Global Ag News For April 29.2026

TOP HEADLINES

China’s Used Cooking Oil Ships to US as War Drives Biofuel Boom

American imports of used cooking oil from China are set to accelerate as increased US biofuel-blending requirements kick in and the Iran war drives up energy costs, making the feedstock a relative bargain.

Two cargoes carrying a combined 339,000 barrels of so-called UCO arrived in the US in the last month or so, according to Kpler data. The supplies represent the biggest imports this year, with about half of it delivered to Port Arthur, Texas, where Valero Energy Corp. partners with Darling Ingredients Inc. at the Diamond Green Diesel facility.

More imports are expected, with the Trump administration’s renewable fuels plan requiring a record amount of biofuels to be mixed into conventional diesel and gasoline supplies this year. The stepped-up blending quotas are designed to boost demand for American farmers, and were unveiled in March as the US and Israel’s attacks on Iran caused prices for oil and fertilizer to surge.

Fuel makers now are scrambling to acquire feedstocks to churn out renewable diesel and take advantage of high prices both for fuel and credits tied to compliance with the US’ renewable volume obligations, known in the industry as RVOs.

“Renewable fuel producers are working every angle to source feedstock and ramp up production,” said Michael Logan, UCO analyst at Bloomberg Green Markets. “As long as the domestic market stays firm, expect more flow to follow.”

Soybean oil, the most popular feedstock used to make renewable diesel, recently hit the highest price since November 2022 while its premium to used cooking oil imports at the US Gulf Coast also rose to the highest in nearly four years. Other feedstocks are also getting more costly, with prices for rendered beef tallow climbing to a record in Chicago.

US imports of UCO surged beginning in 2023, with a wave of shipments in 2024 prompting backlash from some farmers as well as the biggest soybean processors, who claimed the foreign supplies undercut domestic producers. Such shipments fell sharply in 2025 while this year has started slowly, before the blending requirements were released.

“We have to import,” said No Bull Ag analyst Susan Stroud, adding that there’s insufficient domestic supplies for the new targets. “The gap is too large with this new RVO.”

FUTURES & WEATHER

Wheat prices overnight are up 4 3/4 in SRW, up 7 1/4 in HRW, up 0 in HRS; Corn is up 1 1/4; Soybeans up 3 1/2; Soymeal up $1.60; Soyoil up 0.55.

For the week so far wheat prices are up 45 3/4 in SRW, up 39 3/4 in HRW, up 1/4 in HRS; Corn is up 13 1/4; Soybeans up 14 1/4; Soymeal up $9.90; Soyoil up 1.74.

For the month to date wheat prices are up 36 in SRW, up 60 3/4 in HRW, up 1/2 in HRS; Corn is up 8 1/2; Soybeans up 6 3/4; Soymeal up $14.70; Soyoil up 4.19.

Year-To-Date nearby futures are up 28.8% in SRW, up 37.0% in HRW, up 21.9% in HRS; Corn is up 5.8%; Soybeans up 14.1%; Soymeal up 13.7%; Soyoil up 53.6%.

Chinese Ag futures (JUL 26) Soybeans up 18 yuan; Soymeal up 18; Soyoil up 10; Palm oil down 27; Corn up 1 — Malaysian Palm is up 42.

Malaysian palm oil prices overnight were up 42 ringgit (+0.93%) at 4578.

There were no changes in registrations. Registration total: 34 SRW Wheat contracts; 93 Oats; 173 Corn; 523 Soybeans; 914 Soyoil; 0 Soymeal; 22 HRW Wheat.

Preliminary changes in futures Open Interest as of April 28 were: SRW Wheat down 1,644 contracts, HRW Wheat down 7,438, Corn up 6,799, Soybeans down 22,637, Soymeal down 15,450, Soyoil down 8,495.

 

Northern Plains: Isolated showers may move through the rest of the week, but it should be largely dry. Temperatures will largely remain below normal through the first half of May, producing more consistent frosts and freezes. No damage is expected since planting has been slow for corn and soybeans, but the colder temperatures could cause slower planting or growth for wheat.

Central/Southern Plains: Batches of showers and thunderstorms will move across the region for the next couple of days, but will favor the north and east. Some of these areas will gladly take the precipitation, but dryness is a big issue in the southwest. However, a system is forecast to move across the south on Thursday and Friday with scattered showers and thunderstorms. Widespread areas of rain are looking likely, which will improve soil moisture. But the drought is deep and intense, which will not be eliminated from this one storm. There is some indication that the south will be the target for more systems in early May, which may be helpful as well. The more active weather could slow planting progress a bit, but that has been off to a very rapid pace thus far.

Midwest: Heavy rain and severe weather moved through on Monday, causing some damage and flooding. Another system will move across the south on Tuesday and Wednesday, bringing through more precipitation for drier areas in that part of the region. Occasional showers will move through later this week and into next week as well. Temperatures will fall below normal this week, being largely below normal for the first half of May. Occasional periods of frost will be possible, mostly across the north, but could hamper planting progress, or cause some frost damage.

Delta: Heavy rain and thunderstorms moved through late last week and more moved across the north on Monday. The region will stay busy throughout the week with periods of showers and thunderstorms through Saturday. Areas of heavy rain are in the forecast, which should be highly beneficial. However, despite the rain, the drought is deep and the deficits are extremely large. The prospects for more rain extend into next week as well, but will need to be wetter for longer than that to significantly ease drought.

Canadian Prairies: Cold air sitting in the region will moderate a bit by later this week, but more cold air is forecast to move in over the weekend and especially next week. The cold is causing issues this season as snow is sticking around later and soils are still relatively cold, if not snow-covered. The pattern in early May does not favor the region, and a short planting window is happening this year. Soil moisture is at least very good, which is favorable for once the crop is planted.

Brazil: A front has stalled out across the south, which produced scattered showers over the weekend. Some showers will continue there early this week and then again late this week. Central Brazil has gotten very hot and dry as the wet season has come to an end a couple of weeks early. The country will see if fronts moving up from Argentina can be of some help for occasional rainfall, but soil moisture will be running out soon, a poor sign for safrinha corn.

Argentina: Crops continue to mature and harvest is increasing across the country. Occasional rain may disrupt the maturing process as well as harvest at times, but conditions are overall favorable.

Europe: Dry conditions in the northeast have not been favorable for winter wheat and more rain is needed. Additional showers will move across western Europe throughout the week and should push eastward this weekend and especially next week. Conditions for wheat development and corn planting are overall favorable for most of the continent.

Black Sea: Scattered showers moved across the region over the weekend, but we also saw temperatures dropping. Cooler temperatures will be around all week, but frosts will mainly occur over the less developed places in the north. Southern areas that are farther along may have some damage, but the overall prospect for widespread frost and freeze damage is low. Occasional rain showers will move in throughout the week and the clouds that come with it should limit the overall low temperatures from falling too much. The cold could discourage corn planting, however. Temperatures should moderate next week, though the showers are likely to continue.

 

The player sheet for 4/28 had funds: net buyers of 12,500 contracts of SRW wheat, buyers of 12,000 corn, sellers of 2,000 soymeal, and buyers of 7,500 soyoil.

TENDERS

• CORN PURCHASE: South Korean group Cargill Agri Purina has purchased about 60,000 metric tons of animal feed corn in an international tender seeking up to 140,000 tons on Tuesday, European traders said. No purchase was reported of a second 70,000-ton consignment of corn also sought in the tender for arrival around August 15.
• CORN PURCHASE: Taiwan’s MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the U.S. in an international tender on Wednesday

PENDING TENDERS

• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp. issued an international tender to purchase an estimated 65,394 tons of rice, European traders said. The deadline for submissions of price offers was April 21.
• RICE TENDER: South Korea’s state-backed Agro-Fisheries & Food Trade Corp. issued an international tender to purchase about 20,000 tons of rice sourced from the United States and Vietnam, European traders said. The deadline for submissions of price offers in the tender is April 28. Results of the tender may not be known for some weeks after price submissions, traders said.
• BARLEY TENDER: Jordan’s state grains buyer issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said. The deadline for submission of price offers in the tender is April 29.

 

 

 

 

TODAY

ETHANOL: US Weekly Production Survey Before EIA Report

Output and stockpile projections for the week ending April 24 are based on five analyst estimates compiled by Bloomberg.

• Production seen higher than last week at 1.048m b/d
• Stockpile avg est. 26.721m bbl vs 26.948m a week ago

 

Argentine, Brazilian soymeal withdrawn in EU over GMO breaches

• European Commission’s alert system shows six shipments for non-approved GMOs in 2026
• Argentina questions Dutch GMO testing methods after soymeal shipments flagged
• Industry group CIARA-CEC claims Dutch tests may yield false positives for banned GMOs

The Netherlands flagged four Argentine and two Brazilian soybean meal shipments containing banned genetically modified organisms, leading to at least three withdrawals and prompting Argentina on Tuesday to question Dutch testing methods.

The findings put a spotlight on GMO compliance from the European Union’s largest suppliers of the livestock feed and could boost demand for other origins including the U.S. and Ukraine.

The European Commission’s Rapid Alert System for Food and Feed shows four notifications of “non-approved GMO in soybean meal from Argentina” this year, dated April 14, 17 and 27 and March 19.

In addition, it showed two shipments of banned GMOs from Brazil notified on February 11 and April 22.

Brazil is the EU’s largest soymeal supplier, followed by Argentina.

Responses have varied. The Argentine cargoes flagged on March 19 and April 17 and the Brazilian cargo dated from February 11 were withdrawn, while the April 14 case of Argentine soymeal and the April 22 one from Brazil led to authorities being informed. No measures had yet been reported for the most recent alert from Argentina, dated Monday.

Argentina’s agriculture ministry said in a statement sent to Reuters it had raised “serious” concerns regarding the detection method the Netherlands used after notification arrived of HB4 events in soymeal shipments from Argentina and Brazil to the European Union.

Argentine biotech firm Bioceres developed the genetically modified strain called HB4, which is not permitted in the EU.

The president of Argentina’s CIARA-CEC chamber of grains crushers and exporters said he believed the detection method for the rejected shipments produced false positives.

“It is not the method patented by Bioceres and therefore can generate what are called ‘false positives,’ that is, erroneous detections,” said chamber president Gustavo Idigoras. “We believe that is what is happening in Europe.”

The Netherlands serves as a major entry point for feed imports to the EU. The Argentine shipments were mostly destined for Belgium, Germany and the Czech Republic while the Brazilian ones were also destined for France, Italy and Luxembourg.

The alerts did not specify the volumes of the cargoes or the specific GMO detected.

The EU imported 9.9 million metric tons of Brazilian soymeal and 6.9 million tons of Argentine soymeal in 2024/25, far ahead of the third largest supplier Ukraine with 930,000 tons,official data showed.

GMOs are a contentious issue in Europe. While the EU permits the use of approved GMO feed, some drought-tolerant soy traits widely grown in Argentina are currently banned in the bloc.

In mid-April, U.S. soymeal futures reached their highest level since October 2024, but it was not clear whether that was linked to the withdrawals or the rise in prices for soybeans, a key feedstock for biofuels which has been supported by the oil price surge resulting from the Iran war.

 

DJ Hedgepoint Raises Brazilian Soybean Outlook to 181MMT

Hedgepoint Global raises its outlook for Brazil’s soybean production, increasing the forecast to 181 million metric tons. It’s up 1.5 million tons from the firm’s previous outlook, due to both a larger-than-expected planted area and higher-than-expected crop yields. “The favorable weather conditions recorded throughout most of the crop development period in the Midwest, Southeast, and Northeast regions resulted in an extremely favorable environment, leading to the consolidation of very high yields that exceeded initial estimates,” says the firm. Higher yields were seen in Brazilian states including Mato Grosso, Goiás and Bahia, offsetting a decrease seen in Rio Grande do Sul. CBOT soybeans are down 0.2%.

 

Brazil Soy Exports Seen At 15.87 Million Metric Tons In April – Anec

• BRAZIL SOY EXPORTS SEEN REACHING 15.87 MILLION METRIC TNS IN APRIL VERSUS 16.39 MILLION TNS SEEN IN THE PREVIOUS WEEK- ANEC
• BRAZIL SOYMEAL EXPORTS SEEN REACHING 2.75 MILLION TNS IN APRIL VERSUS 3.06 MILLION TNS SEEN IN THE PREVIOUS WEEK- ANEC

 

Indonesia 2026 crude palm oil output to fall due to El Nino, high fertiliser prices, association says

Indonesia’s crude palm oil output this year may drop by up to 2 million metric tons compared to 2025 due to El Nino-related dry weather and high fertiliser prices driven by the war in Middle East, the head of the country’s palm oil producer association said on Wednesday.

GAPKI chairman Eddy Martono said fertiliser prices have risen by 30% after the war broke out in Middle East, and worried smallholders – who account for 37% of Indonesia’s palm oil plantation areas – may reduce or postpone fertiliser use.

“If El Nino occurs, this will lead to a decline (in production), and if fertiliser is applied by the end of the semester, it is possible that production could drop by 1 million to 2 million tons,” he told reporters.

“Now fertiliser (prices) have risen by 30% due to the war,” he said. “We are worried smallholders would not apply fertiliser.”

Indonesia, the world’s largest palm oil producer, is expected to experience a longer and more severe dry season in 2026 compared to last year, the country’s meteorological agency warned, raising the likelihood of drought.

Setiyono, chairman of oil palm farmers group ASPEKPIR, said some fertiliser prices have risen more than 50%, and his group members were using organic fertiliser to cut costs.

Indonesia produced 51.66 million tons of crude palm oil in 2025, a 7.3% increase on an annual basis, according to data from of the country’s palm oil producer association GAPKI.

 

USDA attaché projects Canada 2026/27 wheat harvest at 36.2 million tons

The U.S. Department of Agriculture’s attaché in Canada projected the country’s 2026/27 wheat harvest at 36.159 million metric tons, down about 10% from the prior year, according to its report released on Tuesday.

• The report, issued by the USDA’s Foreign Agricultural Service post in Ottawa, cited expectations of a drop in planted area and a return to near-average wheat yields after a record-high national yield for Canada’s 2025/26 crop.
• The attaché’s 2026/27 harvest forecast used survey-based seeding intentions data released by Statistics Canada.
• “Farmers are shifting away from wheat and planting alternative crops such as soybeans in Manitoba, Ontario, and Quebec, and barley and canola in Saskatchewan and Alberta,” the USDA’s report said, noting large wheat stocks and lower wheat prices compared to last year.
• The report projected Canada’s 2026/27 wheat exports at 28.5 million tons, down from 29.7 million in 2025/26.
• Attaché reports are not official USDA data. The USDA is scheduled to release updated official world crop production estimates for the 2025/26 marketing year, as well as its first official forecasts for 2026/27, in a monthly report on May 12.

 

USDA attaché projects Australia 2026/27 wheat crop at 29 million T

A report released on Tuesday by the U.S. Department of Agriculture’s attaché in Australia projected the country’s 2026/27 wheat harvest at 29 million metric tons, down 19% from the prior year.

• The report, issued by the USDA’s Foreign Agricultural Service post in Canberra, cited expectations of a smaller harvested area and a return to near-average wheat yields after relatively high yields in 2025/26.
• “While the season has begun favorably in most key regions, uncertainty around in-season rainfall and the potential development of El Niño conditions present downside risks,” the report said.
• The report projected Australia’s 2026/27 wheat exports at 23.5 million tons, down from 26 million in 2025/26, primarily due to lower production.
• The report noted rising farm input costs due to geopolitical tensions in the Middle East. “Diesel and nitrogenous fertilizer prices have approximately doubled in the lead-up to planting,” the report said.
• However, the report said, “seasonal conditions remain the dominant factor influencing planting decisions and production outcomes.”
• Attaché reports are not official USDA data. The USDA is scheduled to release updated official world crop production estimates for the 2025/26 marketing year, as well as its first official forecasts for 2026/27, in a monthly report on May 12.

 

Smithfield Foods warns of cost pressures amid Mideast war, shares fall

• Rising energy and packaging costs pressure margins, company plans conservative cost management
• Smithfield maintains annual forecasts after Q1 sales and profit beat
• Nathan’s Famous acquisition to now close in second half

Smithfield Foods executives said rising energy-related costs are crimping its packaged meats business amid uncertainty linked to the war in the Middle East, sending its shares down 8% on Tuesday.

The company stuck to its annual sales and profit forecasts, even as steady demand for packaged meat products such as bacon, ham, sausages and hot dogs helped drive a first-quarter results beat.

“The recent CPI data showed a meaningful move in energy, which …matters for us because of the large impact on diesel and also the resins for packaging, which certainly has a big impact on the packaged meats business,” the company’s Packaged Meats President Steve France said on an earnings call.

As a result, the company is planning the business “with an appropriate level of conservatism” around packaging and distribution costs, while relying on pricing, mix and productivity measures to protect margins, France said.

Smithfield has relied on its broad portfolio, including branded packaged meats and a sizable private-label business, to help it retain budget-conscious shoppers trading down.

Beef costs have also remained elevated due to tight cattle supplies, prompting companies such as Smithfield Foods to raise prices to protect margins.

Several consumer-facing companies, including Kimberly-Clark, Coca-Cola and Procter & Gamble, are contending with a spike in input prices due to soaring energy and commodity costs.

Smithfield expects fiscal 2026 sales to grow in the low-single-digits range from fiscal year 2025 and adjusted operating profit between $1.33 billion and $1.48 billion.

For the three months ended March 29, Smithfield logged sales of $3.80 billion, beating analysts’ average estimates of $3.70 billion, according to data compiled by LSEG.

It earned 64 cents per share on an adjusted basis, above estimates of 59 cents.

The company said it now expects to close its $450 million deal for Nathan’s Famous in the second half of 2026, compared with the first half expected earlier, citing a partial U.S. government shutdown.

 

Brazil farm group proposes 5% boost to government’s key annual credit program

Brazil’s main agriculture lobby group CNA proposed on Tuesday a 5% increase in the government’s Plano Safra farm credit program to 623 billion reais ($125 billion) for the 2026/27 crop season.

• The group argued in a document that rising production costs, volatile prices and high interest rates have squeezed margins and reduced investment capacity in the sector.
• It also noted a mismatch between the government’s annual budget calendar and the farm plan cycle, which starts in July, hampering predictability and planning.
• CNA President Joao Martins said in the document that budget limits and unpredictability have undermined key policy tools, particularly as adverse climate events intensify.
• The group called for instruments with a multi-year horizon, which would provide greater stability in the rules, limits, and financing terms.

 

China tightens border inspections for fertilizer exports, sources say

China is stepping up customs inspections to enforce its new fertilizer export controls as gaps widen between domestic and international prices that have surged after disruptions linked to the closure of the Strait of Hormuz.

Exports of ammonium sulphate – one of China’s largest fertilizer exports by volume, which was excluded from restrictions introduced in March – are now subject to customs inspections, three fertiliser traders said, speaking on condition of anonymity given the sensitivity of the matter.

The crackdown started after customs officers in the eastern port city of Qingdao identified cases of exporters falsely declaring urea and potash fertilisers – whose export is restricted – as ammonium sulphate, two said.

“Our ammonium sulphate exports have recently seen a very high inspection rate because of this,” said a trader whose company is involved in the sector.

Qingdao’s General Administration could not be reached outside business hours and China’s General Administration of Customs in Beijing did not reply to faxed questions also sent after business hours.

China is one of the world’s top fertilizer exporters, shipping more than $13 billion last year, but tightly regulates exports to protect farmers. Last month Beijing restricted most fertiliser exports ahead of the spring planting season, with only a limited range of products – most notably ammonium sulphate – excluded.

Those bans have contributed to soaring international fertiliser prices triggered by the Iran war, which has disrupted flows through the Strait of Hormuz – through which roughly a third of globally traded urea is shipped.

China’s domestic urea prices remain well below global levels, supported by export restrictions and a coal-based production system, creating a wide price gap that would make urea exports highly profitable if they were permitted.

Urea exports are controlled by a quota system. Beijing typically waits to see if there is a surplus in May before assessing how much can be shipped abroad.

Last year, China exported 4.9 million tons of urea, somewhat below historical norms of 5 to 5.5 million tons which would typically account for around 10% of global exports, according to StoneX.

 

China Changes Agriculture Chief for Second Time in Two Years

China has removed Han Jun as the most senior Communist Party official at the agriculture ministry, a sudden move that marks the second such reshuffle in under two years.

The Party Central Committee appointed Zhang Zhu as the new party chief, according to an official statement released late on Tuesday. The position paves the way for him to become agriculture minister: Han was appointed to the same party role in June 2024 and became minister a few months later.

Food security, always front of mind for Beijing, has become even more important in recent years, as China copes with the fallout from Russia’s invasion of Ukraine, Covid and trade tensions with top agriculture suppliers including the US.

A trained agronomist, 58-year-old Zhang most recently served as deputy party secretary of the Xinjiang Uygur Autonomous Region in China’s northwest. He previously held several agriculture-related roles in the neighboring Ningxia Hui Autonomous Region, according to state media.

Han served less than two years in the role and his removal marks the third change in six years, unusually frequent turnover for a senior position. It adds to a flurry of reshuffles in the top echelons of the Communist Party over recent months.

The statement did not provide details on the reason for his departure, or his next assignment. At 62, Han is still below the de facto retirement age of 65 for ministerial-rank officials.

Before his latest role, Han served as a senior government official in Anhui and Jilin provinces, both major grain-producing regions. Earlier in his career, he was a leading researcher at a government think tank focused on rural development, and received one of the country’s top academic honors for his work.

Han replaced Tang Renjian, who was probed and later convicted of bribery.

 

India proposes rules to allow higher ethanol-blended fuels in vehicles

India issued a notification late on Tuesday proposing amendments to the Central Motor Vehicles Rules to formally incorporate higher ethanol-blended fuels.

The Ministry of Road Transport and Highways said the draft includes provisions for E85 fuel, a blend of 85% ethanol with petrol, and E100, which would allow vehicles to run on nearly pure ethanol.

The draft rules have been opened for public comments, after which the government will take a final decision.

India achieved its target of 20% ethanol blending (E20) in petrol in 2025 and is now looking to increase blending further to reduce costly imports of petroleum products.

 

 

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