![]() ![]() The soybean harvest was 8% complete, lagging the average analyst estimate of 11% and the five-year average of 13%, the agency reported after the market closed on Monday. Department of Agriculture said the corn harvest was 12% complete, as of Sunday, behind the average analyst estimate of 13% and the five-year average of 14%. The Chicago Board of Trade (CBOT) most-active corn contract was up 0.4% at $6.69 a bushel, as of 1130 GMT, and soybeans added 0.7% to $14.21-1/2 a bushel. "But we have a slight strength today as the U.S. "Agricultural markets have faced pressure in the last few sessions due to concerns over global recession," said a Singapore-based trader. Wheat prices gained 1.5% and were set to snap a two-session losing streak. The Nord Stream pipelines have been flashpoints in an escalating energy war between European capitals and Moscow that has pummeled major Western economies, sent gas prices soaring and sparked a hunt for alternative energy supplies.Ĭhicago wheat futures climbed, supported by concern over Russian supplies as some farmers are called to the army, while corn and soybeans rose from the previous session's near two-week low due to a slower-than-expected U.S. Russia, which slashed gas deliveries to Europe after the West imposed sanctions over Moscow's invasion of Ukraine, said sabotage was a possibility and that the incident undermined the continent's energy security.Ī senior Ukrainian official called it a Russian attack to destabilize Europe, without giving proof. ![]() Poland's prime minister blamed sabotage for the leaks, without citing evidence, while the Danish premier said it could not be ruled out. However, it remained far from clear who might be behind any foul play, if proven, on the Nord Stream pipelines that Russia and European partners spent billions of dollars building. As such, Egypt will become one of the major suppliers of green energy to Europe," the European commissioner for neighborhood and enlargement said.Europe is investigating leaks in two Russian gas pipelines that churned up the Baltic Sea, raising concerns from Copenhagen to Moscow about sabotage on infrastructure at the heart of an energy standoff. We also hope, that through our contribution to Egypt's green transition and sustainable energy sector as well as the linkage that we are close to launch, to achieve that goal. Egypt is already on the way to become a long-term energy supplier to Europe. "I think it (the deal) will take our partnership with Egypt to a whole new level. Regarding the visit of President of the European Commission Ursula von der Leyen to Cairo, which will take place in two weeks, Varhelyi expressed hope that a trilateral energy deal will be sealed between Egypt, Israel, and the European Union. Hence, the union mulls transporting the cargo through railways. The commissioner added that 20 million tons of grains that were supposed to be supplied to EU countries by Ukraine are currently stuck, given that work has been suspended at seaports because of war. Varhelyi stated that as such the total amount of funds offered to Egypt in the current period is €300 million, highlighting that the assistance is rooted in the fact that Egypt used to fulfill 80 percent of its grain needs through Russia and Ukraine. That is in the framework of the state's success to inhibit illegal migration from its shores to Europe since 2016. The European commissioner similarly pointed out to more aid that will be provided to Egypt so it would not fall short of meeting the needs of migrants on its soil. That is in addition to supporting the country's treasury with €118 million to overcome the challenges pertinent to water and energy. The interview also covered the food and energy crises ensued from the Russia-Ukraine War so as Varhelyi noted that the EU has allocated €100 million in grants to help Egypt sustain the strain of securing wheat. CAIRO – 7 June 2022: European Commissioner for Neighborhood and Enlargement Oliver Varhelyi, who was in a visit to Egypt last week, told Al Masry El Youm newspaper in an interview published Tuesday that the European Union (EU) is ready to broker a solution to the crisis caused by the Grand Ethiopian Renaissance Dam (GERD) among Egypt, Ethiopia, and Sudan. ![]()
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