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Railroads blast UP-Norfolk Southern merger plan
Railroads blast UP-Norfolk Southern merger plan
Houston, 13 May (Argus) — Union Pacific (UP) and Norfolk Southern's four Class I competitors urged US federal regulators to once again reject as incomplete the merger proposal to create the first US transcontinental railroad company. UP and Norfolk Southern in December filed their original merger application with US rail regulator the Surface Transportation Board (STB), starting the clock on a multi-year process. It will be the largest merger the STB has ever scrutinized, and the process will likely feature high-profile hearings and congressional scrutiny. The three-member STB in January ruled that the would-be partners' merger application was incomplete, sending it back to UP and Norfolk Southern to fill in key informational gaps. The railroads on 30 April refiled their proposal, which they say reinforces their argument the merger would drive growth, save shipping costs and bolster the US supply chain. UP said its updated analysis shows the merger will shift freight shipments from the roads to the rails, saving shippers an estimated $3.5bn/yr and removing about 2.1mn trucks from the road. However, all of the remaining Class I competitors heaped criticism on the merger application. According to BNSF Railway, UP's western Class I competitor, "the amended merger application makes things worse, not better." The refiled application "largely repackages" the first version while offering only "cosmetic changes to gloss over the serious and fundamental competition, pricing, and service concerns that were previously raised", BNSF said in an 8 May filing with the STB. In its updated analysis, UP said the combined railroad will hold a 39pc market share of US rail freight market, which the railroad says would put it roughly on par with BNSF by certain metrics. BNSF said that UP's actual market share would be considerably higher, a fact that it has downplayed in its application. "UP continues to lowball its projected market shares to the board but signals to Wall Street — the engine behind this proposed merger — that the market shares and pricing power will be even higher," BNSF said, urging the STB to reject the application again as incomplete. Canadian Class I railroads Canadian Pacific Kansas City and Canadian National both filed separate comments urging the STB to reject the application as incomplete, as did eastern US Class I railroad CSX. In response to the filings, UP on 12 May said its updated application "is comprehensive and complete, and provides all the information" that the STB needs, including market share data. The merger would create a single rail network stretching about 55,000 miles, handling about half of US freight traffic. UP and Norfolk Southern say that a coast-to-coast network will speed transit times by 24 to 48 hours and lead to greater efficiency. The two companies expect the transaction to be completed in the first half of 2027. The UP-Norfolk Southern merger will be the first test of STB rules enacted in 2001 requiring Class I railroads to demonstrate that major mergers enhance, rather than merely preserve, competitive shipping options. By Chris Baltimore Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US winter wheat conditions resume decline
US winter wheat conditions resume decline
Houston, 11 May (Argus) — The share of US winter wheat rated in good-to-excellent condition fell to 28pc during the week ended 10 May, driven by worsening conditions in major hard red and soft red winter wheat states. After rising from 30pc to 31pc good-to-excellent last week, US winter wheat conditions slipped another 3 percentage points in the latest week, according to the latest US Department of Agriculture data. The good-to-excellent rate has fallen by 7 points since the agency began releasing crop conditions reports five weeks ago. Conditions worsened substantially in Oklahoma, Texas, and Kansas — the three states drawing the most attention due to recent cold and dry weather — falling by 7, 6, and 5 points, respectively. Just 9pc of Oklahoma's winter wheat was rated good-to-excellent, with Texas at 10pc and Kansas at 17pc. Nebraska's crop worsened by 6 points to 5pc good-to-excellent. Areas currently experiencing extreme drought conditions expanded in the Texas and Oklahoma panhandles — according to US Drought Monitor data as of 5 May — which continues to pressure the wheat crop in the region. And in Illinois and Ohio — two major soft red winter wheat states — the good-to-excellent rate fell by 2 points. Illinois' wheat conditions remain 6 points ahead of the five-year average, though Ohio lags its five-year average by 4 points. But the dry conditions continued to enable quick crop development, with winter wheat up to 61pc headed nationally, a 12-point increase from last week and 16 points ahead of the five-year average. Farmers also made substantial progress on spring wheat planting, advancing by 21 points to 53pc planted during the latest week. Minnesota was the only state not in line with or ahead of its five-year average, lagging by 2 points at 47pc planted. Corn and soybean planting moves quickly Farmers remained focused on corn and soybean planting in the latest week, with the former progressing by 19 points and the latter by 16 points. Corn planting was over half done at 57pc complete, 5 points ahead of its five-year average. Planting has progressed particularly quickly in Indiana and Ohio, which were both 14 points ahead of their five-year average for this week. Emergence, meanwhile, was at 23pc, up from the five-year average of 19pc. Soybeans did not reach the halfway point, falling just short at 49pc planted. Still, that figure is 13 points ahead of the five-year average. Indiana was 19 points ahead of its five-year average, while Ohio was at 14 points. Soybean emergence reached 20pc as of 10 May, 8 points more than the five-year average. By Joseph Crosby Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Brazil's Itaqui port cargo handling falls in April
Brazil's Itaqui port cargo handling falls in April
Sao Paulo, 11 May (Argus) — Cargo handling in Brazil's Itaqui port, in northeastern Maranhao state, fell for the third consecutive month in April due to lower soybean and liquid bulk volumes. Itaqui handled 2.9mn metric tonnes (t) of cargo in April, a near 12pc drop from 3.3mn t handled in the same month in 2025, according to the port authority. The port handled 9.2pc less soybeans in April than a year prior, with exports totaling 1.8mn t, down from 2mn t in the same month in 2025. The port did not export corn in April, in line with a year earlier. Fertilizer imports reached almost 299,500t in the month, slightly less than the 299,970t in April 2025. Handling of liquid bulk — which includes ethanol, gasoline, diesel and other products — fell by around 24pc to 553,220t from a year earlier. Jan-Apr handling drops Itaqui handled less cargo in the first four months of 2026 than in the same period in 2025, driven by lower soybean exports. Despite the record-high volumes in January , consecutive drops in cargo handling in February , as well as in March and April, resulted in a lower accumulated volume. The port handled 10.1mn t in January-April, down by 0.5pc from the same period in 2025. Soybean exports fell by almost 5pc to 4.4mn t from the same period last year. The port handled 1.2mn t of fertilizers, up by 8.3pc from the 1.1mn t in January-April 2025. Corn shipments increased by 3.8pc to 315,585t in the same period. By Sofia Zizza Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Argentina crop exports slow, focus shifts to June
Argentina crop exports slow, focus shifts to June
St Louis, 11 May (Argus) — Most Argentina crop export registrations dropped last week, with the exception of soy products, with shippers moving their focus to June loading. Exporters registered 1.61mn t of agricultural products during the week ending 9 May, a 54pc drop from the volume registered during the same week last year, and an 11pc decline from the week prior, according to Secretariat of Livestock and Fisheries (SAGyP) data. Soy product registrations increased from the prior week — supported by the crop harvest advancing oilseed crushing — but were still below year-earlier volumes. Soybean exports reached 233,000t, a 15pc increase from the week prior, but about a quarter of the volume booked the same week last year. Soybean meal and oil exports also increased on the week, reaching 353,000t and 106,000t, respectively, but both fell short of last year's volume for the week. Across all soy products June was the dominant month with 642,000t booked for loading, with the remaining 50,000t registered for July. All grains but sorghum fell during the week. Sorghum export registrations reached their highest level since December last year at 109,000t. Corn registrations fell by 23pc from the previous week to 593,000t. Wheat and barley both fell by more than 35pc, reaching 135,000t and 50,000t, respectively. June was also the primary month for grain registration, with all but 55t of barley registered for August loading booked for the month. Total export registrations for sunflower products fell for a second week in a row, dipping below year-earlier levels for the first time since the start of 2026. Sunflower meal registrations fell slightly to 20,000t, all of which was for June loading. Sunflower oil fell by 46pc from the prior week to 12,500t. Sunflower seed export registrations tumbled from the prior week's record amount to just 3,490t. By Ryan Koory Argentina total export DJVE through 9 May mn t Argentina export DJVE for the week of 9 May mn t Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.