Mar 25 Corn closed at $4.49/bushel, up $0.0725 from yesterday's close. Mar 25 Wheat closed at $5.6175/bushel, up $0.03 from yesterday's close. Ja...

Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONAn Egyptian military organization has reportedly taken over the wheat purchasing...

The livestock packing sector saw mixed trends in profitability over the past week with packer margins improving for both the beef and pork sectors. Beef pa...

The CBOT saw mostly WASDE-motivated short covering on Monday with funds scaling back short positions in wheat and soybeans and cautiously extending longs i...

EU’s Approach to TrumpAs Europe’s economy founders under a tax and regulate approach, and its security becomes increasingly threatened by appeasement and i...

October meat and livestock trade data was released on Friday. Beef exports are down 2.6 percent at 2.5 billion pounds, following lower U.S. beef production...

Mar 25 Corn closed at $4.4175/bushel, up $0.0175 from yesterday's close. Mar 25 Wheat closed at $5.5875/bushel, up $0.015 from yesterday's close. ...

Wheat The Argentine wheat harvest has reached 48.1 percent of the expected area, with weekly progress of 9.4 percentage points, with efforts primarily...

Regional News The EU and Mercosur trade blocs finally signed a free trade agreement that had been delayed and debated for 25 years or so. EU Commissio...

The major theme of the latest CFTC report is funds paring back risk in corn and the soy complex heading into the December WASDE report and/or the holiday s...

Commodity futures trading had a modest day and a modest week, but things will pick up with Tuesday’s USDA December WASDE report. Notable metrics include: S...

Mar 25 Corn closed at $4.4/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5725/bushel, down $0.01 from yesterday's close. Jan...

Part of the 2022 Inflation Reduction Act was section 45Z, the Clean Fuels Production Credit. It is in effect from 1 January 2025 through 31 December 2027...

EU-Mercosur FalloutThe EU and Mercosur reached agreement on a quarter century effort to have a free trade agreement. Tariffs will be removed on over 90 per...

The recent weakness in soyoil prices – and, indeed, the multi-year plunge from record highs in 2022 – has been driven by the dynamics of declining expectat...

The CBOT moved higher on Thursday after the weekly Export Sales report provided bullish demand-side inputs for the major commodities. Corn, wheat, soybeans...

Mar 25 Corn closed at $4.35/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.5825/bushel, up $0.1 from yesterday's close. Jan 2...

MarketAfter four sessions of yoyoing up and down on lower volume, January soybeans are rangebound and net 4.25 cents higher thus far this week. There have...

Recent rains have been supportive of feeder cattle prices. The moisture has been a catalyst to prices given the smaller overall supply of calves with droug...

Export Sales and Shipments for November 22-28, 2024.  Wheat: Net sales of 378,200 metric tons (MT) for 2024/2025 were up 3 percent from the previous w...

The CBOT continued its mostly range-bound trading affair on Wednesday with the ag markets seeing little fresh news to drive price action one way or another...

The Russian Ministry of Agriculture reported that as of 26 November, Russian farmers produced 132 MMT of grains in bunker weight which is 19.3 MMT less tha...

Squaring Budget and TaxesU.S. agricultural spending could get squeezed between the incoming Trump Administration’s desire to extend tax cuts, which creates...

Meat DemandChina is the largest consumer of meat, consuming 27 percent of world supplies and while pork has been the dominate choice, poultry demand has be...

Mar 25 Corn closed at $4.3/bushel, down $0.0225 from yesterday's close. Mar 25 Wheat closed at $5.4825/bushel, up $0.0075 from yesterday's close. ...

The CBOT saw firmer trade on Tuesday, but that strength failed to develop into anything really meaningful on the charts. The soy complex saw the most wides...

Congress will return to Washington this week to kick off the post-election lame duck session of Congress. The docket is busy with only 12 joint legislative...

Trade AbusersThe West blames China for over-production but the global narrative is that China has embraced global trade and it is the U.S. that has become...

Expectations and reality do not always match. This is especially true in rich democracies where citizens expect their voices to be heard, or else. This dyn...

Mar 25 Corn closed at $4.3225/bushel, down $0.0025 from yesterday's close. Mar 25 Wheat closed at $5.475/bushel, up $0.0025 from yesterday's close.&nb...

Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONIraq’s grain import requirements for 2024/25 are expected to be lower according t...

The CBOT was mixed and mostly lower to start the between-holidays trading season with the soy complex seeing the worst of the selling. Soybeans – and the o...

In various social media posts, President-elect Trump last week announced his plans to implement a 25 percent tariff on all goods from Canada and Mexico, st...

November Rainfall and Crop Impacts in ArgentinaRecent rains have brought significant rain accumulation for Argentina, with precipitation in November exceed...

Mar 25 Corn closed at $4.325/bushel, down $0.005 from yesterday's close. Mar 25 Wheat closed at $5.4725/bushel, down $0.0075 from yesterday's close.&n...

Food versus PopulismPresident-elect Donald Trump’s selection of RFK, Jr. to oversee a food system that he wants to remake without chemicals and ultra-proce...

Correlation is not causation, but many nations focus their investments on agriculture due to idealizing food self-sufficiency. That can come at the expense...

Regional News Russia announced last week that it will impose its now-typical export quota on grains from 15 February though 30 June 2025. This year’s...

Export Sales and Shipments for November 15-21, 2024.  Wheat: Net sales of 366,800 metric tons (MT) for 2024/2025 were down 33 percent from the previou...

With no overnight trading for comparison and shortened trading hours today, volume was low and there were no dramatic shifts. Friday’s agricultural futures...

Mar 25 Corn closed at $4.33/bushel, up $0.05 from yesterday's close. Mar 25 Wheat closed at $5.48/bushel, down $0.005 from yesterday's close. Jan...

A week ago today, on 22 November, the Chief Veterinary Officer of Mexico notified the USDA’s Animal and Plant Health Inspection Service (APHIS) of a positi...

Mexico has been in the commodity news a lot recently, first due to its surge in imports from the U.S. and, this week, due to Trump’s threatened tariffs aga...

Pre-Thanksgiving trade is usually a light-volume, range-bound affair with few fireworks, but this year’s market action offered more interest than most. Cor...

U.S. financial markets are closed for the U.S. Thanksgiving holiday on Thursday, 28 November. Consequently, WPI’s offices will be closed as well and no iss...

Mar 25 Corn closed at $4.28/bushel, up $0 from yesterday's close. Mar 25 Wheat closed at $5.485/bushel, down $0.095 from yesterday's close. Jan 2...

Trade WarDonald Trump hasn’t even been sworn into office and is already roiling currency markets. The yuan, Mexican peso and Canadian dollar all slid this...

USTR NomineeTariffs are President-Elect Trumps most repeated policy focus but his selection of the next U.S. Trade Representative came nearly last. At leas...

Russian Grain Markets: 18 – 22 November 2024Russian Vice Premier Dmitri Patrushev is confident that Russia will export up to 60 MMT of grains this season...

News from Washington continued to be the primary driver of CBOT price action again on Tuesday, with most of the day’s action coming from plans for new impo...

Channeling HamiltonAlexander Hamilton, the first U.S. Secretary of the Treasury, encouraged the Tariff Act of 1789, the Tariff Act of 1790, and the Tariff...

Dec 24 Corn closed at $4.2/bushel, down $0.0475 from yesterday's close. Mar 25 Wheat closed at $5.58/bushel, up $0.0225 from yesterday's close. J...

The U.S. Energy Information Administration (EIA) released its short-term energy outlook (STEO) earlier this month, with outlooks for crude oil, natural gas...

The U.S. dollar was already at a two-year high when President-Elect Donald Trump announced he would impose tariffs on Canada and Mexico over drugs and immi...

The livestock packing sector continues to see profitability decline as beef and pork prices have been relatively stable while animal costs have risen. Both...

The holiday trading season is officially here, which means the CBOT will likely see fading volume and volatility until the new year. Ag markets reflected m...

During the Presidential campaign, one topic on which Donad Trump was introspective was on his staff and cabinet appointments. He mentioned more than once o...

Dec 24 Corn closed at $4.2475/bushel, down $0.0075 from yesterday's close. Mar 25 Wheat closed at $5.5575/bushel, down $0.09 from yesterday's close.&n...

Most GoogledOn Saturday, 23 November, the most Googled thing for those in U.S. agriculture policy circles was Brooke Rollins. Her name had not been amongst...

Wheat High temperatures in recent days have slightly accelerated crop maturity and the harvest in Argentina. Weekly harvest progress reached 12 percen...

Sorghum marketers often characterize their commodity as an ancient grain that is drought tolerant. They deflect comments that it is an orphan crop, grown l...

Regional News Eastern Ukraine and southern Russia remain unseasonably warm and dry, though the regions received beneficial rains at the end of last we...

Once again, the major finding of Friday’s CFTC report is that funds still remain solidly bullish corn and added another 7 percent to their long position in...

U.S. Cattle on Feed for slaughter in feedlots with capacity of 1,000 or more head totaled 12.0 million head on November 1, 2024. Placements in feedlot...

There were some jitters this week as Russia and Ukraine stepped up assaults ahead of what may become talks to end the conflict. Alongside concerns about a...

USDA released the monthly Cattle on Feed report today. Once again, placements surprised to the upside compared to pre-report analysts’ consensus expectatio...

Dec 24 Corn closed at $4.255/bushel, down $0.0125 from yesterday's close. Mar 25 Wheat closed at $5.6475/bushel, down $0.0475 from yesterday's close.&...

The latest updates and model runs from WPI’s grain balance sheet and pricing forecasts show that corn and wheat are likely to see stronger-than-expected de...

Export Sales and Shipments for November 8-14, 2024. Wheat: Net sales of 549,600 metric tons (MT) for 2024/2025 were up 45 percent from the previous we...

The CBOT was mostly lower for the day with corn, wheat, and the entire soy complex finding their way into the red for various reasons. Wheat initially rall...

The monthly Cattle on Feed report will be released tomorrow. Analysts’ pre-report consensus estimates are for the total inventory on feed to be 100 percent...

Dec 24 Corn closed at $4.2675/bushel, down $0.035 from yesterday's close. Mar 25 Wheat closed at $5.695/bushel, down $0.0275 from yesterday's close.&n...

The MarketDespite a decent USDA Export Sales report, the market continues to be weighed down by the large developing South American soybean crop. Soybean p...

The Thanksgiving holiday isn’t until next week, but the CBOT is starting to feel like traders are taking their vacation time a little early. Trading volume...

And we don’t mean Türkiye. Turkey can mean unsuccessful and the production and trade in the domesticated large bird called the turkey leaves much to be des...

Dec 24 Corn closed at $4.3025/bushel, up $0.03 from yesterday's close. Dec 24 Wheat closed at $5.525/bushel, up $0.0275 from yesterday's close. J...

Russian Grain Markets: 11 – 15 November 2024Russian Union of Grain producers and exporters announced that winter wheat area for 2025/26 may drop to 15.4 Mh...

The CBOT saw distinctly mixed trade with price action being largely determined by one of two factors: either bullishness from Ukraine’s attack on interior...

The G20 meets in Rio de Janeiro this week, and Presidents Luiz Inacio “Lula” da Silva of Brazil and Xi Jinping of China have a bilateral side meeting on th...

Farm Bill DeficienciesU.S. Senate Democrats have finally laid down their marker in a bicameral negotiation over a farm bill renewal. In it, Democrats conce...

Dec 24 Corn closed at $4.2725/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.4975/bushel, up $0.025 from yesterday's close. ...

MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONEgypt’s strategic wheat reserves are at 4.6 months. This is a little lower than usual due to dela...

Livestock margins continue to be characterized by weakness in the packing sector and strength in producer profitability. Last week, both beef and pork pack...

With the Republicans maintaining control of the House, Representative G.T. Thompson (R-PA) will retain the gavel as committee chairman, unless he is nomina...

Wheat The wheat harvest in Argentina is progressing at a steady pace. Last week, the harvested area share increased by 5 percentage points, bringing t...

The CBOT was mostly higher to start the week with markets reacting to Friday’s CFTC data as well as news that will impact the Ukraine-Russia war. First, th...

Dec 24 Corn closed at $4.2925/bushel, up $0.0525 from yesterday's close. Dec 24 Wheat closed at $5.4725/bushel, up $0.1075 from yesterday's close.&nbs...

RFK, Jr. Equals OpportunityRobert F. Kennedy, Jr. wants to eliminate processed foods, artificial colorings, chemicals, and other broadly named boogeymen. H...

Regional News Last week, the European Parliament voted on the EUDR regulation and officially delayed the full implementation of the ruling until Decem...

The major finding of Friday’s CFTC report is that funds are increasingly and somewhat aggressively bullish corn as they rapidly expanded a small long into...

Corn, soymeal, live cattle and lean hogs all traded lower during the morning start but by the end of the day, only lean hogs ended lower. There were modest...

Export Sales and Shipments for November 1-7, 2024. Wheat: Net sales of 380,100 metric tons (MT) for 2024/2025 were up 1 percent from the previous week...

Despite recent decreases in feeder cattle futures and rising feedstuff costs, estimated cow-calf producer margins are largely unchanged from WPI’s October...

Dec 24 Corn closed at $4.24/bushel, up $0.05 from yesterday's close. Dec 24 Wheat closed at $5.365/bushel, up $0.0625 from yesterday's close. Jan...

McDonalds has entered the sustainability space by partnering with Syngenta and paying cattle producers to use Syngenta’s Enogen Trait corn to improve feed...

Turkey production in August totaled 434.7 million pounds, slightly above July production but down 11 percent year-over-year. August slaughter was down 15 p...

The CBOT saw another day of pronounced weakness with expectations for larger global soybean and wheat production and stocks in 2025 weighing on values. Pro...

The MarketThe January soybean contract has been sliding all week and despite support at the 20-day moving average of $10.01/ST, it closed today below $10/b...

Dec 24 Corn closed at $4.19/bushel, down $0.075 from yesterday's close. Dec 24 Wheat closed at $5.3025/bushel, down $0.1075 from yesterday's close.&nb...

The CBOT was essentially all red on Wednesday with traders finding little support from either the fundamental or technical components of commodity price an...

As part of its witch hunt for unfair market practices, the EU Parliament’s AGRI Committee requested a study of the major agricultural commodity trading com...

While oilseeds receive much of the attention, tree nuts, which are technically a seed and containing oil, have gone even more gangbusters for U.S. producer...

Dec 24 Corn closed at $4.265/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.41/bushel, down $0.1125 from yesterday's close. ...

Russian Grain Markets: 4 – 8 November 2024We have heard the voices from various sources forecasting a new grain crop in Russia and most of them differ in n...

The CBOT was almost uniformly in the red on Tuesday with any bullish supply-side implications from the November WASDE largely forgotten (or ignored) amid b...

Some in the U.S. agriculture community have spent years trying to improve sales to Cuba, which have increased though from a very small base. Now there is e...

Trump’s Tariff PlanFew things attract more speculation than how President-Elect Donald Trump will model his plan to increase tariffs on imports. Some econo...

After the 2024 elections, the Republicans look to have taken control of Congress, along with a Trump victory, providing a Republican triple sweep. The Sena...

Dec 24 Corn closed at $4.285/bushel, down $0.015 from yesterday's close. Dec 24 Wheat closed at $5.5225/bushel, down $0.1325 from yesterday's close.&n...

Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONPakistan has decided to allow the importation of GMO soybeans from the U.S. – cri...

WPI is excited to present the latest edition of our newest data-driven publication Ag Perspectives Quant: U.S. Livestock Industry Profit Margins. This repo...

The November WASDE offered mixed influences for the major ag markets with USDA making surprise cuts to the U.S. corn and soybean crops and ending stocks, w...

Deep Bench to Fight RFKBeing the U.S. Secretary of Agriculture is usually a pretty good job. It involves doling out billions of dollars, the constituency i...

Last year, India restricted non-Basmati rice exports believing there would be a weather-related short supply. Production was ample and now the country face...

As WPI noted a week ago on 4 November, As a general rule, a Republican agenda is likely to be friendlier to liquid fuels, especially petroleum fuels,...

Dec 24 Corn closed at $4.3/bushel, down $0.01 from yesterday's close. Dec 24 Wheat closed at $5.655/bushel, down $0.07 from yesterday's close. Ja...

Wheat As of the end of the first week of November, 12 percent of Argentina’s sown wheat area has already been harvested. Harvesting is progressing qui...

The major finding of Friday’s CFTC report was the confirmation that funds have officially flipped their formerly massive net short in corn to a net long. A...

The November WASDE report usually involves some tweaking of the numbers by USDA, and that is all it mostly was today, but with some quirky impacts. First,...

As most Presidents-elect do, former President and President-elect Donald Trump has named his new White House Chief of Staff as his first appointment. It is...