According to the results of the spring sowing season 2023 in Ukraine, farmers increased the areas under grain crops, particularly corn, and reduced the areas under oilseeds, particularly sunflower, and will get 61.4 million tons of gross crop of these crops, according to the website of the Ukrainian Club of Agrarian Business (UCAB) on Tuesday.
It is specified that such changes are fixed compared to the previous UCAB forecast, but not to the previous year. The forecast also raised yield expectations for winter crops.
UCAB estimates that the 2023 crop area will be 10.1 million hectares (4.4 million hectares of wheat, 3.8 million hectares of corn and 1.4 million hectares of barley). As a result, it is expected to harvest 42.5 million tons of cereals, of which 16.3 million tons of wheat, 21.1 million tons of corn and 4.2 million tons of barley.
Experts estimate the area under oilseeds at 8.9 million hectares, including 5.7 million hectares of sunflower, 2 million hectares of soybeans and 1.2 million hectares of rape. It is noted that Ukraine can expect to get the gross yield of oilseeds at 18.9 million tons, including 12.2 million tons of sunflower, 3.8 million tons of soybeans and 2.9 million tons of rapeseed.
“According to preliminary estimates, this harvest will fully meet domestic demand and get the export potential at 43 million tons of grains and oilseeds,” forecasts UCAB.
Analysts attributed the lion’s share of last year’s corn harvest, which was in high demand, to the positive factors of the current season. The expansion of area under this crop will contribute to the world tendency to reduce prices for fertilizers, which will be felt in Ukraine as well and this will provide maize with their sufficient quantity.
They advised to remember that the introduction of corn production has certain technological difficulties for farmers: the current high saturation with oil-bearing crops, the possible further disease pressure, increased load on combines because of the overlap of harvest periods of other crops, the lack of quality seeds of other crops, etc.
The UCAB also pointed out that since the beginning of the war, the main consumers of oilseeds were EU countries, primarily neighboring countries. However, because of the temporary restrictions on imports of some grains by them, further increase of areas sown with oil-bearing crops looks risky.
According to analysts, Ukraine managed to survive the Russian energy terror and adapt to the new realities, gives hope to the ability of farmers to withstand a possible repetition of the situation.
U.S. investors are gearing up for six initial public offerings this week, with four of them expected to exceed $100 million.
There were no IPOs in the U.S. last short week, and the announcement of six offerings at once gives the market hope for a rebound in activity in the segment, MarketWatch writes.
In particular, Korean restaurant chain Gen Restaurant Group will go public. The company hopes to raise about $33 million and repeat the success of the Cava Group Inc. chain specializing in Mediterranean cuisine, which floated shares in mid-June at $22 a share — and now its securities are worth $42.95.
Such a rapid rise in quotations was a clear positive signal for the restaurant sector, said Bill Smith, head of Renaissance Capital. Renaissance is the operator of exchange-traded funds that invest in IPOs and conducts industry research.
The company estimates there have been 46 equity offerings in the U.S. since the beginning of the year, totaling $7.6 billion – almost double the amount for the same period last year.
The biggest deal this week could be the IPO of Vesta Real Estate, a Mexican industrial property fund. The company plans to raise about $400 million and get a valuation in the neighborhood of $2.6 billion. The firm will trade on the New York Stock Exchange under the ticker “VTMX.”
Natural gas compression firm Kodiak Gas Services, which operates in leading shale plays in the U.S., wants to raise $353 million and expects a valuation of $1.7 billion.
Also planned this week is the IPO of Savers Blue Village, North America’s largest chain of thrift stores. The offering could be about $300 million, and the company will be valued at about $2.8 billion, according to Renaissance.
Fidelis Insurance Holdings, a Bermuda-registered reinsurance company, expects to raise $298 million at a valuation of $2.1 billion. In addition, a small IPO is planned by vinyl records, movie discs and consumer electronics distributor Alliance Entertainment Holding.
On Wednesday, June 28, at night in most western, northern and central regions, during the day in Ukraine, short-term rains are expected, sometimes thunderstorms, in the southeastern part during the day in some areas hail and squalls of 15-20 m/s, Ukrhydrometeorological center reports.
Southwest, westerly wind, 7-12 m / s, in the afternoon in the northwestern part of Ukraine in some places gusts of 15-20 m / s. The temperature at night will be 12-17°, in the south up to 20°, in the western regions 8-13°; during the day in Ukraine 18-23°, in the southeastern regions 23-28°.
Short-term rains are expected in Kyiv on Wednesday. West, northwest wind, 7-12 m/s. The temperature at night will be 14-16°, during the day 21-23°.
According to the Central Geophysical Observatory named after Borys Sreznevsky. On June 28, the highest daytime temperature in Kyiv was 33.5° in 1961, the lowest nighttime temperature was 6.8° in 1887.
On Thursday, June 29, in Ukraine, in some places there will be short-term rains, thunderstorms, and in the afternoon in the western, northern and eastern regions there will be thunderstorms everywhere.
Southwest wind with a shift to northwest, 7-12 m/s. Temperature at night 11-16°, in the south up to 19°; during the day 18-23°, in the south 21-26°.
In Kyiv, on Thursday, short-term rain and thunderstorms are forecast at night in some places, and everywhere else during the day. Southwest wind with a transition to west, northwest, 7-12 m / s. The temperature at night will be 14-16°, during the day 18-20°.
Dynamics of balance of payments of Ukraine (mln USD)
Source: Open4Business.com.ua and experts.news
Oil prices are rising on Tuesday morning after a moderate increase in the previous session.
The value of August futures for Brent at London’s ICE Futures Exchange is $74.57 a barrel by 8:06 Moscow time, which is $0.39 (0.53%) above the previous session’s closing price. Those contracts rose $0.33 (0.5%) to $74.18 a barrel on Monday.
WTI futures for August crude oil grew by $0.45 (0.65%) to $69.82 per barrel at electronic trades of NYMEX. The day before those contracts grew $0.21 (0.3%) to $69.37 a barrel.
Traders continue to estimate the consequences of events in Russia last weekend, Market Watch notes. In particular, the market fears that destabilization of domestic political situation may lead to a reduction in oil exports from the country, CFRA Research analyst Stuart Glickman wrote.
In addition, market participants are watching the macroeconomic statistics from China, where the economy is growing weaker than expected, which in turn negatively affects energy prices, said Colin Cieszynski, senior strategist at SIA Wealth Management.
Largely because of the Chinese factor, as well as the Federal Reserve’s tight monetary policy, WTI could end up declining for a second straight quarter, something that hasn’t happened since 2019.
Estonia has become the first European country to create a legal scheme to use frozen Russian assets to help Ukraine, in the coming weeks it should receive the government approval, the Postimees newspaper reported on Tuesday.
“The decision is almost ready, it was discussed at the Cabinet, but some details still need to be clarified. We can also demonstrate to other countries how the solution can work legally,” Prime Minister Kaja Kallas said.
The scheme created in Estonia provides that Ukraine documents the damage that Russia inflicts on it, and then the Russian property in Estonia is transferred to Ukraine. After that, Russia can settle accounts with Ukraine. If it does not do this, then it will show that all the damage was caused by itself.
According to Foreign Ministry Vice-Chancellor Erki Kodar, Estonia has prepared amendments to the law on international sanctions that will ensure the financial responsibility of the aggressor state for damage caused by the most serious violations of international law.
He added that the damages would be compensated by persons who have a proven connection with the formation of Russian policy or contribute to its implementation. “Therefore, compensation for losses will continue to occur only at the expense of the assets of certain individuals, that is, in parts,” he said.
According to the Financial Intelligence Unit, at the beginning of June, EUR 34.8 million were frozen in Estonia, including more than EUR 8.7 million in the advance payment accounts of the Tax and Customs Board. They do not include other tangible assets such as the value of companies and fixed assets, receivables or lost profits.
