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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dec 24 Corn closed at $4.31/bushel, up $0.035 from yesterday's close. Dec 24 Wheat closed at $5.725/bushel, up $0.01 from yesterday's close. Jan...

WASDE Soybeans – USDA’s latest November estimate for the 2024/25 season is a decrease of 80 million bushels in U.S. soybean ending stocks to 470 million bu...

WASDE Corn – USDA’s latest November estimate for the 2024/25 season is a decrease in U.S. corn ending stocks to 1.938 billion bushels. The season-average c...

WASDE Wheat – USDA’s latest November estimate for the 2024/25 season is for an increase in U.S. wheat ending stocks by 3 million bushels to 815 million, up...

U.S. hog producers saw a mixed year in 2024 with early-year prices bringing poor profitability while the dramatic hog rally since the summer has lifted fin...

The CBOT was mixed on Thursday following the news of Donald Trump’s election to President of the United States with markets, particularly corn and cattle f...

Transatlantic Trade WarU.S. equity markets rose yesterday on news of Donald Trump’s victory, while shares in Europe fell. The EU is America’s biggest tradi...

Little to no action has been reported in the cash markets and asking prices are back at $190/cwt and higher. Cattle supply numbers are tighter in the south...

Dec 24 Corn closed at $4.275/bushel, up $0.0125 from yesterday's close. Dec 24 Wheat closed at $5.715/bushel, down $0.0175 from yesterday's close.&nbs...

Export Sales and Shipments for October 25-31, 2024.Wheat: Net sales of 374,700 metric tons (MT) for 2024/2025 were down 9 percent from the previous week an...

The MarketThe January soybean contract is up 3.2 percent on the week and has is now up 3.5 percent from its late October low at 979/bushel, but it is still...

Outside markets closed higher and the dollar was up, but not because of bullishness over Mr. Trump’s victory. The business sector likes his pledge for lowe...

Dec 24 Corn closed at $4.2625/bushel, up $0.0775 from yesterday's close. Dec 24 Wheat closed at $5.7325/bushel, up $0.0075 from yesterday's close.&nbs...

The political establishment in Washington is stunned following yesterday's rout by Donald Trump and the Republicans. The Democrats’ arch nemesis not only s...

The polling for the 2024 U.S. Presidential election had significant forecast errors and history will likely judge the numbers as “wrong”. While it’s hard t...

Russian Grain Markets: 28 October – 1 November 2024Russian analysts revised the 2024 Russian crop downwards to 128.8 MMT without newly occupied territories...

It’s election day in the U.S. and the nation will decide on new leadership for the White House and Congress, though results may not be available for days o...

After the votes are fully counted, as a new Administration forms, and Congress organizes, WPI will take a deeper look into the policy implications of today...

EU Confirmation HearingsIn a few months, it will be the turn of either Donald Trump or Kamala Harris’s cabinet nominees to seek confirmation by the legisla...

Dec 24 Corn closed at $4.185/bushel, up $0.02 from yesterday's close. Dec 24 Wheat closed at $5.725/bushel, up $0.0375 from yesterday's close. Ja...

Regional UpdatesMEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGIONTunisia will shortly receive a shipment of 33,000 MT of U.S. corn, the first ship...

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

The CBOT was mostly higher to start the week with fresh daily export sales announcements and a solid Export Inspections report underpinning the day’s moves...

Tomorrow is election day; the make-up of Congress and who is in the White House is expected to have an impact on renewable fuel policy in 2025. As a genera...

Transatlantic InverseDepending on tomorrow’s election outcome, American businesses will either be saddled with more taxes, regulations, and attacks on cons...

Dec 24 Corn closed at $4.165/bushel, up $0.02 from yesterday's close. Dec 24 Wheat closed at $5.6875/bushel, up $0.0075 from yesterday's close. J...

Wheat The long-awaited rains have finally arrived in southeastern Buenos Aires, with precipitation totals ranging from 20–50 mm. While the rainfall is...

Regional News Algeria bought 600 KMT of wheat in its tender that closed on Monday, buying the full volume permitted, and prices are rumored to be near...

Through 29 October, funds continued their aggressive short covering in the corn market with strong export sales justifying the move. Funds reduced their ne...

State Directed MeatUSDA has been issuing loans and grants to startup livestock businesses with the goal of diversifying the industry, providing producers w...

Except for soymeal, the rest of the grains and oilseeds contracts traded higher in the overnight, and opened higher this morning, but only corn and soyoil...

Dec 24 Corn closed at $4.145/bushel, up $0.0375 from yesterday's close. Dec 24 Wheat closed at $5.68/bushel, down $0.025 from yesterday's close. ...

The Bureau of Labor Statistics (BLS) released the October jobs report this morning.  Total nonfarm payroll employment was essentially unchanged in Oct...

The three legs of the U.S. soybean crush have each seen interesting and divergent dynamics over the past month that have influenced the crush margin outloo...

The CBOT was mixed for the day with wheat futures sinking lower after the HRW and SRW growing regions received favorable rains Wednesday and early Thursday...

The MarketJanuary soybeans have now rebounded a second day in a row after opening the week lower. While it came within 10-cents of the contract low, export...

Dec 24 Corn closed at $4.1075/bushel, down $0.0075 from yesterday's close. Dec 24 Wheat closed at $5.705/bushel, down $0.0275 from yesterday's close.&...

Export Sales and Shipments for October 18-24, 2024. Wheat: Net sales of 411,400 metric tons (MT) for 2024/2025 were down 23 percent from the previous...

Broiler slaughter was 158.86 million head last week, up from 158.139 million the week before and continuing to run above a year ago.  Broiler producti...

The CBOT was mixed in moderate-volume trade on Wednesday with markets across the board seeing impacts from end-of-month position adjusting and profit takin...

Misdirected FireThe Kamala Harris campaign is frustrated that the economy is hot, inflation has dissipated to just 2.4 percent, and yet voters are not feel...

Dec 24 Corn closed at $4.115/bushel, down $0.0225 from yesterday's close. Dec 24 Wheat closed at $5.7325/bushel, up $0.0275 from yesterday's close.&nb...

Russian Grain Markets: 21 – 25 October 2024The Russian grain markets remained stable on the export front and slightly bearish after recent peaks. Domestic...

The CBOT was mostly higher on Tuesday with the wheat market in the lead on worrying crop conditions and persistent drought in the HRW growing region. USDA’...

WPI is excited to present a new, weekly, data-driven publication Ag Perspectives Quant: U.S. Livestock Industry Profit Margins. This report offers a compre...

The Fed meets next week, the day after the election. It looks likely there will be a rate cut again for the second time in as many meetings. The federal fu...

The EU’s dependency on the U.S. for both defense and economic well-being has focused discussions in Brussels on what the relationship will look like should...

Dec 24 Corn closed at $4.1375/bushel, up $0.03 from yesterday's close. Dec 24 Wheat closed at $5.705/bushel, up $0.1175 from yesterday's close. N...

Regional UpdatesMEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, and AFRICA – MEA REGIONTurkey’s wheat production is seen dropping by 5.5 percent to 20.8 MMT acco...

The CBOT was mostly lower for the day with the sharp decline in crude oil futures dragging soyoil, the broader soy complex, and corn and wheat lower. There...

Newsome for PresidentUntil this past Friday, U.S. ethanol producers feared that the California Air Resources Board (CARB) might make an effort to limit the...

Dec 24 Corn closed at $4.1075/bushel, down $0.045 from yesterday's close. Dec 24 Wheat closed at $5.5875/bushel, down $0.1025 from yesterday's close.&...

There are often lags in time between when consumers notice a change in the economy, they begin to voice concerns, politicians begin to echo those concerns,...

With the election one week from tomorrow, many aggies are turning their attention to the probable role of Robert F. Kennedy Jr. in a Trump Administration s...

Regional News Russia’s winter crops may see 1.5 million hectares (Mha) go unseeded this year due to poor weather in key growing regions. Originally, 2...

Weather Argentina saw continued rainfall throughout last week and so far during October, nearly all of the country’s agricultural regions experienced...

Through 22 October, funds engaged in the expected short covering in the corn market amid the unexpected surge in exports. Funds’ total buying volume, howev...

Yesterday’s bullish Export Sales report was followed by more sales of corn and soybeans today. However, there had already been sufficient gains in the futu...

USDA released the monthly Cattle on Feed report today, which was mostly in line with pre-report expectations; only placements came outside of the consensus...

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on Octob...

Dec 24 Corn closed at $4.1525/bushel, down $0.0625 from yesterday's close. Dec 24 Wheat closed at $5.69/bushel, down $0.125 from yesterday's close.&nb...

As WPI has written about several times recently, the beef industry is eagerly awaiting the January Cattle Inventory report from USDA to see whether produce...

Export Sales and Shipments for October 11-17, 2024. Wheat: Net sales of 532,900 metric tons (MT) for 2024/2025 were up 6 percent from the previous wee...

Dec 24 Corn closed at $4.215/bushel, up $0.025 from yesterday's close. Dec 24 Wheat closed at $5.815/bushel, up $0.03 from yesterday's close. Nov...

Exports remain the name of the commodity game this week with all eyes on the UDSA daily “flash” export sales announcements as well as this week’s weekly Ex...

The MarketU.S. soybean exports have been impressive, but funds continue to focus on South American rains. For the week to date, November soybean futures ar...

BRICS Grain ExchangeVladmir Putin used his BRICS conference in Kazan, Russia to formally suggest the creation of a grain exchange by the bloc of countries...

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

A sixth straight day of daily “flash” export sales announcements from USDA sent CBOT corn and soybean futures higher with funds covering shorts and commerc...

Inflation DisconnectEconomists including those at the Federal Reserve use so-called core inflation when assessing the level of rising prices in the economy...

Dec 24 Corn closed at $4.19/bushel, up $0.025 from yesterday's close. Dec 24 Wheat closed at $5.785/bushel, up $0.025 from yesterday's close. Nov...

The International Monetary Fund increased its forecast for U.S. GDP growth this year to 2.8 percent, versus 0.8 percent for the Euro Area and the 0.9 perce...

Last week, soybean trading saw a lot of activity, particularly with Brazilian old crop shipments and increased movement in U.S. new crop sales. CNF China t...

Russian Grain Markets: 14 – 18 October 2024Russian grain markets remained slightly bullish but not as bullish as a week ago. The biggest concern of all gra...

The CBOT was mostly higher on Tuesday as export demand continues to fuel what looks like the start of a demand-led swing higher in the markets. Tuesday mar...

Every five years, the Dietary Guidelines for Americans, issued by USDA and the Department of Health and Human Services (HHS) are updated. The new guideline...

Dec 24 Corn closed at $4.165/bushel, up $0.07 from yesterday's close. Dec 24 Wheat closed at $5.76/bushel, up $0.0375 from yesterday's close. Nov...

U.S. – EU Reset: The transatlantic relationship must be reset after the upcoming election. Brussels produced a state-by-state report on Europe’s trade and...

Bangladesh is the third largest food importer in the world. It imports over $15 billion worth of food annually or about 11 percent of its total food consum...

Regional Updates  MEDITERRANEAN, MIDDLE EAST, NORTH AFRICA, AFRICA – MEA REGIONAfrica spends $75 billion every year importing cereals according t...

The CBOT saw mixed trade again to start the week with a slate of fresh daily “flash” export sales announcements supporting corn and soybeans, as did a gene...

Biggest MonopolyReflecting voter concerns about food inflation, both Harris and Trump are attacking the food system and implying concerns about monopoly po...

Dec 24 Corn closed at $4.095/bushel, up $0.0475 from yesterday's close. Dec 24 Wheat closed at $5.7225/bushel, down $0.005 from yesterday's close.&nbs...

There has been much discussion this year to the size of the beef cattle herd. The year started with the lowest overall cattle herd since 1951. Demand for b...

WeatherThe week continued with rain in some areas of the agricultural region that spread water across almost the entire region, ending a 10-day period of i...

Bloomberg notes the problems confronting small scale olive oil producers in Spain and Italy. Production is volatile and has been under duress from drought...

Regional News Kazakhstan and Egypt are working to negotiated trade terms that would allow wheat to trade from the former country to the latter. The tw...

Through 15 October, funds reversed their short covering trends and emerged as net sellers in the soybean, corn, and soymeal markets after the bearish Octob...

Dec 24 Corn closed at $4.0475/bushel, down $0.02 from yesterday's close. Dec 24 Wheat closed at $5.7275/bushel, down $0.1675 from yesterday's close.&n...

There was modest to lower volume generally today, except in wheat where there was a gang beating. Wheat closed lower in the overnight, opened lower this mo...

September retail sales rose slightly more than expected and the underlying details of the report were solid. Sales rose 0.4 percent in September versus a c...

With the start of the fall weaning and marketing program for most of America’s cow-calf producers, we’re starting to see the first realized profits for the...

Export Sales and Shipments for the period October 4-10, 2024.Wheat: Net sales of 504,100 metric tons (MT) for 2024/2025 were up 16 percent from the previou...

Bears started out the week in full control of the CBOT, but their grip loosened on Thursday and bulls managed to post at turnaround in several markets. Chi...

Dec 24 Corn closed at $4.0675/bushel, up $0.02 from yesterday's close. Dec 24 Wheat closed at $5.895/bushel, up $0.045 from yesterday's close. No...

As WPI reported yesterday, the total supply of beef per capita is up this year over last based on imports and heavier slaughter weights; both are related t...

The MarketToday’s IGC report increased the growth in global soybean carryout and thus reinforced the bearish trend in the November futures contract. There...

State Control of MarketsRussia’s agriculture ministry recently “suggested” that grain exporters not sell wheat internationally below the minimum price of $...

Dec 24 Corn closed at $4.0475/bushel, up $0.035 from yesterday's close. Dec 24 Wheat closed at $5.85/bushel, up $0.055 from yesterday's close. No...

The CBOT was mixed on Wednesday with corn rising after the USDA reported “flash” export sales of over 1.9 MMT of corn to Mexico and unknown destinations co...

Russian Grain Markets: 7 – 11 October 2024The world has been watching the 2024 Russian grain harvest forecasts, especially wheat production. The Russian Mi...

Most economists are clear in describing tariffs as a border tax. Their impacts include increasing costs on consumers and reducing trade, and thus self-harm...

Bears were in control of the CBOT for the second straight day with very few bullish news items seeming to exist on the horizon. Between improving weather f...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA/AFRICA – MEA REGION Algeria decided to bar French companies from its wheat import tenders due...

WPI is completing a series of upgrades to our website that will require about 50 minutes of downtime on Wednesday, 16 October starting at 12:00 PM EDT. The...

As WPI reported last week, the October WASDE increased its projection for beef production by 205 million pounds on higher slaughter and heavier carcass wei...

Subsidies can increase output and there are many ways to subsidize an industry, but that doesn’t mean that countries should do it.   Cost o...

Dec 24 Corn closed at $4.0125/bushel, down $0.07 from yesterday's close.  Dec 24 Wheat closed at $5.795/bushel, down $0.0575 from yesterday's close.&n...

Bears regained control of the CBOT ag market trade on Monday, seemingly not because of the WASDE but rather because of shifting weather forecasts and appar...

The 2024 election is three weeks from tomorrow. This cycle has been unusual. The campaign started as a Biden versus Trump rematch of the 2020 campaign, the...

Regional News  Political tensions between Algeria and France reportedly prompted the former country to exclude its traditionally favored European trad...

Wheat  After weeks of anticipation, rains finally arrived in the most needed areas of Argentina. At the beginning of the week, the central and norther...

Dec 24 Corn closed at $4.0825/bushel, down $0.075 from yesterday's close.  Dec 24 Wheat closed at $5.8525/bushel, down $0.1375 from yesterday's close...

A futures contract that persistently moves up or down by just a penny or two each day imposes its own burden on the market. While speculators are said to p...

Through 8 October, funds continued to exit their formerly massive short positions in corn and soybean futures and now hold a small fraction of that commitm...

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...

The U.S. crop situation for 2024/25 was largely firmed up by today’s USDA October WASDE report. Net, net – there is a lot of grain available. N...