HEADLINES TODAY
Wheat prices overnight are up 6 in SRW, up 7 in HRW, up 10 in HRS; Corn is down 1; Soybeans down 25; Soymeal down $0.45; Soyoil down 1.21.
Markets finished last week with wheat prices down 14 3/4 in SRW, down 2 1/2 in HRW, up 3/4 in HRS; Corn is up 19 3/4; Soybeans up 15; Soymeal up $0.55; Soyoil down 2.14.
For the month to date wheat prices are down 6 3/4 in SRW, up 4 1/4 in HRW, down 16 1/4 in HRS; Corn is up 8; Soybeans up 33 3/4; Soymeal down $4.70; Soyoil up 0.09.
Year-To-Date nearby futures are up 40% in SRW, up 45% in HRW, up 25% in HRS; Corn is up 31%; Soybeans up 30%; Soymeal up 3%; Soyoil up 42%.
Chinese Ag futures (SEP 22) Soybeans down 9 yuan; Soymeal down 29; Soyoil down 158; Palm oil down 258; Corn up 17 — Malaysian palm oil prices overnight were down 148 ringgit (-2.50%) at 5772.
There were changes in registrations (-70 HRW Wheat). Registration total: 1,010 SRW Wheat contracts; 0 Oats; 0 Corn; 0 Soybeans; 98 Soyoil; 0 Soymeal; 69 HRW Wheat.
Preliminary changes in futures Open Interest as of June 10 were: SRW Wheat down 3,154 contracts, HRW Wheat down 2,930, Corn down 191, Soybeans down 12,367, Soymeal up 3,306, Soyoil down 239.
Northern Plains Forecast: A system will move through early this week with more areas of moderate rain moving through. Temperatures will rise well above normal afterward going into next weekend. The combination of heat and good soil moisture will favor crop growth. Another system will move through over the weekend into early next week with more scattered showers.
Central/Southern Plains Forecast: A front will move through northern areas this week with some shower activity, but heat will build back northward late this week and weekend. Showers will be very isolated or non-existent elsewhere, with drought likely starting to increase again for those dry areas. Heat and a lack of showers continues across southern areas through the rest of June, though Nebraska is more likely to see fronts bring some showers through.
Midwest Forecast: A disturbance will move through early this week with potential for severe storms, followed by a cold front moving through mid-late week. The front may also have some scattered showers and potential for severe storms as well. Heat will briefly build in ahead of the cold front but will quickly be put down. But at least across the west, heat will build back in next weekend ahead of the next front.
Canadian Prairies Forecast: Scattered showers fell over the weekend, but a system early this week will provide much more widespread heavier showers through Thursday. The system will also come with some strong winds that could cause blowing dust in drier areas or cause damage to young crops. Another system will move through this coming weekend with more scattered showers. The coming showers will be good for those drier areas in the southwest as long as flooding does not occur, while eastern areas still need some drier conditions to finish planting. More of this area could go unplanted due to the wetness.
Brazil Grains & Oilseeds Forecast: Frosts developed over southern states over the weekend, which may have had an impact on immature corn, a majority of the crop. Another system will move through late this week and weekend with more showers for southern states. This will keep soil moisture favorable for winter wheat, but corn headed toward maturity could use drier conditions for drying and harvest. Colder temperatures again will fill in next weekend and could produce more frosts.
Argentina Grains & Oilseeds Forecast: Dry and cold weather is expected to continue for the next week across the southern wheat areas, which are in need of more rainfall through the winter months. A system moving through will skip over the wheat areas with the showers, bringing them more to northern areas instead.
Black Sea Forecast: Isolated showers continue over Ukraine for the week and only some patchy showers will move through Russia at times. Temperatures remain mild to warm, favoring crop growth for areas with adequate moisture. Some areas of Russia are a bit drier and see stress instead. Overall, the region is still in good shape, but could use more showers. Heat will build in next week and could cause additional stress.
The player sheet for 6/10 had funds: net sellers of 0 contracts of SRW wheat, buyers of 500 corn, sellers of 13,500 soybeans, buyers of 2,000 soymeal, and sellers of 6,500 soyoil.
TENDERS
- BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase 120,000 tonnes of animal feed barley
PENDING TENDERS
- WHEAT TENDER: Jordan’s state grain buyer issued an international tender to buy 120,000 tonnes of milling wheat which can be sourced from optional origins
- WHEAT TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) said it will seek 70,000 tonnes of feed wheat and 40,000 tonnes of feed barley via a simultaneous buy and sell (SBS) auction that will be held on June 15.
GOP Senators Seek to Overturn EPA on Refiner Biofuel Exemptions
Republican senators are looking at options for blocking the Biden administration from requiring small oil refiners to comply with US biofuel-blending rules.
As a first step, they are asking the non-partisan Government Accountability Office to weigh in on whether an Environmental Protection Agency decision denying more than 60 waivers falls under the scope of the Congressional Review Act, which allows lawmakers to overturn executive actions by a simple majority if moved within 60 days from the rule’s publication.
The EPA last week appeared to settle the thorny matter of whether small refiners should be excluded from annual biofuel-blending quotas. The oil industry argues those quotas are an economic hardship and put labor union jobs at risk. After a cutback during former President Barack Obama’s final years in office, there was a surge of such exemptions under the Trump administration.
Senators Roger Wicker of Mississippi, Shelley Moore Capito of West Virginia and Bill Hagerty of Tennessee made the request in a letter to GAO chief Gene Dodaro.
The US Supreme Court ruled last year that the EPA has wide latitude to exempt refineries. While the Biden administration has rejected dozens of waivers, it also is proposing to give small refineries more time to comply with past targets.
Ukraine southern Odesa region starts 2022 grain harvest
Farmers of Ukrainian southern Odesa region have started the 2022 grain harvest taking advantage of favourable weather, regional officials said late on Sunday.
Ukraine has already completed the 2022 grain sowing but the agriculture ministry gave no 2022 grain crop outlook.
The ministry had said farmers planned to sow 14.2 million hectares of spring grains this year, down from 16.9 million hectares in 2021 due to the Russian invasion.
The Odesa regional administration said local farmers had started winter barley threshing and producers would harvest a total of 1.06 million hectares of early grain crops, including 244,000 hectares of winter barley.
Farmers also will harvest 551,000 hectares of winter wheat.
Ukraine harvested a record 84 million tonnes of grain in clean weight in 2021, up from 65 million tonnes in 2020.
Egypt buys 3.9 mln tonnes of local wheat, surpassing 2021 figure
Egypt has procured 3.9 million tonnes of domestic wheat during the current harvest season so far, surpassing last year’s full-season total by 300,000 tonnes, the state-run General Company for Silos and Storage’s chairman told Reuters on Sunday.
Kamal Hashim added that the procured amount included 200,000 tonnes allocated to pasta factories. Egypt’s local wheat harvest typically starts in April and ends in July.
The government, which provides steeply subsidised bread to more than 70 million of Egypt’s estimated 103 million people, has set an ambitious target to buy 6 million tonnes of domestic wheat this year, two-thirds more than in either of the previous two years.
The government has taken several steps to protect wheat supplies since Russia’s invasion of Ukraine, which largely cut off shipments from Egypt’s two top suppliers and left the North African country scouting for alternative exporters.
Egypt says farmers must supply at least 60% of their crop to the state, up from the 40% it bought last year. It is imposing fines and even jail on those who don’t comply.
The rules are meant to prevent farmers from holding back more of their crop for animal feed, and traders from selling the wheat on the open market.
India Doesn’t Plan to Curb Rice Export as Reserves Ample: Pandey
India, the world’s biggest exporter of rice, has no plan to restrict shipments as it has ample stockpiles of the grain in the country, Food Secretary Sudhanshu Pandey told reporters on Monday.
- There were speculations that rice may be India’s next food protectionism target after it restricted wheat and sugar shipments
- India exported 3.95m tons of basmati rice and 17.26m tons of non-basmati rice in 2021-22
- India will consider wheat export requests from other countries on a case-by-case basis, Pandey said
- Domestic prices of wheat and its flour have cooled down after shipment restrictions: Pandey
- The government will maintain its sugar export limit, according to Pandey
India Gets Wheat Purchase Requests From Five Nations, Mint Says
India has received requests from at least five countries to ship wheat after the world’s second-biggest grower restricted exports last month, the Mint newspaper reported, citing an unidentified government official.
The South Asian country suspended overseas sales to safeguard domestic supplies, but said it will approve exports to nations that need wheat for food security reasons and based on the requests of their governments.
Wheat Surges Amid Fears of Shortages as India Restricts Exports
India has received requests from Indonesia, Oman, the United Arab Emirates, Bangladesh and Yemen, the newspaper said, adding that the government is assessing their needs and wheat availability in the country. A text message to the trade ministry’s spokesperson was not immediately answered.
The country curbed wheat exports after a severe heat wave damaged the crop during a crucial period, prompting Prime Minister Narendra Modi’s government to lower its production estimate. In normal times, it supplies wheat to Bangladesh, Sri Lanka, the UAE and Indonesia.
Ukraine grain exports via Poland, Romania face bottlenecks – deputy foreign minister
Ukraine has established two routes through Poland and Romania to export grain and avert a global food crisis although bottlenecks have slowed the supply chain, Kyiv’s deputy foreign minister said on Sunday.
Dmytro Senik said global food security was at risk because Russia’s invasion of Ukraine had halted Kyiv’s Black Sea grain exports, causing widespread shortages and soaring prices.
Ukraine is the world’s fourth-largest grain exporter and it says there are some 30 million tonnes of grain stored in Ukrainian-held territory which it is trying to export via road, river and rail. (Full Story)
Ukraine was in talks with Baltic states to add a third corridor for food exports, Senik said.
He did not give details on how much grain has already moved or would be moved through these routes.
“Those routes are not perfect because it creates certain bottlenecks, but we are doing our best to develop those routes in the meantime,” he told Reuters on the sidelines of an Asian security summit in Singapore.
The Ukrainian rail system operates on a different gauge from European neighbours such as Poland, so the grain has to be transferred to different trains at the border where there are not many transfer or storage facilities.
Re-routing grain to Romania involves transport by rail to ports on the Danube river and loading cargoes onto barges for sailing towards the port of Constanta, a complex and costly process.
Moscow, which calls the war a special military operation and denies hitting civilian and agricultural targets, blames Western sanctions on Russia and sea mines set by Ukraine for the drop in food exports and rising global prices. It is also a major exporter of grain.
The war in Ukraine dominated proceedings at the Singapore meeting, the Shangri-La Dialogue. Ukrainian President Volodymyr Zelenskiy addressed the delegates via video link on Saturday, telling them their nations’ support was crucial not just to defeat the Russian invasion, but to preserve the rules-based order.
Iraq plans to import 1.5 mln tonnes of wheat from Australia, U.S. – grain board
Iraq plans to sign contracts this week to import 1.5 million tonnes of wheat from Australia and the United States, Mohamed Hanoun the general manager of state grains board told local newspaper Assabah on Sunday.
Indonesia Approves 1.16M Tons Accelerated Palm Oil Exports
Indonesia has issued permits to 41 companies to ship 1.16m tons of palm oil under the accelerated export program, Director General of Domestic Trade Oke Nurwan says in a text message.
- Shipments include 1.14 million tons export of CPO, RBD palm oil and RBD palm olein, and 23,000 tons of used cooking oil and other products
- The accelerated export/flush out program allows companies to opt to export their products without having to wait for the verification process of their domestic sale obligation (DMO)
- The govt expects the special export to exceed the 1m ton quota allocated for the program and is separate from the one being released for export under the DMO policy
Up to 300,000 tonnes of grain in destroyed warehouses, Ukraine dep minister says
Up to 300,000 tonnes of grain may have been stored in warehouses that Kyiv says were destroyed by Russian shelling last weekend, deputy agriculture minister Taras Vysotskyi said on Saturday.
Speaking on national television, Vysotskyi said, according to records, at the start of the war on Feb. 24 the warehouses at one of Ukraine’s largest agricultural commodities terminals in the Black Sea port of Mykolaiv held 250,000-300,000 tonnes of grain, mainly wheat and corn.
Chinese Cooking Oil Maker Mulls New Price Hike as Costs Rise
- The country is the world’s biggest consumer of vegetable oils
- Oilseed and edible oil prices have soared on drought, Ukraine
A leading Chinese edible oil maker is considering a third price increase this year amid soaring import costs for raw materials such as soybeans and palm oil, adding more pressure to food inflation.
Operational costs remain elevated in the second quarter, and even though the company has raised sales prices for cooking oil on two occasions, it has been unable to cover the surge in expenses, the management team of Yihai Kerry Arawana Holdings Co. told investors at a meeting on Friday.
China is the world’s largest consumer of vegetable oils, a major ingredient of many local dishes. But the country has to import about 85% of all the soybeans it uses to make cooking oil and animal feed. It’s also the largest global buyer of palm oil after India and a major importer of sunflower oil.
Oilseed and edible oil prices have rocketed worldwide as drought wilted crops and the Russian invasion of Ukraine cut supplies of sunflower oil. Top palm oil supplier Indonesia has also restricted exports to safeguard the local market.
The cost pressure doesn’t look like it will ease any time soon. Soybean oil climbed to the highest level since 2008 on the Dalian Commodity Exchange last week, while palm olein prices are hovering near the strongest in years.
“We expect local cooking oil prices to stay high this year as global supply won’t ease soon, and some Chinese users are already trying out different substitutes for palm oil,” said the Hubei-based agricultural analysis team of Zhongzhou Futures Co. “Edible oil production is a low profit-margin business.”
SOYBEAN/CEPEA: International price is the highest in almost 10 years; liquidity increases in BR
Amid high demand – majorly from China – for the soybean from the United States and the hot and dry weather in the mid-western region of the country, soybean prices have increased this week. At CME Group (Chicago Mercantile Exchange), the Jul/22 contract hit USD 17.69/bushel (USD 39.00/60-kilo bag) on Thursday, June 9, 2.3% higher than that on the previous Thursday and the highest level since Sept. 4, 2012.
According to the USDA’s report, soybean sowing advanced 12 percentage points in a week, totaling 78% by June 5th, similar to the 79% on the average of the last five years, but still lower than the 89% sown in the same period last year.
International valuations were constrained by the US dollar appreciation, which makes American commodities less attractive to importers. Between June 2 and 9, the American currency rose by 2.4% against the Real, at BRL 4.911 on Thursday, 9.
SOUTH AMERICA – Price rises abroad and the dollar appreciation raised both liquidity and soybean quotations in Brazil. Expectations for higher consumption in the country helped to push up values too.
According to data released by Conab (Brazil’s National Company for Food Supply) on Wednesday, 8, although the output is estimated at 124.26 million tons in the 2021/22 season, 10% lower than that last season, domestic consumption is forecast to grow by 0.56%, to 51.24 million tons, a steep 21.18% down from that last crop. The decrease in ending stocks may be limited by lower exports (-12.63%), estimated at 75.23 million tons.
Between June 2 and 9, the CEPEA/ESALQ Index Paraná and the ESALQ/BM&FBovespa Paranaguá (PR) Index for soybean rose by 3.5% and 1.5%, respectively, to BRL 193.18 (USD 39.34)/bag and BRL 196.63 (USD 40.04)/60-kilo bag and on Thursday. On the average of the regions surveyed by Cepea, prices increased by 2.3% in the over-the-counter market (paid to farmers) and by 2.7% in the wholesale market (deals between processors).
CORN/CEPEA: Valuations at ports interrupt downward trend of quotations in the interior of BR
Boosted by higher demand and the dollar appreciation abroad, corn prices have increased at Brazilian ports this week. Thus, the quotations in the interior of the country rose too, interrupting the downward trend observed since mid-May.
At the ports of Paranaguá (PR) and Santos (SP), corn prices rose by 2.7% and 3.4% between June 2 and 9, to BRL 92.83/bag and BRL 93.31/60-kilo bag on June 9. For delivery between July and August, some deals were closed at BRL 95/bag. The US dollar rose by 2.4% against the Real, to BRL 4.911.
On the average of the regions surveyed by Cepea, between June 2 and 9, corn prices rose by 1.8% in the over-the-counter market (paid to farmers); in the wholesale market (deals between processors), quotations remained stable. Despite the recent price reaction and sellers’ higher interest in trading corn at ports, purchasers are waiting for the harvesting to advance and for better definitions about the output, which may be a record, in order to resumed buying corn.
The ESALQ/BM&FBovespa Index for corn (Campinas, SP) increased by 0.4%, to BRL 85.85 per 60-kilo bag on Thursday, 9. Purchasers stayed away from the market most of the week, constraining possible valuations.
CONAB – In a report released on June 8, Conab estimated the output in the second crop at 88 million tons, 45% up from that last season and a record for a second crop, considering the series of Conab, which began in 1976/77.
By adding the summer and the third crops, total supply in the 2021/22 season is estimated at 115.22 million tons, a record. Domestic consumption is still forecast at 77.12 million tons, and exports, at 37 million tons. Imports are forecast at 1.7 million tons. Still, by the end of 2022, ending stocks are estimated at 10.58 million tons, 36% higher than that last season.
CROPS – Second crop activities have been slow. In Paraná, sporadic rains are still hampering the harvesting, which has not reached 1% of the state area yet, according to data from Seab/Deral from June 6.
In Mato Grosso, 5.98% of the state area had been harvested (second crop of corn) by the end of the first week of June, according to Imea. The lack of rains since April has lowered productivity by 1.63% compared to that previous reported. The output is estimated at 39.31 million tons.
In Goiás, by June 4, 2% of the state crop had been harvested. The national average is at 3%, 2.2 percentage points higher than that last season.
For the summer crop, Conab has reported that 86.7% have been harvested. In Rio Grande do Sul, according to Emater/RS, high moisture hampered crop activities, and 95% of the state crop had been harvested by June 9.
IKAR Raises Russia 2022 Wheat Harvest Estimate to 87m Tons
Estimate is up from prior forecast of 85m tons, IKAR Director General Dmitry Rylko says by email.
- Increase based on larger spring-wheat plantings in some regions and good weather conditions in areas including Central, Volga and Siberia
- Country has potential for 41m tons of wheat exports, up from 39m tons
China to sell 500,000 T of soybeans from reserves on June 17
China will sell 500,000 tonnes of imported soybeans from its state reserves on June 17, the National Grain Trade Center said on Friday.
Beijing has been releasing the oilseed from its reserves in weekly sales in an effort to boost supplies in the domestic market and cool prices.
The rate of sales during the auctions has been relatively low, however, owing to flat demand.
UK Says It Will Prioritize Food Security as Global Prices Soar
- Boris Johnson’s government to publish food strategy on Monday
- Campaigners say plan ignores urgency of climate, health issues
The UK said it will prioritize food security in its new strategy for farming to be published on Monday, with funding aimed at boosting production to help protect consumers against economic shocks. The outlined plan disappointed campaigners for more sustainable farming.
The Department for Environment Food & Rural Affairs said £270 million ($332 million) will be invested in farming innovation and programs until 2029. The planning permission process will also be reviewed to support glasshouse developments in a bid to reduce imports, while the government also said would consult on labeling and procurement rules to boost local production.
The move comes with global food prices near record highs, after Russia’s invasion of Ukraine sharply reduced vital exports of grains and vegetable oils from there. That has added to pressures from the pandemic and high energy and input costs. In the UK, Boris Johnson’s government is struggling to contain a cost of living crisis that has hurt his ruling Conservative Party in polls.
“Harnessing new technologies and innovation, we will grow and eat more of our own food — unlocking jobs across the country and growing the economy, which in turn will ultimately help to reduce pressure on prices,” Johnson said in the statement.
British farms are also struggling to recruit enough labor, a problem which has been exacerbated by Brexit. The government said it will launch an independent review on that and also extend the seasonal workers visa route for poultry.
Still, campaigners said the strategy doesn’t do enough to tackle the environmental impact of farming, or the millions who can’t afford a healthy diet.
“No one in leadership in government appears to have really grasped the scale and urgency of the challenges posed to our health and our planet by the food system,” Anna Taylor, executive director of The Food Foundation, said in a statement. “These challenges are growing exponentially with the cost of living crisis.”
Malaysia firms turn down orders as migrant labour shortage hits
Malaysian companies from palm oil plantations to semiconductor makers are refusing orders and forgoing billions in sales, hampered by a shortage of more than a million workers that threatens the country’s economic recovery.
Despite lifting a COVID-19 freeze on recruiting foreign workers in February, Malaysia has not seen a significant return of migrant workers due to slow government approvals and protracted negotiations with Indonesia and Bangladesh over worker protections, say industry groups, companies and diplomats.
The export-reliant Southeast Asian nation, a key link in the global supply chain, relies on millions of foreigners for factory, plantation and service sector jobs shunned by locals as dirty, dangerous and difficult.
Manufacturers, who make up nearly one-fourth of the economy, fear losing customers to other countries as growth picks up.
“Despite the greater optimism in outlook and increase in sales, some companies are gravely hampered in their ability to fulfil orders,” said Soh Thian Lai, president of the Federation of Malaysian Manufacturers, which represents over 3,500 companies.
Palm oil growers are at breaking point, said Carl Bek-Nielsen, chief executive director of oil palm grower United Plantations. “The situation is dire and very much like having to play a game of football against 11 men but only being allowed to field seven,” he said.
Malaysia lacks at least 1.2 million workers across manufacturing, plantation and construction, a shortage worsening daily as demand grows with an easing of the pandemic, industry and government data show.
Manufacturers say they are short 600,000 workers, construction needs 550,000, the palm oil industry reports a shortage of 120,000 workers, chipmakers lack 15,000 and cannot meet demand despite a global chip shortage, and medical glovemakers say they require 12,000 workers.
The palm oil industry, which contributes 5% to Malaysia’s economy, warns 3 million tonnes of crop could be lost this year as fruit rots unpicked, meaning losses of more than $4 billion. The rubber glove industry estimates $700 million of lost revenue this year if the labour shortage persists.
Fertilizer Prices Fall as US Industry Awaits Summer Price Reset
US urea, phosphate and potash prices face extended downward pressure as spring planting winds down and the industry awaits the release of summer fill programs. The season’s late start and continued wet weather shortened the application window for ammonia and pressured dry fertilizer volume. Ammonia fill offers could come out below $1,000 a short ton.
Nitrogen Prices Fall, Phosphate Rebounds
Prices keep falling for nitrogen fertilizers as the US spring application season winds down. Prompt ammonia prices were down $50-$75 a short ton (st) in the Corn Belt, with even steeper declines in the US south. Urea prices fell to $470-$515/st at New Orleans (NOLA) vs. last week’s $500-$550, while those in the Corn Belt and Southern Plains plunged as much as $60-$70/st amid flagging demand. Urea ammonium nitrate (UAN) prices also dropped sharply as wet weather continues to hamper late applications on corn, and ammonium sulfate prices experienced further declines both at NOLA and inland.
Phosphate prices remained under pressure at inland terminals, yet export demand pushed NOLA higher during the week. Potash prices were flat to weak as the industry awaits the release of summer fill programs.
Brazil’s Fertilizer Buyers Staying Patient as Supplies Build
A pullback in fertilizer demand is extending across Brazil as farmers restrain buying and wait for prices to fall further. New declines may be expected, with sellers looking to offload bloated inventories. Near-term supply appears ample, yet 2H threats remain.
Wary Eyes on Russian Imports in June
Russian fertilizer exports to Brazil may be back in question after appearing to be on a path to normalcy in May. A slump in Russian shipments, representing 22% of Brazil’s total fertilizer inflows, could push prices back up. However, given prices continue to fall, buyers may be indicating they believe the slowdown is temporary. Over the next three months, potash and phosphates are expected to account for 83% of scheduled fertilizer cargoes.
Weekly imports from Russia in June are averaging 40,000 metric tons, 65% below May’s average of 117,000. From January-April, Brazil’s imports of Russian fertilizer were down 9% from the previous year.
Fertilizer Spot Prices in Brazil Plunge Amid Sluggish Demand
Prices declined this week amid falling demand as farmers wait for lower prices to buy, according to Bloomberg’s Green Markets.
- Urea price declined for the third straight week to $640/ton
- Urea plunged 42% since its peak on March 25
- Phosphate (MAP) dropped 5.1% this week, the fourth weekly decline in a row, to $1,120/ton
- Since April 1st, when MAP reached a record, the price declined 17%
- Potash lost 4.2% this week to $1,150 a ton after being unchanged in the previous two weeks
India Cumulative Monsoon Rainfall 38% Below Normal as of June 12
India has so far received 27.7 millimeters of rains during the current monsoon season, which runs from June through September, compared with a normal of 45 millimeters, according to data published by the India Meteorological Department on June 12.
- The northwestern region got 85% below normal rains
- Rainfall in the central region was at 69% below normal
- Cumulative seasonal rainfall data is compiled by the IMD
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