The multi-year effort to negotiate a trade agreement between the EU and Mercosur appears to have run into too many hurdles on both sides of the Atlantic. F...

Outbreaks of Highly Pathogenic Avian Influenza (H5N1) have been trending higher in recent years. The World Health Organization describes the disease as &ld...

Mar 24 Corn closed at $4.905/bushel, up $0.05 from yesterday's close.  Mar 24 Wheat closed at $6.3125/bushel, up $0.1075 from yesterday's close. ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Red Sea and Arabian Sea shipments in transit are being attacked by forces...

Rains in Brazil and Argentina heavily influenced the CBOT to start the week and sent the entire soy complex sharply lower. The precipitation also weighed o...

Decoupling or Redirected There is much academic debate over whether U.S.- China trade has been decoupled, or merely redirected with Chinese goods diverted...

Mar 24 Corn closed at $4.855/bushel, up $0.0075 from yesterday's close.  Mar 24 Wheat closed at $6.205/bushel, up $0.1775 from yesterday's close. ...

As the 28th United Nations climate summit (COP28) convenes in Dubai, sustainability and climate issues are the theme of the week, making it timely to look...

Regional News  On 1 December, Bulgaria lifted its import ban on four agricultural products (wheat, corn sunflower seed, and rapeseed) from Ukraine.&nb...

Wheat Argentina’s wheat harvest keeps moving at high speed and advanced 10 percent last week, which put the total harvest above 35 percent of the are...

The CBOT continued its mid-week trends into the week’s end with corn and wheat futures posting another higher day with short covering and technical,...

The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity marke...

Mar 24 Corn closed at $4.8475/bushel, up $0.02 from yesterday's close.  Mar 24 Wheat closed at $6.0275/bushel, up $0.0475 from yesterday's close. ...

Pork Plant Line Speeds USDA extended the New Swine Inspection System (NSIS) faster line speed trial period for 90 days; the program was scheduled to expire...

The Market Improved weather in Brazil took its toll on soybeans this week, taking Chicago prices down 5.75 cents to $13.25/bushel for the January contract...

Tautological Rabbit Hole The COP28 meeting in Dubai came to an agreement on a loss and damage fund whereby rich countries help poor countries weather the a...

It was a mixed day for futures trading with corn and wheat rebounding from early week contract lows but the soy complex sliding lower on a weak petroleum m...

The broiler sector has been “right-sizing” since Q3 after months of margin pressures reducing placement of broiler chicks.  That, along w...

Mar 24 Corn closed at $4.8275/bushel, up $0.07 from yesterday's close.  Mar 24 Wheat closed at $5.98/bushel, up $0.1225 from yesterday's close. ...

Export Sales and Shipments for November 17-23, 2023. Wheat:  Net sales of 622,800 metric tons (MT) for 2023/2024 were up noticeably from the previous...

Grains were once again the upside leader at the CBOT on Wednesday with wheat following through on Tuesday’s reversal in KCBT futures and the large ga...

Atlantic Risks EU Trade Commissioner Valdis Dombrovkis is a serious and competent politician. He is now signaling that reaching a conceptual deal with the...

Mar 24 Corn closed at $4.7575/bushel, up $0.0225 from yesterday's close.  Mar 24 Wheat closed at $5.8575/bushel, up $0.1375 from yesterday's close.&nb...

Russian Grain Markets: 20–24 November 2023  Russian markets remained quite volatile, however, the Asian area finally stabilized because Kazakhst...

Tuesday’s ag commodity trade featured several interesting developments, not the least of which was the bullish key reversal in KCBT wheat. All three...

A recurring issue since 2016 under the Renewable Fuel Standard (RFS) has been EPA’s administration of the small refinery exemption (SRE) program. A c...

Last week’s win in the Netherlands by Gert Wilders was a stunning refutation of the Green Deal. The policy’s former protagonist in the EU Commi...

Dec 23 Corn closed at $4.515/bushel, down $0.04 from yesterday's close.  Mar 24 Wheat closed at $5.72/bushel, up $0.11 from yesterday's close.  J...

China has just over 18 percent of the world’s population, but its food imports and consumption share of world food supplies varies greatly. Soybeans...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt’s Wadi Poultry, a division of Wadi Group, has seen the purcha...

Ag futures were almost uniformly red to start the week with wheat, corn, and the livestock markets extending Friday’s weakness and, in many cases, ca...

Rebalancing Global Meat The UN’s Food and Agriculture Organization will present a plan at next week’s COP28 meeting in Dubai that calls for ric...

Analysts have noted the analog years for adverse El Niño impacts in Brazil as 2015/16 and 2020/21. As in those years, Brazil has had limited moistur...

Dec 23 Corn closed at $4.555/bushel, down $0.0775 from yesterday's close.  Mar 24 Wheat closed at $5.61/bushel, down $0.1625 from yesterday's close.&n...

Macroeconomics and Policy Argentina’s outgoing presidential administration’s first post-election measure was to increase the percentage of fore...

Congress returns tomorrow after its Thanksgiving holiday break to face a long list of issues and the time pressurs of finalizing government funding bills...

Regional News  Russia has shipped two vessels of wheat to Somalia and Burkina Faso as part of the country’s promise to send free grain to Africa...

Export Sales and Shipments for November 10-16, 2023 Wheat:  Net sales of 171,800 metric tons (MT) for 2023/2024 were down 3 percent from the previous...

The CBOT and CME markets were mostly lower to end the holiday-shortened week with favorable weather forecasts for Brazil pressuring the grains and oilseeds...

Dec 23 Corn closed at $4.6325/bushel, down $0.055 from yesterday's close.  Mar 24 Wheat closed at $5.7725/bushel, down $0.0725 from yesterday's close...

The Market Oilseed values temporarily dipped this week on improved moisture in Brazil. The change is temporary as the 6-15 day outlook calls for a return t...

Major Dairy Defeat In a major policy defeat for U.S. dairy, a USMCA dispute settlement panel ruled that Canada’s dairy quotas do not limit U.S. acces...

The Federal Reserve raised the federal funds rate four times in 2023 for a cumulative rate hike of 100 basis points, though it left rates unchanged in Sept...

U.S. financial markets are closed for the U.S. Thanksgiving holiday on Thursday, 23 November. Consequently, WPI’s offices will be closed as well and...

CBOT grain and oilseed futures were mostly lower on Wednesday as traders reduced risk ahead of Thursday’s market closure and the shortened trading da...

The Biden Administration went through a rapid succession of descriptors for its trade policy toward China before settling on de-risking. It initially calle...

October 2023 total red meat and poultry stocks were down sharply from September and were 6.4 percent below October 2022 as beef, pork, and chicken stocks c...

Russian Grain Markets: 13–17 November 2023  The Russian market remained quite volatile with European Russia bearish and the Asian region bullish...

Wheat futures were the exception to the CBOT’s trend-following trade on Tuesday, as the market rallied following another round of Russian attacks on...

African Farming This is said to be the African Century. Over half the world’s population growth to 2050 will come from that region of the world. Yet...

Dec 23 Corn closed at $4.7/bushel, up $0.005 from yesterday's close.  Mar 24 Wheat closed at $5.8275/bushel, up $0.1225 from yesterday's close. ...

Yesterday, USDA’s Ag Marketing Service published the premiums for hogs compliant with California Proposition 12 and Massachusetts Question 3 under th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan’s wheat imports for 2023/24 will be lower according to a r...

The story of the CBOT was the sharply lower opening soybeans and soymeal suffered overnight, thanks to heavy rains in Brazil over the weekend. Those early...

Cultivated versus Uncouth The Italian Chamber of Deputies passed a law banning the sale of cultivated meat. The law will prevent the production and sale of...

Dec 23 Corn closed at $4.695/bushel, up $0.025 from yesterday's close.  Dec 23 Wheat closed at $5.435/bushel, down $0.0725 from yesterday's close.&nbs...

Regional News  After a rainy winter crop planting season, Europe’s weather looks to finally change to favor fieldwork in the next week. The 7-da...

Argentine Policy Updates Last night, Argentina’s Liberal candidate for president, Javier Milei, was elected as the next President of Argentina and wi...

USDA released the monthly Cattle on Feed report on Friday; the total inventory of cattle on feed in feedlots of 1,000 head or more capacity was 11.9 millio...

U.S. Cattle on Feed was up 2 percent on November 1, 2023 to total 11.9 million head. The inventory was 2 percent above November 1, 2022. Placements in feed...

Most of this week’s early rally in the grain and oilseed markets was justified by the challenging weather in Brazil. The weather has not only impacte...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

The Federal Reserve left interest rates unchanged at their 1 November meeting; Chairman Powell noted that this was a pause to let the 100-basis point incre...

Dec 23 Corn closed at $4.67/bushel, down $0.0775 from yesterday's close.  Dec 23 Wheat closed at $5.5075/bushel, down $0.0275 from yesterday's close.&...

The Market Drought in Brazil drove soybean prices higher and now rain in Brazil is driving the market lower. If it turns back dry as expected, then pricing...

The market was in the red across the board at the open and mostly stayed that way. The exceptions being corn and lean hogs. They broke to the upside late m...

Dec 23 Corn closed at $4.7475/bushel, up $0.04 from yesterday's close.  Dec 23 Wheat closed at $5.535/bushel, down $0.07 from yesterday's close. ...

Export Sales and Shipments for November 3-9, 2023. Wheat:  Net sales of 176,300 metric tons (MT) for 2023/2024 were down 50 percent from the previous...

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 November at 101.9...

Inclusive Trade Diversity, Equity, and Inclusion (DEI) is framework embraced by the Democratic Party in the U.S. to remedy past discrimination, particularl...

The CBOT found the dip lower it attempted on Tuesday but that bulls firmly rejected. Amid improved weather forecasts for Brazil and an otherwise quiet news...

DE&I Comes to Trade It is busy this week on the U.S. West Coast. Asian leaders are negotiating with their American hosts on APEC, IPEF, and U.S. &ndash...

Dec 23 Corn closed at $4.7075/bushel, down $0.075 from yesterday's close.  Dec 23 Wheat closed at $5.605/bushel, down $0.115 from yesterday's close.&n...

The American Salad Belt is largely on the West Coast and Congressional representatives mostly from that region have introduced legislation (The Specialty C...

Russian Grain Markets: 6–10 November 2023  Russian markets remained quite volatile last week with the European area stable and bearish but the A...

Bears tried to push the soy complex and corn lower in Tuesday’s early trade as they hoped for a correction following Monday’s rally. That was n...

Dec 23 Corn closed at $4.7825/bushel, up $0.01 from yesterday's close.  Dec 23 Wheat closed at $5.72/bushel, down $0.07 from yesterday's close. ...

This is a topic WPI has reported on many times in the past couple of weeks, either directly or indirectly: the state of a continuing resolution (CR) to kee...

Just as North America both produces and consumes most of the world’s turkey meat (with a small honorable mention to Brazil), it also has a unique fas...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Jordan has begun shipments of grain to the West Bank as part of its 45,00...

The CBOT was mostly higher to start the week with sharp rallies in soymeal and soybeans creating spillover buying for the rest of the grain markets. Funds...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

Over-greening Bees In 2018 we were all warned that a third or more of our food supply was being threatened by the struggles facing bees. Europe focused on...

The Biden Administration has cranked up its outreach to politically red rural America with USTR Katherine Tai now following President Biden’s focus o...

Wheat Thanks to the recent good weather, Argentina’s wheat harvest keeps moving from north to south and total harvest has reached 15 percent of the a...

Dec 23 Corn closed at $4.7725/bushel, up $0.1325 from yesterday's close.  Dec 23 Wheat closed at $5.79/bushel, up $0.0375 from yesterday's close. ...

U.S. President Biden and Chinese President Xi will meet in San Francisco on Wednesday to discuss key geopolitical issues and “managed trade.” T...

Through 9 November, Ukraine’s grain harvest reached 90 percent of the total area and spanned 9.84 million hectares (MHa). The total crop is 51.275 MM...

The WASDE’s bearish implications continued to push CBOT futures lower on Friday with funds finding little reason to abandon short positions in corn a...

Dec 23 Corn closed at $4.64/bushel, down $0.04 from yesterday's close.  Dec 23 Wheat closed at $5.7525/bushel, down $0.055 from yesterday's close.&nbs...

The “four corners” of the Congressional Agriculture Committees – the respective chairmen and ranking minority members of the House and Se...

The Market Large flash export sales, the smallest U.S. soybean production in five years, and the lowest domestic stocks in eight years could not overcome t...

China Teed Up President Biden meets with Chinese leader Xi Jinping next week outside the APEC meeting. Bloomberg suggests there could be a quid pro quo wit...

Soybeans: USDA’s outlook for 2023/24 is higher U.S. ending stocks, up 25 million on higher yields, to 245 million bushels. The U.S. season-average so...

Corn: USDA’s outlook for 2023/24 is higher U.S. ending stocks by 45 million bushels to 2.2 billion. The season-average corn price received by produce...

Wheat: USDA’s outlook for 2023/24 is for higher U.S. ending stocks by 14 million bushels to 684 million. The projected 2023/24 season-average U.S. fa...

  Export Sales and Shipments for October 27 to November 2, 2023 Wheat:  Net sales of 354,300 metric tons (MT) for 2023/2024 were up 29 percent fr...

Dec 23 Corn closed at $4.68/bushel, down $0.08 from yesterday's close.  Dec 23 Wheat closed at $5.8075/bushel, down $0.115 from yesterday's close.&nbs...

Futures closed mostly lower with USDA’s mid-session November WASDE report causing a drop-off on higher production and stocks.  U.S. Wheat Incr...

Today’s WASDE report trimmed red meat and broiler production by about 0.4 percent with reductions in all species. Compared to last month, fed cattle...

The November WASDE usually isn’t a major market-moving event, but you wouldn’t know that from how CBOT futures reacted just one day before the...

Biotech for Environment Greens and others in the European Parliament reportedly reacted badly to rapporteur Jessica Polfjärd's initiative that would b...

Dec 23 Corn closed at $4.76/bushel, up $0.075 from yesterday's close.  Dec 23 Wheat closed at $5.9225/bushel, up $0.22 from yesterday's close.  J...

In today’s Black Sea report, WPI’s analyst points out that Russia and Kazakhstan, and particularly Russia are supplanting Canada as a supplier...

Russian Grain Markets: 30 October–3 November 2023  As of 30 October, Russia harvested 140.2 MMT of grains in bunker weight which is 9.8 MMT less...

The CBOT started Tuesday on a firmer note but, except for soymeal, gave up ideas of higher trade as technical resistance and fund selling dominated the day...

Trade Policy Developments The Biden Administration is making several adjustments to its major trade policy initiatives. First, while hosting a meeting last...

As has been well documented in the news over the past week, the Federal Reserve’s Federal Open Market Committee (FOMC) kept the federal funds rate un...

South Korea has had a problem. Its farmers insist on growing rice while its consumers are increasingly switching consumption to wheat-based products. For t...

The CBOT was mostly higher for the day with corn and wheat finding small gains on light buying interest while soybeans jumped higher on export demand and a...

The Non-Sucralose-Coated Sugar-High A recent poll indicating President Biden is in some reelection trouble even against Donald Trump doesn’t change t...

While the overall trend for corn has been lower, soybean futures stayed in backwardation longer than corn contracts. As confidence grows in new crop prospe...

Dec 23 Corn closed at $4.7725/bushel, up $0 from yesterday's close.  Dec 23 Wheat closed at $5.7575/bushel, up $0.0325 from yesterday's close.  J...

As WPI noted on 5 October, the first case of highly pathogenic avian influenza (HPAI) since April 2023 was reported in South Dakota. So far in October, the...

Wheat Argentina’s wheat harvest now covers 10 percent of the total area with an average yield of 1.1 MT/ha. It's important to remember that the harve...

The CBOT offered a few surprises to end the week with the major grain markets ending higher with strong buying interest. Corn futures posted a 7-cent gain...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

Yesterday was the deadline for Canadian grocery retailers to submit a “comprehensive plan” to the federal government on how to reduce grocery p...

The Market The January soybean contract closed out the week with an overall gain of 32.25 cents, the best of any grain crop contract, and is now priced at...

AI versus GMO Political leaders gathered in Bletchley Park at the invitation of UK Prime Minister Rishi Sunak and agreed to a global dialogue on regulating...

Dec 23 Corn closed at $4.7725/bushel, up $0.0725 from yesterday's close.  Dec 23 Wheat closed at $5.725/bushel, up $0.07 from yesterday's close. ...

Export Sales and Shipments for October 20-26, 2023. Wheat:  Net sales of 275,600 metric tons (MT) for 2023/2024 were down 24 percent from the previous...

SRW managed a second day higher, and soybeans continued their rally over $13/bushel, but corn prices still dragged lower. Meanwhile, the livestock market w...

PPE Your Meat President Biden’s Midwest tour included a Christmas tree of presents to rural America. He echoed USDA Secretary Vilsack’s concern...

Dec 23 Corn closed at $4.7/bushel, down $0.05 from yesterday's close.  Dec 23 Wheat closed at $5.655/bushel, up $0.0375 from yesterday's close. ...

Last week’s Livestock Roundup noted that heifers on feed were up 1 percent from last October, an indicator that the liquidation cycle is not over.&nb...

The CBOT was mixed in light volume at mid-week with traders finding little inspiration for bullish or bearish trades. Wheat futures turned higher overnight...

Biden Rural Outreach A politician going into the geography of the opposition is usually connoted as a sign of strength. Nothing in the Biden presidency pol...

Dec 23 Corn closed at $4.75/bushel, down $0.0375 from yesterday's close.  Dec 23 Wheat closed at $5.6175/bushel, up $0.055 from yesterday's close.&nbs...

White commodities is an American euphemism for three crops, cotton, rise, and sugar, that are all white in color and each have statutory programs considere...

Russian Grain Markets 23–27 October 2023  As of 27 October, winter crops were planted over 18.5 Mha versus the 20 Mha planned by the government...

CBOT ag commodities traded mostly sideways on Tuesday while bulls and bears wait for headline(s) to help move the markets. Wheat saw perhaps the greatest a...

Gatun Lake, the artificial lake which discharges water into the locks of the Panama Canal, for transit between the Atlantic and the Pacific is down to the...

Coercion Beholder U.S. Supreme Court Justice Potter Stewart famously said in a 1964 case that he could not define hard core pornography “But I know i...

Dec 23 Corn closed at $4.7875/bushel, up $0.005 from yesterday's close.  Dec 23 Wheat closed at $5.5625/bushel, down $0.0975 from yesterday's close.&n...

China has been on a wheat buying binge, reportedly picking up 2 MMT of Australian wheat in October and another 2.5 MMT of French wheat. It is surprising th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Israel said that any ships damaged by the current conflict will be fully...

The CBOT was mostly lower to start the week with corn futures drifting sideways while soymeal and soybeans pulled back from recent strength. Wheat futures...

Dec 23 Corn closed at $4.7825/bushel, down $0.025 from yesterday's close.  Dec 23 Wheat closed at $5.66/bushel, down $0.095 from yesterday's close.&nb...

Economic Coercion Australia’s trade minister is in China where a rapprochement in relations is underway. Beijing had earlier sought to punish Austral...

Given current tight global rice stocks and high prices (see graph below), the question is how much wheat will be substituted for food or feed use. Rice pri...

There’s no shortage of issues forcing market and policy participants to keep their heads on a swivel, both near term and over the horizon. The follow...

Wheat After Argentina’s recent presidential election and in anticipation of the runoff election, the current government extended the possibility for...

Regional News  Sweden’s 2023/24 grain production is expected to total just 4.4 - 4.5 MMT, down 1 MMT from 2022/23 and the lowest level in 30 yea...

Dec 23 Corn closed at $4.8075/bushel, up $0.015 from yesterday's close.  Dec 23 Wheat closed at $5.755/bushel, down $0.04 from yesterday's close. ...

The CBOT largely followed its existing trends into the weekend, which meant rallies in soymeal and soybeans, new contract lows in wheat, and sideways trade...

The Market CBOT December soymeal hit a new contract high today at 448.4 and with a gain of $12.19 at the close, the value is 442.4/ST, a 4.3 percent gain f...

New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol)...

The House Republicans finally came around to electing a new Speaker, Representative Mike Johnson of Louisiana. Johnson said he’d like the House to pa...

The market opened mostly in the green this morning after overnight markets showed small gains for corn, soybeans, soymeal, and all three wheats. About mid-...

As WPI reported, last Friday’s Cattle on Feed report was a bearish surprise. Inventory on feed was 101 percent of last year and September placements...

Dec 23 Corn closed at $4.7925/bushel, down $0.0075 from yesterday's close.  Dec 23 Wheat closed at $5.795/bushel, up $0.11 from yesterday's close.&nbs...

Export Sales and Shipments for the period October 13-19, 2023.   Wheat:  Net sales of 363,700 metric tons (MT) for 2023/2024 were down 43 pe...

The CBOT was heavily influenced by fresh forecasts for beneficial rains in South America over the next two weeks. Rains will offer relief to drought-afflic...

September 2023 total red meat and poultry stocks were up fractionally from August but were 8 percent below September 2022 as beef and pork stocks continue...

Dec 23 Corn closed at $4.8/bushel, down $0.04 from yesterday's close.  Dec 23 Wheat closed at $5.685/bushel, down $0.12 from yesterday's close. ...