Nasdaq Commodities

Daily energy market commentary provided by Nasdaq Corporate Solutions Advisory Services' Energy Team.

Brazil's soybean exports should reach 99 million metric tons in 2023, up by 500,000 from a month ago, oilseed group Abiove said on Tuesday, as the country counts on solid demand from China and a record harvest this year.

Several airlines and aerospace suppliers warned of a hit from U.S. firm RTX's disclosure of a rare manufacturing flaw that could ground hundreds of Airbus jets in the coming years.

Algeria, Egypt and Libya will be Italy's main gas suppliers for the next few years, Eni's head of natural resources told Reuters, adding that the energy group would invest heavily in Africa both in exploration and in new low-carbon projects.

The European Union is concerned top cocoa grower Ivory Coast is struggling to implement a sustainability drive needed for its beans to meet new EU standards, five people with knowledge of the process told Reuters.

Ryanair group CEO Michael O'Leary said an Italian government decree to cap the price of flights to Sicily and Sardinia was "illegal and unenforceable" and confirmed the budget airline had lodged a complaint with the European Commission.

Chicago wheat edged down on Tuesday to touch a new 3-1/2 month low as large supplies from Russia hung over the market while corn and soybeans eased before highly anticipated U.S. government crop forecasts.

All four Crop Watch producers in top U.S. states Iowa and Illinois reduced yield expectations for their soybeans this week, and three of the four trimmed corn ideas because unfavorably dry weather has been too frequent this season.

Ryanair group CEO Michael O'Leary said an Italian government decree to cap the price of flights to Sicily and Sardinia was "illegal and unenforceable" and confirmed the budget airline had lodged a complaint with the European Commission.

Copper prices fell in London on Tuesday under pressure from a stronger dollar and rising inventories, though positive signals from top metals consumer China kept losses in check.

London cocoa futures on ICE eased slightly on Tuesday but remained in striking distance of the prior session's 46-year high, underpinned by tightening supplies, while sugar and coffee prices also fell.

Passenger traffic at Spain's Aena airports exceeded pre-pandemic levels for an eighth consecutive month in August, while traffic in other European terminals still lagged.

The discount on zinc for near-term delivery versus the three-month contract on the London Metal Exchange (LME) has reached its highest since March 2021, indicating plentiful immediate supply.

Malaysian palm oil futures closed down on Tuesday, declining for seven sessions straight, following weakness in rival oilseeds.

Ukraine's agriculture ministry said on Tuesday that farmers had sown a total of 1.16 million hectares of winter crops as of September 12.

Copper prices in London fell on Tuesday on a firmer dollar but relief in the Chinese property sector lent some support to prices.

Aerospace supplier Melrose Industries said on Tuesday it faces a potential cash impact of around 200 million pounds ($250.32 million) over the period to 2026 after Pratt & Whitney parent RTX Corp warned of grounding of some engine variants for quality checks.

Aerospace supplier Melrose Industries said on Tuesday it faces a potential cash impact of around 200 million pounds ($250.32 million) over the period to 2026 after Pratt & Whitney parent RTX Corp warned that 600 to 700 geared turbofan engines will have to be removed for quality checks. ($1 = 0.7990 pounds)

Associated British Foods raised its full-year profit outlook on Tuesday for the second time in four months, driven by strong trading from both its Primark clothing business and its food operations in its latest quarter.

Leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) has issued an international tender to purchase up to 130,000 metric tons of animal feed wheat, European traders said on Tuesday.