Tag Archives: Export

China's Fujian Jinhua to file complaint to be taken off U.S. export control list
January 25, 2019 6:00 am|Comments (0)

SHANGHAI (Reuters) – Chinese chipmaker Fujian Jinhua Integrated Circuit Co Ltd said on Friday it has notified the Unites States that it plans to file a complaint to be taken off the export control list, according to a statement on social media.

The firm added that it does not pose any security risk to the United States.

Earlier this month, the company said it had pleaded not guilty to U.S government charges that it stole trade secrets.

The U.S Justice Department had last year launched an indictment against Fujian Jinhua and United Microelectronics Corp (2303.TW), alleging they attempted to steal trade secrets from memory chip maker Micron Technology Inc (MU.O).

The U.S. Commerce Department had put Fujian Jinhua on a list of entities that cannot buy components, software and technology goods from U.S. firms.

Reporting by Josh Horwitz; Editing by Himani Sarkar

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Soybean Export Sales Hit New Low During Week Ending November 16
November 25, 2017 12:09 pm|Comments (0)

By G C Mays

The USDA released its export sales report for the period November 10-November 16, 2017. After the previous week’s dismal sales, futures prices dropped across the board. The price declines were not enough to stimulate sales as discussed below.

Wheat

Wheat sales declined for the second straight week to 199,800 metric tons. This was 72 percent below the same week a year ago. The USDA recently raised its estimate of global wheat exports to 182.2 million metric tons. Russia is clearly capturing the expanding market share so far. I discuss Russia’s emerging dominance in a recent analysis entitled “Wheat Exports From Russia May Dominate In 2017/18 While U.S. Market Little Changed“. One of the factors contributing to Russia’s market share grab is its decision in October to offer a transportation discount on grain exports. U.S. exporters will have to decide if they want to counter with similar transportation discounts, further price reductions, or simply stand pat.

December wheat futures continue to move in sync with cash prices. Futures and cash prices ended the week down 1.7 percent. Prices in the Gulf diverged slightly, falling only 1.3 percent. The Teucrium Wheat ETF (WEAT) declined 1.4 percent over the same period.

Corn

While corn export sales of 1.08 million metric tons were up just under 14 percent during the week ending November 16, they were below their four-week average of 1.3 million metric tons and 36 percent below the same week a year ago. Japan (289,000), Mexico (139,100), and Peru (207,000) accounted for nearly 59 percent of net sales. Accumulated marketing year-to-date net sales are down 15 percent.

Corn futures dipped $ 0.05 cents or 1.4 percent during the week, moving mostly in line with cash prices. Prices in Chicago and the Gulf decreased 1.6% and 1.2%, respectively. Price movement in Toledo was more subdued, falling just 0.3%. The Teucrium Corn ETF (CORN) plunged $ 0.31 cents, or 1.8%. The reason for this decline is unclear. However, the ETF did rebound the day after the end of the measurement period, recovering $ 0.28 cents of the original decline.

Soybean

Soybean (SOYB) export sales are down for the fourth week in a row, dropping to 869,100 metric tons, a marketing year low. Accumulated net sales had trended from flat to slightly down year over year. Over the last two weeks, year-over-year accumulated net sales have moved solidly into negative territory and are now down 7.9 percent. As previously discussed, competition from Brazil is pressuring sales. According to the USDA, Brazil is continuing to dispose of inventories from its large 2016/17 harvest.

Since last week’s sales failed to rebound, soybean futures continued to decline. January futures were down $ 0.15 cents, or 1.5%. Cash prices in Toledo and Chicago lost 0.8% and 1.1%, respectively. However, prices in the Gulf were firm, rising just under a penny.

Notably, China backed away from the market. China made net purchases of only 407,100 metric tons. This includes sales to the U.S. of 129,000 metric tons and cancellations of 205,500 tons. From China’s perspective, this makes good business sense in my opinion given the higher prices. Given that prices have risen by nearly $ 0.20 cents at the Gulf during the current week, it will be interesting to see export sales numbers for soybeans next week. Stay tuned.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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