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Brazil central bank raises target rate to 14.25pc
Brazil central bank raises target rate to 14.25pc
Sao Paulo, 20 March (Argus) — Brazil's central bank raised its target interest rate by 1 percentage point to 14.25pc amid accelerating inflation in a decelerating — but still heated — economy. The hike in the target rate, announced Wednesday, was the fifth in a row from a cyclical low of 10.5pc at the end of September last year, partly prompted by accelerating depreciation of the currency, the real, to the US dollar. Brazil's annualized inflation hit 5.06pc in February and is poised to keep accelerating. The bank's Focus economic report increased its inflation forecast to 5.7pc for the end-of-year 2025 from 5.5pc in January, when the bank's policy-making committee last met. Brazil's current government has an inflation ceiling goal of 3pc with tolerance of 1.5 percentage point above or below. The bank has recently changed the way it tracks the inflation goal. Instead of tracking inflation on a calendar year basis, it now monitors the goal on a rolling 12-month basis. The bank cited heated economic activity and a strong labor market as factors that have contributed to rising inflation. But the bank forecasts "modest GDP growth" for Brazil of almost 2pc in 2025, down from 3.4pc growth last year. Further tightening will also be linked to global economic uncertainty prompted by US president Donald Trump's aggressive trade and other policies and the monetary policies of the US Federal Reserve , according to the bank. Brazil's target interest rate is expected to keep rising at the bank's next meeting in 6-7 May, albeit to "a lesser extent" as the contributing factors are set to moderate, according to the committee. By Maria Frazatto Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
Brazil's soybean outflow causes truck queue in Rondonia
Brazil's soybean outflow causes truck queue in Rondonia
Sao Paulo, 20 March (Argus) — The waiting time for shipping the 2024-25 soybean crop at Brazil's port of Porto Velho reached six days this week, according to the local soybean producers association Aprosoja-RO. Lack of port infrastructure and farm storage, combined with the 2024-25 oilseed harvest peak in recent weeks, increased the truck queue for the flow of cargo at the port, in Brazil's northern state of Rondonia. "We have a queue of up to 1,200 trucks at the Porto Velho sorting yard, where all the production from the state and from Mato Grosso's northwest region are transported," said the administrative director of Aprosoja-RO, Marcelo Lucas. The cargo is shipped and continues along the Madeira River to the port of Santarem, in northern Para state, where it is exported. The 2024-25 soybean harvest in Rondonia is expected to reach 2.4mn metric tonnes (t), up by 7pc from the previous cycle, according to the national supply company Conab. Rondonia state did not have difficulties of this magnitude in previous years, but because of the peak in this cycle's harvest, there is a higher volume to be transported in a shorter period of time, according to Aprosoja-RO. Aprosoja-RO also said the logistical bottlenecks have caused losses to producers, who are unable to transport the harvest from their properties. The cargoes that are able to be loaded end up degraded because of the long waits in lines. Farmers are also absorbing the costs of keeping trucks parked in warehouses and ports, raising road freight prices to levels above what is traditionally practiced in the region, said Aprosoja-RO. In the week ending 13 March road grain freight on the Sapezal-Porto Velho corridor reached R235/t ($42/t), compared to R185/t in the same period in 2024. The entity said they are working with the state government to review the concession of the Porto Velho port, allowing other companies to operate it. Aprosoja-RO received reports that there are idle spaces that could be serving the producers. The port of Porto Velho is managed by the state ports and waterways society Soph, which said it does not manage the external truck queues, and does not have authority in the retroport area of trucks awaiting clearance for sorting to the terminals. By Bruno Castro Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Fed keeps rate flat, eyes 2 cuts in '25: Update
US Fed keeps rate flat, eyes 2 cuts in '25: Update
Adds Powell comments, economic projections. Houston, 19 March (Argus) — Federal Reserve policymakers held their target interest rate unchanged today in their second meeting of 2025, and signaled two quarter-point cuts are still likely this year. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc. This mirrored the decision made at the last FOMC meeting at the end of January, which followed rate cuts of 100 basis points over the last three meetings of 2024, which were the first cuts since 2020. "Our current policy stance is well positioned to deal with the risks and uncertainties we are looking at," Fed chair Jerome Powell told journalists after the meeting. "The economy seems to be healthy." Powell acknowledged some of the negative market sentiment in recent weeks, which he said "... probably has to do with turmoil at the beginning of an administration." "We kind of know there are going to be tariffs and they tend to bring growth down and they tend to bring inflation up," he said, but long-term inflation expectations are "well anchored." In December the Fed said it expected 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. Policymakers and Fed officials Wednesday lowered their estimate for GDP growth this year to 1.7pc from a prior estimate of 2.1pc in the December economic projections. They see inflation rising to 2.7pc for 2025 from the prior estimate of 2.5pc. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
US Fed keeps rate unchanged, signals 2 cuts this year
US Fed keeps rate unchanged, signals 2 cuts this year
Houston, 19 March (Argus) — Federal Reserve policymakers held their target interest rate unchanged today in their second meeting of 2025, and signaled two quarter-point cuts are still likely this year. The Fed's Federal Open Market Committee (FOMC) held the federal funds rate unchanged at 4.25-4.50pc. This mirrored the decision made at the last FOMC meeting at the end of January, which followed cutting the rate by 100 basis points in the last three meetings of 2024, which were the first cuts since 2020. In December last year, the Fed penciled-in 50 basis points worth of cuts for 2025, down from 100 basis points projected in the September median economic projections of Fed board members and Fed bank presidents. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.
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