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| Energy & Fuels

Orlen Termika head Andrzej Gajewski loses post a day after warning of possible coal shortage in Poland

Andrzej Gajewski lost the post of president of the management board of Orlen Termika one day after publicly warning that a severe winter could leave Poland short of coal. No public explanation has been reported linking the warning to the change at the top of the Orlen group's heat and power company.

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Daniel Brooks
Lead Energy Markets Analyst
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| Agriculture: Crops & Grains

South Africa Overtakes Spain in Citrus Exports at 3.23 Million Tonnes as EU Tariff Removal Nears

South Africa exported 3.23 million tonnes of citrus in 2025 against 2.98 million tonnes from Spain, moving ahead of the long-standing leader a year before the EU is due to remove tariffs on South African fruit. Spanish exports fell 7.1% in the 2025-2026 campaign while imports from outside the EU rose more than 44%. China ranked third among exporters and Turkey fourth.

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Martin Keller
Senior Agricultural Commodities Analyst
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| Trade Policy & Macro

Spain's August Inflation Hits 4.3% as Unprocessed Food Prices Double Their Annual Rate

Spanish consumer prices rose 4.3% year on year in August, the highest since February 2023, with energy up 16.9% and unprocessed food doubling its annual rate to 4.5%. Funcas expects 4.9% next month and inflation above 4% thereafter, while BBVA Research forecasts 4.7% to 4.9%. Both hinge on whether crude retreats from above $100 a barrel or stays near $107.

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Eleanor Hayes
Lead Trade Policy Analyst
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| Machinery & Automotive

VDMA Cuts German Machinery Forecast Again, Now Sees 2% Production Decline

Germany's mechanical engineering association VDMA has lowered its annual production forecast for the second time this year, moving from zero growth to a real decline of 2 percent. Output is currently running about 4 percent below the prior-year level and companies cut 21,500 jobs in the first half. Order intake rose 5 percent from January to July, driven entirely by demand from outside the euro zone.

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Henrik Johansson
Senior Machinery & Automotive Analyst
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| Energy & Fuels

China Moves Hydrogen From Demonstration to Industrial Scale as Policy Widens to Chemicals, Steel and Power

China is shifting its hydrogen industry from demonstration projects to industrial-scale deployment, widening policy from fuel cell vehicles into chemicals, steel and power generation, according to Maeil Business Newspaper. Alkaline electrolysers hold more than 92% of the Chinese equipment market, and Beijing targets an end-use hydrogen price below 25 yuan per kilogram by 2030. Hyundai Motor Group is countering with a 200 MW electrolysis plant in Saemangeum designed to produce about 30,000 tonnes of clean hydrogen a year.

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Priya Raghavan
Energy Markets Analyst
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| Agriculture: Crops & Grains

Argentina's cane crush tops 16.1 million tonnes as harvest nears 60%

Argentina's 2026 sugar and alcohol campaign has milled more than 16.1 million tonnes of raw sugarcane, with the harvest approaching 60% completion, according to the Instituto de Promoción del Azúcar y el Alcohol de Tucumán. Tucumán has delivered over 850,000 tonnes of physical sugar and a record 39,424 tonnes of organic sugar, up 136% year on year. Salta and Jujuy add 267,473 tonnes of sugar and more than 88 million litres of dehydrated bioethanol.

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Ana Lucia Fernandes
Senior Agricultural Commodities Analyst
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| Agriculture: Crops & Grains

Turkey: imported apricots blended with Malatya fruit and re-exported through free zones, industry body says

Apricots bought in Uzbekistan and Iran for about $2 are being mixed with Malatya fruit and shipped from free zones in Izmir and Mersin as Malatya apricots at $8 to $10, the head of Malatya's chambers of agriculture coordination board told Aydinlik. He said August exports fell to 3,000 tonnes from 9,000 tonnes a year earlier as European buyers identified the substituted origin.

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Martin Keller
Senior Agricultural Commodities Analyst
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| Food & Beverages

Matcha Boom Lifts Japan's Tea Exports as Regional Tea Firms Hit Decade-High Failures

Export value of Japanese powdered tea has risen roughly sevenfold in six years, pulling growers in Fukuoka's Yame region toward tencha, the raw material for matcha. Tencha volumes at the local trading centre rose about 50% in 2026 while leaf tea fell around 10%, and 20 tea-related businesses in Kyushu and Okinawa failed or closed in 2025, the most in a decade.

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David Okafor
Food & Beverage Analyst
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| Agriculture: Crops & Grains

Grain prices hold above three-year averages on Black Sea disruption and fund flows

Soybeans, corn and wheat in Chicago are trading 15.5% to 26.5% above their three-year averages in September 2026 despite ample global harvests, with Black Sea logistics disruption and fund positioning providing much of the support. Current quotations remain 26% to 44% below the peaks recorded since 2006, and the international recovery has passed only partially into Argentina's domestic market.

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Ana Lucia Fernandes
Senior Agricultural Commodities Analyst
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| Food & Beverages

Russian Fish Exports Up 71% in a Decade as Global Seafood Trade Nears $186 Billion

Exports of frozen and chilled fish from Russia rose 71% in value over ten years against 50% growth worldwide, the Fish Union said at the International Fishery Forum in St Petersburg. Russia remains fourth in the world by export volume but only 14th by export value. Global fish and seafood output has reached a record 235 million tonnes, with international trade approaching $186 billion.

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Isabella Romano
Lead Food & Beverage Analyst
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| Food & Beverages

Croatia Tops EU for Agricultural Price Growth in Q2 as 20 Member States Record Declines

Eurostat data for the second quarter show agricultural product prices falling year-on-year in 20 EU member states, with the steepest declines in Denmark and Ireland. Croatia, alongside Malta, recorded the largest price increase and the most pronounced rise in farm input costs. The Croatian outlet totalinfo.hr links the divergence to land fragmentation, weak domestic processing and missing storage and irrigation infrastructure.

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Isabella Romano
Lead Food & Beverage Analyst
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| Agriculture: Crops & Grains

Senegal Plans $32 Million Groundnut-Processing Project in Kolda

Senegal plans a $32 million groundnut-processing project in Kolda as part of its policy to promote local processing. The investment could create additional domestic demand for the country’s main cash crop, although the project’s capacity, timetable and intended products have not been disclosed.

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Martin Keller
Senior Agricultural Commodities Analyst
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