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Argentina wheat harvest enters final stretch

  • : Agriculture
  • 25/01/03

Argentina farmers have entered the final phase of the wheat harvest, following recent rainfall that slowed some progress, according to the Buenos Aires Grain Exchange (Bage).

Wheat harvesting was 94.7pc complete in the week ended 2 January. The harvest advanced by just 6.2 percentage points on account of rainfall that limited progress in southeast Buenos Aires.

The national wheat yield was 3.03 t/ha, up from 2.99 t/ha in the week prior. Bage maintained its forecast for wheat production at 18.6mn t for the 2024-25 crop, despite the national yield increasing steadily each week.

Soybeans

Soybean planting also entered the final stages, advancing by 8 percentage points during the week to 92.7pc completed. Bage maintained its projection of 18.4mn hectares to be planted.

Soybean ratings dropped for the week, with Bage rating the crop as 53pc excellent, 43pc normal and 4pc poor. In the prior week, soybeans were rated as 58pc excellent, 38pc normal and 4pc poor.

Moisture conditions for soybeans were reported as 81pc optimal and 19pc normal, drier than the past week at 88pc optimal and 12pc normal. Most of the soybean growing areas did not receive the rainfall that wheat areas did.

Corn

Corn planting progressed by 6.5 percentage points during the week, reaching 87.4pc completion. Bage maintained its projection of 6.6mn hectares to be planted.

Rainfall in the south of Buenos Aires and in Cordoba improved the conditions for late-planted corn, but moisture conditions for corn declined nationally as much of the crop didn't receive rain amid high temperatures. Corn in south-central Argentina is starting to show signs of water stress, with some yellowing leaves and possible yield loss.

Bage reported corn moisture conditions as 81.5pc optimal and 18.5pc normal, compared to the previous week at 88pc optimal and 12pc normal.

Sunflower

Sunflower harvesting began in Argentina, with the first results having an average yield of 1.88 t/ha. Bage expects the remaining crop to have higher yields.

The sunflower crop was rated as 85pc excellent and 15pc normal for the week, little changed from the week prior. Ratings were significantly higher than this time last year, when the crop was rated as 44pc excellent, 45pc normal and 11pc poor.

The sunflower crop also didn't receive much rainfall for the week, with Bage reporting moisture as 62pc optimal and 38pc normal, down from 65pc optimal and 35pc normal in the prior week.

Bage said 32.4pc of the 2mn hectares of sunflower are in the reproductive stage, and that producers are beginning to worry about the lack of forecast rain.


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25/02/18

Early RD investment helps refiners weather uncertainty

Early RD investment helps refiners weather uncertainty

Houston, 18 February (Argus) — Major conventional refiners are confident their early investment in renewable diesel will help ease their transition from the long-running biofuel blenders' credit to a new producers' credit, given the lower value they can capitalize on and potential objectives of the new US administration. These major refiners — including Chevron, Valero, Phillips 66, and Marathon Petroleum — have greater access to capital than smaller producers and have shown they can scale even in an uncertain policy environment. They are focusing on lower carbon intensity feedstocks that will garner greater incentives this year. At the same time, the industry has gradually shifted from a focus on biodiesel to renewable diesel. Renewable diesel generates more value from federal Renewable Identification Number (RIN) credits, is made more often from lower carbon intensity feedstocks like beef tallow and used cooking oil, and can be blended or substituted at higher rates than biodiesel. Refinery tooling needed for the production of renewable diesel is also much closer to that of a conventional crude-oil fed refinery, meaning that refiners looking to repurpose refining assets have an easier path to entering the renewable fuels space. As a result, major refiners across the industry have invested more heavily in renewable diesel in recent years. Marathon Petroleum chief commercial officer Rick Hessling alluded to policy uncertainty on an earnings call this month but said the company's 48,000 b/d California renewable diesel facility was well prepared to weather the storm. "We will control what we can control, and from a feedstock optimization perspective, we're procuring advantaged feedstocks with low [carbon intensities] and then placing them, as you would certainly expect us to, in the highest-margin market as possible," he said. Underscoring the advantage renewable diesel has over biodiesel, Chevron — after idling multiple biodiesel plants last year — also announced the final commissioning of the renewable diesel expansion at its Geismar, Louisiana, facility this month. The transition from biodiesel to renewable diesel within its portfolio opens up greater opportunities for monetization of the new biofuel producers' credit, also known as 45Z, since the facility has greater access to lower-carbon feedstocks than its landlocked biodiesel plants. In general, biodiesel facilities rely more on local vegetable oils for feedstock, which are disadvantaged under the new 45Z credit's larger subsidies for lower-carbon fuels. Over the last six months, biodiesel production facilities owned by Delek, Hero BX, and Renewable Biofuels have idled production or entered prolonged maintenance in the wake of credit uncertainty, according to latest Argus estimates. Especially given lower 45Z credit values this year, these producers have to rely on the generation and monetization of RIN credits to balance the costs of feedstock inputs. When policy shifts like tariffs and limits on the use of certain feedstocks disconnect RIN values from feedstock costs, it can add even greater headwinds that only larger, well-positioned producers can handle. Given President Donald Trump's objectives within the energy space, the 45Z tax credit,under the Inflation Reduction Act (IRA), and other biofuel policy incentives exist in somewhat of a contradiction. Trump has made clear he wants to scale back distribution of IRA funds and has gone as far as calling investment in decarbonization "wasteful" and "a scam." But his support base and platform favor major oil refiners in their quest to maximize output and profit in the name of energy security and job creation. The 45Z credit, which adds a protectionist spin to renewable fuel production by cutting off eligibility for imported fuels, would seem to align with Trump's focus on energy dominance. Major oil and gas companies expanding renewable fuel production and increasingly outcompeting smaller and foreign rivals only add to that narrative. By Matthew Cope Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

EU rapeseed crush rose in Jan with Australian canola


25/02/18
25/02/18

EU rapeseed crush rose in Jan with Australian canola

London, 18 February (Argus) — European rapeseed crush volumes increased by 112,000t on the month in January. Soybean and sunflower seed crushing fell by 73,000t and 80,000t respectively, as EU and UK crushers took advantage of steady Australian canola imports. Rapeseed crushing rose by 7pc, mostly due to a strong start in Australia's canola export season, with much of the supply heading to Europe. Higher-than-average exports can be attributed to a large harvest, strong European demand and increased port capacity. High soybean oil prices helped make rapeseed oil more attractive in January. Soybean crushing fell by 5pc on the month, with high prices after the US issued guidance on the 45Z production tax credit to allow US low-carbon fuel producers to immediately start claiming credits, supporting demand for US soybeans and soybean oil. Month 1 CBOT soybeans futures reached a six-month high on 21 January, and month 1 CBOT soybean oil reached a two month high on January 17. Sunflower seeds made up just 13pc of total crushed oilseeds in the EU and the UK, down from a 2024 average of 16pc and a six-month low. Crush volumes fell significantly on the month and the year, by 16pc and 26pc respectively. Many Ukrainian sunflower crushing plants remained idle or operated at reduced rates in January, with lower demand for sunflower oil pressuring crush margins. By Madeleine Jenkins EU-27 + UK crushing volumes 1,000t January December % m-o-m change Jan-24 % y-o-y change Soybean 1,270 1,343 -5.4% 1,170 8.5% Sunflower seed 434 514 -15.6% 589 -26.3% Rapeseed 1,656 1,544 7.3% 1,680 -1.4% Semi-refined 335 332 0.9% 356 -5.9% Fully-refined 580 547 6.0% 613 -5.4% Total Total oilseed 3,360 3,401 -1.2% 3,439 -2.3% Total refined 914 878 4.1% 969 -5.7% Fediol Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Brazil Rio Grande do Sul corn harvest ahead on year


25/02/14
25/02/14

Brazil Rio Grande do Sul corn harvest ahead on year

Sao Paulo, 14 February (Argus) — Brazil's southern Rio Grande do Sul state advanced its 2024-25 summer corn harvest this past week, as high temperatures reduced humidity levels in crops. Activities advanced to 54pc from 43pc of the estimated sowed area in the week ended 13 February, according to regional rural agency Emater-RS. The 2023-24 crop was 51pc harvested at this time a year, while the five-year average is of 44pc. Summer corn planting is yet to finish in the state, remaining at 99pc of the expected area between 6-13 February. That is in line with pace in the 2023-24 crop a year prior and the five-year average. The state expects to produce 5.3mn metric tonnes (t) of summer corn in the 2024-25 season, an almost 18pc increase from the 4.5mn t in 2023-24. Rio Grande do Sul's 2024-25 summer corn crop is set to be sowed in around 748,510 hectares (ha) and register average yields of 7,116 kg/ha. The previous season was planted on 808,915ha, posting average yields of 5,634 kg/ha. Soybeans Rio Grande do Sul's 2024-25 soybean crop is fully sowed since the week ended 6 February, but harvesting is yet to begin. The state expects to produce 21.7mn t of soybeans in the 2024-25 season, up by nearly 17pc from 18.6mn t in the 2023-24 crop. The 2024-25 soybean crop is set to be sowed in 6.8mn ha and register average yields of 3,179 kg/ha, both up from 6.7mn ha and 2,784 kg/ha in the prior cycle. By Nathalia Giannetti Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Weather to set the tone for ferts in Argentina


25/02/14
25/02/14

Weather to set the tone for ferts in Argentina

Sao Paulo, 14 February (Argus) — Climate conditions in Argentina and their impact on 2024-25 oilseed and grain crop output are expected to set the course for investments in fertilizers for the next season. Reduced liquidity prevails in Argentina, as the country is now in its off-season for fertilizer purchases. Wheat planting starts in May in main producing areas, while the first corn crop starts in September. One-off demand emerging for nitrogen has been covered by domestic production, according to market participants that operate in the region. Despite the reduced activity, granular urea in the domestic market has been firming, following the international market trend. Prices in the domestic market are referenced at $450/metric tonne (t) cfr equivalent, while Argus assessed granular urea at $445-455/t cfr Argentina on 13 February. Investments for fertilizers to be applied during the 2025-26 season are still uncertain in Argentina, as it faces unfavorable weather conditions because of the La Nina weather phenomenon, which may hamper farmers' profitability. Fertilizer usage in Argentina increased by 7pc to 4.9mn t in 2024 from the previous year, according to preliminary data from fertilizer association Fertilizar. That is the highest volume since 2021, when fertilizer usage reached a record high of 5.6mn t. Hydric stress lowers outlook for corn Corn planting finished in Argentina as of 13 February, while crop conditions continue to deteriorate because of extremely dry weather. Areas rated of good quality total only 16pc of the sowed area this cycle, falling by 49 percentage points from two months ago, according to the Buenos Aires Grain Exchange (Bage). Areas sowed in October-November are likely to have suffered the most from the drought, as they reached their reproductive stages when weather conditions were most dire. Recent rainfall received by some Argentinian areas was not enough to reverse previous losses, while favoring crop development of later crops. Hydric stress caused production outlooks for the 2024-25 corn crop to decrease by 1mn t in February, according to Bage and the US Department of Agriculture (USDA). Bage and USDA now project volumes to total 49mn t and 50mn t, respectively. The reductions are curbed by planted area expansions of 300,000 hectares (ha) to 6.6mn ha in December, according to Bage, which has revised its acreage outlook upwards based on decisions from farmers to plant less soybean this season because of tight margins. Further downward revisions are likely to come in the next months, as the areas that were most affected by the lack of soil moisture are harvested, according to market participants. But farmers' profitability could still be high this season, as the global market is expected to face a supply shortage this year. USDA projects that global demand will surpass world production by 25mn t, boosting prices worldwide amid higher competition for the grain from major importers and domestic industries from key producers. Despite La Nina-related losses, Argentina is still the third largest corn exporter, behind only Brazil and the US. Fertilizer usage up in 2024 The increase of fertilizer usage in 2024 from 2023 reflects a 5pc increase in 2024-25 wheat acreage area from the previous season, reaching 6.3mn ha, according to Bage. Despite the corn area's nearly 17pc decrease to 6.6mn ha from 7.9mn ha, fertilizer usage for corn also increased in 2024, Fertilizar said. Farmers opted to plant the first corn crop instead of the second corn crop, which forced producers to invest in technology to plant, including fertilizer usage. The second corn crop is usually planted in December, when hot and dry weather conditions favor the development of leafhoppers. The decision came after Argentinian farmers struggled with the occurrence of leafhoppers in 2023, which hampered production. Granular urea imports increased by nearly 31pc to 1.1mn t in 2024 from a year prior, with Nigeria and Algeria accounting for 27pc and 25pc, respectively. Urea from Egypt significantly decreased its market share in 2024, representing almost 7pc of deliveries from 44pc in 2023. Egypt and Argentina have a free trade agreement that exempts some Egyptian products from tariffs. Imports from the country were significant until June and peaked in April at 34,225t, according to data from Global Trade Tracker (GTT). But the country provided zero volumes in July-November and sent only 4,400t to Argentina in December. The reduction of Egypt's market share came because of the Argentinian government's decision in early May to eliminate import tariffs of 5.4pc on urea and 3.6pc on UAN, making nitrogen-based fertilizers from other origins more competitive. By Renata Cardarelli and Nathalia Giannetti Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Australia’s GrainCorp forecasts higher exports in FY25


25/02/14
25/02/14

Australia’s GrainCorp forecasts higher exports in FY25

Sydney, 14 February (Argus) — Australian bulk handler GrainCorp is forecasting higher exports and grain receivals for its 2024-25 financial year ending on 30 September because of a larger grain crop from eastern states. GrainCorp projects exports to reach 6.5mn-7.5mn t in 2024-25, up from 5.6mn t a year earlier, the company said on 13 February. The bulk handler exported 2.7mn t of grain over 1 October 2024-13 February 2025. The total winter and summer crop output for the states of Queensland, New South Wales and Victoria is estimated to increase by 21pc to 34.2mn t in the fiscal year to 30 June 2025, according to the Australian Bureau of Agricultural and Resource Economics and Sciences. This will support increased grain deliveries to GrainCorp's east coast storage and handling network. GrainCorp is expecting its total grain receivals for 2024-25 to reach 13-14mn t, up by around 30-40pc from 2023-24 . It has received 11.9mn t of this total as of 13 February. Total volumes of grain handled is forecast to rise by 11-18pc on the year in 2024-25. Total grain and oilseeds delivered to GrainCorp's storage and handling network could represent 38-41pc of the total crop produced in summer and winter in Australia's eastern states in the 2024-25 financial year. The US Department of Agriculture (USDA) forecasts Australia to export 25mn t of wheat in the October 2024-September 2025 marketing year. Australia exported 3.87mn t of wheat in October-December 2024, or 15pc of the USDA wheat export target, 46pc of which was exported from eastern states ports, data from the Australian Bureau of Statistics show. By Edward Dunlop GrainCorp Grain Volumes mn t FY25 FY24 % ± Carry-In (1 Oct) 2.5 3.9 -36.0 Receivals 13-14 10.1 29 to 39 Domestic outload 5.5-6.5 5.9 -7 to 10 Exports 6.5-7.5 5.6 16 to 34 Carry-out 2.5-3.5 2.5 0 to 40 Total grain handled 31-33 28 11 to 18 GrainCorp Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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