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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.
US soy crush margins soar, set to remain high
US soy crush margins soar, set to remain high
Houston, 8 May (Argus) — High soybean oil and meal prices have driven US soybean crush margins to record levels in recent weeks, a trend likely to continue as crushing capacity appears to have reached its limit. Soybean crush margins on the Chicago Board of Trade (CBOT) — which averaged $1.51/bushel (bu) in 2021-25 — surged to $3.76/bu on 5 May from $2.11/bu on 27 February, supported by rising soybean oil values, which have gained 23pc since the start of the Middle East war. Gains in soybean oil and meal prices outstripped those recorded on soybean futures, in turn widening the CBOT soybean crush margin. This disconnect suggests US crushers have reached their soybean demand limit. US soybean crushing set a record in March, reaching 92pc of capacity, according to Argus estimates, leaving little room to increase soybean use despite attractive margins. As a result, US soybean oil and meal outputs may have reached a near-term ceiling. The limited spare crushing capacity would also cap soybean crushing demand, dampening the pass-through of crusher margins to soybean prices. For margins to revert to normal levels soon, soybean meal and oil prices would need to fall on weaker demand or soybean prices would have to rise on stronger exports — scenarios which face obstacles. Soybean oil demand hits a new level Higher energy costs stemming from the war and updates to US biofuels policies have supported — and will likely continue to bolster — US soybean oil prices. Even if the conflict were to end today, repairing Mideast Gulf infrastructure and restoring trade flows to pre-war levels would take time. And US demand for soybean oil is expected to rise as biofuel producers meet higher blending mandates for 2026 and 2027 , with additional support from the 45Z tax credit, which is limited to North American feedstocks. US soybean oil consumption reached a record 1.22mn t in March, 658,000t of which went to the biofuels sector , up by 74pc on the year, according to Argus estimates. This was the first time since August 2024 that biofuel use accounted for more than half of total soybean oil demand. This share is likely to grow as export demand has already shifted away from the US market. To meet proposed renewable volume obligation (RVO) targets for 2026, an average of 685,000t of soybean oil per month would need to go to the biofuels sector for the rest of 2026, Argus estimates show. Domestic non-biofuel use has been mostly steady at 546,000t/month since early 2026. But with US soybean oil output capped sy around 1.2mn t/month, supplying both markets leaves little room for additional demand. Soybean meal in demand, at home and abroad Strong demand is also supporting US soybean meal prices despite record output from higher soybean crushing. Total soybean meal use — combining exports and domestic consumption — has held at record levels and exceeded production in five of the first six months of the 2025-26 marketing year, which began on 1 October. The strength of US soybean meal export demand has come from multiple buyers, with sales to most trade partners up by 10pc or more on the year. Domestic use has also reached record levels, supported by expanding US poultry and pork production. Domestic consumption through March of the 2025-26 marketing year was up by 1.57mn t from a year earlier. As a result, stocks have stayed mostly below last year, providing support for prices. With soybean harvests in Brazil forecast to reach record levels this year, export demand could weaken, thereby pressuring prices. Limited upside for soybeans A rise in soybean prices, which could narrow crush margins, seems unlikely given the crop's current fundamentals. Strong crush boosted domestic soybean use by 3.33mn t through March of the 2025-26 marketing year from a year prior. US crushing facilities can process at most 71mn t a year — given daily capacity of 217,000t and allowing for maintenance closures — up about 5mn t from 2024-25. And export demand for US soybeans has declined following last year's US-China trade dispute. Export sales fell by 8.7mn t through April of 2025-26 from a year earlier, the lowest level for that point in the year since 2013. As a result, May began with 38.8mn t of soybeans in storage across the US, up by 3.5mn t on the year, according to Argus estimates. Should farmers plant more soybeans this year to avoid the higher nitrogen fertilizer costs tied to corn production , a large US soybean harvest would carry the domestic surplus into 2026-27. The US Department of Agriculture projected on 31 March that US farmers will plant 3.5mn acres more soybeans than in 2025, based on surveys conducted before fertilizer prices rose due to the war. The agency will update its acreage projection on 30 June. If farmers have shifted even more acreage into soybeans, prospects for soybean price support will dim further — and the outlook for strong crusher margins will strengthen. By Joseph Crosby and Ryan Koory US soy products supply and use mn t MYTD* MYTD* Change from prior year MYTD* % Change Soybeans Crushed 42.49 3.33 8.5% Exported 30.61 -11.32 -27.0% Soybean meal Produced 27.30 2.10 8.3% Domestic use 18.61 1.57 9.2% Exported 9.04 0.72 8.6% Soybean oil Crude oil produced 7.11 0.37 5.5% Domestic use 6.50 0.61 10.3% -Biofuel use 2.85 0.28 11.0% -non-Biofule use 3.65 0.33 9.8% Exported 0.36 -0.41 -53.3% * Through March of MY beginning Sep for soybeans, Oct for meal and oil — Argus Media, USDA CBOT Soybean prices and crush margins US$/Bu Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU parliament committee opposes CBAM suspension clause
EU parliament committee opposes CBAM suspension clause
Brussels, 5 May (Argus) — The European Parliament's environment committee opposes amending the Carbon Border Adjustment Mechanism (CBAM) with a new article 27a that allows for temporary suspension for certain goods, notably fertilizers. During its first formal debate, committee members broadly backed deleting the proposed article 27a. "Keeping that article would effectively mean game over for low-carbon industry investments in Europe," parliament's draftsman Mohammed Chahim said. If the European Commission believes that CBAM's scope should be adjusted, it should use an urgent legislative procedure, he said. Dutch centre-left member of the parliament (MEP) Chahim has presented a legal report critical of CBAM suspension. Polish MEP Adam Jarubas, speaking for parliament's largest centre-right EPP group, said it also opposes article 27a. But he said that farmers' concerns must be addressed, adding that the EPP will make proposals to support the sector. Parliament's draftsman for CBAM's proposed export support scheme, Pascal Canfin, also said farmers should be protected. He supports covering agricultural products such as grain and wheat, rather than bringing farmers themselves under the EU emissions trading system (ETS). Canfin called for export reimbursement before 2029 and for compensation to be limited to the share of production that is exported. But the French liberal MEP also wants CBAM extended to downstream operators and transformed products, notably in steel. "We support the deletion of article 27a," Austrian Green MEP Lena Schilling said, adding that her group will also seek to remove references to international carbon credits from the CBAM revision. "EU companies cannot replace emissions allowances with such credits. CBAM has to mirror this logic," she said. Like other groups, the Greens will propose amendments to extend CBAM to downstream products. Schilling said that around 130 additional combined nomenclature (CN) codes could be added, including for iron and steel products. More than 100 associations and companies representing the steel and aluminium industries separately urged the parliament and European Council in a joint statement this week to extend CBAM to downstream steel and aluminium-intensive products, arguing that downstream sectors in these industries face increasing competition from imports that are not covered by CBAM, creating imbalances in the market. German EPP MEP Peter Liese also supports extending CBAM to more products, but said including the entire chemical sector would be too complex. He also questioned keeping hydrogen under CBAM given the lack of imports. Liese strongly opposes article 27a. Some far-right and conservative MEPs backed suspension for fertilizers via article 27a. Alternative for Germany's Anja Arndt called for both the EU ETS and CBAM to be abolished, criticising the expansion of EU climate policy. In its EU fertilizer plan expected on 19 May, the commission should at a minimum propose CBAM suspension and long-term measures to offset farmers' costs, farm lobby Copa-Cogeca said. The group also called for clarity on the redistribution of CBAM revenues. It estimates that CBAM could cost EU farmers €820mn in 2026, rising to €3.4bn by 2034, with around 30pc of nitrogen fertilizer imported. The environment committee is set to vote on the issue on 6 July, ahead of a plenary vote in September, enabling talks with EU states on a final legal text. EU member states agreed their position in March , allowing article 27a to apply for at least one full calendar year and no more than two. By Dafydd ab Iago Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.