Black and White The European Food Safety Authority concluded after extensive research on the herbicide glyphosate that no “areas of critical concern&...

New Delhi is always one of the first capitals to raise the issue of food insecurity in international fora. It concurrently argues that agricultural subsidi...

Dec 23 Corn closed at $5.6525/bushel, down $0.03 from yesterday's close.  Sep 23 Wheat closed at $7.6025/bushel, up $0.0275 from yesterday's close.&nb...

With drought, a late July heat wave, and escalation of the war Ukraine, risk premiums are being priced into the markets – and dairy was no exception...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Egypt is facing continued daily power cuts as the very high temperatures...

Monday’s trade was all about the weekend, which was hot and dry in the U.S. Midwest and featured more attacks by Russia on Ukrainian infrastructure...

Polycisis or Minicrisis Adam Tooze is a fantastic historian and his characterization of a polycrisis whereby the globe suffers from a thousand interconnect...

Regional News  As noted everywhere, the biggest news in European regional grain markets this week is the end of the Black Sea grain export initiative...

Dec 23 Corn closed at $5.6825/bushel, up $0.32 from yesterday's close.  Sep 23 Wheat closed at $7.575/bushel, up $0.6 from yesterday's close.  No...

The House of Representatives may take up the FY2024 Agricultural Appropriations bill this week, and then again, it may not.  First, in the House, legi...

Hovering over the issue of soybean demand is China’s reported slowing GDP growth. Second quarter growth was reported at 6.3 percent, far better than...

Politics and “Agro Dollar” Rumors  In an environment plagued by rumors and uncertainty, Argentina has become a country where normal busine...

USDA estimates that U.S. Cattle on Feed is down 2 percent from July 1, 2022 – at 11.2 million head for U.S. feedlots with capacity of 1,000 or more h...

Dec 23 Corn closed at $5.3625/bushel, down $0.1 from yesterday's close.  Sep 23 Wheat closed at $6.975/bushel, down $0.295 from yesterday's close.&nbs...

The CBOT pulled back heading into the weekend on profit taking and NOAA’s new August weather forecast that shows more moderate temperatures and norma...

USDA released two key cattle reports today: the monthly Cattle on Feed report and the semi-annual Cattle Inventory report. The surprise in the Cattle on Fe...

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

The Market November soybeans gained 31 cents on the week but are still running into resistance at $24/bushel. The current price is near a 2023 high and the...

The uncertainty that Russia’s invasion has brought to agricultural markets continues.  Roughly 32.9 million MT of grain has been exported from U...

Export Sales and Shipments for July 7-13, 2023 Wheat:  Net sales of 170,700 metric tons (MT) for 2023/2024 primarily for Chile (78,200 MT, including 4...

The CBOT’s weather- and Black Sea-conflict induced rally took a break on Thursday with traders reassessing both global export market conditions and t...

Dec 23 Corn closed at $5.4625/bushel, down $0.0675 from yesterday's close.  Sep 23 Wheat closed at $7.27/bushel, down $0.0075 from yesterday's close.&...

USDA will release two key reports tomorrow: the semi-annual Cattle Inventory report and the 1 July Cattle on Feed report. Matt Herrington provided a detail...

Broken Record For the eighth time, not the second or third, the U.S. has complained at the WTO that India violates national treatment when it comes to GM c...

Last week, WPI published our mid-July outlook for a few – in our view – likely scenarios for the U.S. 2023/24 soybean balance sheet. To add to...

Dec 23 Corn closed at $5.53/bushel, up $0.185 from yesterday's close.  Sep 23 Wheat closed at $7.2775/bushel, up $0.57 from yesterday's close.  N...

CBOT grain markets were sharply higher at mid-week with wheat leading the way after Russia warned against any ships traveling to Ukraine. The warning follo...

Cattle on Feed It will be no surprise to WPI readers that the industry is expecting a bullish Cattle on Feed report this Friday. Supplies are expected to d...

The uncertainty that Russia’s invasion has brought to agricultural markets continues. Roughly 32.9 MMT of grain has been exported from Ukraine since...

At a farm bill event in Indiana featuring that state’s two U.S. Republican Senators, Mike Braun, who is a member of the Senate Ag Committee, and Todd...

Russian Grain Markets: 10–14 July 2023  The Russian grain market was driven purely by a weak RUB which was registered from the beginning of the...

Yesterday’s Corp Conditions report from USDA reflected the positive impact recent precipitation has had on crops, with conditions for corn, soybeans,...

Economists are debating the current geopolitical hand that has been dealt, and how best to play it. President Biden has made a major shift toward governmen...

Last week, WPI’s Dave Juday noted that while the all-items CPI inflation measure has fallen significantly from its June 2022 peak, other metrics show...

In 2022, renewable diesel (RD) utilization (based on product supplied) surpassed biodiesel (BD) use. For Q1 of 2023, RD has extended the gap. This is not s...

Dec 23 Corn closed at $5.345/bushel, up $0.285 from yesterday's close.  Sep 23 Wheat closed at $6.7075/bushel, up $0.17 from yesterday's close. ...

MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Iraq is planning on building a rail link with Turkey. The proposed rail line would begin a...

Dec 23 Corn closed at $5.06/bushel, down $0.0775 from yesterday's close.  Sep 23 Wheat closed at $6.5375/bushel, down $0.0775 from yesterday's close.&...

The CBOT started the day with a higher tone after Russia confirmed that it will be leaving the Black Sea export corridor agreement, which ended Monday, 17...

The EPA announced on Friday that it denied 26 requests for “small refinery exemptions” (SREs) over the periods of 2016-2018 and 2021-2023. Ther...

Grains Wheat According to the Buenos Aires Grain Exchange, 87 percent of the expected wheat area has been planted, currently covering 6 Mha (compared to 6...

Regional News   All eyes are on the Black Sea grain export deal, which is set to expire today, 17 July. Russia refused to extend the agreement ea...

ERS’s study on cost savings in U.S. apple production is a good look at an industry adjusting to scarcity in labor markets.  Washington State is...

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

The CBOT was mostly higher to end the WASDE week and the report’s influence on the markets now looks like a temporary blip amid a mostly higher trend...

USDA’s latest season-average price forecast was released yesterday, which included a forecast of Price Loss Coverage (PLC) program payments based on...

Yesterday, WPI discussed the various measures of inflation, and the drop in energy costs which held down the CPI, but not the alternative measures of infla...

The USDA’s July WASDE was, as has been widely reported now, bearish new crop soybeans with a 52.0-BPA national yield and 4.3-Bbu crop projected. Sinc...

At this week’s U.S. Agricultural Export Development Council meeting (USAEDC), speakers touted the record U.S. exports of 2022, which reached a record...

Dec 23 Corn closed at $5.1375/bushel, up $0.1325 from yesterday's close.  Sep 23 Wheat closed at $6.615/bushel, up $0.2175 from yesterday's close.&nbs...

After Wednesday’s WASDE-induced selloff, the CBOT started lower in tentative trade overnight but that move quickly found support and markets turned h...

Yesterday the Bureau of Labor Statistics (BLS) released the June Consumer Price Index (CPI) showing a 0.2 percent growth in June, the smallest monthly incr...

WPI’s CEO, Gary Blumenthal, is recovering from a bicycle accident and, consequently, will be out of the office for a few days. His daily policy and a...

Last week we reported that all the volatility to the dairy market since COVID has led dairy producers to seek reforms to the Federal Milk Marketing Order (...

Dec 23 Corn closed at $5.005/bushel, up $0.1675 from yesterday's close.  Sep 23 Wheat closed at $6.3975/bushel, up $0.07 from yesterday's close. ...

Export Sales and Shipments for June 30-July 6, 2023. Wheat:  Net sales of 395,700 metric tons (MT) for 2023/2024 primarily for Mexico, Indonesia, Japa...

Soybeans: USDA reduced their July estimate for 2023/24 U.S. ending stocks to 300 million bushels, 50 million lower than last month.  The U.S. season-a...

Corn: USDA increased their July estimate for 2023/24 U.S. ending stocks to 2,262 million bushels. The season-average farm price received by producers is un...

Wheat: USDA increased their July estimate for 2023/24 U.S. ending stocks to 592 million bushels, 30 million higher than last month. Winter wheat production...

A bearish WASDE report and rains across the central U.S. production area sent the market lower today. USDA called for reduced output of corn and soybeans b...

Dec 23 Corn closed at $4.8375/bushel, down $0.1775 from yesterday's close.  Sep 23 Wheat closed at $6.3275/bushel, down $0.2775 from yesterday's close...

The European Parliament approved a Nature Restoration Law that farmers say will cause the loss of farmland targeted for restoration as natural habitat. Mea...

Russian Grain Markets: 3–7 July 2023  The first week of the new marketing year is gone and the market is under severe pressure due to carryover,...

Wheat futures led the CBOT higher heading into the July WASDE after Russia launched 22 drones overnight at Ukraine’s Odesa grain terminal. Ukraine&rs...

Concentrated but Explainable In President Biden’s first six months as president he issued an Executive Order calling on federal agencies to investiga...

Dec 23 Corn closed at $5.015/bushel, up $0.02 from yesterday's close.  Sep 23 Wheat closed at $6.605/bushel, up $0.1425 from yesterday's close. ...

There is still a lot of head scratching in the pork markets to try to understand the potential impacts of California’s Proposition 12. Some clarity w...

The OECD’s recent World Agricultural Outlook 2023-32 report notes that meat consumption is declining in affluent countries. The reasons cited include...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Saudi Arabia’s Agricultural Development Fund reportedly made major...

The CBOT was mixed to start the week with all eyes now solidly focused on Wednesday’s WASDE report. Corn and soybeans strengthened in early trade due...

Policy Compounding Compounding Feed compounders typically use computer software to find the optimal mix of ingredients (up to 900 different options) based...

There is speculation that rice prices will increase due a smaller crop in India, the world’s largest exporter, and the impacts of El Niño. Tha...

Dutch Prime Minister Mark Rutte, the longest serving premier in the Netherlands and the second longest serving head of government in the EU, will be steppi...

Wheat This week Argentina saw low intensity rains, but they again fell on areas that at this moment do not have any need of the moisture. On the other hand...

Dec 23 Corn closed at $4.995/bushel, up $0.05 from yesterday's close.  Sep 23 Wheat closed at $6.4625/bushel, down $0.0325 from yesterday's close.&nbs...

Regional News  The Russia/Ukraine conflict has again taken on an increased importance for commodity markets. Ukraine last week accused Russia of minin...

The CBOT ended the week on a bearish note with corn, soybeans, and wheat all in the red with light fund selling pressure and profit taking. For corn and so...

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

The Market The post-Acreage report soybean rally stalled this week. The fall reverberated around the globe hitting canola, palm oil and other oilseed produ...

Know Thy Brother Europe and Latin America had one of the weirder policy exchanges of the week. Heads of state from the Latin American and Caribbean States...

Dec 23 Corn closed at $4.945/bushel, down $0.12 from yesterday's close.  Sep 23 Wheat closed at $6.495/bushel, down $0.085 from yesterday's close.&nbs...

Export Sales and Shipments for June 23-29, 2023 Wheat:  Net sales of 405,800 metric tons (MT) for 2023/2024 primarily for Mexico (111,400 MT, includin...

The World Organization for Animal Health (WOAH) announced last month that it has removed atypical bovine spongiform encephalopathy (BSE) from the list of a...

Rebalancing from last Friday’s USDA Acreage report appears to now be complete as corn and soybeans traded places and wheat flounders sideways. On the...

IPEF Criticism Participants in the Biden Administration’s Indo-Pacific Framework for Prosperity meet again this Sunday to try and move forward on var...

Dec 23 Corn closed at $5.065/bushel, up $0.13 from yesterday's close.  Sep 23 Wheat closed at $6.58/bushel, down $0.1625 from yesterday's close. ...

By the end of this month, USDA will have to decide whether to hold a public hearing on the Federal Milk Marketing Order (FMMO). This would be the first hea...

The CBOT had an old-school opening this morning with no overnight trade as markets were closed Tuesday for the U.S. Independence Day holiday. That led to a...

Waiting for Trade Policy Changes Seasoned Washington trade policy expert Bill Reinsch characterized the Biden Administration’s trade policy as akin t...

After hitting the lowest global sugar ending stocks in more than a dozen years, production is making a rebound. Production is expected to jump 6 percent to...

Dec 23 Corn closed at $4.935/bushel, up $0 from yesterday's close.  Sep 23 Wheat closed at $6.7425/bushel, up $0.325 from yesterday's close.  Nov...

Russian Grain Markets: 26–30 June 2023  Russian Grain Union is estimating the Russian grain crop at 130-140 MMT and export potential at 55 MMT...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Israel has the highest cost of living in the Middle East region, followed...

The CBOT was mixed in moderate trading volume heading into the U.S. Independence Day holiday on Tuesday (note that CBOT markets and WPI’s offices wil...

The CBOT/CME markets will be closed on Tuesday, 4 July in observance of the U.S. Independence Day holiday. Please note that the next Ag Perspectives will b...

Transatlantic Policy Revolutions USTR Katherine Tai evangelizes the Biden Administration’s worker-centric trade policy by emphasizing that change is...

It is a holiday shortened week this week, but the markets have absorbed the 30 June acreage and stocks reports. As Matt Herrington reported, corn was sharp...

Dec 23 Corn closed at $4.935/bushel, down $0.0125 from yesterday's close.  Sep 23 Wheat closed at $6.4175/bushel, down $0.0925 from yesterday's close...

Regional News  The European Investment Bank will provide a €50 million loan for the construction of a new grain terminal in the Bulgarian port of...

Moroccan grain production is highly volatile due to frequent droughts, a situation that may become more common elsewhere due to climate change. USDA/FAS re...

Wheat Argentina’s wheat sowing is progressing at a good pace thanks to favourable weather conditions, and with a weekly progress of almost 14 percent...

USDA’s highly anticipated June Acreage estimates and quarterly Grain Stocks reports did not fail to live up to their hype and brought several signifi...

The Market The week’s trading provided nothing to write home about until Friday’s USDA reports caused a spike.  The two reports out of USD...

What a catchy title by virologist Chris van Tulleken! In his book he asks,  “Why Do We All Eat Stuff That Isn’t Food … and Why Can&...

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

Dec 23 Corn closed at $4.9475/bushel, down $0.3375 from yesterday's close.  Sep 23 Wheat closed at $6.51/bushel, down $0.165 from yesterday's close.&n...

There have been a number of economic reports recently that on the face of them seem very positive, but in some cases, they are the sliver linings still sur...

It has been a messy, volatile period. Spooked by drought, then reassured by showers, only to be spooked again by instability in Russia. Still there are rea...

USDA released its June quarterly Hogs and Pigs report today. Pre-report expectation was for a total inventory of 72.016 million head, down 0.7 percent from...

Dec 23 Corn closed at $5.285/bushel, down $0.0825 from yesterday's close.  Sep 23 Wheat closed at $6.675/bushel, down $0.0225 from yesterday's close.&...

Export Sales and Shipments for June 16-22, 2023 Wheat:  Net sales of 155,200 metric tons (MT) for 2023/2024 primarily for Japan and Mexico. Export shi...

Over the past three weeks, one has been unable to discuss ag commodity futures without a detailed discussion of U.S. weather patterns, and that remained tr...

UN Food Summit When the first biannual UN Food Summit occurred back in 2021, it was a hotly competed policy platform between agribusiness and the social ac...

The biofuels industry gets a lot of attention for influencing vegetable oil prices but growing human consumption has its role as well. The largest importer...

Dec 23 Corn closed at $5.3675/bushel, down $0.2425 from yesterday's close.  Sep 23 Wheat closed at $6.6975/bushel, down $0.2925 from yesterday's close...

Russian Grain Markets: 19–23 June 2023  Russian analysts cut previous grain production forecasts by 2.3 MMT – down to 134 MMT - due to wea...

USDA will release its June quarterly Hogs and Pigs report on Thursday. The expectation is a total herd of 72.016 million head, that is down 0.7 percent fro...

WPI readers will not be shocked to hear that the updated weather forecasts, which include more rain for the Midwest, were the primary force driving CBOT fu...

The increasing global demand for oilseeds is well known and more than 40 percent of the soybeans produced move into international trade. This compares with...

Dec 23 Corn closed at $5.61/bushel, down $0.2725 from yesterday's close.  Sep 23 Wheat closed at $6.99/bushel, down $0.3925 from yesterday's close.&nb...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Eid-Al-Adha will be celebrated in Muslim countries from 27 June until 1 J...

The CBOT was mixed to start the week with traders waiting to see what USDA’s Crop Conditions report would show. Row crops featured two-sided trade af...

Dec 23 Corn closed at $5.8825/bushel, up $0.0025 from yesterday's close.  Sep 23 Wheat closed at $7.3825/bushel, down $0.0825 from yesterday's close.&...

Retaliation Against Mexico The Mexican government is imposing a 50 percent tariff on white corn imports to protect its growers from competition. This is a...

Last week, EPA released the final required volume obligations (RVOs) for 2023 through 2025; below is a summary of the final volumes compared to the propose...

Regional News  Drought is a growing concern not only for the U.S. but also several regions of Europe, notably Scandinavia, southern Germany, and centr...

Wheat Argentina’s wheat outlook for the 2023/24 season continues to worsen and fall below expectations. The lack of rainfall in the western areas of...

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

Much like the U.S. historically, Brazil’s capacity to store its grain (wheat, coarse grains, rice, soybeans) output has been increasing with its prod...

USDA estimates that U.S. Cattle on Feed was down 3 percent from a year ago on June 1, 2023. Placements in feedlots during May totaled 1.96 million head - 5...

Export Sales and Shipments for June 9-15, 2023 Wheat:  Net sales of 109,700 metric tons (MT) for 2023/2024, were offset by reductions for the Philippi...

Weather remains the primary driver of the major CBOT markets and Friday’s shift in the forecasts to feature more Corn Belt rains in the next two week...

USDA released its monthly cattle on feed report today; the inventory of cattle and calves on feed on feedlots with 1,000 head capacity or more on 1 June wa...

Dec 23 Corn closed at $5.88/bushel, down $0.3275 from yesterday's close.  Sep 23 Wheat closed at $7.465/bushel, down $0.0625 from yesterday's close.&n...

The Market It was a volatile week that started with price spikes on fears of a devastating drought but then sharply reversed on prospects for improved mois...

Day Late and a Dollar Short House Ways & Means Trade Subcommittee Ranking Democrat Earl Blumenauer (Oregon) has introduced legislation reauthorizing th...

Generally, the higher they rise the harder they fall but today’s correction on a still murky weather report ended with some restraint from going comp...

Dec 23 Corn closed at $6.2075/bushel, down $0.08 from yesterday's close.  Jul 23 Wheat closed at $7.39/bushel, up $0.045 from yesterday's close. ...

Geopolitics Trumps Trade President Joe Biden hosted Indian Prime Minister Narendra Modi today despite the latter’s dubious record on democracy and re...

Move over Singapore, the U.S. has become the second country to allow cell cultured – or “lab grown” –chicken to hit the commercial...

Just one day after this analyst wrote that grain futures were likely to take a break from their rally amid overbought technical conditions, futures extende...

Russia says it expects the Black Sea grain corridor agreement to end on 18 July, though it is willing to keep talking. The Russian deputy foreign minister...

Dec 23 Corn closed at $6.2875/bushel, up $0.3125 from yesterday's close.  Jul 23 Wheat closed at $7.345/bushel, up $0.3875 from yesterday's close.&nbs...

Russian Grain Markets: 12–16 June 2023  According to the Russian Ministry of Agriculture, as of 5 June, total acreage of spring grains and legum...

Last week’s CBOT trade rightly featured significant rallies as the U.S. weather forecast remains stubbornly hot and dry in both near- and long-term f...

Obrador Doubles Down President Andres Manuel Lopez Obrador is compelling Mexican tortilla makers to only use non-GMO white corn. He said he will impose tar...

Last week, WPI covered some proposals that are being put forth to be included in the farm bill (see here). This week, an overview of where the farm bill ti...

Around one-half of global avocado exports are from Mexico and 86 percent of them are shipped to the U.S. The dominance of this trade is illustrated by Mexi...

Jul 23 Corn closed at $6.4375/bushel, up $0.035 from yesterday's close.  Jul 23 Wheat closed at $6.9575/bushel, up $0.0775 from yesterday's close.&nbs...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Afghanistan will receive another 20,000 MT of wheat from India in a new d...

For a second day in a row, large capital flows moved to stem exposure to a seriously bad weather forecast. Showers will decorate the Southern Plains and so...

The CBOT/CME markets and our offices will be closed Monday, 19 June 2023 in observance of the U.S. Juneteenth holiday. Please note that the next Ag Perspec...

Some recent legislative developments on Capitol Hill are a good sign that the farm bill is still in the process of being baked; lawmakers are introducing a...

The Market The trade is spooked about the current weather pattern. This is especially true for corn but it is becoming a factor in oilseeds as well. This w...

Jul 23 Corn closed at $6.4025/bushel, up $0.17 from yesterday's close.  Jul 23 Wheat closed at $6.88/bushel, up $0.265 from yesterday's close.  J...

Failed Prop 12 Strategy Some members of the U.S. Congress urged on by governors in 11 states are proposing legislation that would prevent state and local j...