2024-06-24 06:56

GUWAHATI, India June 24 (Reuters) - Thousands of people have been displaced in India's north-eastern state of Assam and at least 37 people have died in heavy rain, floods and landslides in the last two months, officials said on Monday. Although rains have abated in the last two days and improved the flood situation marginally, at least 200,000 people were affected in 11 districts of the state due rain-related incidents, a release from the state's disaster management authority said. More than 12,000 people have been displaced from their homes in the state and authorities said they expected another wave of floods in July, with the Kushiyara river, a transboundary river between India and Bangladesh flowing above the danger mark in several places. India's north-east and neighbouring Bangladesh have been ravaged by floods in the last two months, leaving millions stranded, with weather authorities predicting that the situation could worsen. The situation in Bangladesh had also improved as water levels of various rivers had receded and upstream water from India had reduced, officials said. Sign up here. https://www.reuters.com/world/india/thousands-displaced-floods-north-eastern-india-rain-abates-2024-06-24/

2024-06-24 06:55

Hot, dry weather forecast for Russia, Ukraine in coming months Flooding in U.S. Midwest shuts rail lines, floods grain bins Relief seen for China's corn, soybean crops hit by heatwave India set for normal weather, Australia seen getting more rains SINGAPORE, June 24 (Reuters) - Forecast dryness in the Black Sea region's breadbasket is likely to stunt sunflower and corn yields, while heavy rain in the U.S. after near-record temperatures threatens to take a toll on crops, squeezing world supplies and pushing prices higher. "The weather forecast for the Black Sea region is a big red flag," said Chris Hyde, a meteorologist at U.S.-based Maxar, with dryness and below-normal rains expected for July and August likely to crimp the region's key corn and sunflower crops. Record temperatures in major global growing regions have delayed planting and hurt developing crops as the impact of climate change intensifies, with vast swathes of farmland in Russia, China, India and parts of the United States experiencing extremely hot conditions and below-normal rainfall. Global wheat prices jumped to a 10-month high in May after adverse weather trimmed yields for the maturing crop in Russia, the biggest exporter. Hot weather in southern Russia will hit crops because of a lack of soil moisture, with lower precipitation and heat also expected in Urals, Western Siberia and Transbaikalia, Russia's Hydrometeorological Centre said in a forecast. Southern and eastern Ukraine have also seen hot and dry weather, with precipitation between May 1 and June 10 only 20-50% of normal, according to the state weather forecaster, with drought hindering development of winter and spring crops in parts of the Kharkiv and Donetsk regions. "The month of May in Ukraine turned out to be one of the driest for the last 30 years," state forecasters said. "In northern regions, in particular in Zhytomyr, hail resulted in damage of spring crops such as corn, soybeans and sunflower." In the U.S., a top food exporter, intense heat has gripped parts of the east coast, causing the government to reduce the percentage of corn and soy rated good and excellent on Monday. Excessive rains in the key Midwest growing region and forecasts for more wet weather have raised fears of floods. "In the Midwest, the focus is shifting from heat to too much rain, which could result in flooding on corn and soybean producing areas, especially in the Upper Midwest," Hyde said. Iowa governor Kim Reynolds said on social media platform X that widespread flooding in northwest Iowa, the top U.S. corn producing state, had pushed river levels above 1993 records. BNSF railway, owned by Berkshire Hathaway (BRKa.N) New Tab, opens new tab, said in a statement a bridge collapsed over the Big Sioux River on Sunday and it is rerouting trains through Creston, Iowa. Union Pacific said it closed rail lines between Mason City, Iowa, and St. Paul, Minnesota, and between Sioux City, Iowa, and St. Paul. Rob Jacobs, chief executive officer of Cooperative Farmers Elevator, said severe flooding impacted several of the cooperative’s locations, with roads washed out and feed mill facilities swamped. Tunnels used to load grain bins flooded and warehouses used to store seeds and farm chemicals filled with up to 18 inches of water, Jacobs said. Most analysts said it was too early to estimate potential crop damage from flooding. CHINA, INDIA WEATHER SEEN IMPROVING In Asia, ample rains are expected to alleviate severe dryness in parts of China, a top soybean buyer, while rains during India's monsoon, running a fifth below normal, are likely to recover, boosting agriculture in the world's biggest rice exporter and top edible oil importer. "China's corn and soybean producing north and east has been dry and a worry," said Hyde. "But the weather is expected to be normal to slightly above normal precipitation in the July-September period, which will be beneficial for crops." China's meteorological centre told Reuters that parts of the north, northeast and western provinces will see higher precipitation in July to September, which will encourage crop growth. "But the precipitation will be intense in some areas, there will need to be vigilance about rapid shifts in droughts and floods," it said, adding that the higher humidity may also raise the risk of crop diseases and pests. In India, the monsoon is advancing after stalling for more than a week, a weather department official said. "It has now gained much-needed momentum for its advance into the northern plains. In the next few weeks, we expect several spells of heavy rainfall that will erase the rainfall deficit. July is shaping up to be promising." The weather in Australia is expected to be normal, with some areas getting higher than average rains, boosting the wheat crop outlook, while mainly normal weather is also forecast in coming months in Argentina and Brazil. Sign up here. https://www.reuters.com/business/environment/black-sea-us-midwest-extreme-weather-threatens-crop-output-2024-06-24/

2024-06-24 06:38

LONDON, June 24 (Reuters) - Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar. Brent crude futures were up 22 cents, or 0.3%, at $85.46 a barrel by 1053 GMT. U.S. West Texas Intermediate crude futures were up 19 cents, or 0.2%, at $80.92. Both benchmarks gained about 3% last week for their second consecutive weekly gains. "The chief underlying reason behind the price strength ... is the growing confidence that global oil inventories will inevitably plunge during the summer in the northern hemisphere," said Tamas Varga of oil broker PVM, referring to seasonal demand for oil products. Geopolitical risks in the Middle East and a ramp-up in Ukrainian drone attacks on Russian refineries are also underpinning oil prices. EU countries on Monday agreed a new package of sanctions against Russia over its war in Ukraine, including a ban on reloading Russian liquefied natural gas (LNG) in the EU for further shipment to third countries. However, a strengthening U.S. currency has made dollar-denominated commodities less attractive for holders of other currencies. "The U.S. dollar ... appears to have broken higher following better U.S. PMI data on Friday night and political concerns ahead of the French election," said IG analyst Tony Sycamore. The dollar index, measuring performance against six major currencies, climbed on Friday and was up slightly on Monday after data showed U.S. business activity at a 26-month high in June. In Ecuador, state oil company Petroecuador has declared force majeure on deliveries of Napo heavy crude for export after the shutdown of a key pipeline and oil wells owing to heavy rain, sources said on Friday. In the United States, the number of operating oil rigs fell by three to 485 last week, the lowest since January 2022, Baker Hughes (BKR.O) New Tab, opens new tab said in a report on Friday. Sign up here. https://www.reuters.com/business/energy/oil-extends-losses-strong-dollar-weighs-commodities-markets-2024-06-24/

2024-06-24 06:36

WARSAW, June 24 (Reuters) - Swedish heat pump group Aira will open its first factory this week, a 300 million euro ($320.9 million) plant in Poland, with a plan to roll out full capacity of 500,000 units per year as European demand rises, its CEO said. Aira, founded by Vargas Holding, which also owns battery maker Northvolt, is targeting European markets including Britain and Germany where heat pump penetration is relatively low compared to its home market, Martin Lewerth said in an interview. He said the company had a "very positive outlook" on demand, with gas prices remaining at a historically high level. Following Russia's invasion of Ukraine in 2022, which led to a major energy crunch, the European Union said it would aim to deploy at least 30 million heat pumps this decade to lessen dependence on imported fossil fuels. European heat pump sales hit a record 2.77 million that year but fell 5% in 2023, data from European Heat Pump Association show, as divisions on the pace and cost of the green transition led to a phase-out of the German fossil fuel boiler ban last autumn. In December, the European Commision delayed the announcement of the Heat Pump Action Plan until after the EU election. Lewerth said he expects the slowdown to be temporary as the pace of installations is robust, while subsidies in key markets have increased. "In the UK, they increased the subsidies from 5,000 pounds ($6,319) to 7,500 - in Germany, you can get up to 70% subsidy on your installation. I think these are very strong signals." The company's backers include Lingotto, Statkraft Ventures, and Temasek. ($1 = 0.9349 euros) ($1 = 0.7913 pounds) Sign up here. https://www.reuters.com/business/energy/swedens-aira-opens-321-million-heat-pump-plant-poland-2024-06-24/

2024-06-24 06:15

JOHANNESBURG, June 24 (Reuters) - The South African rand slipped on Monday, as markets waited for President Cyril Ramaphosa to announce the cabinet lineup of his government of national unity. At 1524 GMT, the rand traded at 18.16 against the dollar , more than 1% weaker than its previous close. "Perceived friction between the GNU (government of national unity) partners is playing a role in today’s decline, although the rand was due for a technical correction in any case," Danny Greeff, co-head of Africa at ETM Analytics, said. The African National Congress lost its parliamentary majority for the first time in 30 years in last month's election, forcing it to seek partners in power. Nine other parties have joined the ANC, including the pro-business Democratic Alliance (DA), which is favoured by investors. The ANC said on Monday that consultations with the parties were underway and that Ramaphosa would announce the new cabinet in the coming days. "By adding more parties to the coalition, the ANC is walking a fine line between forming an inclusive government and losing investor confidence by diluting the DA’s influence," Greeff said. Investors want the ANC and the Democratic Alliance to play a leading role in the new government and will be watching Ramaphosa’s cabinet picks for insights into the balance of power within the coalition, he said. Ramaphosa said in his weekly newsletter on Monday that the government's top priority was economic growth to create jobs. On the Johannesburg Stock Exchange, the blue-chip Top-40 (.JTOPI) New Tab, opens new tab index closed 0.9% stronger. South Africa's benchmark 2030 government bond was weaker, with the yield up 17 basis points to 9.855%. Sign up here. https://www.reuters.com/markets/south-african-rand-weakens-focus-cabinet-announcement-2024-06-24/

2024-06-24 05:51

U.S. PCE data due on Friday Palladium gains more than 4% June 24 (Reuters) - Gold prices edged up on Monday as U.S. Treasury yields eased, while investors awaited inflation reading due later this week that could influence the Federal Reserve's interest rate trajectory. Spot gold was up 0.3% to $2,327.58 per ounce as of 1152 GMT, after dropping 1% on Friday due to a stronger dollar. U.S. gold futures rose 0.4% to $2,340.00. Benchmark 10-year U.S. Treasury yields edged down, making non-yielding bullion more attractive for investors. "The focus remains on incoming U.S. economic data and if that data confirms a soft landing, allowing the Fed to cut interest rates," UBS analyst Giovanni Staunovo said. "We continue to see gold supported, targeting a price of $2,600 per ounce at the end of the year." The Personal Consumption Expenditures (PCE) data, the Fed's preferred measure of inflation is due on Friday. Through this week, at least five Fed officials will speak, including San Francisco Fed President Mary Daly, Fed Governors Lisa Cook, and Michelle Bowman. Traders are currently pricing in a 66% chance of Fed rate cut in September, according to CME FedWatch Tool. Lower rates reduce the opportunity cost of holding bullion. Data on Friday showed that U.S. business activity crept up to a 26-month high in June but price pressures subsided considerably. On the geopolitical front, eight Palestinians were killed on Sunday in an Israeli airstrike on a training college near Gaza City being used to distribute aid. Among other precious metals, spot silver rose 0.5% to $29.66 per ounce and platinum gained about 1% to $1,002.60. Palladium gained 4.1% to $987.56. In the previous session, prices hit a one-month high and briefly broke above the key level of $1,000 per troy ounce in volatile trade as some investors covered their short positions and the market was tight for nearby physical supply. Sign up here. https://www.reuters.com/markets/commodities/gold-edges-higher-softer-yields-us-inflation-data-focus-2024-06-24/