Jul 23 Corn closed at $5.965/bushel, up $0 from yesterday's close.  Jul 23 Wheat closed at $6.54/bushel, down $0.0625 from yesterday's close.  Ju...

Pork prices have been volatile but that has not prevented U.S. pork exports from rising. In fact, there is a slight negative correlation (-.28) between fro...

Wheat Wheat markets in Argentina have started to react to the ongoing drought and its impact on the wheat planting effort. This has resulted in higher pric...

Purdue University released its latest monthly Ag Economy Barometer last week; the barometer is a joint project with the CME Group and is based on a monthly...

Regional News  The EU Commission has places restrictions on the import of Ukrainian wheat, maize, rapeseed, and sunflower seed into five member states...

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

Friday’s CBOT trade featured a late-week rally with wheat leading the way as traders now seem to believe that the April rains in the Southern Plains...

The Market After hitting a seven-month low, soybeans rebounded this week, gaining 17¼ cents. It was soymeal dragging down the whole complex. There w...

Jul 23 Corn closed at $5.965/bushel, up $0.075 from yesterday's close.  Jul 23 Wheat closed at $6.6025/bushel, up $0.1525 from yesterday's close. ...

As WPI has reported several times, the Supplemental Nutrition Assistance Program (SNAP) is the key issue for the next farm bill, much like it was in 2014...

Building Hunger The Global Network Against Food Crises says global hunger rose for a fourth straight year, jumping by a third to about a quarter of a billi...

Corn, wheat, and soybeans traveled in the red for much of the morning trading before wheat turned higher and old crop corn and soybean contracts reversed l...

Jul 23 Corn closed at $5.89/bushel, up $0.005 from yesterday's close.  Jul 23 Wheat closed at $6.45/bushel, up $0.0525 from yesterday's close.  J...

Geographical changes in dairy production have been a long unfolding trend, but today’s USDA release of milk production and milk cow inventory by stat...

Livestock Live Hog Price Sees Slight Gain During Holiday Week Some analysts and the leadership at the Ministry of Agriculture and Rural Affairs (MARA) had...

Export Sales and Shipments for April 21-27, 2023 Wheat:  Net sales of 211,100 metric tons (MT) for 2022/2023 were up 36 percent from the previous week...

The war in Ukraine continues to be a major influence for the CBOT trade with Russia’s overnight claims it shot down two Ukrainian drones near the Kre...

Directing the Money U.S. Senate Agriculture Committee members are having a dispute over money already allocated. Democrats passed the Inflation Reduction A...

Jul 23 Corn closed at $5.885/bushel, up $0.085 from yesterday's close.  Jul 23 Wheat closed at $6.3975/bushel, up $0.305 from yesterday's close. ...

Russian Grain and Oilseed Markets: 24 – 28 April 2023  Russia’s grain market remained bearish. Across the country, grains lost value excep...

Jul 23 Corn closed at $5.8/bushel, down $0.045 from yesterday's close.  Jul 23 Wheat closed at $6.0925/bushel, down $0.09 from yesterday's close. ...

The CBOT was sharply lower on Tuesday with any attempt at a rally quickly finding eager and sustained selling pressure. There was no real fundamental catal...

China, Russia, and Brazil are not the only entities betting against the U.S. dollar. The Invesco DB US Dollar Index Bullish Fund peaked last October at 30...

EPA is facing a 14 June deadline to finish the 2023-2025 required volume obligations (RVOs) under the Renewable Fuel Standard (RFS). The date was set by co...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Pakistan flour millers in Sindh Province are “alleging” that...

The CBOT was mixed to start the week with wheat futures tumbling to new lows under pressure from Black Sea values and the EU’s recent move to block i...

Jul 23 Corn closed at $5.845/bushel, down $0.005 from yesterday's close.  Jul 23 Wheat closed at $6.1825/bushel, down $0.155 from yesterday's close.&n...

Playing Down Tariffs President Biden’s National Security Advisor Jake Sullivan last week conceded that “there is still work to be done bringing...

Corn To date, 17.5 percent of Argentina’s corn area has been harvested. Currently, combines are in the center of the country harvesting the early cor...

The FAS attache in Canberra expects Australia’s wheat production to fall by 25 percent in 2023/24. This follows three years of record sized crops. Lo...

Regional News  U.S. Bank JPMorgan Chase secured a license from the U.S. Office of Foreign Assets Control (OFAC) to process payments from Russian bank...

On 28 April, the Environmental Protection Agency (EPA) granted a waiver for the use of E15 during the 2023 summer driving season, which is 1 June - 15 Sept...

The CBOT started the overnight and day sessions with pronounced weakness and follow-through selling from Thursday’s collapse in grain values. That se...

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

The Market After losing 18.25 cents last week, the July soybean contract lost an additional 29.75 cents this week. After seven straight losing sessions, Ju...

Another Ethanol Victory The ethanol industry scored two wins this week. House Republicans trying to eliminate the ethanol industry’s tax breaks as pa...

Jul 23 Corn closed at $5.85/bushel, up $0.035 from yesterday's close.  Jul 23 Wheat closed at $6.3375/bushel, up $0.045 from yesterday's close. ...

On Wednesday, the House of Representatives narrowly passed the plan to raise the debt limit and limit discretionary funding put forth by the Republican maj...

Outside markets were screaming hot today, but most agricultural commodities not so much. Tech companies boosted the Nasdaq by 2.43 percent and pulled along...

It has been a year since the EU released its plan for halving the use of pesticide and slashing fertilizer use and the debate over it is evolving. The farm...

Jul 23 Corn closed at $5.815/bushel, down $0.195 from yesterday's close.  Jul 23 Wheat closed at $6.2925/bushel, down $0.1275 from yesterday's close.&...

Export Sales and Shipments for April 14-20, 2023  Wheat:  Net sales of 155,700 metric tons (MT) for 2022/2023 were down 40 percent from the previ...

Last week USDA released its Cattle on Feed report; inventory was 95 percent of April 2022, which was the highest total on record for the month of April, bu...

The CBOT was mostly red again on Wednesday with favorable rains in the Southern Plains pressuring wheat futures, which broke below technical support zones...

Livestock China’s Live Hog Market Still Weak, Looks to May for a Recovery China’s National Bureau of Statistics (NBS) released its latest econo...

Conflicting UN Advice UN Climate Action Office: Animal-based foods, especially red meat, dairy, and farmed shrimp, are generally associated with the highes...

The Russians and the G-7 traded charges blaming each other for causing global food insecurity. EU Agriculture Commissioner Janusz Wojciechowski finally fra...

Jul 23 Corn closed at $6.01/bushel, down $0.0675 from yesterday's close.  Jul 23 Wheat closed at $6.42/bushel, down $0.11 from yesterday's close. ...

Russian Grain Markets: 17–21 April 2023  Russia’s grain markets remained predominantly bearish, but the bear is weaker and slower now. Tra...

March 2023 total red meat and poultry stocks were down from February but were 4.3 percent greater than March 2022 as the industry continues to rebuild stoc...

The CBOT was mostly lower on Tuesday as fund liquidation and short-selling continued amid pressure from the massive Brazilian soybean crop and promises for...

G-7 farm ministers meeting in Miyazaki, Japan agreed on a communique with all of the usual window dressing. They worry about food security, the impact of t...

Jul 23 Corn closed at $6.0775/bushel, up $0.0025 from yesterday's close.  Jul 23 Wheat closed at $6.53/bushel, down $0.04 from yesterday's close. ...

The Agricultural Outlook Report published by China’s Ministry of Agriculture and Rural Affairs established the goal of 88.4 percent self-sufficiency...

According to the National Weather Service (NWS), the water level on the upper Mississippi River is expected to reach its highest since 2001. The NWS weathe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION The Arab world is celebrating the end of Ramadan holiday. Businesses, ban...

The CBOT was mostly lower to start the week amid a combination of technically driven and fund position liquidation selling. After the charts turned weak at...

Russian Grain Union leader Arkady Zlochevsky says Russia could export a record 60 MMT of grain this season. At the same time, he says the Black Sea grain c...

The International Grains Council’s Supply & Demand estimates indicate that global carryover of wheat and coarse grains will decline for a seventh...

Jul 23 Corn closed at $6.075/bushel, down $0.0775 from yesterday's close.  Jul 23 Wheat closed at $6.57/bushel, down $0.16 from yesterday's close.&nbs...

Last Monday, Gary Blumenthal wrote on the bullish sugar market as global supplies tighten, and demand stays strong. The March Consumer Price Index showed s...

Regional News  European weather patterns remain widely favorable for crop development, but two exceptions are noted. The first is that Spain and Portu...

Corn The moisture content of corn still standing in Argentina’s fields continues to fall, allowing for faster harvest progress. To date, 15 percent o...

U.S. Cattle on Feed for feedlots with capacity of 1,000 or more head totaled 11.6 million head on April 1, 2023 - 4 percent below April 1, 2022.  Plac...

Jul 23 Corn closed at $6.1525/bushel, down $0.1075 from yesterday's close.  Jul 23 Wheat closed at $6.73/bushel, down $0.07 from yesterday's close.&nb...

Weak charts and good weather for Brazilian crops pressured the CBOT at week’s end with the major market ending sharply lower. After corn and soybeans...

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 soy complex spent most of the week shedding value. July soymeal fell 2.89 percent, July soybeans lost 1.2 percent, and July soyoil gave up 0...

Yellen Yelling Doublespeak In his dystopian novel “1984,” George Orwell wrote about the way officials would use euphemistic or ambiguous langua...

USDA released its monthly Cattle on Feed report today; the inventory of cattle and calves on feed in feedlots with 1,000 head capacity or more on 1 April w...

There was red across the board today, except in red meat where there was green. Lots of variables this time of year but especially weather help to unhinge...

USDA will release its Cattle on Feed report tomorrow; analysts’ pre-report estimates peg the total number of cattle on feed as of 1 April at 95 perce...

Inspections of Ukrainian grain moving through the Black Sea corridor have been off and on this week as Russia briefly stopped processing them. In less than...

May 23 Corn closed at $6.6375/bushel, down $0.085 from yesterday's close.  Jul 23 Wheat closed at $6.8/bushel, down $0.1275 from yesterday's close.&nb...

Export Sales and Shipments for April 7-13, 2023   Wheat:  Net sales of 259,000 metric tons (MT) for 2022/2023 were up 91 percent from the pr...

The CBOT was mostly lower at mid-week with the early week rally fading amid the resumption of grain exports from Ukraine and a favorable shift in the U.S...

Livestock China Looks to Reduce Dependence on Imported Feedstuffs  Last Friday, 14 April, China’s Ministry of Agriculture and Rural Affairs (MAR...

May 23 Corn closed at $6.7225/bushel, down $0.0525 from yesterday's close.  May 23 Wheat closed at $6.8175/bushel, down $0.1625 from yesterday's close.  Ma...

New Trade Agenda Members of Congress are upset that President Biden has followed his predecessor’s approach of largely bypassing the legislature when...

Each week estimates for Argentina’s crop output decline as this season’s drought takes its toll. Some say it is the worst drought in 60 years,...

Russian Grain Markets: 10 – 14 April 2023  Russia’s grain markets remained unmistakably bearish; even RUB based trading indicators softene...

The CBOT saw widespread two-sided trade on Tuesday with overnight gains fading quickly after the morning session opened. Markets eventually found a bid nea...

Hungry and Cold Europe’s environmentalists want to go cold turkey when it comes to energy. Greenpeace is suing the EU for what it calls greenwashing...

May 23 Corn closed at $6.775/bushel, up $0.01 from yesterday's close.  May 23 Wheat closed at $6.98/bushel, up $0.015 from yesterday's close.  Ma...

North Korea has managed to produce the largest undernourished population of any country, 41.6 percent. Like supporters of Cuba, some blame U.S. sanctions p...

May 23 Corn closed at $6.765/bushel, up $0.1025 from yesterday's close.  May 23 Wheat closed at $6.965/bushel, up $0.14 from yesterday's close. ...

The CBOT firmed to start the week with new crop futures strengthening on a cooler, wetter planting outlook for the U.S. summer crops. Funds were again on t...

The Senate Agriculture Committee will hold a hearing on the Supplemental Nutrition Assistance Program (SNAP) on Wednesday, 19 April.  As WPI has menti...

Corn Argentina The corn harvest has picked up speed and almost 13 percent of the area has been harvested to date.  Farmer selling of corn supplies has...

Placating Eastern Europe Slovakia joined Poland and Hungary in blocking grain imports from Ukraine, and Bulgaria is contemplating it. Brussels initially th...

Sugar prices are moving to new highs as supplies tighten. Brazil, the world’s largest producer of sugar, saw output this year drop below that of 2020...

Regional News  Egypt raised the price of wheat it buys from its farmers by 20 percent to $323.90/MT after January-March imports totaled 23 MMT (up 13...

The Goldman roll has dominated this week’s trading action and pressured May futures in grains. Friday concluded the roll and bull spreading emerged t...

On Monday, WPI reported on the House Agriculture Committee’s Budget Views and Estimates letter to the House Budget Committee. As noted, this letter o...

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

The Market Another week of gains for soybeans and soymeal, with soyoil taking it on the chin. After reducing their net long positions in March, speculators...

Threat from Within Dissing both the dollar and U.S. foreign policy was very popular this week. It started of course with French President Emmanuel Macron d...

May 23 Corn closed at $6.6625/bushel, up $0.14 from yesterday's close.  May 23 Wheat closed at $6.825/bushel, up $0.155 from yesterday's close. ...

Livestock Poor Demand Forces Major Hog Producers to Revise 2023 Goals The impact of African Swine Fever (ASF) along with poor sales has pushed China’...

May 23 Corn closed at $6.5225/bushel, down $0.0375 from yesterday's close.  May 23 Wheat closed at $6.67/bushel, down $0.125 from yesterday's close.&n...

The market opened much as the overnight closed but then things shifted for some contracts. Wheat was understandably down on chances for precipitation in so...

USDA released its Livestock and Poultry quarterly trade update this week, showing a mix of exports coming on to the global market. Global beef trade is for...

Transatlantic Duality EU Trade Commissioner Valdis Dombrovskis is in Washington this week and had some notable messages. For one, he said that the EU&rsquo...

Export Sales and Shipments for the week March 31 - April 6, 2023   Wheat:  Net sales of 135,700 metric tons (MT) for 2022/2023 were down 30...

More Russian complaints about the Black Sea export corridor agreement overnight helped push wheat higher in heavy volume. Wheat was the only market to see...

Shadowy Trade Policy White House press spokesman John Kirby prefaced President Biden’s trip to Northern Ireland this week by saying, “He’...

May 23 Corn closed at $6.56/bushel, up $0.05 from yesterday's close.  May 23 Wheat closed at $6.795/bushel, up $0.055 from yesterday's close.  Ma...

During the farm bill reauthorization this year, farmers want to protect their support programs including crop insurance. By contrast, environmentalists wan...

Russian Grain Markets: 3 – 7 April 2023  Russia’s grain markets remained bearish the first week of April aligning with export duty behavio...

USDA’s April forecast for 2022/23 U.S. soybean supply and use forecasts is unchanged relative to last month.  Soybean and soybean meal prices ar...

USDA’s April forecast for 2022/23 U.S. corn outlook is for reductions to imports and food, seed, and industrial (FSI) use, with unchanged ending stoc...

USDA’s April forecast for 2022/23 U.S. wheat is for slightly higher supplies, reduced domestic use, unchanged exports, and increased ending stocks.&n...

The CBOT was mixed heading into the WASDE report with soybeans showing surprising strength and corn paring back some of Monday’s short-covering gains...

Today’s WASDE increased its beef production forecast slightly over March’s estimate based on first half of the year feedlot placements which wi...

May 23 Corn closed at $6.51/bushel, down $0.03 from yesterday's close.  May 23 Wheat closed at $6.74/bushel, down $0.045 from yesterday's close. ...

Farm Bill and Water For the first time in history, the federal government may intercede and impose restrictions on the water withdrawal by states in the Co...

Australia announced that an agreement had been reached with China that will end the latter’s punitive tariffs on barley from Down Under. For its part...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Tunisia’s grain harvest in 2023 is forecast to drop from 750,000 MT...

The CBOT was mostly higher heading into the April WASDE on Tuesday, though the soy complex lagged the grain markets’ gains. Wheat futures were higher...

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

Danger of Corn Dispute Delay At the late March hearing before the Finance Committee, Senator Chuck Grassley (R-Iowa) pressed USTR Katherine Tai not to dela...

Just in time for the summer barbeque season, U.S. beef exports and imports are adjusting to the tightening domestic supply situation. The U.S. is the world...

May 23 Corn closed at $6.54/bushel, up $0.105 from yesterday's close.  May 23 Wheat closed at $6.785/bushel, up $0.03 from yesterday's close.  Ma...

The House Agriculture Committee sent its Budget Views and Estimates letter to the House Budget Committee last month. This letter outlines the Agriculture C...

Regional News  Poland has temporarily halted the import of grains from Ukraine to mitigate the impact on local market prices. Transit of grain through...

Grains Market Overview  Last week’s trading in Argentina was shortened as both Thursday and Friday were holidays. Additionally, before the week...

Tomorrow, 7 April is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspect...

Soymeal, HRW, and beef closed higher today but for everything else it was more of what was seen on Tuesday and Wednesday. Spring has sprung and crops will...

Rhetoric and Economics USTR Katherine Tai made another valiant attempt this week to defend the Biden Administration’s trade policy. Her reassurances...

Negotiated fed cattle prices were $172.45 today, as buying was hurried by the Easter and Good Friday holiday. Prices this week have moved up considerably o...

May 23 Corn closed at $6.435/bushel, down $0.0925 from yesterday's close.  May 23 Wheat closed at $6.755/bushel, down $0.065 from yesterday's close.&n...

Livestock Live Hog Price Falls Below RMB 15/kg A combination of oversupply and tepid demand sent the national average cash price tumbling down last week by...

Export Sales and Shipments for March 24-30, 2023   Wheat:  Net sales of 193,600 metric tons (MT) for 2022/2023 were up noticeably from the p...

May 23 Corn closed at $6.5275/bushel, down $0.01 from yesterday's close.  May 23 Wheat closed at $6.82/bushel, down $0.095 from yesterday's close.&nbs...

The CBOT was lower again at mid-week with funds continuing to pare back long positions amid a light news day. The U.S. weather forecast has shifted to feat...

TTC Distractions The U.S. and EU confirmed that the next meeting of the Trade and Technology Council will be next month in Sweden. The agenda supposedly in...

The Economist magazine notes that rice yields are not improving very quickly and that the International Rice Research Institute says that it is the food co...

Russian Grain Markets: 27 – 31 March 2023  International traders, after one full year of war in Ukraine, have finally made up their minds to lea...

Nearly every major agricultural futures market was lower on Tuesday as the impact of USDA’s recent reports seemed to wear off. The third round of Arg...

Purdue University released its Ag Economy Barometer today; the barometer is a joint project with the CME Group and is based on a monthly survey of 400 prod...

May 23 Corn closed at $6.5375/bushel, down $0.04 from yesterday's close.  May 23 Wheat closed at $6.915/bushel, down $0.02 from yesterday's close.&nbs...

Oil versus Grain In the conflict with Russia, the G7+ has employed a cap on the price of petroleum. The goal is to reduce Russia’s export earnings an...

Pakistan is finally joining Bangladesh, Indonesia, and Nigeria as a wheat importer. The basis has long existed but has taken time to fully develop. Like th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Abu Dhabi’s Al-Ain Mills has signed an agreement with the governmen...

Commodity markets received an early bullish surprise after the Saudi-led OPEC+ announced it would cut crude oil output 1.2 million barrels/day starting in...

May 23 Corn closed at $6.5775/bushel, down $0.0275 from yesterday's close.  May 23 Wheat closed at $6.935/bushel, up $0.0125 from yesterday's close.&n...

Food Assistance Inconsistencies Domestic food assistance programs and their funding levels are a key topic for the 2024 farm bill. Angela Rachidi at the Am...

On Sunday, OPEC + announced voluntary cuts in oil production that will amount to 1.657 million barrels per day (bpd). Saudi Arabia, Russia, Algeria, Gabon,...

The acres used for crops in the U.S. peaked in 1981 when farm income was low and farmers tried to make up for it by expanding production. The acres used fo...

Wheat Argentina’s March wheat exports ended at almost 400 KMT, 80 percent of which went to Brazil. There was also one vessel sold to Chile, one to Co...

Regional News  Ukraine’s 2022/23 grain exports now total 37.638 MMT, including 5.341 MMT shipped in March. The volume includes 12.88 MMT of whea...

The CBOT was mostly quiet heading into two of the biggest reports of the year – the 1 March Grain Stocks report and the Prospective Planting report...

May 23 Corn closed at $6.605/bushel, up $0.11 from yesterday's close.  May 23 Wheat closed at $6.9225/bushel, up $0 from yesterday's close.  May...

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

The Market Soybeans were already holding up well this week after hitting a five-month low at the end of last week and then today’s USDA reports hit t...

On 3 March, WPI reported that the House Committee on Transportation and Infrastructure passed a “resolution of disapproval”, 30 to 24, which ca...

Lucy Please No One In the cartoon Charlie Brown, Lucy would always remove the football just before Charlie Brown tried to kick it. In the case of EV vehicl...

All the major contracts opened in the green but by the close only soymeal, HRW, and the livestock complex remained that way. Profit-taking was one aspect b...

May 23 Corn closed at $6.495/bushel, down $0.01 from yesterday's close.  May 23 Wheat closed at $6.9225/bushel, down $0.125 from yesterday's close.&nb...

AI and Agriculture AI is the rage with some warning it will lead to human extinction, and others comparing its transformative impacts to the internet and s...

USDA released its first quarterly Hogs and Pigs report for the year today. At 72.86 million head, the total inventory as of 1 March was slightly above last...

  Export Sales and Shipments for the period March 17-23, 2023  Wheat:  Net sales of 151,700 metric tons (MT) for 2022/2023 were up 21 percen...

The ag trading world is abuzz with discussion of the coming Grain Stocks and Prospective Plantings reports that USDA will release on Friday. The stocks rep...

Livestock Live Hog Prices Weaken Further, Piglet Prices Surge Higher The national average live hog price continued to soften last week, shedding RMB .06/kg...

Friend-shoring or moving supply chains closer to being between like-minded nations doesn’t seem like an agriculture issue but it could become one. Th...

May 23 Corn closed at $6.505/bushel, up $0.0325 from yesterday's close.  May 23 Wheat closed at $7.0475/bushel, up $0.05 from yesterday's close. ...

Russian Grain Markets: 20 – 24 March 2023  Many grain prices plummeted, which is no big surprise considering the massive carryover stocks. The r...

The CBOT was mostly higher on Tuesday with traders increasingly preparing and positioning for the coming acreage and Grain Stocks reports. The soy complex...