Global Ag News For April 2.2026

TOP HEADLINES

Taiwan Says Fertilizer Supplies Stable, Prices to Stay Flat

Taiwan’s Ministry of Agriculture said in a statement that fertilizer supplies are sufficient through the end of the year and prices will remain unchanged, while steps are being taken to stabilize feed and agricultural material supply chains.

• The ministry has coordinated with Taiwan Fertilizer Co. to keep prices flat
  • Fertilizer supply sources are diversified, and Taiwan Fertilizer has been instructed to maintain stock at safe levels
• The ministry is also monitoring price fluctuations in agricultural packaging materials and helping manufacturers secure upstream supplies
• For feed corn, Taiwan mainly imports from the US and Brazil, there is no imports from the Middle East countries
  • For feed corn importers, the government has extended a 5% business tax reduction and secured at least three months of inventory, with additional reserves available if needed to stabilize supply and control farmers’ costs

 

FUTURES & WEATHER

Wheat prices overnight are up 7 1/4 in SRW, up 5 in HRW, up 0 in HRS; Corn is up 2 1/4; Soybeans up 3 1/2; Soymeal down $1.10; Soyoil up 0.99.

For the week so far wheat prices are up 1 in SRW, down 13 in HRW, down 0 in HRS; Corn is down 4; Soybeans up 14 1/4; Soymeal up $2.00; Soyoil up 0.73.

Year-To-Date nearby futures are up 19.5% in SRW, up 20.4% in HRW, up 12.4% in HRS; Corn is up 4.0%; Soybeans up 13.9%; Soymeal up 7.7%; Soyoil up 41.7%.

Chinese Ag futures (MAY 26) Soybeans down 35 yuan; Soymeal down 28; Soyoil down 72; Palm oil down 122; Corn down 8 — Malaysian Palm is up 25.

Malaysian palm oil prices overnight were up 25 ringgit (+0.52%) at 4794.

There were no changes in registrations. Registration total: 34 SRW Wheat contracts; 93 Oats; 641 Corn; 523 Soybeans; 1,536 Soyoil; 197 Soymeal; 108 HRW Wheat.

Preliminary changes in futures Open Interest as of April 1 were: SRW Wheat up 6,719 contracts, HRW Wheat up 684, Corn down 13,830, Soybeans up 7,473, Soymeal up 4,537, Soyoil down 3,071.

 

DAILY WEATHER HEADLINES: 01 APRIL 2026

• NORTH AMERICA: Two cyclones in the next three days will bring widespread rains and severe weather to the U.S. Plains and Midwest, with snow accumulation limited to the Northern Plains and Minnesota in a favorable outlook for winter wheat development
• SOUTH AMERICA: Moderate warmth will prevail across central/southern Brazil through the next couple weeks, with neutral to positive impacts on crops at this stage
• AFRICA: Moderate rains over the Ethiopia coffee regions through 10-15 days will support upside for the crop in its development
• SOUTHEAST ASIA: Near to above normal rainfall is in store for the palm oil regions of Indonesia/Malaysia into mid-April in a favorable outlook for production
• TELECONNECTIONS: The North Atlantic Oscillation (NAO) will persist in its positive phase through the first half of April, supporting mild temperatures over the U.S. and Western Europe

Northern Plains: Two more systems will move through the region through Saturday, offering widespread mixed precipitation and chances for heavy snow. While the precipitation will be welcome, it will be difficult to get any early fieldwork done this week. Temperatures will be colder and will largely last through next week as well.

Central/Southern Plains: Some showers moved through on Tuesday, but two more potent systems are set to move through with scattered showers and thunderstorms through Saturday. Despite being stronger, they will not hit all areas and are likely to miss the southwest where drought has quickly been growing over the last couple of months. Though conditions are mixed, this is not a good situation for most winter wheat areas. Northern areas could be in for some accumulating ice and snow on a couple of occasions, and winds will be a little breezy with the storms moving through as well. Overall, this is a poor week to get any fieldwork done.

Midwest: A system moved through on Tuesday with widespread showers and thunderstorms and some severe weather. Rain continues on Wednesday, but two more systems will move through the region through Saturday with scattered showers and thunderstorms. Some heavy rain will occur, increasing soil moisture for planting and easing dryness, but may make it difficult to get out into the fields this week. Some bursts of colder air should be enough to allow for some accumulating snow and freezing rain over northern areas Wednesday night and Thursday, and again Friday night and Saturday.

Delta: Dryness and drought are a major concern as spring planting increases in April. A front will move in on Thursday and another will go through this weekend. Despite chances for widespread showers and thunderstorms, it will not be enough to reduce drought for too many areas and next week is likely to be drier.

Brazil: Wet season showers in Brazil continue to be isolated through the weekend. The country needs more consistent heavy rainfall during the last month of the wet season for a good safrinha corn crop. A front moving up from Argentina next week may provide some more widespread showers, but is forecast to be a brief boost. Showers are forecast to go isolated again after it passes through.

Argentina: A slow-moving front will keep showers going for much of the week across the central and south before moving north this weekend. Rain will be somewhat favorable, but only for late-planted crops as the early season corn harvest continues to march on and early-planted soybeans have started to be harvested as well.

Europe: A system continues to produce scattered showers around the eastern Mediterranean for the rest of the week, boosting moisture for winter crops. Other areas of the continent will be drier for the rest of the week. Northeastern areas have seen a few showers, but need more. Meanwhile, Spain has been a bit drier, allowing them to recover from heavy rain over the winter. More active weather is expected next week.

Black Sea: Waves of scattered showers continue in the region into next week. With soil moisture mixed around the region, the showers will be helpful as wheat continues to green up and thoughts turn toward spring planting.

 

The player sheet for 4/1 had funds: net sellers of 9,500 contracts of SRW wheat, sellers of 10,000 corn, sellers of 1,500 soybeans, buyers of 2,000 soymeal, and sellers of 6,000 soyoil.

TENDERS

• WHEAT TENDER: Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins, European traders said. The deadline for submission of price offers in the tender is April 7.
• BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley, European traders said on Thursday. The deadline for submission of price offers in the tender is April 8.

 

 

 

TODAY

DOE: US Ethanol Stocks Fall 4.3% to 25.991M Bbl

According to the US Department of Energy’s weekly petroleum report.

• Analysts were expecting 27.068 mln bbl
• Plant production at 1.075m b/d, compared to survey avg of 1.105m

 

US Soybean Crushings at 214.2M Bushels in February: USDA

USDA releases monthly oilseed report on website.

• Crushing 13% higher than same period last year
• Crude oil production 10.4% higher than same period last year
• Crude and once-refined oil stocks up 35.2% y/y

 

US Corn Used for Ethanol at 424.8M Bu in February

The following is a summary of US corn consumption for fuel and other products, according to the USDA.

• Corn for ethanol was 0.73% higher than in February 2025
• In total, mills consumed 469m bu of corn in February, a 0.8% increase over last year
• DDGS production fell to 1.634m tons

 

Argentine Soybean, Corn Estimates April 1: Exchange

The Buenos Aires Grain Exchange releases weekly report on website.

• 2025-26 corn and soybean production estimates maintained
• Corn harvest advanced to 19% complete from 15% in the previous week

 

US farmers to plant less corn as Iran war spikes fertilizer prices

• USDA publishes first survey-based US plantings estimates
• Iran war hikes prices for fertilizer needed for planting corn
• Analysts say survey does not fully reflect war impact
• USDA may cut corn planting estimate later, analysts say

U.S. farmers plan to plant less corn and more soybeans in 2026 than last year, the U.S. Department of Agriculture said, as the Iran war drives up fertilizer and fuel prices in the latest blow to the struggling agricultural sector.

The agency published on Tuesday its first survey-based crop acreage estimate of the year in a prospective plantings report, along with quarterly U.S. grain stocks data.

Analysts cautioned that plantings estimates, gleaned from farmer surveys conducted in the first half of March, could not fully account for disruptions and price impacts caused by the war. As a result, the agency may further reduce its estimate for corn acreage, they said.

USDA, which has struggled for years to get farmers to respond to surveys, faced criticism over the reliability of its data this year after making unprecedented increases to corn acreage estimates for the 2025 crop. The response rate to its March agricultural survey was 37.6%, down from 44.3% last year and the lowest for that survey, the agency’s National Agricultural Statistics Service said on X.

“Because of what’s happening in the fertilizer market, and the timing of when the survey went out, this is probably the highest number in planted acreage we’ll see in corn this year,” said Jake Hanley, managing director and senior portfolio specialist at Teucrium Trading.

Corn and wheat require more costly fertilizer, making them less attractive for growers to plant than soybeans with the U.S.-Israeli war on Iran cutting off critical nitrogen supplies from the Gulf to the world’s farmers.

Spiking fertilizer costs are the latest hurdle for farmers grappling with weak grain prices, rising bills for other inputs and uncertainty over China’s demand for U.S. crops. A trade war launched by the Trump administration last year dramatically disrupted U.S. soybean export sales to China, the world’s largest importer.

 

Cofco Books First Argentina Corn Cargo to China in 15 Years

Cofco International Ltd. said it is loading a bulk cargo of Argentine corn to China, in what will be the first such shipment in more than 15 years as the two countries expand agricultural trade.

The deal comes after China cleared Argentine corn imports in 2024, and as the South American nation has recently kicked off a bumper harvest. China also booked a rare cargo of Argentine wheat last year, the first shipment in decades.

The shipment of about 34,000 metric tons of corn will load at Cofco’s Timbúes port terminal in Argentina and is destined for China’s feed sector, the agricultural giant’s trading unit said in a statement Wednesday. “The cargo reflects increasing alignment between the two markets and provides an additional origin option for Chinese buyers,” Cofco said.

The two countries are maintaining a robust trade relationship under the leadership of Javier Milei, who once vowed to curb ties with Beijing if he became Argentina’s president.

China has increasingly been turning to South America for crop trading. While the Asian nation in the past has bought millions of tons of American corn, it has also worked to diversify its feed supply chains. That shift away from US crops has accelerated under President Donald Trump’s tariff policies.

Crop powerhouse Brazil is already China’s top soybean supplier, and has seen shipments of corn increase after a green light was given in 2022. This year, Brazil also sent to China its first shipment of distillers grains, a by-product of corn ethanol used in animal feed.

Meanwhile, no US corn has been sold to China during the current season even though exports out of the world’s top corn shipper have been on a record pace this year.

 

Russia’s March Wheat Exports Double Y/y Amid Iran War: IFX

Russia exported 4.6m tons of wheat in March, more than double the quantity a year earlier, amid fears of grain shortages among importers, Interfax reported, citing Russian Grain Union Director of Analytics Elena Tyurina.

• NOTE: Tyurina last week said Russia exported 3.1m tons of wheat between March 1 and March 20
• Total grain exports rose almost 2.5 times y/y, approaching 5.3m tons
  • “The jump was driven primarily by geopolitical factors and fears of grain shortages among importing countries, prompting major buyers to increase purchases”
• Egypt remained the largest destination, taking more than 1m tons
  • Other top-five buyers were Turkey (503.7k tons), Sudan (292.7k tons), Israel (277k tons) and Kenya (168.3k tons)
• In total, Russia has exported 42.4m tons of grain since the start of the 2025-26 season

 

Malaysia Palm Oil Stockpiles Plunged as War Lifted Exports

Palm oil stockpiles in Malaysia shrunk in March by the most in three years, led by a surprise jump in exports as disruptions from the Middle East war made the tropical oil more appealing against rivals, according to a survey.

Inventories in the second-biggest grower plunged 19% from a month earlier to 2.19 million tons, according to the median of 10 estimates in a Bloomberg poll of plantation executives, traders and analysts.

That would be the steepest monthly drop since March 2023, and would bring reserves to an eight-month low. The Malaysian Palm Oil Board is scheduled to publish its monthly figures on April 10.

Malaysian exports climbed 37% to 1.55 million tons — the biggest jump in 20 months — rebounding from a steep drop in February. Disruptions to key shipping lanes in the Persian Gulf have driven up freight and war-risk insurance costs globally, forcing some edible-oil buyers to reassess purchases and, in some cases, shift toward cheaper alternatives like palm oil.

Smaller Malaysian inventories could further boost benchmark palm oil futures, which have surged 19% so far this year and were heading for the highest close since 2024 on Thursday. The rally is also being driven by a war-led global energy crunch, which lifted crude oil prices and enhanced the tropical oil’s appeal as a biofuel feedstock.

“The war has played a part, as due to the uncertainty over soy and sunflower oil shipments through the Middle East, palm was the only oil to go for,” said Anilkumar Bagani, head of research at Mumbai-based Sunvin Group. “Exports were very strong in March as overall palm prices were cheaper against competition, resulting in increased demand.”

Bagani added that shipments of Malaysian products grew further after higher Indonesian export duties and levies made them even more competitive.

Production rose 4.7% to 1.34 million tons, the survey showed, the first monthly increase since October.

 

India’s March palm oil imports fall to 3-month low as prices surge

India’s palm oil imports fell nearly 19% in March to a three-month low as a rally in tropical oil prices, tracking energy markets, prompted refiners to curb purchases and wait for a correction, five dealers said.

Lower imports could deplete stocks and support local oilseed prices, but may force the world’s biggest edible oil importer to step up overseas buying in coming months to replenish stocks.

Palm oil imports fell to 689,000 metric tons in March, the lowest since December 2025, down from 847,689 tons in February, per dealer estimates.

Soyoil imports eased 3% month-on-month in March to 290,000 tons, while sunflower oil shipments jumped 36.3% to 198,000 tons.

India’s overall edible oil imports fell nearly 9% from February to 1.18 million tons in March, the lowest since April 2025, as palm oil and soyoil purchases declined, estimates showed.

The figures exclude duty-free shipments arriving via land borders from Nepal, the dealers said.

India is estimated to have imported 60,000 tonnes of edible oils, mainly soyoil, from Nepal in March, said Rajesh Patel, managing partner at edible oil trader GGN Research at Rajkot, Gujarat.

The Solvent Extractors’ Association of India is set to release its March import data by mid-April.

Refining margins for crude palm oil turned negative in March after overseas prices surged, prompting Indian buyers to scale back imports, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage and consultancy firm.

Malaysian palm oil futures jumped 19.47% in March, marking their strongest monthly gain since April 2022, on expectations that a rally in energy prices, driven by the Middle East conflict, will boost biodiesel demand.

“Supplies are now coming in from the new-season rapeseed crop, which is also helping to curb imports in the short term,” Bajoria said.

India sources most of its palm oil from Indonesia and Malaysia, while soyoil and sunflower oil are imported mainly from Argentina, Brazil, Russia and Ukraine.

 

India Has Enough Seed Supplies for Monsoon Planting: Official

India has adequate supplies of seeds for crops such as rice and soybeans that are grown during the June-September monsoon season, according to Maninder Kaur Dwivedi, additional secretary with the agriculture ministry.

• The country currently has 1.86 million tons of seeds, compared with a requirement of 1.66 million tons, she said at an inter ministerial briefing on Wednesday in New Delhi
  • The crops include rice, soybeans, peanuts, corn and pulses
• India needs 74,266 tons of pesticides annually out of which about 42,000 tons are needed for monsoon planting
  • Pesticide production totaled 261,099 tons between April 1-Feb. 26, 2026
• India needs about 39 million tons of fertilizers for crops that are planted during the monsoon season
  • The country has an initial fertilizer stockpile of 18 million tons, with the rest expected to be met through domestic production and imports: Dwivedi
• The government is asking states to promote judicious use of crop nutrients
  • Nationwide enforcement drive has been undertaken to keep track of diversion of fertilizer for non agricultural use and hoarding
  • Authorities are promoting use of non conventional fertilizers

 

Ukraine’s farm exports rise 10.8% in March m/m to 5.5 million metric tons, lobby says

Ukraine’s agricultural exports rose 10.8% in March against February and reached 5.5 million metric tons, farm lobby UCAB said on Wednesday.

The lobby said on Facebook that the export volume included 3.7 million tons of grain and 506,800 tons of vegetable oils.

Ukraine is a global major grain and oilseeds grower and exporter.

 

Russia to Cut Farm Subsidies by 28% in 2027: Kommersant

Russia’s Agriculture Ministry proposed reducing subsidies for farmers under a federal agro-industrial modernization program, with regions to receive RUB 25.3b in 2027, down RUB 10b y/y, Kommersant reports.

• An additional RUB 2b to be redirected to support selection and seed production
• Subsidies for agrotechnological work, soil improvement, deep processing of grain and milk to be eliminated in 2027
• Livestock breeding, perennial crop and milk production subsidies will require agricultural insurance contracts
• Ministry told Kommersant changes won’t lead to negative consequences for the industry, are aimed at increasing sustainability and reducing risks

 

Egypt raises local wheat procurement price amid a push to shore up reserves

Egypt will raise the local wheat procurement price to 2,500 pounds ($46.76) per ardeb (150 kg) for this year’s harvest, its finance minister said on Wednesday, as it moves to increase stocks of strategic commodities due to the Iran war.

Wheat prices had previously been fixed at a range of 2,250-2,350 pounds depending on quality. Finance Minister Ahmed Kouchouk did not say if a similar range would be applied during the harvest due to begin in two weeks.

Egypt’s reserves of strategic goods – wheat, vegetable oils, corn, oil and gas – are sufficient to cover six months of needs, said Prime Minister Mostafa Madbouly, speaking at the same press conference, though he did not specify the stock levels of individual commodities.

He said the government was working to add two or three more months’ worth of stocks.

The state-run Al Ahram newspaper earlier this week quoted the head of Egypt’s state grain importer, Future of Egypt, as saying that stocks of wheat currently cover three months, while vegetable oils reserves cover six months.

The supply ministry and Future of Egypt did not immediately respond to Reuters’ requests for comment.

Egypt has targeted procurement of 5 million metric tons of local wheat this year, as it moves away from being one of the world’s top wheat importers towards self-sufficiency.

Egypt typically imports about 10 million tons of wheat a year, with the state buyer obtaining roughly half of that for the country’s bread subsidy programme on which about 70 million people rely.

Last year, the government bought about 3.9 million tons of wheat from local farmers, slightly below its announced target of between 4 million and 5 million tons in the season that runs from mid-April to mid-August.

 

Australian growers shift to less fertiliser-intensive crops as Iran war costs surge

• Australian farmers shift to barley on fertiliser, fuel costs
• Urea prices jump, diesel costs surge, pressuring farm economics
• Global fertiliser crunch worsens as Strait of Hormuz disrupted

Australian farmers are expected to favour less nitrogen-intensive crops such as barley over wheat and canola in the upcoming season, as surging fertiliser and fuel costs driven by the Iran war weigh on planting decisions in one of the world’s top food exporters.

Planting of wheat, canola and other crops is set to gather pace this month across much of Australia and farmers need ample supplies of crop nutrients to support early growth.

The price of urea in Australia was quoted around A$1,350 ($928) per ton this week, up about 60% since the beginning of the U.S.-Israeli war with Iran, analysts said. Australian diesel prices are up 88% over the same period.

“Farmers are trying to reduce fertiliser application and switching planting from nitrogen hungry crops like wheat and canola into feed barley,” said Dennis Voznesenski, an agricultural analyst at Commonwealth Bank of Australia.

“Some are also reducing planted area, but this so far is minimal,” he said.

Australia’s wheat planting could drop by 10% to 12% given the current conditions, from 12.4 million hectares a year ago, an agricultural broker and an analyst said. Cultivation of canola is also likely to decline despite higher returns, they said. Both declined to be named.

Australia is the world’s fourth-largest wheat exporter and No. 2 supplier of canola, selling to importers across Asia, the Middle East and Europe. It also sells crops such as barley, chickpeas and pulses.

 

China to Purchase and Store Frozen Pork For Reserves

China will purchase and store frozen pork in the central reserves to maintain stable operation of the pork market, according to a statement released by the Ministry of Commerce.

• Will continue to closely monitor pork market conditions and strengthen trend analysis
• Will carry out reserves regulation to ensure stable market operations together with other departments

 

THE ARGENTINA OUTLOOK THROUGH EARLY APRIL IS MODERATING, WHILE CENTRAL-WEST BRAZIL WILL DRY OUT TO THE DETRIMENT OF CORN

Weather Anomaly Severity: Moderate

Crops impacted: corn, soybeans, coffee, sugar

Preferred model for the next 5 days: EC Op

Preferred model for the 6-15 day timeframe: EC AIFS (warmer Argentina outlook)

Forecast confidence: High throughout the next 15 days with a strong model consensus

Model Change (from previous update): Wetter in Southeast Brazil

Significant weather anomalies and crop impact:

Argentina/Paraguay

• Temperatures 2-4 °C cooler than normal will overspread Argentina/Paraguay during the 6-10 day outlook as the main feature of an otherwise mild outlook.
• 15-day rainfall totals will be 25-50 mm (~1-2 in) drier than normal in Paraguay, while Argentina will receive near normal totals.
• Argentina could trend cooler/wetter again in the back half of April.
• Dry conditions in Paraguay will elevate downside risks to corn development, while the brief cool spell in Argentina next week should have minimal impacts on the harvest.

Brazil

• Temperatures through 5 days will be 1-3 °C warmer than normal over most of Brazil except the Northeast region, which will be 1-2 °C cooler than normal instead.
• Cool temperatures will slowly expand from south to north across Brazil during the 6-15 day forecast.
• 15-day rainfall totals will be 25-75 mm wetter than normal from Parana northward through Northeast Brazil, while the Central-West region and Rio Grande do Sul will be up to 25 mm drier than normal.
• Dry weather is likely to expand over more of Brazil in the latter half of April, and warmer temperatures could return as well.
• Warm/dry conditions ahead for Central-West Brazil will increase drought risks to 2nd crop corn, while rains to the east will be favorable for coffee/sugarcane.

 

 

 

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