Dec 24 Corn closed at $4.1575/bushel, down $0.0275 from yesterday's close.  Dec 24 Wheat closed at $5.99/bushel, down $0.0475 from yesterday's close.&...

At the end of July 2024, WPI published an article looking at the drivers of the cocoa market’s massive rally in 2023 and 2024 and that offered an out...

The CBOT saw wheat emerge as the upside leader for the day with multiple bullish stories offering support, including one from Reuters that indicates Russia...

The Market The soybean market has been sliding heading into tomorrow USDA October WASDE report. The trade has positioned itself in the middle of the Septem...

Dec 24 Corn closed at $4.185/bushel, down $0.025 from yesterday's close.  Dec 24 Wheat closed at $6.0375/bushel, up $0.0475 from yesterday's close.&nb...

August trade data was released yesterday. High prices of U.S. beef exports have kept exports down. Compared to August 2023, total exports were 102,682 MT,...

Trade at the CBOT on Wednesday was dominated by two factors: global weather and preparations for the October WASDE report, which will come out on Friday. T...

Good Many Organisms: The Nobel Prize in Chemistry was awarded this week to scientists at Google DeepMind using AI to predict the structure of proteins and...

Ilena Peng from Bloomberg has written about the expansion of U.S. cheese exports. Former French President Charles de Gaulle once noted that his country has...

Dec 24 Corn closed at $4.21/bushel, up $0.0025 from yesterday's close.  Dec 24 Wheat closed at $5.99/bushel, up $0.0425 from yesterday's close. ...

Russian Grain Markets: 30 September – 4 October 2024 The first week of September proved bullish in European Russia and slightly bearish in the Asian...

Trade at the CBOT was mostly lower on Tuesday with the soy complex leading the way south as weather models show more promising rains for South America. Soy...

War on Food Companies Market skeptics like U.S. Senator Elizabeth Warren (D-Massachusetts) have stepped up their attack on food companies by accusing them...

Dec 24 Corn closed at $4.2075/bushel, down $0.0525 from yesterday's close.  Dec 24 Wheat closed at $5.9475/bushel, up $0.0225 from yesterday's close.&...

Today, the Biden Administration issued an Advanced Notice of Public Rulemaking (ANPR) on Price Discovery and Transparency in Markets for Fed Cattle. This i...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt has a program that it says will reduce wheat imports and cut subsid...

Dec 24 Corn closed at $4.26/bushel, up $0.0125 from yesterday's close.  Dec 24 Wheat closed at $5.925/bushel, up $0.0275 from yesterday's close. ...

Clear weather and rolling combines in the Northern Hemisphere together with prospective showers in South America maintain pressure on commodity futures. Ho...

USDA’s Natural Resource Conservation Service (NRCS) closed the comment period for the implementing rules for the Sponsoring USDA Sustainability Targe...

Wheat Despite the lack of rain, the Buenos Aires Grain Exchange maintains its outlook for this season’s wheat crop. As we mentioned previously, the r...

In light of the surprisingly bullish Grain Stocks data, WPI has updated our quarterly corn market outlook to reflect the supply and demand trends reflected...

It was another day lower for the grain and oilseeds sectors, and another day of weak volume for corn and the soy sector. The causes have not changed: A st...

Dec 24 Corn closed at $4.2475/bushel, down $0.035 from yesterday's close.  Dec 24 Wheat closed at $5.8975/bushel, down $0.1375 from yesterday's close...

The recent strength in U.S. soyoil and soymeal prices has helped push “board” crush margin (i.e., the margin implied or calculated by CBOT futu...

East and Gulf Coast port workers are back on the job today after striking on 1 October. Many of the affected ports will add weekend overtime hours to load...

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The somewhat bullish influence of Monday’s stocks report has now fully faded. The market today pretty much ignored a solid USDA Export Sales report a...

Dec 24 Corn closed at $4.2825/bushel, down $0.0425 from yesterday's close.  Dec 24 Wheat closed at $6.035/bushel, down $0.1175 from yesterday's close...

The Market It has been a tough week thus far for soybeans and meal. The EU’s decision to delay its European Union Deforestation Regulation (EUDR) mea...

Hatcheries set 242.69 million eggs in incubators during the week ending 28 September, up 6.1 percent from a year ago. So far this year, egg sets are up 1.9...

Coffee futures have been on a massive rally in 2024 with the ICE “C” contract rising above $2.60/lb last week, breaching that point for just th...

Export Sales and Shipments for September 20-26, 2024. Wheat:  Net sales of 443,700 metric tons (MT) for 2024/2025 were up noticeably from the previous...

Wheat remains the darling of the CBOT with more bullish news pouring into the complex. Today’s rally was sparked by reports that Egypt has booked ove...

Dec 24 Corn closed at $4.325/bushel, up $0.035 from yesterday's close.  Dec 24 Wheat closed at $6.1525/bushel, up $0.1625 from yesterday's close. ...

Ludditic Longshoremen Labor strikes are always about money, working conditions and job protection but the latter is skyrocketing to the top. The U.S. East...

In yesterday’s WPI Middle East, Mediterranean and Africa Regional analysis report, it was noted that Kenyan farmers are switching from growing maize...

Russian Grain Markets: 23–27 September 2024 The Russian grain market was bullish in European Russia but bearish in the Asian part and Siberia because...

CBOT grains and oilseeds seem to be playing “follow the leader” and have recently switched roles. Previously, soybeans were rallying and pullin...

Trade Policy Spin It is an election year, and the Biden Administration is claiming to have opened up $26.7 billion in overseas market access for American f...

Dec 24 Corn closed at $4.29/bushel, up $0.0425 from yesterday's close.  Dec 24 Wheat closed at $5.99/bushel, up $0.15 from yesterday's close.  No...

A port worker strike in the U.S. East Coast and Gulf Ports started today affecting container shipments, while a strike in Vancouver, Canada affecting grain...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat imports in 2024/25 could drop to almost nothing as...

Monday’s CBOT trade was essentially dedicated to the Grain Stocks report with pre-report trading seeing muted action and steady volumes while post-re...

After making landfall along the Gulf Coast of Florida, Hurricane Helene struck northeast Georgia and western North Carolina. All commodities in the region...

Green for You, Grey for Me Some say the EU has been vague about whether it will seek a delay in the December 30 implementation deadline for implementing th...

Dec 24 Corn closed at $4.2475/bushel, up $0.0675 from yesterday's close.  Dec 24 Wheat closed at $5.84/bushel, up $0.04 from yesterday's close. ...

Today’s USDA quarterly Grain Stocks report provided the market with a bullish input but there may be another shoe to drop. Russia’s stocks to u...

Argentina’s Weather  The weather remains a recurring issue in Argentina. The lack of rainfall across much of the country's agricultural region i...

Regional News Four regions in Russia’s Siberia have declared states of emergency due to heavy rains and flooding.  Milling Wheat  Wheat mar...

The attached PDF offers graphical depiction and analysis of the latest USDA Grain Stocks data for key commodities. The data is, of course, taken from the q...

Funds activity in the ag futures markets was more subtle than expected for the second straight week. Specifically, fund short-covering in the corn and whea...

Volume was light except in soymeal, Feeders and lean hogs. USDA’s final quarterly stocks report for MY 2023/24 arrives Monday and it has surprised to...

Dec 24 Corn closed at $4.18/bushel, up $0.0475 from yesterday's close.  Dec 24 Wheat closed at $5.8/bushel, down $0.0425 from yesterday's close. ...

Government Funding President Biden yesterday signed a continuing resolution passed by Congress to fund the government at current levels until 20 December...

Since WPI’s July update on cow-calf margins, expected 2024 returns for producers have shifted lower but remain well above year-ago values and near re...

Nudge versus Cudgel The Biden Administration has achieved some market openings in various countries, the most recent being obtaining agreement from Chile t...

Dec 24 Corn closed at $4.1325/bushel, down $0.02 from yesterday's close.  Dec 24 Wheat closed at $5.8425/bushel, down $0.05 from yesterday's close.&nb...

A surprise selloff in crude oil put heavy selling pressure on the CBOT soy complex on Thursday, with soyoil and soybeans scoring bearish reversals for the...

The Market The soy complex has had a bullish week thus far, moving higher on a weather premium added for Brazil, and news that China, the largest importer...

Today, USDA released its quarterly Hogs and Pigs report for the June through August quarter.  The total inventory of hogs and pigs on 1 Spetmeber was...

Dec 24 Corn closed at $4.1525/bushel, up $0.035 from yesterday's close.  Dec 24 Wheat closed at $5.8925/bushel, up $0.1125 from yesterday's close.&nbs...

The CBOT was higher once again with soybeans and the oilseed complex leading the way. Drought in Brazil and the surging soyoil prices have supported the co...

U.S. antitrust law is complicated, but current efforts to block a merger between grocery retailers Albertsons and Kroger may not fit the bill. Current trig...

Russian Grain Markets: 16–20 September 2024 Russian grain markets remained stagnant as export demand is weak and domestic demand is even weaker. More...

The CBOT saw diverging trading patterns on Tuesday with soybeans and soyoil continuing their rallies and extending gains to new highs. China is rumored to...

On Thursday, USDA will release its quarterly Hogs and Pigs report for the June through August quarter showing the inventory as of 1 September. Pre-report e...

Tariff Spiral and WTO Failure Republican presidential nominee Donald Trump now says he will impose 200 percent tariffs on farm machinery from John Deere sh...

Global agriculture produces energy, with 23 percent of ethanol produced from sugarcane, and another 7 percent produced from the molasses byproduct of proce...

Dec 24 Corn closed at $4.1175/bushel, down $0.0175 from yesterday's close.  Dec 24 Wheat closed at $5.78/bushel, down $0.045 from yesterday's close.&n...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Bangladesh reports that it will be importing 400,000 MT of wheat immediat...

The  CBOT jumped sharply higher to start the new week with wheat leading the move with overnight strength. Fund short covering drove much of the day&r...

Hypocritical on Process Standards EU Commission President Ursula von der Leyen will make a decision this week on implementation of the EU Deforestation Reg...

Dec 24 Corn closed at $4.135/bushel, up $0.1175 from yesterday's close.  Dec 24 Wheat closed at $5.825/bushel, up $0.14 from yesterday's close. ...

With a pending 1 October strike deadline on the U.S. East and Gulf Coasts by the International Longshoreman’s Association (ILA), the U.S. Department...

Europe ran out of energy when the Russian attack on Ukraine forced it to reduce imports from Russia. Europe lacks the ability to defend itself despite Russ...

Regional News  WPI sources in Brussels say it’s increasingly likely that the EU Deforestation Regulations will be delayed until the region can d...

Argentina Economic/Policy Update  Argentine President Javier Milei, in a public speech this week, presented the 2025 budget that will be sent to Congr...

Funds activity in the ag futures markets was more subdued last week than expected. Funds were slight net buyers in soybeans, soymeal, corn, and across the...

U.S. Cattle on feed for the slaughter totaled 11.2 million head on September 1, 2024 - which was 1 percent above September 1, 2023.  Placements in fee...

Wheat was the big gainer last week but this week it gave up most of those gains. And soyoil was last week’s biggest loser but it rose to the top this...

Too Bad for Ag In a surprise from the Biden Administration, Deputy National Security Advisor Daleep Singh said that the U.S. should negotiate more sectoral...

USDA released the monthly Cattle on Feed report today. All categories came in near expectations, making the report neutral. August placements at 1.98 mill...

Dec 24 Corn closed at $4.0175/bushel, down $0.04 from yesterday's close.  Dec 24 Wheat closed at $5.685/bushel, up $0.03 from yesterday's close. ...

The past two weeks have seen the typical influx of macroeconomic data releases, most of which helped prompt the Federal Reserve to issue its 50-bps interes...

Markets and traders were broadly enthusiastic following the U.S. Federal Reserve’s 50-bps cut to its target interest rate on Wednesday, but you would...

The Market U.S. soybeans have a nearly $1/bushel advantage as Brazilian basis moves higher. The result is that last week’s export sales were substant...

How Not to Resuscitate The European Parliament rejected the Commission’s proposal to allow tolerance levels for pesticide residues on some imported f...

Export Sales and Shipments for September 6-12, 2024 Wheat:  Net sales of 246,300 metric tons (MT) for 2024/2025 were down 48 percent from the previous...

Dec 24 Corn closed at $4.0575/bushel, down $0.07 from yesterday's close.  Dec 24 Wheat closed at $5.655/bushel, down $0.1025 from yesterday's close.&n...

USDA will release its Cattle on Feed report tomorrow; the pre-report consensus analysts’ estimate is for the inventory of cattle on feed as of 1 Sept...

Soybeans saw the liveliest action of the major grain/oilseed contracts on Wednesday with a strong, 18-cent overnight rally developing on rumors of Chinese...

Dec 24 Corn closed at $4.1275/bushel, up $0.0025 from yesterday's close.  Dec 24 Wheat closed at $5.7575/bushel, up $0 from yesterday's close.  N...

High Cost of Food Gallop’s annual Work and Education survey found that Americans have soured on the restaurant and grocery business. They still love...

Few philanthropists are as focused on hunger in Sub-Saharan Africa than Bill Gates.  The Bill and Melinda Gates Foundation has spent billions of dolla...

Russian Grain Markets: 9–13 September 2024 Russian grain markets remained stable with only corn slightly bullish, possibly showing the first real sig...

The CBOT was mostly sideways on Tuesday with funds still paring back a few shorts in the corn and soy complex while resuming some light selling in wheat fu...

The December SRW and HRW contracts closed lower today, while December HRS added value. These three wheat contracts often move in unison, but not always. An...

New EU Commission European Commission President Ursula von der Leyen made known her nominees to run the government in Brussels and the trade and agricultur...

The current underlying farm bill (extended for a year last year) expires in 13 days. Another extension is likely, but there is also some movement on Capito...

Dec 24 Corn closed at $4.125/bushel, up $0.0175 from yesterday's close.  Dec 24 Wheat closed at $5.7575/bushel, down $0.0275 from yesterday's close.&n...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s GASC is reported to have arranged a private purchase of 430...

The CBOT emerged from the post-WASDE weekend with bears gaining the upper hand in a relatively light news day. Wheat was the big loser for the day as profi...

Future of EU Agriculture Mercosur: Newly appointed French Prime Minister Michel Barnier reiterated French opposition to a trade agreement with Mercosu...

Dec 24 Corn closed at $4.1075/bushel, down $0.025 from yesterday's close.  Dec 24 Wheat closed at $5.785/bushel, down $0.1625 from yesterday's close.&...

Today is the final day to submit comments to the Natural Resources Conservation Service (NRCS) under a request for information (RFI) on the Sponsoring USDA...

Wheat  The Rosario Grain Exchange reports that wheat fields in the central, northern, and western parts of the planted area are suffering from a lack...

Regional News  Last Thursday, a Ukrainian merchant vessel carrying grain and bound for Egypt was struck by a Russian missile in the Black Sea waters n...

Funds continued covering shorts across the grain and oilseed complex through last Tuesday as futures trended firmer heading into the September WASDE. The m...

Russia’s Vladimir Putin warned that Ukraine using Western long-range missiles to attack inside his country would bring NATO into the war. That and hi...

The WTI Crude oil futures saw its third consecutive day of gains from the impacts of Hurricane Francine in the Gulf of Mexico and the contract remains up o...

Dec 24 Corn closed at $4.1325/bushel, up $0.0725 from yesterday's close.  Dec 24 Wheat closed at $5.9475/bushel, up $0.1625 from yesterday's close.&nb...

Now that the WASDE has come and gone, it’s time for the commodity market analyst community to argue about why USDA’s projections are wrong and...

WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...

WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...

WPI offers the following PDF of key supply and demand tables and charts relating to the USDA’s latest WASDE report. This is not an all-inclusive comp...

Export Sales and Shipments for August 30-September 5, 2024 Wheat:  Net sales of 474,900 metric tons (MT) for 2024/2025 were up 40 percent from the pre...

Dec 24 Corn closed at $4.06/bushel, up $0.0125 from yesterday's close.  Dec 24 Wheat closed at $5.785/bushel, down $0.0075 from yesterday's close.&nbs...

For a WASDE report that confirmed record-large corn and soybean yields, futures’ reaction to the data was relatively muted. Those hoping for a festiv...

Farm Bill Force A coalition of 300 agricultural groups sent a letter to Congressional leaders urging passage of a new farm bill. Some on Capitol Hill see i...

The big news on the livestock side of today’s WASDE was USDA’s reduction in the fed cattle price forecast. Prices for 2024 were trimmed by $3/...

The Market Today’s USDA WASDE report should drive discussion, but it was mostly neutral. The 20-day moving average has begun to rise and November soy...

WASDE SOYBEANS: USDA increased their estimate for global soybean ending stocks by 0.3 million tons to 134.6 million as higher stocks for Argentina and Cana...

WASDE CORN: USDA’s outlook for 2024/25 U.S. corn is for smaller supplies and a modest decline in ending stocks to 2.1 billion bushels – a reduc...

WASDE WHEAT:  USDA increased their estimate for 2024/25 global wheat supplies by 1.5 million tons to 1,062.1 million as higher beginning stocks were m...

The CBOT was mostly higher on Wednesday as traders continued adjusting positions and preparing for the upcoming September WASDE report. Wheat was the upsid...

Africa’s population is on a trajectory that could double its size by 2050 to 2.5 billion, or a quarter of the global populace. The West (U.S., EU, Ja...

Tariffs were a hot topic in last night’s debate between the two U.S. presidential candidates. Trump first imposed tariffs, which Harris calls a sales...

Dec 24 Corn closed at $4.0475/bushel, up $0.005 from yesterday's close.  Dec 24 Wheat closed at $5.7925/bushel, up $0.05 from yesterday's close. ...

Russian Grain Markets: 2–6 September 2024 The Russian grain market is finally showing bullish sentiments. Adverse weather in Russia this season conce...

Trading at the CBOT was mixed on Tuesday with expectations for the WASDE differing significantly. For corn and soybeans, traders and analysts are all in on...

Yesterday, WPI reported that several commodity organizations were in Washington to lobby on the farm bill. One of those groups was the National Pork Produc...

DEI and Trade Today was Day 1 of the annual WTO Public Forum. The sessions were started many years ago as the institution's response to critics. Each year...