July 10 International Fertilizer and Agriculture News

Fire Breaks Out at Young Poong Zinc Smelter in South Korea

According to local media and market participants, a fire broke out at South Korean company Young Poong’s Seokpo zinc smelter in North Gyeongsang Province, which has annual capacity of 728,000 tonnes. The fire occurred at around 12:36 local time, or 03:36 GMT.

The fire reportedly started inside the smelter. Local fire authorities issued a Level 1 response due to concerns over the possible release of hazardous gases. Firefighters were dispatched, nearby residents were evacuated, and search-and-rescue operations were launched.

According to market sources, the cause of the fire has not yet been identified. Most of Young Poong’s sulfuric acid is supplied to the domestic market, while an estimated 200,000 tonnes/year is exported through Donghae Port, mainly under contracts with traders. Any disruption to sulfuric acid production could affect domestic supply.

The company had not responded to requests for comment at the time of publication.

Corn and Soybeans Decline as Argentine Exports Fall

Argentine exporters registered less than half the volume of corn, soybean, and soybean meal exports in the week ended July 4 compared with the same period last year, as export bookings for the month grew slowly.

Exporters registered 787,000 tonnes of corn exports this week, down 56% from the same period last year. According to data from the Secretariat of Agriculture, Livestock and Fisheries, this was the lowest recorded volume in the past three weeks. Registrations were mainly for July and September loading. The 384,000 tonnes registered for July brought total loadings for the month to 4.93 million tonnes, down 7.8% from July 2025.

Soybean export registrations fell 93% year-on-year to only 64,200 tonnes. July loading registrations accounted for the largest share, reaching 51,000 tonnes during the week. However, the July export outlook may also be lower than last year, with month-end registered loadings at 573,000 tonnes, down 61% from July 2025.

Soybean meal export registrations fell to a 13-week low of 251,000 tonnes, with 229,000 tonnes registered for July loading. Although soybean meal export registrations declined sharply this week, the focus on July loading pushed total bookings for the month to 3.23 million tonnes, up 3.2% from July last year.

Exports of other oilseed products also declined. In the week ended July 4, soybean oil registrations fell 36% year-on-year to 138,000 tonnes. Sunflower meal exports fell 34% from last year to 41,000 tonnes.

Sunflower seed and sunflower oil export registrations were exceptions, with both more than doubling from last year this week, reaching 45,300 tonnes and 65,200 tonnes, respectively.

Wheat registrations also rose 11% from last year to 130,000 tonnes this week. However, barley and sorghum export registrations followed corn lower, reaching 43,200 tonnes and 270 tonnes, respectively.

U.S. May Trade Deficit Hits 14-Month High

The U.S. trade deficit widened in May to its highest level in more than a year, as exports of industrial supplies and consumer goods declined while imports increased.

The Bureau of Economic Analysis reported on Tuesday that the goods and services deficit expanded from USD 54.6 billion in April to USD 77.6 billion in May. This was the largest deficit since March 2025, when it reached USD 133 billion.

According to Oxford Economics, the wider deficit suggests net trade will subtract around 2 percentage points from GDP growth in the second quarter, as imports reduce GDP growth. However, Oxford said strong business investment and inventory accumulation should keep quarterly annualized GDP growth above 2%.

The goods deficit widened to USD 106.5 billion in May, up sharply from USD 83 billion in April, and was the largest gap since USD 159 billion in March 2025. The services surplus expanded to USD 28.9 billion.

U.S. President Donald Trump imposed a 10% tariff in February on goods from most trading partners using Section 122 tariffs. The tariff is set to expire on July 24, after the Supreme Court overturned most of the tariffs he had announced since April 2025. The Tax Foundation estimates that tariffs will increase the tax burden on Americans by around USD 700 per household in 2026.

U.S. goods exports fell from USD 222 billion in the previous month to USD 210 billion in May, while goods imports rose from USD 305 billion in April to USD 317 billion in May. Services exports reached USD 107 billion, while services imports edged up to USD 78 billion.

Exports of industrial supplies, including energy, metals, and fertilizers, fell to USD 83 billion in May, while non-monetary gold exports more than halved to USD 5.7 billion. Capital goods exports fell by USD 3.5 billion to USD 66.9 billion. Automotive and parts exports were little changed at around USD 13 billion. Consumer goods exports fell by USD 2 billion to USD 20.7 billion.

Food imports increased, along with imports of industrial supplies and capital goods excluding automobiles. Automobile imports were around USD 37 billion. Consumer goods imports rose to nearly USD 60 billion.

In May, U.S. exports of energy-related petroleum products and crude oil totaled USD 34.7 billion, while imports totaled USD 19.6 billion, not seasonally adjusted.Unadjusted crude oil exports rose to 5.71 million b/d in May, up from 5.57 million b/d in April and 4.31 million b/d in February. Crude oil imports fell to 5.58 million b/d in May from 5.92 million b/d in April, and were down from 6.36 million b/d in February.