• Reuters reported that China has approved the safety of a gene-edited soybean, its first approval of the technology in a crop as the country looks to boost its food production using science. The soybean, developed by privately owned Shandong Shunfeng Biotechnology Co, has 2 modified genes, significantly raising the level of the healthy fat oleic acid in the plant. The safety certificate has been approved for 5 years starting from 21 April 2023. Unlike genetic modification, which introduces foreign genes, gene editing alters existing genes.

• According to Reuters, which quoted sources, the US government could delay a decision on giving electric vehicle (EV) manufacturers tradable credits under a renewable fuel scheme due to concerns over legal challenges to the plan. The plan would have given EV automakers such as Tesla, credits for charging vehicles using power generated from renewable natural gas or methane collected from sources such as cattle or landfills. Most credits generated under the RFS (Renewable Fuel Standard) are for blending liquid fuels such as ethanol made from corn into gasoline. Adding credits for power generated from renewable gas and then used for charging EVs would take the programme into a new direction.

• Reuters reported that Ukraine, Russia, Turkey, and the United Nations have failed to authorise any new ship under a deal allowing safe Black Sea exports of Ukraine’s grain. Daily inspections of previously authorised ships are continuing. Russia has said that it will not extend the Black Sea Export Corridor pact beyond 18 May unless its list of demands is met. Although Russia’s exports of grains and fertiliser are not subject to Western sanctions following the invasion of Ukraine, Moscow said restrictions on payments, logistics and insurance are a barrier to shipments.

• Bloomberg quoted Anec, a Brazilian exporting group as saying that the discount of Brazilian soybeans to US prices is encouraging China’s demand. The big differential has also encouraged US imports, which have amounted to 4 soybean vessels so far. China’s demand is still slower-than-expected due to the country’s sluggish pace of crushing.

Source: AmInvest Research - 15 May 2023