Harvest volumes of grains and pulses, mln tons
Source: Open4Business.com.ua and experts.news
On Friday morning, oil prices for benchmark brands are being adjusted downward after rising to their highest levels since early November following the results of previous trading.
The price of May futures for Brent on the London ICE Futures exchange as of 7:00 a.m. was $85.23 per barrel, which is $0.19 (0.22%) lower than at the close of the previous session. On Thursday, these contracts rose by $1.39 (1.7%) to $85.42 per barrel.
Quotes for WTI futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) in the morning fell by $0.17 (0.21%) to $81.09 per barrel. At the end of the previous session, the price of these contracts rose by $1.54 (1.9%) to $81.26 per barrel.
Since the beginning of the week, oil has risen in price by about 4% due to signs of high demand in the United States and bullish analysts’ forecasts for fuel consumption this year, Trading Economics writes.
The International Energy Agency on Thursday raised its forecast for oil demand in 2024 by 200 thousand barrels per day to 103.2 million bpd. In particular, the estimate of oil consumption in the first quarter was improved by 400 thousand bpd to 102 million bpd, the forecast for the second and third quarters was increased by 200 thousand bpd to 103 and 104 million bpd, respectively.
Purchase prices for slaughter pigs in mid-March increased by 4.5-6%, according to the Pig Producers of Ukraine industry association.
“Following the results of last Friday’s trading, operators revised the selling prices of live pigs by an average of 4.5-6% upward. Thus, in all regions of the country, most commercial batches of cuttings this week are purchased at 65-66 UAH/kg, although there are occasional price offers at the level of 67 UAH/kg. The weighted average market price stopped at 65.4 UAH/kg, which is 4.7% higher than the previous week,” analysts said.
As added in the association, the opinions of operators on further price dynamics are typically different. Some meat processors expect a change in the vector of price movement, stating sluggish sales, unfavorable weather conditions for more active consumption and the beginning of the pre-Easter fast. A number of others, on the contrary, note relatively even sales, so they do not expect a significant change in prices.
“We are not talking about a surplus of conditioned pork yet: in some places, there is information about an active supply of large animals from the population and/or small situational farmers, but in terms of volume and quality, according to a number of procurers, such a supply does not compete with industrial pork,” the industry association summarized.
The first container transportation through the Ukrainian Sea Corridor may be carried out within two to three weeks, said Yuriy Vaskov, Deputy Minister of Community, Territorial and Infrastructure Development.
“All five container terminals are ready to handle (containers – IF-U). Almost all of them are involved in transshipment of agricultural and other products. But containers are a priority, and they are negotiating. I hope that in two or three weeks we will get the first measures,” he said at a roundtable discussion on the challenges facing Ukrainian foreign trade organized by the Center for Economic Strategy on Thursday.
According to his forecast, terminals and container lines will resume work in stages: “first the first line, then the second, and then the third.”
Moreover, Vaskov noted that feeder ships will start moving, and container lines will follow them if there are no incidents.
Vaskov added that the Ministry of Reconstruction also hopes to resume road ferry service within two weeks, and rail ferry service in two months.
According to him, rail ferry transportation covers all types of cargo, except for dangerous goods.
The deputy minister noted that container services between Ukraine and Romania from the port of Reni and between Romania and Turkey from the port of Izmail are already operating in the Danube ports.
Vaskov added that the Ukrainian Danube Shipping Company is also ready to transport containers up the Danube, but so far there have been no such shipments.
In total, he said, 1.8 million tons of cargo passed through the Danube in February, about 50% of the maximum reached in 2023, and together with the Ukrainian Sea Corridor, transportation in February reached almost 10 million tons, or 75% of the pre-war volume.
Head of the Office of the President of Ukraine Andriy Yermak held a meeting with India’s Ambassador to Ukraine Harsh Kumar Jain, during which the interlocutors discussed areas of further cooperation, particularly in the issue of establishing a just peace in Ukraine, the Ukrainian presidential website reported on Thursday.
“The Head of the Office of the President highly appreciated the participation of Deputy National Security Advisor to Indian Prime Minister Vikram Misri in the fourth meeting of national security advisors and political advisors of the leaders of states in Davos on the implementation of the Ukrainian Peace Formula,” the report said.
The Head of the Ukrainian Head of State’s Office informed the Ambassador about the preparation of the first Global Peace Summit in Switzerland at the level of state leaders and noted the importance of India’s involvement in this process together with other partners of Ukraine, in particular with the G7 countries and the Global South.
“We stand on the position of honest, open consultations, because we are set for decisions taking into account the recommendations of partners, in particular, yours. The peace summit is very important for us. We will be happy to see the representative of India,” Yermak said.
Andriy Yermak, Harsh Kumar Jain, INDIA, Office of the President, UKRAINE
The number of company defaults in January-February this year in the world reached 29 – the maximum since 2009, according to S&P Global.
Including in the U.S. the number of corporate defaults amounted to 17, in Europe – eight.
The global average for the same period in 2010-2023 slightly exceeds 16.
S&P attributes the rise in defaults to weak consumer demand, rising wages amid labor shortages and high interest rates.
