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Brazil corn: Bids rise further
Brazil corn: Bids rise further
Sao Paulo, 13 February (Argus) — Bids for the Santos/Tubarao and Barcarena/Itaqui corn cargo markets posted more gains on Friday, but lack support from fundamentals to remain at higher levels on the long-term. Port differentials continue to variate according to which participants are available each day. The sudden return of more buyers ahead of Brazil's Carnaval holiday lifted bids at the same time sellers are uninterested in negotiations. Farmers are limiting forward sales for the 2025-26 second corn crop — the largest and most export focused — due to low prices. This sustains increases for the time being, but Brazil is still set to harvest a bumper crop, forecast by national supply company Conab at 109.3mn metric tonnes. The second largest production of the historical series should pressure prices once harvesting starts in June, right before the Brazilian corn export season starts in July. That is also around the time movement in the Brazilian market is set to accelerate, as crops development allows for more accurate projections on yields. Until then, most buyers should remain attending to short-term needs with other origins, while sales progress slowly due to the lack of demand. Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina's drought continues to hit corn, soy
Argentina's drought continues to hit corn, soy
Sao Paulo, 13 February (Argus) — Argentina's drought continued in the past week, with both corn and soybean crops suffering losses even after sporadic rain helped reduce damage in some areas. Farmers in some parts of the Cordoba province where corn harvesting has begun estimate their losses at 10-20pc because of the drought and high temperatures, the Secretariat of Agriculture, Livestock and Fisheries (SAGyP) said. Corn in parts of the country where rain has been more plentiful was in good-to-very-good condition, though most areas need more rain to avoid losses, SAGyP said. The crop in harder-hit areas is in worse shape and showing low yields where harvesting has started. Yields ranged from 6.4-7 metric tonnes/hectare (t/ha) in areas where harvesting has begun, down from the average national yield last year of 7.15t/ha, the Buenos Aires Grain Exchange (Bage) said. Corn planting finished in the week through 11 February, according to Bage. Plentiful rainfall in much of the second half of 2025 raised soil moisture levels across Argentina's agricultural areas, boosting wheat production to a record and spurring hopes of high yields for both corn and soybeans. The soil moisture left behind after the months of above-average rain has so far mitigated the impact of the drought. Participants still expect a record corn crop despite Bage trimming its forecast by 1 mn t to 57mn t last week because of the drought. Soybean losses in core region Argentina's so-called core agricultural area is facing the loss of more than 500,000t of soybeans after the drought and hot weather have hit yields, the Rosario Board of Trade (BCR) said. The area consists of parts of the northern Buenos Aires province and of the southern Santa Fe and Cordoba provinces. Total production of the oilseeds in the area will be about 600,000t below the expectations of just a few months ago, with average yields in the core of close to 3.8 t/ha instead of the 4 t/ha forecast before the drought began, BCR said. BCR expects the 2025-26 soybean crop at 48mn t , less than the 49.5mn t produced in 2024-25 and far below the record 60.1mn t crop grown in 2014-15. Still, that is 1mn t more than BCR's preliminary projection from September . Soybean losses could nevertheless range from 20-60pc in some parts of Argentina and fields in areas with the worst drought conditions are unlikely to be harvested at all, BCR said. By Jeffrey T. Lewis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US E15 group floats fewer biofuel mandate waivers
US E15 group floats fewer biofuel mandate waivers
New York, 12 February (Argus) — US lawmakers are weighing a proposal that would make it harder for oil refiners to win exemptions from annual biofuel mandates but still let regulators decide which companies deserve relief. The US House of Representatives last month punted on legislation that would allow year-round sales of 15pc ethanol gasoline (E15) and revamp the biofuel quota program, instead tasking a "rural domestic energy council" of more than 20 Republican lawmakers with hashing out reforms. One provisional plan circulated by the council this week would cap the total volume of future exemptions, according to four people familiar with the proposal and a draft framework shared with Argus . The US Environmental Protection Agency (EPA) requires oil companies to annually blend biofuels or buy Renewable Identification Number (RIN) credits from those that do, while letting small refineries bid for hardship exemptions that can save them tens of millions of dollars. Exemption decisions have varied wildly over time, from mass denials under former-president Joe Biden to generous exemptions under President Donald Trump that has frustrated farmers. 450mn RIN cap The House task force's proposal would make the program somewhat more predictable. EPA would initially have to exempt 450mn RINs from annual biofuel obligations but no more, prioritizing companies that prove the most hardship. That would be a substantial drop from the nearly 1bn RINs the Trump administration has already exempted from 2024 quotas, initially set at 21.5bn credits. If mandates rise over time, EPA must proportionally raise that 450mn RIN cap. One gallon of corn ethanol generates 1 RIN, while more energy-dense fuels like renewable diesel earn more. Unexpected exemptions can hurt RIN prices, cutting into biorefinery margins and curtail demand for crops like corn and soybeans. Other changes would limit — but not entirely eliminate — EPA's discretion. Regulators would have to largely stick to their current system for measuring hardship, which factors in criteria like a refinery's access to capital. EPA would also have to consider "additional materials" determined by the council to limit "abuse", though the framework does not elaborate on what this would entail. An earlier proposal backed by the American Petroleum Institute and ethanol groups would have restricted exemptions to companies with limited collective refining capacity, angering some larger companies that would have lost the ability to win exemptions for smaller units they own. The latest proposal would leave it to EPA to decide which facilities deserve relief, letting small companies, mid-sized refiners like Delek and even oil majors like Chevron still compete for a smaller pool of exemptions. EPA could not force larger oil companies to blend more biofuels to offset exemptions for their smaller rivals and would have to automatically extend exemptions if it takes more than six months to weigh a company's new request. The framework would also keep the program focused around fuels that retailers can easily blend, blocking EPA from ever reviving a Biden plan to credit biogas that powers electric vehicles. The proposal shared with Argus makes no explicit mention of removing summertime limits of E15, though that is the top priority for farm-state lawmakers on the council keen to help corn farmers. Trump has made clear too he wants to expand E15 access . The framework would require EPA to finalize E15 labeling and storage standards. The proposal includes no details on timing. Some biofuel advocates have pushed delaying any changes to 2028, worried that near-term shifts could delay the Trump administration's goal of finalizing new biofuel quotas before April. Not final, still an uphill battle The framework is just one idea the council is weighing and could change. A legislative source familiar with the debate told Argus that "nothing definitive has been decided". The council has a goal of aligning around fuel market reforms by 15 February. Afterwards, any plan would likely need to be added to larger legislation to have a chance of passing, such as a farmer aid package. Advocates of the plan face an uphill battle. Some Republicans, including in the US Senate, have long pushed for more substantial reforms to the biofuel mandates than what the task force has contemplated. The framework only alludes to these concerns, requiring a government watchdog agency to regularly study how the program impacts fuel prices and US refining capacity. Democrats, already frustrated they were left off the council, could also resist permanently excluding electricity. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump threatens to block new Canadian bridge
Trump threatens to block new Canadian bridge
Calgary, 9 February (Argus) — US president Donald Trump is threatening to block the opening of a Canadian-financed, cross-border bridge as trade tensions between the two countries show little sign of easing. The Gordie Howe International Bridge connecting automotive manufacturing hubs Windsor, Ontario, and Detroit, Michigan, is set to open in early this year, but on Monday was in the crosshairs of a social media screed from Trump. "I will not allow this bridge to open until the United States is fully compensated for everything we have given them," said Trump in the post. "We will start negotiations, IMMEDIATELY." The 2.5 km (1.6 mile) bridge is entirely funded by Canada at an estimated cost of C$6.4bn ($4.7bn) but will be publicly owned by both Canada and Michigan. It will be operated by the Windsor-Detroit Bridge Authority (WDBA), a Canadian crown corporation created in 2012. Canada for years has sought an alternative to the nearby Ambassador Bridge, owned by the family of a US business magnate. The Canadian government is to recover its investment through tolls. Trump's social media post repeated other complaints over trade with Canada, including some Canadian provinces no longer stocking US alcoholic beverages, Canadian tariffs on US dairy products and a pending agreement between Canada and China to reduce some tariffs. China "... will eat Canada alive," Trump said in the post. "The first thing China will do is terminate ALL Ice Hockey being played in Canada, and permanently eliminate The Stanley Cup." The Gordie Howe International Bridge will be the latest addition to the Windsor-Detroit trade corridor, which the WDBA says accounts for more than one-quarter of trade between Canada and the US. The corridor includes the Ambassador Bridge, the Detroit-Windsor Tunnel and the Canadian Pacific Railway tunnel. A US waiver was given to Canada to source steel from either the US or Canada for the project. The main bridge and parts of the Canadian port of entry were sourced using Canadian steel, according to the Canadian government. By Brett Holmes Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.