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Argentina inflation eases to 32.4pc in April
Argentina inflation eases to 32.4pc in April
Montevideo, 14 May (Argus) — Argentina's headline inflation rose at a 32.4pc annual rate in April, easing from the prior month but remaining well ahead of target. It was the second consecutive month that the annual consumer price index (CPI) has eased. It was 32.6pc in March, down from 33.1pc in February after rising from a cyclical low of 31.3pc in October 2025, according to the statistics institute, Indec. It peaked at just above 292pc in April 2024. Five categories helped push up annual inflation in April, with housing/utilities up by 47.8pc, education up by 41.3pc, transportation climbing by 39.9pc, hospitality up by 39pc and communications up by 38.3pc. Clothing and shoes lagged at 12.7pc, with alcoholic rinks and tobacco at 23.8pc inflation. CPI rose by 2.6pc for the month of April, down from 3.4pc in March and the first monthly decline since prices began inching up last June. Transportation was the main monthly mover in April, with prices up by 4.4pc, followed by education, up by 4.2pc, and communications, up by 4.1pc. Food and beverages rose by just 1.5pc. President Javier Milei's government included inflation at 10.1pc in its 2026 budget, but the International Monetary Fund (IMF) puts it at just above 30pc for the year. Argentina has the world's largest extended fund facility with the IMF. It owes $41.78bn of the $121.3bn the IMF has in outstanding credits. In addition to getting inflation down, the government is also grappling with low economic growth and falling tax revenues. The economy contracted slightly in February and inflation-adjusted tax revenue fell for a ninth consecutive month in April, according to the tax service. By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US layer operations trim organic egg production
US layer operations trim organic egg production
Minneapolis, 13 May (Argus) — High egg inventories and a record layer flock pushed organic egg prices lower, prompting some producers to reduce organic egg production, market contacts said. Some operations are removing organic flocks and culling them early once their productivity begins to decline, market contacts said. Once barns are empty, some operations are choosing to leave barns empty longer between flocks or swap them back into conventional production. A decline in the organic egg-layer flock is a strong reversal after two years of strong growth. The US organic layer flock reached a record 21.7mn head in April up by 6.5pc from a year earlier. The flock rose by 30pc from a low of 16.7mn birds in April 2024 after heavy bird flu culling, US Department of Agriculture data show. The larger flock pushed organic egg stocks to 39.5mn eggs in the week ended 12 May, up by 38pc on the year. Swelling organic layer inventories in the 2025-26 corn marketing year (September-August) lifted organic grain demand for layers by 15pc compared with the prior year, tightening the organic corn and feed wheat market. A smaller layer flock will ease tight organic feed markets and free up supply for the still growing broiler and dairy sectors. Organic layers account for 40pc of US organic grain feed demand and 32pc of high-protein feed demand in the current marketing year, Argus forecasts show. A turn towards lower organic egg production will weaken demand for organic corn, but stocks are still expected to be tight until fall harvest. The organic chicken meat market remains strong and will continue to support overall organic feed demand even as layer numbers decline. By Alexander Schultz Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Railroads blast UP-Norfolk Southern merger plan
Railroads blast UP-Norfolk Southern merger plan
Houston, 13 May (Argus) — Union Pacific (UP) and Norfolk Southern's four Class I competitors urged US federal regulators to once again reject as incomplete the merger proposal to create the first US transcontinental railroad company. UP and Norfolk Southern in December filed their original merger application with US rail regulator the Surface Transportation Board (STB), starting the clock on a multi-year process. It will be the largest merger the STB has ever scrutinized, and the process will likely feature high-profile hearings and congressional scrutiny. The three-member STB in January ruled that the would-be partners' merger application was incomplete, sending it back to UP and Norfolk Southern to fill in key informational gaps. The railroads on 30 April refiled their proposal, which they say reinforces their argument the merger would drive growth, save shipping costs and bolster the US supply chain. UP said its updated analysis shows the merger will shift freight shipments from the roads to the rails, saving shippers an estimated $3.5bn/yr and removing about 2.1mn trucks from the road. However, all of the remaining Class I competitors heaped criticism on the merger application. According to BNSF Railway, UP's western Class I competitor, "the amended merger application makes things worse, not better." The refiled application "largely repackages" the first version while offering only "cosmetic changes to gloss over the serious and fundamental competition, pricing, and service concerns that were previously raised", BNSF said in an 8 May filing with the STB. In its updated analysis, UP said the combined railroad will hold a 39pc market share of US rail freight market, which the railroad says would put it roughly on par with BNSF by certain metrics. BNSF said that UP's actual market share would be considerably higher, a fact that it has downplayed in its application. "UP continues to lowball its projected market shares to the board but signals to Wall Street — the engine behind this proposed merger — that the market shares and pricing power will be even higher," BNSF said, urging the STB to reject the application again as incomplete. Canadian Class I railroads Canadian Pacific Kansas City and Canadian National both filed separate comments urging the STB to reject the application as incomplete, as did eastern US Class I railroad CSX. In response to the filings, UP on 12 May said its updated application "is comprehensive and complete, and provides all the information" that the STB needs, including market share data. The merger would create a single rail network stretching about 55,000 miles, handling about half of US freight traffic. UP and Norfolk Southern say that a coast-to-coast network will speed transit times by 24 to 48 hours and lead to greater efficiency. The two companies expect the transaction to be completed in the first half of 2027. The UP-Norfolk Southern merger will be the first test of STB rules enacted in 2001 requiring Class I railroads to demonstrate that major mergers enhance, rather than merely preserve, competitive shipping options. By Chris Baltimore Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US winter wheat conditions resume decline
US winter wheat conditions resume decline
Houston, 11 May (Argus) — The share of US winter wheat rated in good-to-excellent condition fell to 28pc during the week ended 10 May, driven by worsening conditions in major hard red and soft red winter wheat states. After rising from 30pc to 31pc good-to-excellent last week, US winter wheat conditions slipped another 3 percentage points in the latest week, according to the latest US Department of Agriculture data. The good-to-excellent rate has fallen by 7 points since the agency began releasing crop conditions reports five weeks ago. Conditions worsened substantially in Oklahoma, Texas, and Kansas — the three states drawing the most attention due to recent cold and dry weather — falling by 7, 6, and 5 points, respectively. Just 9pc of Oklahoma's winter wheat was rated good-to-excellent, with Texas at 10pc and Kansas at 17pc. Nebraska's crop worsened by 6 points to 5pc good-to-excellent. Areas currently experiencing extreme drought conditions expanded in the Texas and Oklahoma panhandles — according to US Drought Monitor data as of 5 May — which continues to pressure the wheat crop in the region. And in Illinois and Ohio — two major soft red winter wheat states — the good-to-excellent rate fell by 2 points. Illinois' wheat conditions remain 6 points ahead of the five-year average, though Ohio lags its five-year average by 4 points. But the dry conditions continued to enable quick crop development, with winter wheat up to 61pc headed nationally, a 12-point increase from last week and 16 points ahead of the five-year average. Farmers also made substantial progress on spring wheat planting, advancing by 21 points to 53pc planted during the latest week. Minnesota was the only state not in line with or ahead of its five-year average, lagging by 2 points at 47pc planted. Corn and soybean planting moves quickly Farmers remained focused on corn and soybean planting in the latest week, with the former progressing by 19 points and the latter by 16 points. Corn planting was over half done at 57pc complete, 5 points ahead of its five-year average. Planting has progressed particularly quickly in Indiana and Ohio, which were both 14 points ahead of their five-year average for this week. Emergence, meanwhile, was at 23pc, up from the five-year average of 19pc. Soybeans did not reach the halfway point, falling just short at 49pc planted. Still, that figure is 13 points ahead of the five-year average. Indiana was 19 points ahead of its five-year average, while Ohio was at 14 points. Soybean emergence reached 20pc as of 10 May, 8 points more than the five-year average. By Joseph Crosby Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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