. He said he had not spoken to Zelenskiy or Ukrainian Foreign Minister Andrii Sybiha since the Friday meeting. "No one here is claiming Vladimir Putin is going to get the Nobel Peace Prize this year," Rubio said, while arguing that negotiations with Moscow were required. "You’re not going to bring them to the table if you’re calling them names, if you’re being antagonistic." Democrat Amy Klobuchar, a U.S. senator from Minnesota, said on "This Week" that she was "appalled" by the clash in the Oval Office and that she had met with Zelenskiy before he went to the White House on Friday. "There is still an opening here" for a peace deal, she said. Sign up here. https://www.reuters.com/world/rubio-says-he-has-not-spoken-with-ukraines-zelenskiy-since-friday-white-house-2025-03-02/

2025-03-02 20:13

Trump names bitcoin, ether, XRP, solana and cardano for strategic reserve Bitcoin and ether rise more than 10% on the news Trump has moved quickly to back crypto industry policy priorities WEST PALM BEACH, Florida, March 2 (Reuters) - U.S. President Donald Trump on social media announced the names of five digital assets he expects to include in a new U.S. strategic reserve of cryptocurrencies on Sunday, spiking the market value of each. Trump said in a post on Truth Social that his January executive order on digital assets would create a stockpile of currencies including bitcoin , ether , XRP , solana and cardano . The names had not previously been announced. More than an hour later, Trump added: "And, obviously, BTC and ETH, as other valuable Cryptocurrencies, will be at the heart of the Reserve." Bitcoin, the world's largest cryptocurrency by market value, was up more than 11% at $94,164 Sunday afternoon. Ether, the second-largest cryptocurrency, was up about 13% at $2,516. The total cryptocurrency market has risen about 10%, or more than $300 billion, in the hours since Trump's announcement, according to CoinGecko, a cryptocurrency data and analysis company. XRP is cryptocurrency company Ripple Labs' token. Ripple backed a so-called super PAC to influence congressional elections in November in favor of the crypto industry, Reuters reported. "This move signals a shift toward active participation in the crypto economy by the U.S. government," said Federico Brokate, head of U.S. business at 21Shares, a digital assets investment management firm. "It has the potential to accelerate institutional adoption, provide greater regulatory clarity, and strengthen the U.S.’s leadership in digital asset innovation." James Butterfill, head of research at asset manager CoinShares, said he was surprised to see digital assets other than bitcoin included in the reserve. "Unlike bitcoin...these assets are more akin to tech investments," Butterfill said. "The announcement suggests a more patriotic stance toward the broader crypto technology space, with little regard for the fundamental qualities of these assets." Trump won support from the crypto industry in his 2024 election bid, and he has quickly moved to back their policy priorities. He is hosting the first White House Crypto Summit on Friday, and his family has also launched its own coins. Under his Democratic predecessor, Joe Biden, regulators cracked down on the industry in a bid to protect Americans from fraud and money laundering. Under Trump, the Securities and Exchange Commission has withdrawn investigations into several crypto companies and dropped a lawsuit against Coinbase (COIN.O) , opens new tab, the largest crypto exchange in the U.S. But in recent weeks cryptocurrency prices are down sharply, with some of the biggest digital currencies erasing nearly all of the gains made after Trump's election win triggered a wave of excitement across the industry. Analysts say the market needs a reason to move higher, such as signs that the U.S. Federal Reserve plans to cut interest rates or a clear pro-crypto regulatory framework from the Trump administration. Reuters has reported that Geoff Kendrick, an analyst at Standard Chartered, is targeting bitcoin to hit $500,000, against a record high of $109,071, before Trump leaves office. Regulatory filings in the U.S. showed that while hedge funds remain the dominant crypto buyers, banks and sovereign wealth funds are buying too. Quarterly filings showed that asset managers boosted allocations to U.S. ETFs tied to the price of spot bitcoin in the fourth quarter of 2024. Analysts and legal experts are divided on whether an act of Congress will be necessary to set up the reserve. Some have argued the reserve could be created via the U.S. Treasury's Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies. Trump's crypto group had planned to look at potentially creating the stockpile with cryptocurrencies seized in law enforcement actions. Sign up here. https://www.reuters.com/world/us/trump-says-cryptocurrency-strategic-reserve-includes-xrp-sol-ada-2025-03-02/

2025-03-02 20:06

WASHINGTON, March 2 (Reuters) - U.S. House Speaker Mike Johnson said on Sunday that he wants to pass a "clean" stopgap funding measure to keep federal agencies operating at current spending levels through September and leave proposed cuts for legislation for the next fiscal year. During a series of television appearances, Johnson dispelled the notion that cuts identified by billionaire Elon Musk's so-called Department of Government Efficiency, which Democrats vehemently oppose, could be included in a continuing resolution, known as a CR, intended to avert a partial government shutdown when current funding expires on March 14. "We're looking to pass a clean CR to freeze funding at current levels to make sure that the government can stay open," Johnson told NBC's "Meet the Press." "We are working hard to do our responsibility to keep the government open. Democrats have to help negotiate this," he said. But his comments did not appear to move Congress closer to a deal on government funding, with both Democrats and Republicans pushing back. "There has been zero outreach from the Trump administration, and House Republicans have walked away from the negotiating table," the House of Representatives Democratic leader, Hakeem Jeffries, said in a statement on Sunday. Republicans need Democratic support in the Senate, where their 53-47 majority falls short of the 60-vote margin needed to pass most legislation. In the House, Republicans need only a simple majority to pass a stopgap measure and hold a 218-215 advantage over Democrats. It was not clear, however, if Republicans can muster the necessary support. "I am a NO on the CR. Congress needs to do its job and pass a conservative budget! CR’s are code for Continued Rubberstamp of fraud, waste, and abuse," Republican Representative Tony Gonzales wrote on X. House Republican Don Bacon also voiced opposition, posting: "A continuing resolution is bad for our military and weakens our national security. A CR means new weapons programs cannot get started. A year-long CR means we are not serious about building a military that will deter China, Russia and Iran." On Friday, top Democratic appropriators in the Senate and the House of Representatives said Republicans had raised the risk of a government shutdown by insisting on including cuts made by President Donald Trump , opens new tab's administration in legislation for fiscal year 2025, which ends on September 30. But Johnson said those cuts would be reserved for legislation to fund the government in fiscal year 2026, which begins on October 1. "We will actually be able to change the way this is done and incorporate all the extraordinary savings that DOGE is uncovering through fraud, waste and abuse, the other revenues that President Trump is bringing about because of his policies," Johnson told the Fox News program "Sunday Morning Futures." Jeffries took aim at Republican plans to cut spending for social programs such as Medicare to pay for Trump's border and tax-cut agenda. Democrats unanimously opposed a budget blueprint for advancing the Trump agenda that House Republicans barely managed to pass on Tuesday. "There will be no support for partisan legislation that fails to protect the quality of life of the American people," Jeffries said. Sign up here. https://www.reuters.com/world/us/us-house-look-pass-stopgap-funding-bill-avert-shutdown-speaker-johnson-says-nbc-2025-03-02/

2025-03-02 19:19

March 2 (Reuters) - Shell (SHEL.L) , opens new tab is considering a potential sale of its chemicals assets in Europe and the United States, the Wall Street Journal reported on Sunday, citing sources familiar with the matter. The energy group has hired Morgan Stanley (MS.N) , opens new tab to conduct a strategic review of its chemicals operations, the report said. Shell and Morgan Stanley declined to comment. Potential buyers could include private equity firms and Middle Eastern entities seeking to expand their Western presence, according to the newspaper. The review is in its early stages and Shell has not yet made any definitive decisions regarding a potential sale, the Journal reported, adding that one of the assets included in the review was Shell's Deer Park facility in Texas. The Deer Park operation is adjacent to a refinery that Shell previously sold its 100% stake to joint-venture partner, Mexican state oil firm Pemex. Last year Shell sold its refining and chemicals hub in Singapore, one of the world's largest. The British company warned earlier this year that it expects trading in its chemicals and oil products division to be significantly lower quarter-on-quarter due to lower seasonal demand. Shell chief executive Wael Sawan has been focused on cutting costs and pivoting the company back to its most profitable sectors — oil, gas, and biofuels — while shifting away from renewable power. Last December, Reuters reported exclusively that the oil major was stepping back from new offshore wind investments and is splitting its power division after a review of the business that was once seen as a key driver of the company's energy transition strategy. Sign up here. https://www.reuters.com/business/energy/shell-mulls-sale-european-us-chemicals-assets-wsj-reports-2025-03-02/