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High costs, low prices squeeze farmers in Romania

  • Market: Agriculture
  • 24/04/26

Farming costs in Romania have surged again in 2026 as a result of the US-Iran war, although they have remained elevated since the outbreak of the Russia-Ukraine conflict, but agricultural prices and farm revenues have decreased, squeezing producers' margins in Romania, speakers at the EuroGrain Exchange in Bucharest said on 23-24 April.

Farming costs ― most notably fertilizer and energy costs ― have increased sharply since the outbreak of the US-Iran war. Total technological costs, which include fixed and marginal costs at farms, were expected to increase to 6,370 lei/hectare (€1,251/ha) for irrigated wheat crops in 2026-27, up from about Lei3,600/ha in 2025-26, according to Dragos Costin Telehuz from the forum of professional farmers and processors of Romania (FAPPR). Total technological costs for all crops have remained elevated compared with costs in 2021-22 and 2022-23.

High costs and lower farm revenues — after grain prices fell back from highs in 2022-23 — have squeezed farmers' margins for all crops in 2024-26. The net margin for milling wheat cultivation has fallen to about €420/ha in 2025-26 with EU subsidies, down from about €780/ha in 2021-22 and 2022-23, although the margin recovered from €250/ha in 2024-25, Anda Zabava from Cargill Agricultura Romania said. She expects net margins in 2026-27 to be further hampered by the war.

That said, wheat and rapeseed have remained the most profitable crops, despite higher input costs. Farms were expected to achieve €650/ha in their net margins on average for rapeseed crops in 2025-26, compared with €420/ha in their wheat crops.

Irrigated rapeseed continued to be the most costly crop in 2025-26 and 2026-27, according to FAPPR's data. The average cost was expected to reach Lei7,207/ha for irrigated rapeseed cultivation in 2026-27.

Cultivation of rapeseed and wheat without irrigation could save 20-25pc on average in 2026-27, according to the association's data. Wheat cultivation costs Lei5,221/ha without irrigation, compared with Lei6,371/ha.

By Xiaoyi Deng

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27/04/26

US winter wheat quality declines muted

US winter wheat quality declines muted

Houston, 27 April (Argus) — Declines in the quality of US winter wheat were limited during the week ended 26 April, though the nationwide crop remains in much worse shape than in past years. The US winter wheat crop rated at 30pc good to excellent in the latest week, according to US Department of Agriculture (USDA) data, unchanged from the week prior. Though the overall crop did not worsen from last week, it did fall further behind prior year's levels, sinking to 19 percentage points worse than 2025 and 10 points behind the five-year average. Market concerns over dryness and cold temperatures worsening conditions in the Southern Plains were not reflected in last week's data, with the good-to-excellent rate in Kansas and Texas sliding by just 1 and 2 points, respectively. Winter wheat in Oklahoma, meanwhile, climbed by 4 points to 14 points good-to-excellent. Colorado, South Dakota, Wyoming, and Montana were not as lucky, with the good-to-excellent rate falling by as much as 6 points in those states. Even with some muted week-over-week declines, hard red winter wheat quality in key-growing states remains considerably worse than in previous years. The country's largest producers are, on average, 17 points worse than their five-year average good-to-excellent rates. The rate of poor to very poor wheat also rose to 35pc from 33pc nationally, driven higher by a 20-point increase in Nebraska and an 8-point increase in Montana. Wheat in Texas and Oklahoma could also get more reprieve from ongoing drought conditions with multiple days of rain in the latest National Oceanic and Atmospheric Administration (NOAA) forecasts for the coming week. Some of that precipitation may also range into Colorado and Kansas. Spring wheat planting, meanwhile, has been slow, with farmers seemingly prioritizing corn and soybeans. The US reached 19pc planted during the latest week, 11 points behind last year and 3 points behind the five-year average. Corn and soy planting blitz US corn and soybean planting continues to pace ahead of historical levels with farmers taking advantage of a largely dry week, according to NOAA rain-tracking data. Corn reached 25pc planted nationwide during the latest week, a 14-point increase from the week prior. Corn-belt farmers were particularly active, with planting increase of between 16 and 20 points in Iowa, Nebraska, Missouri, Illinois, and Indiana. Despite the active week, Missouri remains 2 points behind its five-year average for planting progress. Indiana, on the other hand, is 20 points ahead of its five-year average. Soybean farmers made similar progress, reaching 23pc completion on national planting, up from 12pc the week prior. Soybean planting is now 5 points ahead of 2025 levels and 11 points ahead of the five-year average. On the state level, the pace of Indiana planting was 27 points ahead of its five-year average at 35pc planted. Iowa, though, remained 2 points behind its five-year average, as was Michigan. 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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Argentina harvest spurs soy export registrations

27/04/26
News
27/04/26

Argentina harvest spurs soy export registrations

Sao Paulo, 27 April (Argus) — Argentina's registrations of soybean exports showed their first signs of seasonal recovery in the week ending 24 April, pushing above the prior year's value for the week for the first time since September last year. Soybean export registrations more than doubled from a year earlier to 137,000 metric tonnes (t) during the week, according to data from the Secretariat of Livestock and Fisheries (SAGyP), boosted by expectations that harvest of the oilseed will begin to pick up speed . The amount was more than the total volume that had been registered for export during the 28 weeks since a September tax holiday last year boosted soybean sales ahead of harvest, reducing the supply of soybeans available for export and for crushing since. Argentina's soybean harvest began in April, but the flow of soybeans to ports and crushers has been slowed this year by unusually rainy weather . But farmers are expected to take advantage of this week's cool, sunny weather to pick up the pace of harvesting. Soybean meal and soybean oil export registrations also rose in the week, helped by increased crushing in March that boosted exporters' supplies. Soymeal registrations increased by 31pc to 284,000t and soybean oil registrations climbed by just over 31pc to 76,100t. Corn registrations drop A sharp drop in corn registrations in the week outweighed the higher soy volumes, dragging total registrations lower. Corn registrations plunged more than 93pc from the same week last year to 65,000t, the smallest amount in any week so far this year. Argentina's exporters had already registered large amounts of the country's expected record corn crop prior to last week, including nearly seven million tons for loading in April and another 3.7mn t for loading in May. Total export registrations fell by more than 48pc from a year earlier to 770,000t, with wheat registrations down by nearly 41pc to 39,300t and barley registrations practically disappearing at 2,500t during the week, compared with 19,200t last year. Export registrations for other oilseeds skyrocketed to 32,900t from 1,500t a year earlier, boosted by the record crop of sunflower seeds currently being harvested. Other meals registrations rose by 90pc to 72,900t and other oils registrations fell by 14pc to 62,300t. May continued to dominate loading, with exporters scheduling by far the most loading for the month for all products except soybeans and sunflower meal. For soybeans, 71,000t are scheduled for May loading, with another 66,000t scheduled for July, while 43,000t of sunflower meal are scheduled for May loading and 30,000t for June. By Jeffrey T. Lewis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Mexico trade balance swings to $6bn surplus in March

27/04/26
News
27/04/26

Mexico trade balance swings to $6bn surplus in March

Mexico City, 27 April (Argus) — Mexico's trade balance in goods swung to a hefty $5.93bn surplus in March, amid a strong pick-up in manufacturing exports. The balance, reported by statistics agency Inegi, swung from the $463mn deficit in February after narrowing from a $6.48bn deficit in January. The March surplus also far surpassed the $1.03bn surplus forecast by Mexican bank Banorte. The swing to a surplus in March was led by widening of the non-oil trade surplus to US$8.32bn in March from US$1.55bn the previous month. Meanwhile, Mexico's oil-trade deficit expanded only slightly to $2.39bn in March from $2.01bn the previous month despite volatility in global oil prices hitting markets caused by the conflict in the Middle East. Total exports rose to $70.7bn in March from $56.9bn in February, with oil-related exports up at $1.71bn from $1.47bn. Crude exports increased to 495,000 b/d in March from 585,000 b/d in February, well below the 827,000 b/d recorded in March 2025. Non-oil exports rose to $69bn in March from $55.36bn the prior month. Manufacturing shipments increased to $64.7bn in March from $51.8bn in February, with automotive up to $17.4bn from $13.6bn in February. Imports totaled $64.8bn in March compared with $57.3bn in the prior month, with oil imports at $4.1bn in March compared with $3.5bn the prior month and non-oil imports at $60.7bn, up from $53.8bn the prior month. Mexican bank Banco Base suggests the outlook has worsened due to comments by economy minister Marcelo Ebrard during meetings with Mexican president Claudia Sheinbaum and US trade representative Jamieson Greer. Ebrard indicated the review's goal is to reduce tariffs, not eliminate them, noting "a world without tariffs is unlikely to return." Banco Base considers this bad news for several reasons: Mexico enters the renegotiation with a weak stance, more willing to concede to the Trump administration than to secure favorable terms; and continued tariffs could be a bargaining chip to avoid addressing other US demands related to the rule of law and the opening of strategic sectors. In addition, said Banco Base, "Continued tariffs could lead to a sustained decline in affected sectors like steel and automotive, whose exports have fallen due to sectoral tariffs." Banco Base also mentions stricter rules of origin, which would further harm the automotive and steel industries. These measures would remove incentives for foreign companies in Mexico, slowing foreign direct investment growth. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Argentina’s economy contracts in February

22/04/26
News
22/04/26

Argentina’s economy contracts in February

Montevideo, 22 April (Argus) — Argentina's economy contracted by an annual 2.1pc in February, the sharpest decline since September 2024 following a trend of largely steady growth. The contraction followed growth of 1.7pc in January, according to preliminary data from the national statistics institute (Indec) released Wednesday. The economy grew by 3.3pc in December last year but contracted by an annual 0.2pc in November last year following 13 months of growth. The data in February was pulled lower by a 8.7pc contraction in manufacturing, a 7pc decline in retail and wholesale trade and a 6pc drop in utilities. Partially offsetting the weakness were a 14.8pc increase in fishing, a 9.9pc gain in mining output and 8.4pc growth in agriculture. The February decline is only the second monthly contraction since November 2024, but reflects a steady erosion in recent months and comes on top of troubling inflation data for March. Inflation reached 3.4pc in March, the highest monthly rate in the past 12 months, Indec reported on 14 April. The annualized rate was 32.6pc in March, well above the 10.1pc for the year forecast in the government's 2026 budget. Inflation has been increasing since falling to a monthly low of 1.5pc in May 2025. A bright spot, however, is trade. Exports were up 30.1pc in March, according to Indec on 20 April, marking a trade surplus of $2.5bn compared with a surplus of $623mn a year earlier. - By Lucien Chauvin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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European HVO Class IV-II spread at an all-time high

22/04/26
News
22/04/26

European HVO Class IV-II spread at an all-time high

London, 22 April (Argus) — The northwest European HVO Class IV–II spread reached a record high of around $450/t on Tuesday, 21 April, up from $250/t a month prior, driven by scarce Class IV offers and growing expectations of compliance-driven demand. Hydrotreated vegetable oil (HVO) Class II is produced from used cooking oil (UCO), while Class IV is made from palm oil mill effluent (Pome). Under the EU Renewable Energy Directive (RED), the contribution of Class II — along with other biofuels made from Annex IX B feedstocks — is capped in meeting the transport renewable energy target, whereas Class IV is incentivised alongside biofuels made from Annex IX A feedstocks. Biofuels made from Annex IX feedstocks are double-counted toward mandate compliance in many member states. In practical terms, the spread widened because the Class IV premium to gasoil traded higher by $95/m³ on Tuesday's Argus Open Markets (AOM), while Class II only traded higher by $20/m³. Class IV firmed because of supply-side behaviour linked to regulatory expectations, with market participants attributing the move mainly to a scarcity of Class IV offers in the Amsterdam-Rotterdam-Antwerp (ARA) hub. Expectations that the Netherlands and Germany will abolish double-counting of Annex IX feedstocks from 2026 are likely to significantly boost HVO demand this year. As higher absolute amounts of biofuel would be required to meet greenhouse gas (GHG) reduction quotas, demand for drop-in fuels such as HVO is likely to rise. Those expectations strengthened following legislative developments in Germany and the Netherlands on Tuesday. The countries are among Europe's largest biofuels consumers. In Germany, implementation of the updated Renewable Energy Directive (RED III) has been added to the parliamentary agenda on Thursday , while in the Netherlands legislation amending the Environmental Management Act and the Excise Duty Act has been ratified . Both countries — along with France, Italy and Spain — missed the 21 May 2025 RED III implementation deadline . This had raised questions about whether higher RED III targets and the removal of double-counting would apply retroactively from 1 January 2026. Most market participants now expect the changes to proceed. In parallel, use of Pome in Germany had been under question, but it is now likely to be allowed for quota generation this year, with a ban anticipated from 2027. With UCO-based HVO capped, traders said demand could increasingly shift toward advanced grades such as Class IV, leaving scope for further widening in the Class IV–II spread. Beyond physical fundamentals, market structure may also be contributing to the spread widening. The Class IV increase follows last week's first trade in the Class IV paper contract. Historically, Class IV exposure has often been hedged using the Class II contract, according to participants, but traders said the newly-launched Class IV paper instrument could allow Class IV values to decouple more clearly from the Class II benchmark, supporting a wider spread. The third quarter Class IV/Class II spread traded at +$350/t ($2,060/t, $1,710/t) on 17 April, with post trade interest described as wide. Ice launched the Argus -settled contract on 7 April. Participants can trade the contract as an outright and as a differential to front-month gasoil. Additional support for Class IV could be coming from Indonesia, where the government said on Tuesday that fuel blenders will be required to submit plans for implementing a 50pc biodiesel–fossil diesel (B50) blending mandate from 1 July. Indonesia exports refined Pome oil to Europe and Asia-Pacific, although crude Pome exports have been restricted since January 2025 . The Argus Pome oil cif ARA price rose after the news, as Indonesia may re-direct more of its Pome supply toward its biodiesel production. By Evelina Lungu HVO Class IV-II spread $/t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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