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Flooding closes upper Mississippi locks

  • Spanish Market: Agriculture, Biofuels, Chemicals, Coal, Fertilizers, Freight, Metals, Oil products, Petrochemicals
  • 08/07/24

High water levels in the Mississippi River have caused all lock and dams to close between Bellevue, Iowa, and Gladstone, Illinois, according to the US Army Corps of Engineers (Corps).

Lock and Dams (L&D) 12-18 are closed as of 8 July, the Corps said. Water levels have reached the top of L&D 12 in Bellevue and L&D 11 in Dubuque, according to the National Weather Service.

The outflow at L&D 16 was at 255,000 cubic feet per second (cfs) as of 8 July, about 68pc more than the average of 80,000cfs this time of year, the Corps said.

It will be another two weeks until L&D 20 reopens, but L&Ds 11-15 could reopen as early as this weekend, the Corps said.

About 15 inches of rain fell in Dubuque over the past week, bringing the expected forecast up to 22.1ft, according to the National Oceanic and Atmospheric Administration. Flooding at Dubuque and other locations along the river are expected to drop from major to moderate levels this week.

L&D 19 reopened on 8 July as it fellow flood stage at 16ft, the Corps said. L&Ds 19, 21, and 22 are expected to remain open. The river widens around the locks, allowing for a greater outflow at higher water levels.


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16/05/25

US House panel votes down Republican megabill

US House panel votes down Republican megabill

Washington, 16 May (Argus) — A key committee in the US House of Representatives voted today to reject a massive budget bill backed by President Donald Trump, as far-right conservatives demanded deeper cuts to clean energy tax credits and social spending programs. The House Budget Committee failed to pass the budget reconciliation bill in a 16-21 vote, with four House Freedom Caucus members — Ralph Norman (R-South Carolina), Chip Roy (R-Texas), Josh Brecheen (R-Oklahoma) and Andrew Clyde (R-Georgia) — voting no alongside Democrats. A fifth Republican voted no for procedural reasons. The failed vote will force Republicans to consider major changes to the bill before it comes up for a vote on the House floor as early as next week. Republican holdouts say the bill would fall short of their party's promises to cut the deficit, particularly because it would front-load increased spending and back-load cuts. The bill is set to add $3.3 trillion to the deficit, or $5.2 trillion if temporary provisions were permanent, according to estimates from the nonpartisan Committee for a Responsible Federal Budget. Some critics of the bill said the proposed cut of $560bn in clean energy tax credits is not enough, because the bill would retain some tax credits for new wind and solar projects. "A lot of these credits have been in existence for 30 or 40 years, and you talk about giveaways, we want to help those who really need help," Norman said ahead of his no vote. "That's the heart of this. Sadly, I'm a no until we get this ironed out." Negotiations will fall to House speaker Mike Johnson (R-Louisiana), who can only lose three votes when the bill comes up for a vote by the full House. But stripping away more of the energy tax credits enacted in the Inflation Reduction Act could end up costing Johnson votes among moderates. More than a dozen Republicans on 14 May asked to pare back newly proposed restrictions on the remaining clean energy tax credits. Ahead of the failed vote, Trump had pushed Republicans to support what he calls the "Big Beautiful Bill". In a social media post, he said "Republicans MUST UNITE" in support of the bill and said the party did not need "GRANDSTANDERS". The failed vote has parallels to the struggles that Democrats had in 2021 before the implosion of their push to pass their sprawling "Build Back Better" bill, which was later revived as the Inflation Reduction Act. Republicans say they will work over the weekend on a compromise. The House Budget Committee has scheduled another hearing at 10pm on 18 May to attempt to vote again on the budget package, but any changes to the measure would occur later, through an amendment released before the bill comes up for a vote on the House floor. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Deere sees paying $500mn in US tariffs through Oct


16/05/25
16/05/25

Deere sees paying $500mn in US tariffs through Oct

Houston, 16 May (Argus) — Heavy equipment manufacturer John Deere expects US import tariffs to cost the company $500mn in the fiscal year that ends in October. The Illinois-based company paid roughly $100mn in tariffs in its fiscal second quarter, which ended 27 April. It expects to pay the US government another $400mn in tariffs during the second half of its fiscal year, executives said Thursday on an earnings call. Deere plans to recoup its tariff costs through a combination of charging higher prices and reducing its costs, chief financial officer Joshua Jepsen said. Tariffs also are expected to contribute to lower demand for tractors and other farm equipment produced by Deere. Large agricultural equipment sales across the industry are projected to fall by 30pc in the US and Canada in 2025 due to trade uncertainty and high interest rates, Deere said. Deere domestically produces 79pc of the completed goods it sells in the US, and 76pc of the components used at its domestic facilities are sourced from US-based suppliers. The company is prepared to invest $20bn to expand its domestic manufacturing over the next decade, chief executive John May said. The company imports 10pc of the components used in its US plants from Mexico and has begun qualifying its products for exemptions under the US-Mexico-Canada free trade agreement (USMCA) to mitigate the impact of tariffs. US sales of the company's roadbuilding machinery are subject to the US' 10pc global import tariff rate, as the equipment is predominantly made in Germany. The company reduced the low end of its profit forecast for the fiscal year to $4.75bn-$5.5bn, down from $5bn-$5.5bn. John Deere's second-quarter profit fell to $1.8bn, down by 24pc compared with the year-prior period. By Jenna Baer Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Liberty cancels Speciality Steel restructuring plan


16/05/25
16/05/25

Liberty cancels Speciality Steel restructuring plan

London, 16 May (Argus) — Liberty Steel has cancelled the restructuring plan for its Speciality Steel business in the UK. Liberty axed the plan as it was not going to receive sufficient creditor support to approve it, sources at the company said. Greensill creditors, and a majority of other plan creditors, had voiced their opposition to the restructuring in recent court proceedings. A sanction hearing to approve or reject the plan had been scheduled for 15-16 May, but that has now been cancelled as a result. The winding up petition by major creditor Harsco is scheduled to be heard on 21 May, so there is a risk the company could now be wound up if not placed into administration. In a note to creditors obtained by Argus , Liberty said it will "consult with UK government" and other stakeholders ahead of the petition. "The court's ability to sanction the [restructuring] plan depended on finalisation of an agreement with creditors," a company spokesperson told Argus . "This has not proved possible in an acceptable timeframe and so Liberty decided to withdraw the plan ahead of the sanction hearing on 15 May and will now quickly consider alternative options." The company remains "committed to doing all it can" to maintain the business, he said. The Speciality business has operated at a tiny fraction of its nameplate capacity in recent years, along with all of Liberty's operations in the UK, some of which have been technically mothballed already. Some sources have suggested the government could take control of Speciality Steel, as it has with British Steel, citing synergies between the two plants. By Colin Richardson Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Lynas produces separated heavy rare earths in Malaysia


16/05/25
16/05/25

Lynas produces separated heavy rare earths in Malaysia

Sydney, 16 May (Argus) — Australian mineral firm Lynas Rare Earths has produced separated dysprosium at its Malaysian rare earths plant, becoming the first producer of separated heavy rare earths outside China. But Lynas today declined to comment on the volume of dysprosium produced at the plant. The company built dysprosium and terbium processing circuits , capable of separating up to 1,500 t/yr of heavy rare earths, at its Malaysian plant in January-March. It will start producing separated terbium at the site next month. The circuits will allow Lynas to eventually expand its heavy rare earth production line to include separated dysprosium, terbium, and holmium concentrate, as well as unseparated samarium/europium/gadolinium and unseparated mixed heavy rare earths. The company's first production of dysprosium comes less than a month after some Chinese rare earth suppliers limited offers for rare earth minerals , including dysprosium and terbium, in response to the Chinese government tightening export controls. The company produced 1,911t of rare earth oxides in January-March, including 1,509t of NdPr oxide, down by 46pc on the year because of improvement and maintenance works in Malaysia and WA. The company is also developing another rare earth plant in Texas with US government support . The plant will produce separated heavy and light rare earths. By Avinash Govind Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Global dry bulk trade to contract in 2025: Star Bulk


15/05/25
15/05/25

Global dry bulk trade to contract in 2025: Star Bulk

New York, 15 May (Argus) — Dry bulk shipowner Star Bulk projects the total volume of global dry bulk volumes to fall by 1.2pc in 2025, largely due to lower global dry bulk exports to China Coal is projected to suffer the largest declines in global export volumes among major bulk commodities as China and India's domestic coal production growth is outpacing its consumption growth, creating downside risks for 2025 imports, according to Star Bulk. The global coal trade is expected to fall by 3.2pc on the year, down to 1.3bn t for 2025. China is also trying to increase its own grain productionand is "engaging in [genetically modified] crops" which will put downward pressure on its seaborne grain imports, according to Star Bulk. The global grain trade is projected to decline by 2.1pc on the year, down to 524mn t in 2025. For global iron ore exports the outlook is less clear. Low Chinese domestic production and stocks may increase demand but rising protectionist measures from steel-importing nations could curb Chinese steel production for the coming quarters, according to Star Bulk. Increases in minor bulk exports, such as bauxite or fertilizers, will rise on the year but not enough to mitigate decreases in major bulk volumes. The volume of minor bulk trade is expected to grow by 0.4pc on the year, driven by higher bauxite exports out of west Africa. Star Bulk's fleet consists of 150 bulk carriers including 17 Newscastlemaxes, 16 Capesizes, 38 Kamsarmaxes and 48 Ultramaxes. Star Bulk reported a first quarter profit of $462,000, down from $74mn in the same quarter the previous year. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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