GOOD MORNING, Prices are lower after a disappointing USDA Feb. report that did not deliver the bullish information as expected given fund length.  As...

SOYOIL: The soybean oil price forecast is raised 1.5 cents to 40.0 cents per pound...

SOYMEAL: The soybean meal price is forecast at $400.00 per short ton, up 10 dollars.  ...

SOYBEANS: Soybean exports are projected at 2.25 billion bushels, up 20 million from last month reflecting record marketing-year exports through January and...

CORN: U.S. corn ending stocks are lowered 50 million bushels from last month.  The season-average corn price received by producers is raised 10 cents...

WHEAT:  supply and demand outlook for 2020/21 is largely unchanged. The season-average farm price is raised $0.15 per bushel to $5.00. Projected 2020/...

The February WASDE held a disappointing note for corn bulls and was modestly friendly for the soy complex. USDA’s forecast of U.S. corn ending stocks...

Today’s WASDE raised the projected estimate for red meat production by 0.9 percent over the January estimate and broiler production up just slightly...

The U.S. – Mexico – Canada Agreement went into effect on 2 July 2020 and so it is too early to understand its impacts, but it continues to be p...

Mar 21 Corn closed at $5.5625/bushel, down $0.075 from yesterday's close.  Mar 21 Wheat closed at $6.495/bushel, down $0.0625 from yesterday's close.&...

Neo-Progs to WTO Rescue The WTO is broken with members unable to find consensus on anything. Agriculture negotiations are said to be in “disarray&rdq...

THE OPEN March beans: 11 higher March meal:  3.10 higher March soyoil:  43 higher March corn:  1 3/4 higher March wheat:  5 lower The m...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Sri Lanka has decided to lease underutilized land to investors for one year in the expectatio...

SPREADS May cush trades to 66c/bu while oilshare trades up to 34.18%.  Spreads are strong with July/Dec corn inverting to 93 1/2c from 90c, while May/...

GOOD MORNING, The Feb. WASDE will be released at 11:00 central time.  Typically, it is not a trend changer, but given implied tighter carry-out number...

The CBOT finished on a high note heading into the February WASDE – a report that could be a turning point for the 2020/21 crop year. Corn and soyoil...

Sustainability Standards Setting There has been concern that addressing climate change and pursuing sustainability becomes a conduit for protectionism. Alr...

On 5 February, the Senate passed its budget resolution by a vote of 51 to 50, with Vice President Harris casting the tie breaking vote. The Budget resoluti...

Mar 21 Corn closed at $5.6375/bushel, up $0.1525 from yesterday's close.  Mar 21 Wheat closed at $6.5575/bushel, up $0.145 from yesterday's close.&nbs...

Agricultural trade is said to be the global movement of water, since crops generally move where water is plentiful to where it is less available. Since it...

Macroeconomic Trends The Argentine economy is still not doing well. Poverty is increasing and there are multiple exchange rates with a 100 percent spread b...

THE OPEN March beans: 8 higher March meal:  .80 higher March soyoil:  41 higher March corn:  4 higher March wheat:  8 3/4 higher Prices...

Regional News  Cold temperatures are forecast for most of western and all of eastern Europe and Ukraine this week while southern Russia sees a slightl...

SPREADS May crush trades to 65c/bu while oilshare trades higher to 34.18%.  Spreads firm back up with July/Dec corn trading to an 88 1/4c inverse high...

GOOD MORNING, Prices started the night session cautiously higher and have rallied further the last 15 minutes into the close on fund buying and better tech...

The CBOT opened as called with corn, soybeans, and meal trading higher while wheat and soyoil traded lower. Those trends reversed around midday, however, w...

U.S. Senate Finance Committee Chairman Ron Wyden (D-Oregon) seeks to normalize relations with Cuba after the Trump Administration distanced itself from the...

U.S. agricultural imports from Mexico have been growing and there is a trade deficit; Mexico’s agricultural imports from the U.S. are stagnant at bes...

There are five new members of the Senate Ag Committee. Given the 50/50 split in the Senate, there will be an even split on the Committee, 11 Democrats and...

The 2020/21 crop year has been nothing if not interesting and heavy on forecast revisions from every analytical firm. The presence of La Nina in the Pacifi...

Mar 21 Corn closed at $5.485/bushel, down $0.015 from yesterday's close.  Mar 21 Wheat closed at $6.4125/bushel, up $0.0375 from yesterday's close.&nb...

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

THE OPEN March beans:  5 higher Mach meal:  1.00 higher March sooil:  6 higher March corn:  3/4 lower March wheat:  6 higher Price...

GOOD MORNING, The markets put in a fairly subdued trade in the PM session as we head into the February 9 WASDE next week.  Some feel that the USDA may...

SPREADS May crush trades to 63c/bu while oilshare is 33.80%.  Spreads are steady with July/Dec corn inverse trading to 86 1/4c from 83c and May/July a...

The market was called mixed at the open, and it followed suit. There is rising open interest, some rising prices, but volume was unremarkable except in whe...

The January WASDE report lowered previous forecasts for 2021 beef production based on lower expected carcass weights. That report also projected lower weig...

Mar 21 Corn closed at $5.5/bushel, down $0.02 from yesterday's close.  Mar 21 Wheat closed at $6.375/bushel, down $0.1075 from yesterday's close. ...

Beating GI’s with EI’s Robert Bonnie is the new senior advisor for climate at USDA and his description of the agency’s approach to farmer...

U.S. Soybean Export Sales Now at 97 Percent of USDA Forecast Today's USDA export sales report showed exporters of U.S. soybeans and soymeal had solid succe...

THE OPEN March beans:  3 1/2 higher March meal:  .40 lower March soyoil:  23 higher March corn:  1 1/4 higher March wheat:  5 lowe...

Wheat:  Net sales of 643,100 metric tons (MT) for 2020/2021 were up 69 percent from the previous week and up noticeably from the prior 4-week average...

GOOD MORNING, The markets continue to trade in defined ranges, with an overwhelming nod to chart stabilization yesterday.   Corn trades to new co...

SPREADS May crush trades 63.20c/bu while oilshare trades to 33.61% which seems to find some market stabilization.  Spreads are also firmer with July/D...

The CBOT traded a notable day with weak overnight trade pushing corn, wheat, and the soy complex sharply lower. As is the hallmark of bull markets, however...

Mar 21 Corn closed at $5.52/bushel, up $0.09 from yesterday's close.  Mar 21 Wheat closed at $6.4825/bushel, up $0.035 from yesterday's close.  M...

Transatlantic Deal - Not The EU is making the ‘generous’ offer to drop its $4 billion trade retaliation against Boeing if the U.S. will drop it...

The FAO is set to release 2020 data on land clearing in Brazil but important to understanding the dynamic is its economics. University of Michigan economis...

Livestock China’s Live Hog Supply Rises as New Year Holiday Approaches With the New Year’s celebrations set to kick-off a week from this Friday...

THE OPEN March beans:  4 higher March meal:  2.50 higher March soyoil:  41 lower March corn:  1 3/4 lower March wheat:  9 lower Th...

Russian Grain Markets: 25-29 January 2021 Prices generally decreased in the Russian domestic grain market. This trend was expected as 15 February, the date...

SPREADS May crush falls to 63.46c/bu while oilshare falls to 33.58%.  Inverses are weaker with May/July corn trading to 10 1/4c from 11 1/2c, and July...

GOOD MORNING, Prices spent the opening hours in the red with soyoil futures leading the way in terms of market weakness.   Soyoil followed a shar...

The CBOT seemed to enter a consolidation/congestion phase on Tuesday as traders are looking forward to next week’s February WASDE. Many are looking f...

Worker-Centered Trade Policy The Biden Administration’s proposed “worker-centered” trade policy (people are not just consumers, they are...

The largest U.S. dairy organization asked the Trump Administration to challenge Canada under the USMCA’s dispute settlement process for failing to ab...

Mar 21 Corn closed at $5.43/bushel, down $0.0625 from yesterday's close.  Mar 21 Wheat closed at $6.4475/bushel, down $0.0625 from yesterday's close.&...

USDA Secretary-designate Tom Vilsack was approved by the Senate Agriculture Committee today by a unanimous voice vote; his confirmation will soon move to t...

THE OPEN March beans:  22 lower March meal:  6.60 lower March soyoil:  60 lower March corn:  6 1/2 lower March wheat:  7 1/2 lower...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Arabia’s Public Investment Fund and Cosco Shipping Ports bought a 40 percent inte...

GOOD MORNING, The markets started the evening session on a mixed note as they head into trading ranges off contract highs, but have all turned lower into t...

SPREADS May crush trades to 66.32c/bu while oilshare trades to 34.0%.   Spreads leak lower with July/Dec corn inverse trading down to 85 1/2c fro...

Corn followed through on last week’s upside breakout and overnight fund buying sent the market to a fresh contract high. Buying interest was limited...

Johnny One Note Critics Populist food critic Mark Bittman is out with a new book, but it is filled with the same old dribble. This time he focuses heavily...

Mar 21 Corn closed at $5.4925/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.51/bushel, down $0.12 from yesterday's close. ...

Wheat January saw improvements in logistics and trucks arriving to upriver ports so the vessel lineup ended slightly above December at 1.5 MMT. South ports...

Last week, General Motors announced that in an effort to lower its emissions its goal will be to produce 40 percent of its car and light duty vehicles as e...

The WTO just completed its trade policy review of India and it affirmed what is already known by that nation’s trading partners…India continue...

Regional News  Generally favorable weather conditions persist across Europe with average precipitation for most of the continent. Last week’s te...

THE OPEN March beans: 10 lower March meal:  4.20 lower March soyoil:  25 lower March corn:  1 lower March wheat:  6 lower The markets o...

SPREADS May crush trades to 59c/bu while oilshare trades below 34.0% to 33.91%.  Corn inverses remain strong with March/May trading up to 14 1/4c, new...

GOOD MORNING, The markets are mixed this morning, though corn posted a new contract high during the night session.  Corn had an outside week, reversin...

Mar 21 Corn closed at $5.47/bushel, up $0.125 from yesterday's close.  Mar 21 Wheat closed at $6.63/bushel, up $0.16 from yesterday's close.  Mar...

The last trading day of January saw a continuation of the story that sparked the 2020/21 bull market: Chinese buying. News of a massive corn sale to China...

Yesterday the USDA announced that it has, suspended the processing and payments under the Coronavirus Food Assistance Program - Additional Assistance and h...

NBT = GMO Some of the same political leaders that oppose GMO’s are saying that New Breeding Techniques (NBT’s) like CRISPR are not novel. They...

Price is the most efficient signal to producers on whether to grow or reduce output of a commodity. However, price signals become distorted in agriculture...

THE OPEN March beans:  12 higher March meal:  .30 lower March soyoil; 63 higher March corn:  13 higher March wheat: 8 1/2 higher The markets...

SPREADS May crush trades to 63.11c/bu, while oilshare trades to 34.33%.   THe corn inverses post new contract highs with July/Dec at 93 3/4c and...

GOOD MORNING, Prices are mixed as we come to the month's end with profit-taking on one end and commercial pricing activity on breaks of size.  Oilshar...

Wheat:  Net sales of 380,500 metric tons (MT) for 2020/2021 were up 15 percent from the previous week and 13 percent from the prior 4-week average.&nb...

The market was called higher except for soymeal and that was the start to the day, but it only took a few minutes before it turned much more decidedly mixe...

Mar 21 Corn closed at $5.345/bushel, up $0.005 from yesterday's close.  Mar 21 Wheat closed at $6.47/bushel, down $0.1125 from yesterday's close. ...

Trade Agreement Planning The Biden Administration has made clear that it is not planning any immediate efforts on negotiating trade agreements but that doe...

USDA will release its Cattle Inventory report tomorrow. The total inventory of all cattle and calves as of 1 January 2020 was 94.4 million head, down a lit...

Soy Export Sales Highlights The week ending 21 January was not a particularly good one for new export sales of soybeans, soymeal, and soyoil. However, it w...

THE OPEN March beans:  11 higher March meal:  2.40 higher March soyoil;  56 higher March corn:  14 higher March wheat:  2 higher T...

GOOD MORNING, Prices are higher across the board except for wheat.  Bullish trends remain intact with corn and bean prices continuing to find support...

SPREADS March crush trades to 77.20c/bu while oilshare is 33.89%.  July/Dec corn trades to a new contract high at 89 1/2c with May/July at ctr highs o...

CBOT markets continue to rebound from last week’s selloff with soyoil leading the way and corn posting a new contract high overnight. Canola futures...

Inefficient Redistribution Policies Researchers point out that governments use trade policies to redistribute income even though it is less efficient than...

Macro Trends China’s Ag Investment Lags, Slows Rural Development Goals As reported by the China rural economy blog, Dims Sums, the central government...

March canola oil closed at a new contract high today of $717.40/MT. IMF data shows global vegetable oil prices moving higher and canola oil likely still ha...

THE OPEN March beans: 19 higher March meal:  5.90 higher March soyoil:  120 higher March corn:  11 higher March wheat:  4 3/4 higher Th...

Russian Grain Markets, 18-22 January 2021 The Russian domestic market prices followed the same pattern as the week before with little movement, increasing...

GOOD MORNING, Calls are higher this morning with corn and soyoil posting new contract highs.  Funds continue to buy into what is very light farmer sel...

SPREADS Spreads remain strong with July/Dec up to 86 1/4c with May/July at new contract highs at 8c.  March/May beans trades to 2c inverse from 3/4c,...

Export demand and a resurgence of fund buying sent CBOT corn, wheat, and soy complex futures sharply higher on Tuesday. The recent correction, whether driv...

Sustainability Goals Returning USDA Secretary Tom Vilsack says that agriculture is ready to embrace the goals of slowing climate change. President Biden ha...

Incongruously, global sorghum production has fallen at the same time demand has sharply risen. Production is down in all the major producing countries, inc...

The Biden Administration has been in place for a week now; here’s an update on how things are starting off.  The Secretaries of Defense, Treasur...

THE OPEN March beans:  22 higher March meal:  5.00 higher March soyoil:  87 higher March corn:  13 higher March wheat:  4 higher P...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Arabia’s Almarai Dairy has seen its last quarter of 2020 sales drop by 46 percent...

  The January Cold Storage report continues to reflect the impact of surprisingly strong domestic and export demand for pork while covid-19 related re...

GOOD MORNING, Prices continue to hammer out trading ranges heading into the end of the month, starting lower in the night session but reversing course to t...

SPREADS March crush trades to 72c/bu while oilshare trades to 33.45%.   The corn inverses strengthened to new highs, with July/Dec trading up to...

Friday’s selloff at the CBOT found aggressive end-user and commercial pricing activity on Monday. Markets traded lower overnight but triggered notabl...

USDA released its monthly Cold Storage report today. Pork in cold storage as of 31 December was 408.361 MMT, 97 percent of November and 70 percent of Decem...

Mar 21 Corn closed at $5.115/bushel, up $0.11 from yesterday's close.  Mar 21 Wheat closed at $6.485/bushel, up $0.14 from yesterday's close.  Ma...

Blue Collar Trade Policy The Biden Administration is changing trade policy objectives to focus on trade that creates employment in sectors like manufacturi...

Global oilseed demand has been robust, growing by nearly a third over the past decade. Yet global cottonseed production has been flat to declining. By cont...

Corn Argentina’s corn planting is 94 percent completed across the expected 6.3 million hectares (Mha). Recent rains in the center and north of the co...

THE OPEN March beans:  1/2 lower March meal:  .40 lower March soyoil:  4 higher March corn:  1/2 lower March wheat:  2 1/2 higher...

Regional News  Russia’s weather remains warmer-than-normal for the next week. While no concerns currently exist for the crop (other than the imp...

GOOD MORNING, Prices are attempting to find overall trading range lows. Last week's round of liquidation hit the markets hard and most begin today still on...

SPREADS March crush trades to 81c/bu while oilshare trades to 33.51%.   July/Dec corn inverse fallt to 65c but finds some stabilization here clos...

U.S. Cattle on Feed for the slaughter market in U.S. feedlots with capacity of 1,000 or more head totaled 12.0 million head on January 1, 2021. The invento...

Wheat: Net sales of 329,600 metric tons (MT) for 2020/2021 were up 49 percent from the previous week, but down 7 percent from the prior 4-week average. Cor...

Mar 21 Corn closed at $5.005/bushel, down $0.2375 from yesterday's close.  Mar 21 Wheat closed at $6.345/bushel, down $0.2625 from yesterday's close.&...

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

Trade was one-sided at the CBOT on Friday with aggressive selling the theme of the day. The markets opened on the defensive as expected, with funds lighten...

USDA released its Cattle on Feed report today, conforming with pre-report expectations. The inventory of cattle in feedlots with a capacity of 1,000 head o...

Wait for the Experts There is new leadership in Washington, and they are receiving appeals for reform of the U.S. food system. Most of the ideas are litera...

The EU wants to reduce pesticide use by 50 percent and fertilizer applications by 20 percent. These are arbitrary metrics chosen by policymakers. To ensure...

THE OPEN March beans:  14 lower March meal:  3.00 lower March soyoil:  33 lower March corn:  4 1/2 lower March wheat:  14 lower Th...

GOOD MORNING, Prices are lower in the overnight session on yesterday's weaker close, weak macro markets, better rains in South America, more forecasts for...

SPREADS March crush trades to 77c/bu while oilshare trades at 33.13%.  The July/Dec corn inverse remains firm trading from 70c to 73 3/4c, while May/J...

The bull market had a split decision today, with corn, soybeans and soyoil up but wheat taking its losses. USDA flash announcements of large old crop corn...

USDA will release its monthly Cattle on Feed report tomorrow – the first of the new year. Pre-report estimates from the industry put the total number...

Get What You Beget It started with geographic indicators, then it moved on to country of origin labeling even for products made within the EU’s &ldqu...

Mar 21 Corn closed at $5.2425/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.6075/bushel, down $0.07 from yesterday's close.&nb...

South American Weather Still Not Ideal for Soybean Crops In the last couple of weeks, the weather in Brazil has mostly been very good for that country&rsqu...

THE OPEN March beans:  14 1/2 higher March meal:  3.00 higher March soyoil:  56 higher March corn:  7 1/4 higher March wheat:  2 h...

GOOD MORNING, Prices continue to stabilize after this week's house-cleaning break, with more strength in the overnight session with talk that buyers were a...

SPREADS March crush trades to 68c/bu while oilshare bounces again to 32.60% from values that were at 31.0% on the lows.  May/July corn places a new co...

The CBOT opened weaker overnight with fund liquidation continuing, especially in soybeans. March soybean futures fell 26 cents in the first 30 minutes of o...

Mar 21 Corn closed at $5.22/bushel, down $0.04 from yesterday's close.  Mar 21 Wheat closed at $6.6775/bushel, down $0.045 from yesterday's close.&nbs...

Fish and Livestock Jurisdiction In one of its end of power moves, the Trump Administration orchestrated a Memorandum of Understanding that shifted regulato...

While China gets most of the attention on African Swine Fever just because of the volume of production adversely impacted, the Philippines has suffered a l...

Livestock China Sets Record For Pork Imports in 2020 The latest data release from the China Customs Bureau show that pork imports in December totaled 964,0...

THE OPEN March beans:  32 lower March meal:  11.100 lower March soyoil:  15 lower March corn;  11 lower March wheat:  13 lower The...

Russian Grain Markets: 11-15 January 2021 The Russian domestic market prices moved insignificantly, increasing mainly in the southern region, as the market...

SPREADS March crush trades to 69.79c/bu while oilshare trades back up to 32.0%.   July /Nov bean spread is in capitulation with the inverse falli...

GOOD MORNING,  Prices ratchet lower again overnight led by beans.  An improving weather pattern is the main catalyst, but the lack of funds addin...

The CBOT settled lower under a mix of profit taking and position liquidation after a weekend of mostly favorable weather across South America. Funds were h...

SEA High Road European activists have tarnished palm oil from Southeast Asia by saying it destroys rainforests and compelled some countries to ban its use...

The MY 2020/21 outlook for sugar is for more domestic production and a reduction in imports, but with lower deliveries and increasing year-end stocks. Beet...

Mar 21 Corn closed at $5.26/bushel, down $0.055 from yesterday's close.  Mar 21 Wheat closed at $6.7225/bushel, down $0.0325 from yesterday's close.&n...

Global pork exports have grown by 66 percent over the past decade, with China a major reason for the expansion. A major driver for China’s expanded i...

THE OPEN March beans:  18 lower March meal:  5.80 lower March soyoil;  64 lower March corn:  1 lower March wheat:  7 higher Prices...

GOOD MORNING, The night session featured a higher wheat market vs. lower markets elsewhere, supported by Matif corn and wheat that gapped into new highs ov...

SPREADS March crush falls further to 62c/bu, while oilshare weakens to 30.98%.    July/Dec corn inverse falls to 67 1/2c from 75c, while March/Ma...

Mar 21 Corn closed at $5.315/bushel, down $0.0275 from yesterday's close.  Mar 21 Wheat closed at $6.755/bushel, up $0.055 from yesterday's close.&nbs...

The CBOT/CME markets will be closed Monday, 18 January 2021 in observance of the Martin Luther King Jr. holiday. WPI’s offices will be closed as well...

The CBOT settled mostly lower heading into the long, three-day weekend with traders citing profit taking and uncertain macro markets as reasons for the low...

Codifying Gains  American farmers are said to be politically conservative. After all, they tend to vote for Republicans in large numbers. But even Rep...

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

On noon next Wednesday, President-Elect Biden will be inaugurated so time is short for the Trump Administration to wrap up rules and regulations. Several o...

THE OPEN March beans:  8 lower March meal:  3.90 lower March soyoil:  59 lower March corn: 3 lower March wheat:  11 higher The markets...

The current concern by some about rising grain prices will soon be met by falling meat prices. China reportedly imported 9.91 MMT of meat in 2020, a 60 per...

SPREADS March crush trades to 63c/bu while oilshare trades at 31.55%.  July/Dec corn is slightly weaker trading down to 71 1/4c from 77c.  March/...

GOOD MORNING, Prices continue to rally led by the wheat market.  Russia plans to raise its wheat export tax to 50 euros/ton from March 1-June 30, from...

If a wolf can be in sheep’s clothing, could a bear be in a bull’s hide? Or a bull in a bear’s coat? Whether a bull or a bear, it is about...

Wheat: Net sales of 221,900 metric tons (MT) for 2020/2021 were down 19 percent from the previous week and 49 percent from the prior 4-week average. ...

Mar 21 Corn closed at $5.3425/bushel, up $0.0975 from yesterday's close.  Mar 21 Wheat closed at $6.7/bushel, up $0.095 from yesterday's close. ...

A Good Week for U.S. Soy Exporters Today’s USDA/FAS export sales report indicated exporters of U.S. soybeans, soymeal, and soyoil had great success i...

January is typically slow for beef demand due to the post-holiday let down. Over the past month, the choice cutout has declined 4 percent since the first w...

Keeping Competition Domestic Trade disputes of any kind tend to spill over into agriculture and so it is a good idea for aggies to pay attention to all of...

THE OPEN March beans:  3 higher March meal:  4.30 higher March soyoil;  58 lower March corn:  1 higher March wheat:  3 lower Price...

GOOD MORNING, The markets were extremely overbought with beans running out of gas to the upside yesterday.  The strong bullish reaction to the Jan. WA...

SPREADS March crush falls down to 63c/bu, while oilshare prices are lower again at 30.99%.   The July/Dec corn inverse remains very firm with a 7...

Mar 21 Corn closed at $5.245/bushel, up $0.0725 from yesterday's close.  Mar 21 Wheat closed at $6.605/bushel, down $0.045 from yesterday's close.&nbs...

After yesterday’s bullish WASDE sparked massive rallies at the CBOT, ag markets calmed today and looked to be establishing new trading ranges. As WPI...

Macroeconomics Food Inflation Returns, Prices Up 1.2 Percent Year-On-Year After declining on an annual basis by 2 percent in November, food prices rose on...

Russia is said to be imposing restrictions on the export of wheat, corn, and barley from mid-February onward. The move follows restrictions on soybean expo...

U.S. Trade Representative-Designee Katherine Tai and House Democrats are articulating trade policy under the new government, but it is filled with vagues a...

Russian Grain Markets: 1-8 January 2021 The Russian domestic market prices moved insignificantly because most of the regions in Russia were on holiday duri...

SPREADS March crush trades to 75.34c/bu while oilshare trades down to monthly lows at 31.47%.  The corn inverse post report remains strong with new hi...

GOOD MORNING,  The digestion of the Jan. WASDE report continues. The report was bullish so markets continue in rationing mode.  The markets close...

The January WASDE did not disappoint those looking for volatility, sending corn futures to limit-gains and sparking a 45+ cent rally in soybeans. The repor...

Green Path Forward Donald Trump tried to use tariffs to leverage trade concessions he selfishly wanted for the U.S. The tool for leveraging trade negotiati...

The meat and livestock projections in today’s WASDE were not as full of fireworks as the grain projections. Compared to last month’s projection...

Mar 21 Corn closed at $5.1725/bushel, up $0.25 from yesterday's close.  Mar 21 Wheat closed at $6.65/bushel, up $0.3025 from yesterday's close. ...

 The soybean oil price is forecast at 38.5 cents per pound, up 2.5 cents...

USDA’s forecast for soybean crush is raised 5 million bushels to 2.2 billion, reflecting improved prospects for soybean meal exports with a lower exp...

U.S. soybean production is estimated at 4.135 billion bushels, down 35 million.  The U.S. soybean export forecast is raised 30 million to a record 2.2...

USDA forecast decreased ending stocks for U.S. corn.  U.S. corn production is estimated at 14.182 billion bushels was reduced by 324 million because o...

USDA forecast higher domestic wheat use, unchanged exports, and lower ending stocks.  Feed and residual use is raised 25 million bushels to 125 millio...

A survey by the European Central Bank found that 66 percent of Europeans say they already eat less meat in order to flight climate change, and another 13 p...

THE OPEN March beans:  7 higher March meal:  3.50  higher March soyoil:  44 lower March corn:  2 higher March wheat:  12 high...

GOOD MORNING, Prices started the night lower, but head into the close higher into today's important WASDE report, one that could determine trend over the n...

SPREADS March crush trades up to 74c/bu while oilshare trades down to 31.98%.  July /Dec corn inverse trades from recent lows of 48 1/2c up to 51c, wi...

Friday’s weakness heading into the close created selling mentality in Monday’s CBOT trade that was combined with substantial position evening a...

Nationalist GMO’s China is now approving two more domestically developed GMO varieties for use by producers, adding to the three it approved last yea...

Now that both houses of Congress are controlled by the Democrats (albeit by very small margins) the legislative committees will be chaired by Democrat lawm...

Mar 21 Corn closed at $4.9225/bushel, down $0.04 from yesterday's close.  Mar 21 Wheat closed at $6.3475/bushel, down $0.04 from yesterday's close.&nb...

The UN FAO reports that global agricultural commodity prices rose 3.1 percent in 2020. Though overall commodity prices are still below 2012 levels, vegetab...

Regional News  The EU-UK Brexit trade deal is seen as a positive development for UK grain markets. The lack of tariffs and quotas means export/imports...

Wheat Argentina’s wheat harvest is nearly finished with 99 percent of the area harvested to date. The Buenos Aires Grain Exchange increased its produ...

THE OPEN March beans: 3 higher March meal:  3.00 higher March soyoil:  40 lower March corn:  1/4 lower March wheat:  5 3/4 higher March...

GOOD MORNING, Bean and meal prices traded to new contract highs this morning, with oilshare slightly lower.  US beans and meal follow new contract hig...

SPREADS March crush falls to 68c/bu while oilshare falls to 32.77%.   Corn spreads remain firm in front of the report, with July/Dec trading to 5...

The CBOT opened on a weaker note following yesterday’s selling pressure but quickly found buying support and traded higher. Soybeans were the upside...

The current renewable fuel standard (RFS) went into place in 2008 after the legislation was passed in the 2007 Energy Independence and Security Act (EISA);...

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

Mar 21 Corn closed at $4.9625/bushel, up $0.0225 from yesterday's close.  Mar 21 Wheat closed at $6.3875/bushel, down $0.035 from yesterday's close.&n...

Democrats’ Agriculture Agenda With the Democratic wins in Georgia, Michigan Senator Debbie Stabenow is poised to retake control of the upper body&rsq...

Despite bird flu, global consumption of chicken is growing four times faster than beef or pork. However, the price per unit for chicken is rising faster th...

THE OPEN March beans:  15 higher March meal:  4.30 higher March soyoil:  22 higher March corn:  2 1/2 higher March wheat:  1 1/2 h...

SPREADS March crush falls again to 72c/bu while oilshare trades to 33.60%.   Corn spreads remain in its congestive phase with July/Dec trading fr...

GOOD MORNING, The markets are firmer this morning as funds remain long and some of the proper corrections have been made.  Global grain markets are hi...

A breather, a correction, a pause, a break, a pullback, a retreat, an adjustment, a weakening, profit-taking, overbought, congesting, digesting…anal...

Back in July, as Joe Biden was wrapping up the Democratic nomination over Bernie Sanders, the Biden-Sanders Unity Task Force recommendations were drafted a...

Mar 21 Corn closed at $4.94/bushel, down $0.01 from yesterday's close.  Mar 21 Wheat closed at $6.4225/bushel, down $0.0525 from yesterday's close.&nb...

TRQ Obvious USDA’s Economic Research Service has completed another excellent analysis, this time on the impact of tariff rate quotas (TRQs) on trade...

Widespread Rainfall Saves Soybean Crop in Brazil, Argentina’s Crop Still at Risk In past weeks, a lot of Brazil’s soybean growing areas were im...

THE OPEN March beans:  18 lower March meal:  450 lower March soyoil:  45lower March corn:  6 1/4 lower March wheat:  7 lower The s...

Wheat:  Net sales of 275,300 metric tons (MT) for 2020/2021 were down 47 percent from the previous week and from the prior 4-week average.  ...

GOOD MORNING, Prices continue to trade into new contract highs this week as new fund inflows continue.  Prices may be detaching from fundamentals due...

SPREADS  March crush trades to 84.89c/bu while oilshare trades to 33.27%.  Corn spreads are slightly weaker with July/Dec trading down to 48 1/4c...

The bull market roars on with corn, soybeans, soyoil, and soymeal all posting fresh contract highs today. Fund buying remains one of the biggest near-term...

The Vice President of the United State of America sounds like a powerful position, except even those that have held the job have derided it. John Adams was...

Mar 21 Corn closed at $4.95/bushel, up $0.0325 from yesterday's close.  Mar 21 Wheat closed at $6.475/bushel, down $0.065 from yesterday's close. ...

Livestock China’s Live Hog Price Jumps by 4.5 Percent In the last week of December, the national average live hog price turned on the afterburner jet...

The Democrats controlling the whole of U.S. government has boosted the chances of more fiscal stimulus, but also reflationary concerns. According to Hill-H...

THE OPEN March beans:  19 higher March meal:  6.80 higher March soyoil:  63 higher March corn:  3 higher  March wheat:  3 1/4...

Russian Grain Markets There is no Russian Grain Market report today due to the Russian holidays. Ukraine: Grain Export Update  According to the Custom...

GOOD MORNING, Prices continue higher as funds buy the market and influence beans, corn, meal, and soyoil into new contract highs.  Funds were buyers y...

SPREADS March crush bounces back to trade to 87.11c/bu with oilshare at 33.51%.  July/Dec corn trades to a new inverse high at 58 1/4c with a low of 5...

The CBOT bull market lives on with fresh news and more than enough speculative money to fuel the rally. WPI notes that managed money funds are increasingly...

Yesterday, USDA announced another round of the Food Box Distribution Program purchases with the $1.5 billion provided by the COVID relief provisions in the...

Deglobalization There are plenty of average people cheering the deglobalization started by Donald Trump, and now leaders elsewhere are mimicking his style...

Mar 21 Corn closed at $4.9175/bushel, up $0.08 from yesterday's close.  Mar 21 Wheat closed at $6.54/bushel, up $0.12 from yesterday's close.  Ma...

Double-cropping farmers in Mato Grosso have more than double the incentive to get their soybeans harvested now. The minority that gambled and seeded their...

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

THE OPEN March beans:  24 higher March meal:  4.10 higher March soyoil:  76 higher March corn:  3 1/2 higher March wheat:  12 high...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt reports that the revenues from the Suez Canal are down by about 3 percent in 2020 to $5...

GOOD MORNING, Prices are higher with Chicago wheat posting new contract highs, while other markets are entering into a good bounce as well.  There wer...

SPREADS March crush drops to 78c/bu while oilshare trades to 33.29%.  Spreads which were stronger remain in congestive mode.  The July/Dec corn i...

The CBOT rallied sharply overnight with corn and soybeans posting new contract highs. March corn traded to just under $5.00/bushel while soybeans neared $1...

On Sunday, the U.S. House of Representatives convened the 117th Congress and narrowly re-elected Representative Nancy Pelosi (D-California) as Speaker amid...

Trucks and GMO’s The Mexican government’s decision to ban glyphosate and eventually imports of genetically modified corn in 2024 is being met w...

Mar 21 Corn closed at $4.8375/bushel, down $0.0025 from yesterday's close.  Mar 21 Wheat closed at $6.42/bushel, up $0.015 from yesterday's close.&nbs...

The bull market in Chicago continues with no end in sight. Each day that affirms excessively dry weather in South America coupled with signals of strong Ch...

Corn The Argentine government surprised the world last week by announcing a suspension of new corn export sales through 1 March, the end of the old crop ma...

Regional News  The biggest news in the European markets over the past two weeks was the EU-UK free trade deal. The deal means that trade of most commo...

THE OPEN March beans:  29 higher March meal:  6.50 higher March soyoil:  109 pts higher March corn:  7 3/4 higher March wheat:  5...

GOOD MORNING, It's a new year as fund buying activity propels prices to new contract highs on continuing concerns over South American production levels.&nb...

SPREADS March crush falls to 92.93c/bu while oilshare trades to 33.14%.  Corn spreads are part of the bull market price action, with July/Dec trading...

The WPI team extends our best wishes to you and your families for a healthy and happy New Year. Thank you for your faithful readership, we are looking forw...

It was no surprise given the dynamics but the last day of the year trading session was unusual for its volume (especially in corn) and its overall bullishn...

Mar 21 Corn closed at $4.84/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.405/bushel, down $0.0025 from yesterday's close. ...

Prognosticators are signaling a lot of consensus around some key issues going into the new year. When everyone agrees, the usual advice is to run for shelt...

Wheat:  Net sales of 520,600 metric tons (MT) for 2020/2021 were up 32 percent from the previous week and 4 percent from the prior 4-week average.&nbs...

The slaughter numbers for last week (see the table at the end of the report) show the impact of the Christmas holiday, which fell on a Friday. There was no...

U.S. Soy Export Sales Highlights Today’s USDA export sales report indicated exporters of U.S. soybeans, soymeal, and soyoil had greater success selli...

After opening lower for everything except HRS and lean hogs on news of a settlement in the Argentine port/crush workers strike, all major row crop contract...

There is easy agreement that COVID-19 was the worst thing about 2020, and it hopefully goes away soon. But many of the other topics we discussed and analyz...

Russian Grain Markets: 21-25 December 2020 Russian domestic market wheat prices continued to decrease but at a slower rate than last week. Producers haven&...

Livestock Public Data Reflect Scale of Investment in Hog Sector In 2020 Based on recent public records from China’s securities exchanges and other so...

Mar 21 Corn closed at $4.745/bushel, up $0.085 from yesterday's close.  Mar 21 Wheat closed at $6.4075/bushel, up $0.2225 from yesterday's close. ...

THE OPEN March beans:  5 1/2 lower March meal:  4.60 lower March soyoil:  38 lower March corn:  1/2 lower March wheat:  1 1/2 high...

2020 was a year of unprecedented volatility in ag markets and life in general, and the cow/calf sector did not escape this pattern. Rising feed costs throu...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue looks at global food supplies, the directio...

SPREADS March crush trades down to 91.64c/bu while oilshare trades down to 32.94% from values over 33.0%.  The July/Dec corn spread inverted to 33 3/4...

GOOD MORNING, Ags are generally lower to begin the session, with the soy complex showing more weakness than grains.  The strike was settled in Argenti...

The CBOT traded sharply higher with corn, soybeans, soyoil, and soymeal all posting fresh contract highs. Soybeans traded to gains of nearly 40 cents, buoy...

USDA will issue its next WASDE report on 12 January and many in the trade expect its final numbers for corn and soybeans for the current marketing year to...

Decarbonization Plans The incoming Biden Administration promises aggressive action to address climate change, which has the rapt attention of U.S. agricult...

The Dietary Guidelines for Americans 2020-2025 was jointly published today by the U.S. Departments of Agriculture and Health and Human Services (HHS). Thes...

Mar 21 Corn closed at $4.66/bushel, up $0.095 from yesterday's close.  Mar 21 Wheat closed at $6.185/bushel, up $0.0425 from yesterday's close. ...

THE OPEN March beans:  2 1/2 lower March meal:  2.20 lower March soyoil:  17 lower March corn:  1/4 lower March wheat:  1 higher T...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Reports in Nigeria say that the backlog for vessel discharge can be as long as one month and...

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

SPREADS March crush trades down to 98c/bu while oilshare trades to 33.27%.   The July/Dec corn inverse moves into new highs at 29 1/2c from 28 1/...

GOOD MORNING, Prices are mostly lower coming into today's session, though corn begins very close to its contract highs.  The markets were mostly overb...