Agriculture
Overviews
Access reliable cash pricing, analysis, and S&D forecasts to support your business needs, whether you are a producer, trader, broker or end-user, focusing on wheat, corn or soybeans or looking at feedstock for biofuels.
Argus has been bringing transparency to international commodity markets for more than 50 years, and brings the same expertise to the conventional and organic agriculture markets.
Latest agriculture news
Browse the latest market moving news on the global agriculture industry.
US Coast guard restricts lower Mississippi drafts
US Coast guard restricts lower Mississippi drafts
Houston, 3 September (Argus) — The US Coast Guard (USGC) set new towing and draft restrictions for the lower Mississippi River on 31 August, as water levels continue to decline. For southbound traffic from Tiptonville, Tennessee, to near Greenville, Mississippi, barge drafts must remain under 10.5ft and no more than six barges wide, according to the USGC. From Greenville to Tunica, Mississippi, southbound barge drafts must be under 10ft. Boats can tow six barges wide, but no more than four of those barges can be loaded. Northbound movement from Tunica to Tiptonville must keep drafts below 10ft and cannot be more than six barges wide and no more than four barges loaded. These new restrictions arrived five days after the previous draft restriction issued by the USGC. Memphis, Tennessee, water levels fell below the low water threshold of -5ft over the holiday weekend, at nearly -6ft as of 3 September according to the National Weather Service (NWS). As many as six other points on the lower Mississippi River are at their low water thresholds with others expected to reach their thresholds this week. Low water has already spurred an increase in southbound tariff values, which will likely be exacerbated as US crop harvests progress. The next 48hrs in the Memphis area is forecast to receive no rain, while the southern half of Mississippi and most of Louisiana may see 0.5-2 inches of rainfall, according to NWS. By Meghan Yoyotte Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
US corn growers could sink deeper into red on downturn
US corn growers could sink deeper into red on downturn
Houston, 3 September (Argus) — A more than 10pc drop in new-crop corn futures since early May has chipped away at early-season sales revenue estimates, potentially pushing domestic growers deeper into the red amid another season of elevated expenses. US corn farmers face a $1.77bn cut in projected sales revenue based on preliminary estimates for the 2024-25 crop as growers vie to liquidate old-crop inventories — pressuring new-crop 2025 futures values to the lowest level within the last two years. The incremental dip in projected revenue has outpaced lower expenses and steepened projected losses for domestic corn growers, with estimated losses on a per-acre basis primed to slump to -$111.86/acre before considering government assistance, according to an Argus analysis of US Department of Agriculture (USDA) data. Current conditions mark a reversal from the prior three seasons for corn growers and has sparked concern for another lengthy downturn in grain markets, according to Purdue University's Ag Economy Barometer survey. Farmers surveyed in August "expect this year's farm income downturn to last for an extended period" after enjoying multiple seasons of above-$200/acre profits from 2021-22 — which were preceded by seven consecutive years of double-digit losses from 2014-20, according to the USDA. "Over the last several months, farmers' concerns about weakening commodity prices have become more evident," Purdue reported today. "In the August survey, producers' concerns about commodity prices nearly eclipsed what has consistently been their top concern: high input prices." Growers this year have grappled with the weakening grains market by extending and taking out new non-real-estate loans. Demand for new operating loans was above normal, outpaced real estate loan demand through the first half of the year and is expected to remain strong through the third quarter, according to the Federal Reserve Bank of Chicago — which represents growers from Iowa, Illinois, Indiana, Michigan and Wisconsin. Corn prices will continue to face above-average inventories and record yield estimates , which has forced growers to liquidate inventory to clear space for this season's crop. A silver lining, though, is lower acreage from other major corn producing countries, which could stem the current downtrend in corn values. Argentina, which is the third-largest exporter of corn, could slash planted acreage by up to 50pc on price and pest concerns, while Brazilian farmers face worsening weather conditions that could erode planted area for the upcoming season. By Connor Hyde Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Rain forces Kazakh wheat crop downgrade
Rain forces Kazakh wheat crop downgrade
London, 3 September (Argus) — Much of Kazakhstan's 2024-25 wheat crop could turn out below human-consumption quality because of excessive rain during spring wheat development in August, according to market participants. That said, output could still be above average, with Argus forecasting the country's production above the previous five-year average for 2024-25 (September-August). Cold and wet weather has delayed crop growth by around 10 days, market participants said, and weighed on quality. Some producers, particularly those growing durum wheat, report sprouting, especially in crops sown before mid-May. Sprouting has not been seen in soft wheat, with falling numbers and protein content also reported in line with producers' expectations, market participants said. But the rain has increased the prevalence of yield-risking diseases, such as rust and septoria tritici, and lowered test weights to 71-72 kg/hectolitre (kg/hl), well below the standard minimum of 76-77 kg/hl for human consumption milling wheat. Producers still expect above-average yields, with harvest now well under way. But the continuing rain and muddy fields have hampered operations, according to market participants, exacerbating delayed crop development. If snow arrives before November, this could also challenge the harvest, which is usually complete in mid-October, according to the US Department of Agriculture (USDA). Farmers grow spring wheat in northern Kazakhstan, where rainfall was 150-400pc above norms in August and 120-200pc above norms in July-August, according to USDA. The rain had left topsoil and subsoil moisture levels well above average as of 31 August, USDA data show. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Ukraine sets wheat exports cap for 2024-25
Ukraine sets wheat exports cap for 2024-25
Kyiv, 3 September (Argus) — Ukraine's agriculture ministry and grain market participants have agreed to set a 16.2mn t wheat export cap for the 2024-25 marketing year. The government and exporters signed an addendum to the preliminary agreement for the 2024-25 marketing year, which sets the cap, irrespective of quality. This is exceeds the US Department of Agriculture (USDA) projection of 14mn t. The parties will monitor monthly grain export volumes and if needed adjust the cap in January 2025. Ukraine's millers had asked the ministry to cap 11pc and higher-protein milling wheat exports at 4.6mn t, citing a 30:70 split between milling and feed grade wheat in the 2024-25 harvest. Other market participants, including exporters, said the split is closer to 50:50 this year. Ukraine has implemented export caps since 2011 to shore up domestic food security. By Alexey Yeromin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.
Spotlight content
Browse the latest thought leadership produced by our global team of experts.
The rise of low organic premiums: threats to supply & growth
Tightening ratios between organic and conventional prices pose supply risks for organic markets and may decrease domestic production if the trend continues.
Insight papers - 02/08/24Australian wheat seeks to capitalise on export markets shift
Black Sea wheat has outshone Australian product in recent months, but North American production could pose fiercer competition than last year.
Podcast - 26/07/24Brazil corn and soybeans: farmer selling, harvest update and 2024-25 outlook
Explore our agriculture services
Argus Agriculture Newsletter
Each issue delivers a great blend of news, insights, price assessments and prompts you to the latest podcasts, webinars, insight papers.
Sign up here
