World Perspectives

Market Commentary: Stable Policy, Conditional Demand, Weather Emerging as the Next Risk

Key Market Developments While tariffs were not addressed directly in the State of the Union, trade policy remains steady. Reports during today’s session confirmed that U.S. tariffs on China will remain in the 35 percent–50 percent range, signaling limited escalation ahead of upcomin...

Today’s Top insights
feed-grains soy-oilseeds wheat

Summary of Futures

May 26 Corn closed at $4.42/bushel, up $0.035 from yesterday's close.  May 26 Wheat closed at $5.6975/bushel, down $0.035 from yesterday's close.  May 26 Soybeans closed at $11.65/bushel, up $0.0975 from yesterday's close.  May 26 Soymeal closed at $321.8/short ton, up $7.4 from...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  On 20 February, Germany confirmed its first case of Newcastle disease in 18 years, after a commercial turkey flock in Neißemünde was found to be infected. Separately, Poland had two new flocks confirmed as being infected with the disease, as the country continues...

feed-grains soy-oilseeds wheat

Black Sea Regional Analysis

Russian Grain Markets: 16–20 February 2026 During the week under review, the Russian grain market showed localized volatility across interior regions but remained generally stable at export terminals, the country’s primary trading platform. Among commodities, top-grade milling wheat...

feed-grains soy-oilseeds wheat

Summary of Futures

May 26 Corn closed at $4.42/bushel, up $0.035 from yesterday's close.  May 26 Wheat closed at $5.6975/bushel, down $0.035 from yesterday's close.  May 26 Soybeans closed at $11.65/bushel, up $0.0975 from yesterday's close.  May 26 Soymeal closed at $321.8/short ton, up $7.4 from...

feed-grains soy-oilseeds wheat

European Market Analysis

Regional News  On 20 February, Germany confirmed its first case of Newcastle disease in 18 years, after a commercial turkey flock in Neißemünde was found to be infected. Separately, Poland had two new flocks confirmed as being infected with the disease, as the country continues...

feed-grains soy-oilseeds wheat

Black Sea Regional Analysis

Russian Grain Markets: 16–20 February 2026 During the week under review, the Russian grain market showed localized volatility across interior regions but remained generally stable at export terminals, the country’s primary trading platform. Among commodities, top-grade milling wheat...

feed-grains soy-oilseeds wheat

Market Commentary: Soybeans Rally on PNW Export Rumors; Grains Ease on Profit Taking

The soy complex was the upside leader again on rumors of Chinese purchases of U.S. soybeans from the PNW, as well as some harvest and quality issues in Brazil. Soyoil continued to find support from hopes that the EPA will release its biofuel policy obligations in the coming few days, though no...

Policy Roundup

Fuzzy Math Among President Trump’s various assertions in last night’s State of the Union address was that tariffs would someday replace the income tax, but that is a mathematical impossibility. The value of imported goods is around $3 trillion, and the income tax generates nearly $5...

feed-grains soy-oilseeds wheat

Market Commentary: Soybeans Rally on PNW Export Rumors; Grains Ease on Profit Taking

The soy complex was the upside leader again on rumors of Chinese purchases of U.S. soybeans from the PNW, as well as some harvest and quality issues in Brazil. Soyoil continued to find support from hopes that the EPA will release its biofuel policy obligations in the coming few days, though no...

China Market Analysis

Farm Policy Next week is China’s annual ‘Two Sessions’ (the People’s Congress plus a consultative body) where Beijing releases its next Five-Year Plan. It has already released its 15th Five-Year Plan for agriculture. It reflects the nation’s evolution from a develo...

Supreme Court Ruling on Tariffs: Out with Old, In with New

Last Thursday, the Supreme Court of the United States upheld a lower court ruling that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were “contrary to the law.” However, as President Trump noted, the opinion remained silent on the issue of rebatin...

feed-grains soy-oilseeds wheat

Summary of Futures

Mar 26 Corn closed at $4.2775/bushel, up $0.0025 from yesterday's close.  May 26 Wheat closed at $5.7325/bushel, down $0.005 from yesterday's close.  May 26 Soybeans closed at $11.5525/bushel, up $0.055 from yesterday's close.  May 26 Soymeal closed at $314.4/short ton, up $1.9 f...

feed-grains soy-oilseeds wheat

Middle East, Mediterranean, and Africa Regional Analysis

Mediterranean/Middle East/North Africa/Africa – MEA Region Tunisia’s 2026 winter crop planting started a little late due to a lack of rainfall, but this improved in January as rainfall caught up. Winter wheat and barley crops are expected to be good for the harvest later in 2026. 20...

livestock

Livestock Industry Margins

Beef packer margins deteriorated sharply last week, with estimated net margins falling to -$330.80/hd, down $60.58/hd week over week. The Choice cutout held nearly flat at $365.62/cwt, but fed cattle prices continued to climb, with live steers at $246.91/cwt and dressed prices surging to $387.9...

feed-grains soy-oilseeds wheat

Market Commentary: SCOTUS Ruling, South America Weather Send CBOT Lower

The CBOT turned lower on Monday, with the back-and-forth action of the Supreme Court and President Trump regarding tariffs on foreign imports driving volatility. For the ag markets, the biggest impact of the SCOTUS ruling seems to be doubts that China will adhere to its soybean purchase plan, a...

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