Brazil corn: Bids rise further

Spanish Market: Agriculture
13/02/26

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.

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18/02/26

Colombia's economic growth quickens in 2025

Bogota, 18 February (Argus) — Colombia's economy accelerated in 2025, led by domestic demand and public spending that helped offset a deepening contraction in the oil and mining industries. The Colombian economy grew by 2.6pc in 2025, up from 2.3pc in 2024. Still, growth fell short of the 2.8pc growth expected by Bancolombia, the country's largest bank. Most of the growth was attributable to increased household and retail trade, which grew by 4.6pc, a rise of 4.5pc in public spending and a 3.1pc hike in agricultural activity, driven by higher exports of fruits and fish, national statistics department Dane said. Manufacturing grew by 1.9pc over the year. The mining and hydrocarbon sector contracted by 6.2pc. The coal subsector fell by 7.4pc in 2025 from a year earlier, while the oil and gas subsector declined by 4.3pc. The sharp contraction is a reflection of a heavy tax burden, restrictions on coal exports, falling exploration activity and deteriorating security conditions in key oil- and coal-producing regions. Quarterly The economy grew by 2.3pc in the fourth quarter from a year before, slowing from 3.6pc in the previous quarter and falling short of market expectations of 3pc due to a sharp contraction in the coal subsector and the oil sector. The mining and hydrocarbons sector contracted for a seventh consecutive quarter, shrinking by 2.9pc in the fourth quarter from a year earlier. The decline follows a 5.7pc contraction in the third quarter and a 10.2pc decline in the second quarter. Coal and crude exports have been subject to a 1pc surcharge since late January 2025 to finance more military and social spending in the northern Catatumbo region amid escalating violence in this region along the Venezuelan border. The tax ended in late 2025, but the administration of President Gustavo Petro reimposed the tax in a new emergency decree that was later halted by the constitutional court on 2 February. The government also raised in May the withholding tax on coal miners to as much as 4.5pc, more than double the previous 2.2pc, adding financial pressure to a strained sector. Mining accounts for 2.4pc of Colombia's GDP and is the country's second-largest export sector after oil. The oil subsector contracted by 2.9pc in the fourth quarter, following a 3.7pc decline in the third quarter and a 6.9pc decline in the second quarter, the steepest drop since the hydrocarbon sector began weakening in early 2024. Colombia produced 746,400 b/d of crude in January-November, a 3.6pc decline from a year before, says the oil services chamber Campetrol. By Diana Delgado Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Turkey secures barley at prices below initial tender

16/02/26

Turkey secures barley at prices below initial tender

Paris, 16 February (Argus) — Turkey's state buyer TMO bought 195,000t of feed barley at prices lower than initial offers in a tender on 11 February, it was confirmed today. TMO's tender closed at $266.20-268.20/t, at the low end of the $266.20-273.60/t cfr initially quoted by participants . The buyer secured 195,000t in total for delivery on 23 February-23 March, rejecting a combined 60,000t of the 255,000t initially discussed. Only two cargoes totalling 50,000t were agreed on a cfr basis, with the rest agreed on an ex-works basis and therefore likely to be supplied from stocks already held in bonded warehouses at Turkish ports. TMO accepted the two 25,000t cfr cargoes on offer from trading firm Aston at $266.20/t cfr Bandirma and $268.20/t cfr Mersin. TMO also agreed to buy a number of ex-works cargoes, some of which it negotiated down to prices $1-3/t below initial offers. The following prices are given on a cfr basis ($8/t below the ex-works price agreed): Arion to supply 10,000t at $268/t Trabzon Ipek to supply 50,000t at $268/t Izmir, 25,000t at $266.75/t Iskenderun, 25,000t at $266.75/t Adana and 20,000t at $268/t Samsun Sibirya to supply 10,000t at $268/t exw Trabzon and 5,000t at $268/t exw Giresun, respectively The relatively small — 50,000t — traded on a cfr basis could limit the effect of TMO's tender on international market prices. Furthermore, the market expects participants to cover a large share of their sales with Russian barley. This marks a change from TMO's previous tender on 15 January, when limited Russian and Ukrainian barley supplies meant that participants sourced much of the volume from EU suppliers, including a cargo that loaded earlier this month from France to Mersin, and a second from Germany to Iskenderun. This demand, coupled with purchases from other buyers in the Middle East and north Africa in recent weeks, has kept EU barley prices above those for the bloc's milling wheat. By Claudia Jackson Grains, oilseeds and veg oils tenders Buyer Issued Closes Status Cargo Shipment/delivery Price Seller Notes Jordan's MIT 12 Feb 18 Feb Open 100,000-120,000t feed barley May-Jun cfr Aqaba Jordan's MIT 11 Feb 17 Feb Open 100,000-120,000t milling wheat May-Jun cfr Aqaba Tunisia's ODC 11 Feb 12 Feb Closed 50,000t feed barley 25 Mar-20 Apr $276.9-278.16/t cfr LDC, Bunge cfr Japan's MAFF 9 Feb 12 Feb Closed 127,897t milling wheat 21 Mar-31 May US WW (7,480t), US DNS (16,740t), CWRS (71,607t), AUS SW (32,070t) Turkey's TMO 4 Feb 11 Feb Closed 195,000t feed barley 23 Feb-23 Mar $266.20-268.20/t cfr Arion, Aston, Ipek, Sibirya cfr equivalent basis, various ports Jordan's MIT 5 Feb 11 Feb Closed 50,000t feed barley May $284/t cfr Ameropa cfr Aqaba Jordan's MIT 4 Feb 10 Feb Closed 120,000t milling wheat May $264.50/t cfr Buildcom, Cargill cfr Aqaba Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Спрос на зерновозы в Казахстане вырос

16/02/26

Спрос на зерновозы в Казахстане вырос

Riga, 16 February (Argus) — Интерес к привлечению зерновозов в Казахстане в начале января усилился относительно декабря. Поставщики сталкиваются с локальным дефицитом парка из-за несвоевременного возврата вагонов из стран Центральной Азии, сообщили участники рынка. Несмотря на укрепление спроса, стоимость предоставления зерновозов в пользование в Казахстане в январе не изменилась по сравнению с декабрем, составив 30 000—35 000 тенге/сут. с НДС. Ослабление спроса возможно к концу января, что приведет к снижению ставок оперирования в феврале, — полагает участник рынка. Заторы в районе станции Сары-Агач (казахстанско-узбекская граница), возникающие с конца 2025 г., привели к увеличению общего оборота вагонов на остальных маршрутах из Казахстана, по данным экспедиторов. В ноябре и декабре на подходе к станции Сары-Агач наблюдалось скопление 8 800—11 500 вагонов. Объем перевозок зерна по сети КТЖ в 2025 г. превысил 14,3 млн т, что на 31% больше, чем годом ранее. Экспортные перевозки в прошлом году выросли на 33% — до 11 млн т, что является рекордным показателем за последние 10 лет. Наиболее значительно отгрузки казахстанского зерна увеличились в направлении портов стран Балтии, а также в Иран, Афганистан, Узбекистан и Азербайджан, по данным КТЖ. ________________ Больше ценовой информации и аналитических обзоров рынка транспортировки грузов в странах Каспийского региона и Центральной Азии — в отчете Argus Транспорт Каспия . Вы можете присылать комментарии по адресу или запросить дополнительную информацию feedback@argusmedia.com Copyright © 2026. Группа Argus Media . Все права защищены.

Argentina's drought continues to hit corn, soy

13/02/26

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

12/02/26

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.

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