EU oilseeds overview: from oversupply to undersupply?
Related news
Northern US drought cuts into crop outlook
Northern US drought cuts into crop outlook
St Louis, 10 August (Argus) — Crop conditions across corn, soybeans and wheat all fell during the week in the northern portion of the US Corn Belt as drought conditions intensified, according to US Department of Agriculture (USDA) data. The crop rating for corn fell from the Dakota's through Michigan during the week, and south into Iowa for the first time this season. In Iowa, 78pc of the crop was rated in good-to-excellent condition as of 9 August, falling by two percentage points from the prior week, and eight points below the previous year. In Wisconsin and North Dakota, the share of the crop in good-to-excellent condition fell by 10 points from the prior week. Both states have declined significantly since the middle of July, falling in Wisconsin from 83pc in good-to-excellent condition as of 12 July to 69pc as of 9 August. And the North Dakota corn crop fell from 71pc to 27pc in good-to-excellent condition during the same period. The soybean crop rating in North Dakota fell by 13 points during the week to 31pc in good-to-excellent condition. The outlook for the soybean crop was reduced further south in the US as well, with both Iowa and Missouri falling from the previous week by one and two points, respectively. The spring wheat crop outlook was reduced in Montana, as well as the Dakota's and Minnesota. While both North Dakota and South Dakota continued to pull below both last year's level — and the five-year-average ratings for the two states — the spring wheat outlook for both Montana and Minnesota remained positive, despite the drop. North Dakota was reported at 44pc in good-to-excellent condition, 11 points below the five-year average for the state. South Dakota was rated at 41pc, two points below the five-year average. Minnesota's spring wheat crop was reported at 88pc in good-to-excellent condition, 25 points above the five-year average, while Montana was 50pc in good-to-excellent condition, ahead of its five-year average by 22 points. Nationally the corn crop remained at 61pc in good-to-excellent condition, as slight improvements across the central Corn Belt, offset the declining quality of the northern portion crop. Soybeans fell by one point from the prior week to 6pc and spring wheat fell by four points to reach 51pc in good-to-excellent conditions. With the first week of August, both the corn and soybean crops have mostly moved past their pollination phases, with corn silking 94pc complete, and soybean blooming 93pc complete. Corn's grain filling phase was progressing slightly ahead of normal, with 61pc of the crop in the dough stage, six points ahead of the five-year average. Similarly, 74pc of the soybean crop was in the pod setting phase, five points ahead of the five-year average. The spring wheat crop has also developed more quickly this year, with 24pc of the crop harvested as of 9 August, five points ahead of the five-year average pace. By Ryan Koory Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US extends but narrows Jones Act waiver
US extends but narrows Jones Act waiver
New York, 10 August (Argus) — President Donald Trump's administration said it will continue to waive domestic shipping requirements under the Jones Act for another 90 days, albeit with stronger oversight than the previous waiver. The waiver, first enacted 17 March, will now require the Department of Defense to consult with the US Maritime Administration (MARAD) on the availability of Jones Act vessels prior to an individual shipping voyage before determining whether the waiver can be applied, a White House official told Argus . This marks a shift from the waiver's current iteration, valid through 16 August, that relies on the vessel operator or charterer documenting their reasoning. As of 7 August, MARAD data show that around half of the reasons given for the 212 documented Jones Act waiver voyages simply cite the shipment's coverage under the waiver, while only 19 entries mention Jones Act vessels not being available. The new waiver still covers most products that were covered previously, such as diesel, gasoline, crude, soybean oil and fertilizers, but coal and coal-derived products are no longer allowed, according to the official. US-based shipping groups expressed strong opposition to a waiver extension, particularly under the existing blanket waiver authority used since March. "The government can respond to a genuine emergency without turning an exceptional waiver into a standing invitation for foreign operators to enter routine domestic commerce," former US federal maritime commissioner William Doyle said in an op-ed in the Washington Examiner on 10 August. The Trump administration issued the waiver of the Jones Act — which allowed foreign flagged and owned vessels to carry US-to-US shipments in place of US-flagged, US-owned and US-crewed vessels — on 17 March on national security grounds under section 501a and later extended it by 90 days. But some of the voyages conducted under the waiver have been criticized by the domestic maritime industry as not serving any national security purpose . The waiver was issued to ensure US airfields and military installations are properly supplied with fuel, but has otherwise been highly popular with US refiners. Republican lawmakers urged Trump in July to restore the Jones Act, calling the waiver "a loophole exploited by adversarial countries to erode America's maritime dominance". By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico’s inflation slows to 6-year low in July
Mexico’s inflation slows to 6-year low in July
Mexico City, 7 August (Argus) — Mexico's inflation slowed to an annual 3.12pc in July, the lowest in six years, led by contracting agriculture prices and easing in core inflation. The consumer price index (CPI) eased from an annual 3.37pc in June and marked a fourth consecutive month of deceleration from 4.59pc in March, according to statistics agency Inegi. Inflation came in close to analyst forecasts, with Mexican bank Banorte's consensus survey forecast at 3.11pc. The bank said inflation, its lowest since early 2020, "has likely already" hit its lows for the year and forecasts it to accelerate in the fourth quarter. July's slower headline rate was mainly fueled by the more volatile non-core index of prices, which slowed to an annual 0.29pc in July, mainly because agricultural goods prices contracted by an annual 3.34pc in July. Agricultural prices in Mexico have been supported by average rain and temperatures this year. However, in its August 3 update, NOAA's Climate Prediction Center confirmed the development of a strong El Nino climate phenomenon to reach its peak in the winter. Core inflation, which excludes volatile food and energy prices, slowed to 3.95pc in July from 4.03pc in June, marking a sixth consecutive month of deceleration and slowing to within the central bank's 2-4pc inflation tolerance band around the fixed 3pc target rate. Services remained the main source of upward pressure at 4.36pc in July, though easing from 4.49pc in June. Housing inflation held unchanged at 3.62pc, its highest level since April 2025, while consumer goods inflation slowed to 3.52pc in July, marking a third month of declines. Mexico's energy price index edged lower to 1.16pc in July from 1.39pc in June, supported by the government caps on regular gasoline and diesel retail prices to mitigate volatility stemming from the US war with Iran. The government policy will remain key to stability in energy prices, said Banorte, though the outlook for fuel prices has improved "in recent trading" helped in part by OPEC+'s decision to rescind voluntary production cuts. On a monthly basis, the CPI increased 0.03pc in July after a 0.27pc contraction in June. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Mexico economy tops forecasts with 2.2pc 2Q growth
Mexico economy tops forecasts with 2.2pc 2Q growth
Mexico City, 30 July (Argus) — Mexico's economy grew by 2.2pc in the second quarter of 2026, led by solid expansion in the agricultural sector and steady growth in the industrial and services sectors. Growth in gross domestic product (GDP) accelerated from an annual 0.2pc in the first quarter, statistics agency Inegi reported. The first-quarter figure was revised up from 0.1pc, reinforcing signs that the economy began gaining momentum in March. The second-quarter result followed 1.7pc annual growth in the fourth quarter of 2025 and a 0.2pc contraction in the third quarter last year. The primary sector, which includes agriculture, fishing, mining and hydrocarbon extraction, expanded by 7.6pc in the second quarter after growing 0.4pc in the first quarter, revised from an initial estimate of a 0.1pc contraction. Industrial sector output, including manufacturing, construction and mining, grew by 0.9pc after contracting 1.2pc in the first quarter, revised from a 1.3pc decline. The services sector expanded by 2.6pc from April to June, up from 1pc growth in the first quarter, revised from 0.7pc growth. The annualized second-quarter result surpassed the 2.1pc estimate from Mexican bank Banorte and well above its 1.6pc consensus estimate. Banorte said the "very positive" data reinforces its forecast for 1.4pc GDP growth in 2026, citing expected support from industrial and services activity. Banorte expects investment to remain a key driver, highlighting large planned projects in retail and e-commerce, including Mercado Libre's $4.6bn investment in Mexico. It also expects construction to benefit from government-backed spending on hospitals, natural gas infrastructure and renewable power projects. Banorte added that Mexico's trade outlook remains favorable despite the US decision on 1 July not to renew the USMCA free trade agreement while negotiations continue. Fitch Ratings estimates the latest US tariffs tied to forced-labor measures will actually lower Mexico's effective tariff rate to 3.7pc from 5pc. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.