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New contract lows in Chicago wheat futures this week are hardly indicative of global supply concerns, but traders might want to eye what’s happening in the Black Sea region more closely. Winter grains in top wheat exporter Russia are in the worst-ever condition, and Ukraine’s current shipping capabilities could soon come under threat. Russia and Ukraine accounted for a third of global wheat exports last marketing year. Ukraine’s agricultural exports have faced challenges ever since Russia invaded the country nearly three years ago as port infrastructure has been a prime target for attacks. This forced Ukrainian grain exporters to seek an alternative route through Romania’s Constanta port on the Black Sea. The frontrunner for Sunday’s Romanian presidential runoff has suggested halting Ukrainian grain exports out of his country if elected. The move could be popular with Romanian farmers, who have previously protested the transit of Ukrainian farm goods to preserve local markets. It is unclear whether this ban is likely or even possible, but Ukraine’s involvement has had some positive economic impacts. Overall traffic of goods at Constanta in 2023 surged 22.5% on the year, largely owing to ongoing European Union-funded infrastructure projects. But it could be problematic if Ukraine lost Constanta as an outlet under a worst-case scenario. Constanta handled 14 million metric tons of Ukrainian grain in 2023, accounting for roughly 30% of Ukraine’s total grain exports that year. For the 2024-25 marketing year that began July 1, Ukraine’s wheat exports are seen falling 14% from the previous year. However, Ukrainian grain exports from Constanta in the first 10 months of 2024 have dropped 52% on the year as Ukraine has increased reliance on its own seaports. This dampens the impact of a potential Constanta loss, but the continuing war with Russia means that threats to Ukraine’s seaports never completely vanish. Luckily for Ukrainian exporters, they had shipped half of the government-agreed wheat export volume for 2024-25 as of Nov. 13. A top Russian official on Thursday said the winter crops are in poor condition, just one day after Russian analysts reported winter crops in the worst-ever health, citing data not usually made public. The official also said the situation is not critical, but a deeper dive may suggest otherwise. The analysts said at least 37% of winter crops are in poor condition compared with 4% a year ago, and this is the worst rating ever recorded. On average over the last five years, just 8% of winter crops are in poor shape by this date. Further, only 31% of crops are in good condition versus 74% a year ago. The portion of crops in good condition is a 23-year low. The last time Russia’s grains were in concerning shape ahead of the winter was in 2020, when about 22% of the crops were in poor condition as of early December. At the time, it was the worst rating in seven years. Although the exact figure is not known, the share of good-rated crops four years ago was not a seven-year low, setting it apart from this season. The woes in both years were caused by dry weather during fall planting. The 2025 Russian wheat harvest may already be starting in a hole. Farmers said last month they would sow less wheat this year in favor of more profitable crops, including oilseeds. Preliminary estimates have pegged the 2025 harvest close to 2024 levels, which were down 20% from the record 2022 result. Wheat is a notoriously hearty plant that can recover from harsh conditions if weather turns favorable, so it might be difficult to drum up traders’ fears over Russia this early in the game. But once the crop breaks dormancy in the spring, satellite imagery as well as recent weather data should offer good clues as to the state of Russia’s wheat crop, regardless of whether the government chooses to share the intel. Source: Reuters (Editing by Sonali Paul)
CRKN stock touches 52-week low at $0.71 amid sharp annual declineThe court has reserved its ruling after hearing a suit filed by NULGE, challenging the withholding of allocations meant for the 44 local governments in Kano state by the CBN The suit was filed by NULGE members including the chairman Ibrahim Muhd, Ibrahim Uba Shehu, and others, who are seeking to prevent the respondents from delaying or withholding LG funds Interestingly, the CBN and other defendants, including the AGF and commercial banks have filed objections to the case, with the CBN arguing that the Kano state high court lacked jurisdiction over the matter PAY ATTENTION: Got a Minute? Complete Our Quick Survey About Legit.ng Today! Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements. Kano state - On Wednesday, November 27, the Kano State High Court reserved its ruling in a case filed by the National Union of Local Government Employees (NULGE) against the Central Bank of Nigeria (CBN) and other respondents over the withholding of local government allocations in Kano state. Read also Minimum wage: Details of NLC president’s meeting with Kano governor emerge Court reserves ruling on Kano LG allocation The case, which involved multiple parties, is set to address the delay in disbursement of funds essential for local governance in the state. As reported by Daily Trust , the applicants are the chairman of NULGE, Ibrahim Muhd, Ibrahim Uba Shehu, Ibrahim Shehu Abubakar, Usman Isa, Sarki Alhaji Kurawa, and Malam Usman Imam. On November 6, the court restrained the Central Bank of Nigeria (CBN), the Attorney General of the Federation (AGF), and others from withholding the allocations of Kano State’s 44 local governments, Daily Trust reported. PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app! The applicants, through their counsel, Mr Bashir Yusuf Muhammad, filed a motion exparte dated November 1, seeking the court to restrain the respondents from withholding or delaying allocations essential for local governance in the state. The respondents are: the AGF, the Revenue Mobilization Allocation and Fiscal Commission, (RMAFC), the 44 Kano local governments, UBA , Access and six other commercial banks. Read also Minimum wage: 4 key things to note as Kano governor Abba Yusuf implements new pay Kano LG funds: Details of court's session on Wednesday As reported by The Punch, when the case came up for hearing on Wednesday, November 27, Muhammad filed a reply to the notice of preliminary objection dated November 20, 2024. He stated: “The application is attached with a four-paragraph affidavit and a written address dated November 3. “We filed 11 paragraphs of the better and further affidavit dated November 20, 2924 and one exhibit.” Muhammad urged the court to discountenance the respondent’s counter-affidavit and grant the applicant relief. However, counsel for the 44 local governments, Eyitayo Fatogun, did not oppose the plaintiff’s application. Fatogun stated that the disbursement of local government allocations should not be truncated. Responding, counsel for CBN, Ganiyu Ajape, filed a notice of preliminary objection dated November 14, 2024 pursuant to order 8 rules (1)(2) of the fundamental rights. “We filed our reaction and six-paragraph counter affidavit dated and filed November 14,” the notice read. Read also Court adjourns Nnamdi Kanu’s N50bn suit against FG, gives reason Ajape urged the court to strike out the name of CBN in the suit for lacking jurisdiction to entertain the matter and not to grant the applicants relief. Justice Ibrahim Muhammad adjourned the matter for ruling in the notice of preliminary objection and the substantive matter, to a date that would be communicated to parties. Fubara reacts to court judgement stopping FG allocation Meanwhile, Legit.ng reported that Fubara reacted as the court stopped the federal government from sending allocation to Rivers state . Legit.ng reported that Hon. Martins Amaewhule-led faction of the Rivers State House of Assembly filed the suit before the court. Reacting swiftly, Fubara, during a special thanksgiving service in Rivers state, maintained that the court judgement is the least of his worries. PAY ATTENTION : Legit.ng Needs Your Opinion! That's your chance to change your favourite news media. Fill in a short questionnaire Source: Legit.ng
Palace reveals how King Frederik and Queen Mary will spend first Christmas after change of throneNone