Russia imposed strict spending limits after an April liquidity squeeze exposed rising costs from the Russia-Ukraine conflict, sources said. The federal budget balance deteriorated to a 5.5 tln ruble deficit (about $65.3 bln), and Finance Minister Siluanov warned Prime Minister Mishustin that available cash was insufficient to meet all required payments on time that month.

Argus expects a domestic corn shortfall to force more wheat into feed use, cutting France's wheat exports to about 6.9 mln tonnes this season — the lowest since 1976. It projects 2026/27 French soft-wheat exports at no more than 6.0 mln tonnes, below the agriculture ministry's July forecast of 7.0 mln and last season's 7.4 mln. Argus also forecasts EU corn output down 19% YoY to 46.9 mln tonnes, the weakest since the 1990s, and total EU wheat production at 131.5 mln tonnes, down nearly 9% from 2025/26. The group said the corn shortfall, together with constrained supplies from major corn exporter Ukraine amid regional conflict, will reduce EU wheat exportable supplies. Argus maintained its July estimate for French soft-wheat production at 30.8 mln tonnes, a 7.6% decline.

美國國防部政策負責人科爾比：波蘭、德國和荷蘭正在進行大規模的國防投資。