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Brazil's Mato Grosso ups soy output costs in Dec

  • Spanish Market: Agriculture
  • 16/01/26

Brazil's central-western Mato Grosso state increased its estimates for 2026-27 soybean crop production costs in December from November because of higher pesticides and fertilizer expenses.

The operational costs outlook reached R4,201/hectare ($781/ha) in December, up by 0.5pc from the previous estimate, according to the state's institute of agricultural economics Imea.

Pesticides cost estimates rose by 3pc from November to nearly R1,389/ha. Estimated fertilizer costs increased to R1,805/ha from R1,791/ha in the previous month. But seed costs dropped by nearly 6pc from November's estimate to around R513/ha.

December estimates costs were 0.5pc above the consolidated R4,181/ha from the 2025-26 crop costs. Pesticide costs led the increase, with a 14pc hike from last season's R1,218/ha.

Seeds and fertilizer estimates were nearly 15pc and 4pc below 2025-26 costs, respectively, at R607/ha and R1,881/ha.

Corn

Operational cost estimates for the 2025-26 corn crop using advanced technologies — which includes inputs, machinery and labor, among others — increased slightly to R3,320/ha from the R3,311/ha in November, Imea data show.

Seed costs are now estimated at around R778/ha, up by 0.5pc from a month prior. Fertilizer and pesticide costs rose by 0.3pc and 0.1pc to R1,422/ha and R738/ha, respectively.

December estimates costs were 2.6pc above the consolidated R3,237/ha from the 2024-25 crop costs. Fertilizer costs led the increase, with a 6pc hike from last season's R1,422/ha.

Seeds and pesticides estimates were nearly 2pc and 0.2pc above 2024-25 costs, respectively, at R763/ha and R736/ha in the previous season.

Cotton

Imea consolidated its 2025-26 cotton production costs at R10,776/ha, a 12pc rise from the previous season's R9,590/ha.

Pesticide costs led the increase with a 16pc hike to R4,670/ha, up from R4,013/ha on the year. Fertilizer costs rose by 9.8pc to R3,891/ha, also above the R3,543/ha from the 2024-25 season.

The consolidated seed costs increased by 5.5pc to R1,045/ha, above last cycle's R991/ha.

Imea also released the first production costs estimate for the 2026-27 cotton crop at R10,654/ha, a 1pc drop from the 2025-26 consolidated figure.

Fertilizer costs led the decrease with a 7.6pc drop to R3,593/ha from 2025-26.

Seeds costs increased by almost 13pc to R1,177/ha. Pesticides costs estimates rose by 2.7pc to R4,799/ha from 2025-26.

The 2025-26 crop costs in December were calculated based on an average exchange rate of R5.3882/$1 for soybeans, R5.5791/$1 for corn and R5.5870/$1 for cotton. The first 2026-27 cotton crop costs estimates were calculated based on an average exchange rate of R5.4525/$1.

By Bruno Castro

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20/01/26

Australian crop harvest deliveries approach 39mn t

Australian crop harvest deliveries approach 39mn t

Sydney, 20 January (Argus) — Slower grain and oilseed deliveries and final weekly progress updates indicate that Australia's 2025-26 harvest is drawing to a close, as cumulative receivals across the country's major networks approach 39mn t. Grain receivals into the Western Australia (WA)-based CBH Group reached 24.1mn t as of 18 January, with only a small number of deliveries continuing to enter the network, the co-operative said 19 January. Total receivals represent more than 90pc of the state's 26.6mn t winter crop estimated by the Grain Industry Association of Western Australia. South Australia (SA)-based Bunge issued its final harvest update last week. The firm has taken 5.3mn t of grains, oilseed and pulses into its network as of 4 January. Receivals are more than 2.1mn t higher than at the same point a year earlier due to better seasonal conditions. Drought weighed heavily on the state's 2024-25 winter crop production. GrainCorp, based on the east coast, received 9.3mn t as of 5 January across its sites in Queensland, New South Wales (NSW) and Victoria, a 17pc decline from the 10.9mn t it received around the same time last season. Total receivals reached 13.3mn t in the financial year ending 30 September 2025, according to GrainCorp. Growers keeping grain on farm and a slightly smaller winter crop in the eastern states, as estimated by the Australian Bureau of Agricultural and Resource Economics (Abares), likely contributed to lower volumes entering the network so far this harvest. The total volume received from the approximate start of harvest reached 37.8mn t across the three major bulk handlers, and more than half of Australia's 66mn t winter crop output as estimated by Abares. Australian wheat export prices have resisted harvest pressure despite the large crop, partly on account of slow grower selling and tight capacity early in the October-September marketing year. By Edward Dunlop Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

IMF warns of major risk to growth from US-EU tensions

19/01/26
19/01/26

IMF warns of major risk to growth from US-EU tensions

London, 19 January (Argus) — The IMF has upgraded its global economic growth forecast for 2026 but warned an escalation in trade tensions between the US and Europe is a "major risk." US president Donald Trump on 17 January threatened tariffs on several European countries in a bid to acquire the Danish territory of Greenland. This has raised concerns about a potential trade war between Europe and the US. "If we were to enter a phase in which there would be escalation and tit-for-tat policies… that would certainly have even more of an adverse effect on the economy, both through direct channels, but also through confidence, investment, and potentially through a repricing by [financial] markets," IMF chief economist Pierre-Olivier Gourinchas said at the launch of the IMF's World Economic Outlook Update (WEO) today. The IMF raised its global growth forecast for 2026 by 0.2 percentage points to 3.3pc, citing improvements in the US and China, and kept its projection for 2027 unchanged at 3.2pc. It puts 2025 economic growth at 3.3pc, from a previous 3.2pc. IMF forecasts are used by many economists to model oil demand projections. The IMF has repeatedly upgraded its growth projections since April 2025 and now sees 2025 and 2026 growth higher than when US-led tariff disruptions started in early 2025. The outlook's economic assumptions are current as of 31 December so do not take into account the US' latest tariff threat against European countries. It assumes an effective tariff rate of 18.5pc for US imports from the rest of the world. Any change to this would be a major risk," Gourinchas said. "This is something that could materially impact growth if we have higher levels of tariffs, if we have higher levels of geopolitical tension." The IMF said the US-led investment boom in AI and strong fiscal stimulus in China and Germany was offsetting economic losses associated with higher tariffs. But Gourinchas warned that debt financing in the AI sector was becoming more prevalent, and this could "amplify shocks if returns failed to materialise." He said any correction in AI stock market valuations would have far reaching negative effects or the global economy. The IMF said fiscal discipline is weakening across the globe, particularly in advanced economies. "The risk here [is] that countries will be unable to face the significant challenges ahead in terms of population aging, climate transition, national security or ability to support the economy, should a large shock occur," Gourinchas said. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Canada's wheat exports slow, still at record

19/01/26
19/01/26

Canada's wheat exports slow, still at record

London, 19 January (Argus) — Canadian trading firms exported 1.53mn t of soft wheat over 15 December-11 January, bringing their total exports for the 2025-26 season (August-July) so far to 10.4mn t — the highest for this point in the season since at least 2016, according to Argus tracking. Exporters shipped more than 525,000t of soft wheat in the week ending 28 December, which is typically a week in which no wheat is exported because of the holiday period, as seen in 2019-24. Canada exported an average of 470,000 t/week of wheat over 3 August-28 December, which was higher than in previous years and the second highest for the period since 2018-19, when 403,000 t/week were exported. Exports slowed to 256,000 t/week in 29 December-11 January, which is below average compared with the same weeks in previous years. If exports continue at this slower pace, Canada will still have exported a cumulative 11.7mn t by mid-February, which would be more than the 11.5mn t shipped in the whole of the 2021-22 season. By Erik Metaliaj Canada's cumulative wheat weekly exports mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

API, ethanol groups clinch deal on US biofuel bill

17/01/26
17/01/26

API, ethanol groups clinch deal on US biofuel bill

New York, 17 January (Argus) — The American Petroleum Institute (API) and ethanol groups have agreed on reforms to US biofuel policy that they would like to see, teeing up a last-minute lobbying campaign to get the provisions included in federal budget legislation this month. API and ethanol supporters that include the Renewable Fuels Association and Growth Energy have aligned around limiting refineries' future exemptions from biofuel mandates and making some changes to a bipartisan bill that would permit a higher-ethanol gasoline blend, according to four people familiar with the deal and draft text shared with Argus . The groups' final framework — which they will pitch to lawmakers in the hopes of swiftly adding it to government spending bills this month — would authorize sales of up to 15pc ethanol gasoline (E15) year-round. Summertime sales of ethanol blends above 10pc are restricted in most of the US because of rules meant to minimize smog. If passed into law, the deal would be a major victory for ethanol producers who have long claimed wider access to the typically-cheaper blend would benefit farmers and drivers alike. Oil majors have grown more comfortable with E15 too, preferring consistent nationwide rules to costly workarounds like a looming shift in the midcontinent to a boutique fuel blend that would allow more ethanol. While the E15 fix would take effect immediately, the energy groups want to keep existing rules around biofuel quotas and exemptions in place through 2027. Under the current system, the Environmental Protection Agency (EPA) requires oil companies to blend minimum volumes of biofuels while allowing hardship exemptions for some small refineries that annually process no more than 75,000 b/d of crude. Starting in the 2028 compliance year, relief would be awarded only to companies that process 75,000 b/d or less across all their refineries and that also maintain that eligibility each year. These smaller facilities would win automatic 75pc exemptions from biofuel quotas starting in 2028 without having to apply each year, effectively ending discretion for regulators to choose which refineries deserve exemptions. Under the proposal, EPA starting in 2028 also would not require larger oil companies blend more biofuels to offset exemptions granted to their smaller rivals. This longer phase-in would address concerns from some energy lobbyists that more immediate changes could delay EPA's work to finalize new blend mandates. The agency wants to finalize new blend quotas for 2026 and 2027 in the coming weeks. Fuel fight The draft bill's text could change as lobbyists pitch the agreement to lawmakers and try to minimize backlash from oil refiners, people familiar with the matter said. But there is little time for more negotiations, with advocates of the deal pushing Congress to include it in legislation to fund government agencies after 30 January. Lawmakers have expressed similar urgency. There may be "news soon" on updates to the existing E15 bill draft, bill sponsor and US senator Deb Fischer (R-Nebraska) said in an online interview with Brownfield Ag News this week. The current deal would be a substantial blow to refiners that have won exemptions for small units in the past but run too many larger facilities to qualify under the proposed rules, including independent refiners Delek and Par Pacific. Other merchant refiners worry that the biofuel lobby will use wider ethanol access as a pretext to push for higher blend mandates in future years, which they say risks refinery closures. The American Fuel & Petrochemical Manufacturers chief executive told Argus this week that his refinery members were divided over E15 talks. API had surprised its traditional oil refining allies last year by teaming up with ethanol interests on a larger biofuel policy package . Other biofuel producers have long wanted tighter restrictions on hardship waivers than the latest deal, another hiccup for negotiations. Particularly controversial among farm advocates is a holdover provision from the current E15 bill to grant some small refiners active credits they can use toward future mandates. API, the Renewable Fuels Association and Growth Energy as well as chief Senate bill sponsors Fischer and Shelley Moore Capito (R-West Virginia) did not immediately reply to requests for comment. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Trump threatens 10pc tariff against UK, EU members

17/01/26
17/01/26

Trump threatens 10pc tariff against UK, EU members

Houston, 17 January (Argus) — President Donald Trump on Saturday threatened to impose a 10pc tariff on US imports from the UK and seven key members of the EU, citing their participation in a military mission in Denmark's Greenland territory, which he is threatening to annex. US imports from the UK, Denmark, Finland, France, Germany, The Netherlands, Norway and Sweden would be subject to a 10pc tariff from 1 February, rising to a 25pc tariff from 1 June, Trump announced via his social media platform. The tariff would remain in place until "such time as a Deal is reached for the Complete and Total purchase of Greenland", Trump said. Trump has stepped up discussion of taking over Greenland — a self-governing island under Denmark's control — following a US special forces raid that captured Venezuelan president Nicolas Maduro on 3 January. Denmark and Greenland have rejected US overtures to buy the island, as well as Trump's threat to take over the island by force. Trump is citing Greenland's alleged lack of military protection as the latest justification for his threats. He has denigrated Denmark's commitment to the island's defense against alleged threats from Russia and China. "They currently have two dogsleds as protection, one added recently," Trump said on Saturday. Denmark's foreign minister Lars Lokke Rasmussen, who traveled to Washington on 14 January to meet Trump administration officials, pushed back against that accusation. "Denmark has already stepped up our own contribution by committing additional funds for military capabilities — not [dogsleds], but ships, drones, fighter jets," Rasmussen said. The countries threatened with new tariffs by Trump joined Denmark to dispatch troops and military experts to Greenland on a mission to assess the island's security needs. Trump on Saturday said that the reconnaissance mission "journeyed to Greenland, for purposes unknown." EU leaders expressed solidarity with Denmark and called for dialogue, but they omitted mention of possible retaliation if Trump makes good on his threat to impose new tariffs. "Tariffs would undermine transatlantic relations and risk a dangerous downward spiral," European Council president Antonio Costa and European Commission president Ursula von der Leyen said in response to Trump's post. "Europe will remain united, coordinated, and committed to upholding its sovereignty." "Applying tariffs on allies for pursuing the collective security of Nato allies is completely wrong," UK prime minister Keir Starmer said on Saturday. "We will of course be pursuing this directly with the US administration." US imports from the UK already are subject to a 10pc import tariff, and imports from the EU face a 15pc tariff. While Trump is threatening tariffs against seven out of 27 EU members, the bloc collectively negotiates trade matters and sets tariffs. Trump is scheduled to attend the Davos Economic Forum in Switzerland on 21-22 January. A bipartisan delegation of 11 US senators and members of the House of Representatives traveled to Copenhagen on 16 January to express support for Denmark's government and push back against Trump's designs on Greenland. "There is no need, or desire, for a costly acquisition or hostile military takeover of Greenland when our Danish and Greenlandic allies are eager to work with us on Arctic security, critical minerals and other priorities under the framework of long-standing treaties," said US senators Jeanne Shaheen (D-New Hampshire) and Thom Tills (R-North Carolina), who were part of the congressional delegation. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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