Last week, USDA Secretary Tom Vilsack charged the U.S. meat industry with unethically profiting off of Americans during the pandemic. A charge totally refu...

THE OPEN Nov beans:  17 lower Dec meal:  2.80 lower Dec soyoil:  108 pts lower Dec corn:  11 lower Dec wheat:  10 lower The market...

GOOD MORNING, Prices are lower across the board on more fund selling as weather moving forward continues to favor a good pace of harvest.  Outside mar...

SPREADS Dec crush trades to 88c/bu while oilshare trades at 45.0%.  Dec/March corn trades out to 8c from 7c, while Dec 21/22 trades from 23 1/2c carry...

Don’t take it personally that markets across the board showed weakness today. Exceptions being the dollar and lean hogs. The problem is dropping cons...

The Biden Administration last week announced an effort to lower carbon emissions in aviation, targeting a 20 percent drop in aviation emissions by 2030 and...

Dec 21 Corn closed at $5.2725/bushel, down $0.0225 from yesterday's close.  Dec 21 Wheat closed at $7.0875/bushel, down $0.0425 from yesterday's close...

Biden Buckles Much the way Donald Trump’s threat to end NAFTA united Congressional Republicans and Democrats in support of the USMCA, China has manag...

THE OPEN Nov beans:  10 lower Dec meal;  2.30 lower Dec soyoil:  52 lower Dec corn:  2 1/2 lower Dec wheat:  3 3/4 lower The marke...

SPREADS Dec crush trades to 86c/bu while oilshare trades at 45.44%.   Dec/March corn trades from 7 1/2c to 7 3/4c, while Dec 21/Dec 22 trades fro...

GOOD MORNING, The markets were lower overnight as we cap off a week that contained a rally, and will end with good harvest weather across the heart of the...

Without a lot driving the direction of the market, today was like a bickering old couple where bulls and bears disagreed over nothing important. Trades cou...

After on-line, remote learning, and shortened and staggered weeks at schools, this fall semester offers some hope to return to a more normal year for dairy...

Dec 21 Corn closed at $5.295/bushel, down $0.04 from yesterday's close.  Dec 21 Wheat closed at $7.13/bushel, up $0.0075 from yesterday's close. ...

Subs and Trade China has applied for membership to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a move that should re...

Wheat:  Net sales of 617,100 metric tons (MT) for 2021/2022--a marketing-year high—were up 59 percent from the previous week and up noticeably f...

THE OPEN Nov beans: 3 higher Dec meal;  2.70 higher Dec soyoil: 34 lower Dec corn:  1 1/2 higher Dec wheat: 3 1/2 lower The markets opened as exp...

Electoral Defeats May Cause Argentine Peronists to Revisit Export Restrictions Midterm congressional primary elections were held on Sunday in Argentina. Th...

GOOD MORNING, The surprising strength of the rallies this week caught bears off guard, creating a short-covering rally which found little selling pressure...

SPREADS Crush trades down to 91c/bu with oilshare at 45.89%.  Spreads were firmer with Dec/March corn narrowing into 7c from 7 1/2c.  Dec 21/Dec...

The CBOT was mostly higher on Wednesday, led by rallies in corn and wheat that broke their Friday (post-WASDE) highs. Milling wheat stocks are tightening a...

Individual Action An anti-animal agriculture group falsely calling itself Americans For Family Farmers is promoting legislation entitled Exposing Agricultu...

Dec 21 Corn closed at $5.335/bushel, up $0.1325 from yesterday's close.  Dec 21 Wheat closed at $7.1225/bushel, up $0.115 from yesterday's close. ...

The strategy in Europe and now developing in the U.S. is to replace fossil fuels with new green energy. Europe also wants to replace food produced using ch...

Livestock Live Hog Producers Cut Output as Prices Plummet With China’s leading hog producers reporting their monthly sales for August, the country&rs...

Russian Grain Markets: 6-10 September 2021 Prices for grain crops in the domestic Russian market mainly increased. In the Ural region and in some areas in...

THE OPEN Nov beans: 6 higher Dec meal:  .10 lower Dec soyoil:  50 higher Dec corn: 6 higher Dec wheat:  3 higher Prices opened as called but...

SPREADS Dec crush trades to 96c/bu while oilshare trades to 45.72%.   Corn spreads are firmer across the board.  Dec/March corn trades into...

GOOD MORNING, Prices begin the PM session mixed, led higher by corn with wheat lower, but most are higher heading into the close.  The soy complex is...

After higher closes overnight (except soymeal), markets showed follow-through and opened higher this morning (except soymeal). While corn, wheat, and soyoi...

Ag Negotiator President Joe Biden announced his intent to nominate Elaine Trevino to be the U.S. Chief Agricultural Trade Negotiator. Trevino is President...

Dec 21 Corn closed at $5.2025/bushel, up $0.07 from yesterday's close.  Dec 21 Wheat closed at $7.0075/bushel, up $0.1375 from yesterday's close. ...

As we wrote yesterday, while the House Agriculture Committee finished its version of the reconciliation bill, the House Ways and Means Committee is working...

Unlike corn, China does not impose a tariff rate quota on sorghum imports and now the Middle Kingdom is hoovering up all the sorghum that American farmers...

THE OPEN Nov beans:   9 higher Dec meal:  1.00 higher Dec soyoil:  70 higher Dec corn:   3 1/2 higher Dec wheat:  10 hig...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Turkey has stopped the import tax on wheat (45 percent), barley (35 percent), and corn (25 pe...

SPREADS December crush pops up to 91c/bu while oilshare trades to 45.10%.  Spreads firm with Dec/March corn narrowing into 8 1/2c from 9c carry. ...

GOOD MORNING, Prices are higher on the early night session as charts build on gains and on chatter that China has been actively purchasing US beans. ...

The CBOT was mostly steady on Monday following Friday’s volatile reaction to the September WASDE. Corn, soybeans, and SRW wheat were all lower but tr...

Fiscal year 2021 ends 30 September. There is much work still to be done including funding the government past 1 October, extending key authorizations that...

Grains After a long period of below-normal rains, September started with meaningful precipitation for a large portion of Argentina’s agricultural are...

Dec 21 Corn closed at $5.1325/bushel, down $0.0425 from yesterday's close.  Dec 21 Wheat closed at $6.87/bushel, down $0.015 from yesterday's close.&n...

THE OPEN Nov beans:  3 lower  Dec meal:  2.00 lower Dec soyoil:  3 higher Dec corn:  8 lower Dec wheat:  5 1/2 lower The mark...

Regional News  Morocco is rumored to be suspending its import duty on soft wheat starting 1 November to ensure sufficient domestic supply and maintain...

A fire broke out at JBS’ beef packing plant in Grand Island, Nebraska late Sunday night. The fire was reportedly caused  by a boiler exploding i...

Sino-American Similarities While China and the U.S. are in a competitive battle both strategically and economically, there are many similarities between th...

GOOD MORNING, The markets opened on a steady note, but the weight of harvest upon the markets sent prices into the red even though they remain off their Fr...

SPREADS Dec crush trades down to new lows at 84.14c/bu, while oilshare trades to 45.10%.  Dec/March corn trades into 8 3/4c from 9 1/4c.  DecMarc...

Politico interviewed 11 leaders in U.S. agriculture and determined that based on the pandemic, the food system is not ready for prime time. The thrust of t...

The soybean oil price forecast is unchanged at 65 cents per pound...

The soybean meal price is forecast at $360 per short ton, down 25 dollars...

USDA’s outlook for U.S. soybean supply and use changes for 2021/22 include higher beginning stocks, production, exports, ending stocks, and lower cru...

USDA’s outlook for 2021/22 U.S. corn is for larger supplies, increased feed and residual use, greater exports, and higher ending stocks.  Projec...

USDA’s outlook for 2021/22 U.S. wheat this month is for reduced supplies, slightly higher domestic use, unchanged exports, and decreased ending stock...

This summary is based on reports from exporters for the period August27-September 2, 2021. Wheat:  Net sales of 388,400 metric tons (MT) for2021/2022...

Dec 21 Corn closed at $5.175/bushel, up $0.075 from yesterday's close.  Dec 21 Wheat closed at $6.885/bushel, down $0.0375 from yesterday's close.&nbs...

 Today was all about the WASDE and the lack of an anticipated bearish surprise from USDA sent the CBOT higher by the close. Near-term, it is likely th...

Today’s WASDE reduced the outlook for red meat and poultry production by 0.2 percent from August based on a lower outlook for red meat and a forecast...

Making Big Better The Biden Administration claims that big is bad and that it wants to elevate competition, including by funneling cash to small meat proce...

THE OPEN Nov beans:  3 higher Dec meal:  2.40 higher Dec soyoil:  24 lower Dec corn:  1 higher Dec wheat:  5 lower The markets ope...

Rabobank reports that over $2 billion is being invested to expand North American oilseed crush capacity. Part will be to support the expansion in biodiesel...

GOOD MORNING, Prices overnight generally were steady after a week of pressure.  It is report day and the market has priced in a lot of bearish news, p...

SPREADS Dec. crush trades down to 90c/bu while oilshare trades to 45.43%.  Dec/March corn spread narrows into 8c from 9 1/4c.   Dec/March wh...

A down day was in the forecast and down it was. December corn staged a minor comeback mid-session but could not hold and ended on a fractional loss. Decemb...

Knuckleheads Aides to President Joe Biden charged U.S. meat packers with profiting off the pandemic and said they are going to “crack down on illegal...

Yesterday, the White House posted a blog entitled “Addressing Concentration in the Meat-Processing Industry to Lower Food Prices for American Familie...

Dec 21 Corn closed at $5.1/bushel, down $0.0025 from yesterday's close.  Dec 21 Wheat closed at $6.9225/bushel, down $0.1725 from yesterday's close.&n...

Booming Soybean Crush Sector, Soymeal Exports to Increase Last week was a very eventful one for the U.S. soybean crushing industry. On Monday another soybe...

THE OPEN Nov beans:  8 lower Dec meal:  1.00 lower Dec soyoil:  50 lower Dec corn:  3 lower Dec wheat: 12 lower The market opened weake...

SPREADS  Dec. crush falls to 97c/bu while oilshare sits at a steady 45.84%.    Dec/March corn trades from 9 1/2c to 9 3/4c carry.  Dec/...

GOOD MORNING, Soft markets were seen overnight as harvest looms large with clear weather over the next 10 days.  The market continues to monitor progr...

CBOT futures were muted as traders are largely positioning for the September WASDE report on Friday. Corn showed perhaps the greatest weakness, pushing to...

Weather reduced production coupled with increased demand have whittled down global surplus grain stocks, but the changes have not been uniform. China is th...

Dec 21 Corn closed at $5.1025/bushel, down $0.005 from yesterday's close.  Dec 21 Wheat closed at $7.095/bushel, down $0.1025 from yesterday's close.&...

Disagreeing to Talk Developing countries oppose using a draft WTO text on agriculture as a basis for further negotiation, despite the fact it is merely a d...

Macroeconomic Food Prices in July See Biggest Drop Since April 2017 With live hog and pork prices falling to breakeven levels, the overall food inflation r...

THE OPEN Nov beans:  2 higher Dec meal:  .90 lower Dec soyoil:  50 higher Dec corn:  1 higher  Dec wheat:  2 lower The market...

Russian Grain Markets: 30 August-3 September Prices for grain crops in the Russian domestic market mainly increased. Export prices increased but so did the...

SPREADS Dec. crush trades to 1.00c/bu while oilshare trades to 46.42%.  Dec/March corn trades from 9 1/2c to 9 3/4c, while Sep/Dec recovers from a tra...

GOOD MORNING, Prices continue to find pressure as harvest looms but considering there is an impending September WASDE, there is also some pricing and short...

The CBOT and CME markets were sharply lower to start post-Labor Day trading with the ongoing export closure at the U.S. Gulf weighing on grain markets. The...

Specious on Trade When asked what it would take for the U.S. to re-engage in trade agreements like the CTTPP, USDA Secretary Tom Vilsack said, “So, I...

Dec 21 Corn closed at $5.1075/bushel, down $0.1325 from yesterday's close.  Dec 21 Wheat closed at $7.1975/bushel, down $0.065 from yesterday's close...

The Biden Administration and Congressional Democrats’ $3.5 trillion budget reconciliation package has $135 billion slated for the Agriculture Committ...

The inflating costs of energy has some policymakers concerned about its impact on the economic recovery as consumers redirect their spending obligations. H...

THE OPEN November beans:  1 higher December meal:  .20 higher December soyoil:  15 higher December corn:   1 lower December wheat:...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan wheat prices are increasing, especially in the Punjab, which has caused the Pakistan...

GOOD MORNING, The USDA report is around the corner on Friday, Sep 10.    The markets are firmer overnight on a combination of short-covering, pri...

SPREADS Board crush trends weaker while oilshare values are mostly steady.  Dec crush is trading at 1.03c/bu while oilshare trades at 46.20%.  Se...

Dec 21 Corn closed at $5.24/bushel, down $0.015 from yesterday's close.  Dec 21 Wheat closed at $7.2625/bushel, up $0.0925 from yesterday's close.&nbs...

Note: The CBOT and WPI’s offices will be closed Monday, 6 September 2021 for the U.S. Labor Day holiday.  The CBOT was mixed on Friday with soyb...

The U.S. will celebrate Labor Day on Monday, 6 September, and the U.S. markets as well as our office will be closed that day. As a result, we will not upda...

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

Diminishing Hunger Returns U.S. House Democrats have implored President Joe Biden to create a national conference on food, nutrition, and health to address...

The 2021 and 2022 proposed RVOs, developed by EPA, have been under review at the Office of Management and Budget (OMB) for a week. As we reported last Frid...

Dec 21 Corn closed at $5.255/bushel, up $0.0275 from yesterday's close.  Dec 21 Wheat closed at $7.17/bushel, up $0.0275 from yesterday's close. ...

What is it really worth? That is the fundamental question but technicals had been beating a path lower for the past several days. Today was a pause –...

Overwrought Reaction New Chinese Ambassador to the U.S. Cui Tiankai reinforced this week his reputation for hyperbole. He pointed to his country’s nu...

Two key trends bely what’s in store for meat and livestock in late 2021 and early 2022: the prices of feeder pigs and feeder cattle. As we wrote last...

Exports for August 20-26, 2021 Wheat:  Net sales of 295,300 metric tons (MT) for 2021/2022 were up noticeably from the previous week and up 15 percent...

The CBOT was mostly red again on Wednesday with the same factors at play as have been all week. Weak (and weakening) technical conditions, fund liquidation...

U.S. political leadership is focused on competitiveness but may be oversimplifying requirements for its achievement. Most specifically, the political syste...

Dec 21 Corn closed at $5.2275/bushel, down $0.115 from yesterday's close.  Dec 21 Wheat closed at $7.1425/bushel, down $0.08 from yesterday's close.&n...

Getting Competitive President Joe Biden rationalized the withdrawal from Afghanistan yesterday by first saying it was “no longer in our national inte...

Livestock Live Hog Inventories Surpass Pre-African Swine Fever Levels Last week, China’s Deputy Minister of Agriculture and Rural Affairs (MARA), Ma...

THE OPEN Nov beans:  7 lower Dec meal: 1.00 lower Dec soyoil:  60 lower Dec corn:  6 lower Dec wheat:  2 1/2 lower The markets opened l...

Russian Grain Markets: 23-27 August 2021 Prices for grain crops (except corn) in the domestic Russian market followed last week’s trend and increased...

GOOD MORNING, Prices in the night session started off the evening on a mixed note, mostly defensive, but losses accelerated in the last hour of trade. ...

SPREADS Dec. crush trades to 1.14c/bu while oilshare trades to 45.90%.  Sep/Nov congests from 6 1/2c inverse to 7c.  NOv/March beans trade out to...

Technical pressure, end-of-month positioning, lack of export sales, good Midwest weather, and damage/lack of electricity to Gulf export facilities all comb...

Limits of Monetary Policy Progressives in the U.S. House of Representatives led by the Squad’s Rep. Alexandria Ocasio-Cortez (D-New York) are proving...

USDA’s most recent monthly dairy data shows that the number of milk cows declined in July for the second month in a row, after increasing month-over-...

Chicago futures saw the December corn contract lose 8.5 cents today and November soybeans lost 10¾ cents reportedly based on uncertainty about expor...

THE OPEN Nov beans:  6 lower Dec meal:  .40 higher Dec soyoil:  90 lower Dec corn:  6 lower Dec wheat:  5 lower The markets opened...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s government says it will have about 530,000 MT of certified wheat seeds avail...

SPREADS December crush traded to 1.14c/bu while oilshare trades to 45.85%.   Spreads were slightly firmer with Dec/March corn trading from 8c to...

GOOD MORNING, Prices were weaker yesterday and are mixed this AM, with soyoil sporting the largest losses.   Oilshare is lower again as traders b...

The CBOT opened weaker overnight and continued that trend into the morning with significant selling in September futures as traders exit before first notic...

Exaggerating Goliath Officials in the Biden Administration are determined to take down America’s big corporations and if they follow the focus of Kar...

USDA’s National Ag Statistics Service (NASS) released the 2021 average farm real estate values. The average per acre value of land and buildings on f...

Dec 21 Corn closed at $5.4275/bushel, down $0.11 from yesterday's close.  Dec 21 Wheat closed at $7.235/bushel, down $0.09 from yesterday's close.&nbs...

Hurricane Ida has finished barreling through the critical Louisiana grain export infrastructure and the question is what will be the impact? First, while I...

Wheat Soil moisture is becoming a problem for Argentina’s wheat crop. Crop conditions keep falling due to drought across the wheat-growing region and...

THE OPEN Nov beans: 1 higher Dec meal:  .80 higher Dec soyoil:  20 lower Dec corn:  2 lower Dec wheat: 8 higher The market started the sessi...

Regional News  Ukraine’s 2021/22 total grain exports have reached 7 MMT so far, up 10 percent from the same time last year.  The Taliban&rs...

SPREADS December crush trades to 1.13cbu while oilshare trades to 45.27%.  The Sep/Nov bean spread has moved from a 37c inverse down to 14c as we appr...

GOOD MORNING, Prices are mixed overnight with the key feature that of profit-taking in oilshare, with weaker soyoil futures weighing on beans.   ...

The CBOT ended the week on a quiet note with most of the volume in grains related to rolling September positions forward ahead of first notice day on Tuesd...

Trade Policy Labor USTR’s annual National Trade Estimates Report is a good source of the barriers and problems confronted by U.S. exporters in other...

We reported on Monday that the EPA would be sending its 2022, and never finalized 2021, proposed required volume obligations (RVO) under the renewable fuel...

Dec 21 Corn closed at $5.5375/bushel, up $0.03 from yesterday's close.  Dec 21 Wheat closed at $7.325/bushel, down $0.0675 from yesterday's close.&nbs...

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

DTN reports that for the first time in about nine months there was no significant increase in fertilizer prices this past month. Among the eight major comp...

It was a unique trading day amidst the caution surrounding the lack of fresh influences. Unique in that trading ranges for corn and soybeans were unusually...

Dec 21 Corn closed at $5.5075/bushel, down $0.01 from yesterday's close.  Dec 21 Wheat closed at $7.3925/bushel, up $0.1375 from yesterday's close.&nb...

Common Poverty Chinese President Xi Jinping has taken the Communist manifesto to heart and declared a “common prosperity” for all Chinese. Soci...

USDA released its food price outlook this morning. Monthly July over June prices were up 0.5 percent for beef, 1.9 percent for poultry, and 2.2 percent for...

U.S. Soy Export Sales Highlights The week ending 19 August was a good one for exporters of U.S. soybeans for shipment in 2021/22, but not so much for expor...

Exporters for the period August 13-19, 2021 Wheat:  Net sales of 116,000 metric tons (MT) for 2021/2022--a marketing-year low--were down 62 percent fr...

The CBOT was weaker overnight with rains for the Corn Belt pressuring the market. The day session, however, saw corn emerge as the upside leader on technic...

Media reports indicate that green pea powder is a hot new commodity as it serves as a protein source for plant-based alternatives to meat. However, U.S. gr...

Missing the Mark Proponents of an agriculture agreement at the WTO Ministerial in November are arguing it is needed to help the approximately 800 million p...

Dec 21 Corn closed at $5.5175/bushel, up $0.065 from yesterday's close.  Dec 21 Wheat closed at $7.255/bushel, down $0.0675 from yesterday's close.&nb...

Livestock Live Hog and Broiler Prices Again Head in Opposite Directions Domestic hog prices continued to remain under pressure last week from excess market...

Russian Grain Markets: 16-20 August 2021 Prices in the domestic Russian grain market grew significantly in all regions of the European part of Russia (exce...

We regret that due to an unexpected death in the family, there will not be any Technical Perspectives reports for the remainder of this week.  Thank y...

Stronger crude oil futures, fresh cash market buying, and short covering/long speculative buying all combined to lift the CBOT on Tuesday. The soy complex...

To Trade or Not to Trade Trade was already a hot political button before the pandemic heightened by large trade imbalances with China, but it became even h...

Dec 21 Corn closed at $5.4525/bushel, up $0.0975 from yesterday's close.  Dec 21 Wheat closed at $7.3225/bushel, down $0.0125 from yesterday's close.&...

In the 2008 farm bill, USDA was directed to promulgate regulations that prohibit packers, and livestock and poultry contractors from engaging in undue pref...

The paradigm taught in the 1970’s and 1980’s was that wheat consumption was replacing rice consumption as the former commodity became more avai...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Syria’s government has decided to block the import of many products in order to conserv...

July total red meat and poultry stocks were up 1.3 percent from June but down 13 percent from July 2020. Five-year lows in pork and poultry meat stocks hav...

GOOD MORNING, Prices opened higher across the board on crop progress numbers.  Markets may be oversold and due for a bounce.   Ratings were...

SPREADS Dec crush trades firm at 1.12c/bu with oilshare at 45.58%.  Bean spreads continue to weaken, with Nov 21/Nov 22 trading at an 8 1/2 month low...

The CBOT started the week higher with some bargain hunting and short covering after last week’s steep selloff. Bulls were unable to hold onto most of...

U.S. biofuel makers are disappointed that U.S. EPA is not more aggressively pushing fuel blending, but their plight is consistent with the pandemic related...

The EPA will be sending its 2022, and never finalized 2021, proposed required volume obligations (RVO) under the renewable fuel standard to the Office of M...

Who Not When The Biden Administration has received encouragement from Capitol Hill and agriculture groups to nominate a U.S. agricultural trade negotiator...

THE OPEN Nov beans:  8 higher Dec meal:  steady Dec soyoil:  70 pts higher Dec corn:  1 higher Dec wheat:  4 higher The markets op...

Dec 21 Corn closed at $5.355/bushel, down $0.015 from yesterday's close.  Dec 21 Wheat closed at $7.335/bushel, up $0.0525 from yesterday's close.&nbs...

Corn According to the Buenos Aires Grain Exchange, Argentina’s corn harvest reached 98.5 percent with a total collected volume of 49.5 MMT. This mean...

Regional News  Kazakhstan’s ban on feedstuffs including oats, rye and hay begins today, as announced in the 12 August 2021 order by the deputy M...

SPREADS  Dec crush trades at 1.09c while oilshare trades to new lows at 44.72%.  Sep/Dec corn firms to 2 from 1 1/4c.  Dec/March corn carry...

GOOD MORNING, Prices were higher overnight after dropping to new trading range lows for soyoil due to an unexpected wire service report that the EPA would...

USDA reports U.S. Cattle on Feed as 11.1 million head on August 1, 2021. This is is down 2 percent from a year ago.  Placements in feedlots durin...

Dec 21 Corn closed at $5.37/bushel, down $0.1375 from yesterday's close.  Dec 21 Wheat closed at $7.2825/bushel, down $0.145 from yesterday's close.&n...

Traders who weren’t sellers on Thursday quickly jumped on the bandwagon Friday. The CBOT opened lower overnight but mostly consolidated as traders tr...

Analysts are noting that Afghanistan is not the same country today that it was when the Taliban last ruled the nation during 1996 – 2001. Back then t...

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

USDA released its Cattle on Feed report today, which was mostly in line with expectations. The inventory of cattle in feedlots with a capacity of 1,000 hea...

Meatless Hurdles Efforts to guilt people into switching from meat to meat substitutes may have more hurdles than have been commonly understood. Consumer fo...

GOOD MORNING, Prices worked both sides of unchanged in consolidation mode in the PM session.  This week's lower performance was courtesy of weaker out...

SPREADS Dec crush trades to 1.14c with oilshare firmer at 46.23%.  The Sep/Dec corn spread found some firming and buying interest at the 5c carry leve...

Chicago was pressured lower today by three key factors:  Badly needed rain dropping this weekend.  Crop tour reports of better yields. ...

Tomorrow, USDA will release its monthly Cattle on Feed report. Analysts’ pre-report estimates peg the total number of cattle on feed as of 1 August a...

Dec 21 Corn closed at $5.5075/bushel, down $0.1425 from yesterday's close.  Sep 21 Wheat closed at $7.275/bushel, down $0.0975 from yesterday's close...

Commodities Fuel Bogeyman In the most recent Hill-HarrisX poll of American public opinion, the top selected issue of current concern is inflation. Inequali...

THE OPEN Nov beans:  18 lower Dec meal:  4.00 lower Dec soyoil:  96 pts lower Dec corn:  9 lower Dec wheat:  12 lower The markets...

Soy Export Sales, Large Soybean Sales to China and Elsewhere The last two weeks have seen very large sales of U.S. soybeans to China and other destinations...

Data for the period August 6-12, 2021. Wheat:  Net sales of 306,700 metric tons (MT) for 2021/2022 were up 5 percent from the previous week, but down...

GOOD MORNING, Prices started the session lower as the rainfall prospects across the Plains forecast for this weekend trumped the 10th day of active bean bu...

SPREADS Dec crush trades 1.12c/bu while oilshare trades 45.90%.   Sep/Dec corn narrows into 2 1/4c from 3c after trading as wide as 5c or more, a...

The CBOT was mostly lower steady again as traders are comfortable with their current, post-WASDE positions and are reluctant to add risk. Wheat futures pos...

Agriculture on Agenda? U.S. Vice President Kamala Harris will lead the U.S. delegation at a U.S.-Mexico Dialogue on 9 September. The reported agenda will a...

Global sugar prices are up 55 percent over a year ago due to a weather shortened Brazilian cane crop. The price is still 23 percent below the peak it hit i...

THE OPEN Nov beans: 3 lower Dec meal:  2.50 lower Dec soyoil: 45 lower Dec corn:  1 higher Dec wheat: 1 higher The market opened as expected but...

Dec 21 Corn closed at $5.65/bushel, up $0.015 from yesterday's close.  Sep 21 Wheat closed at $7.3725/bushel, up $0.0275 from yesterday's close. ...

Public Health Delta Variant Results in Highest Case Spike in Six Months While China’s publicly reported figures show that the country has largely man...

Russian Grain Markets: 9-13 August 2021 The domestic Russian grain market grew significantly in all regions of the European part of Russia (except for corn...

GOOD MORNING, Prices opened slightly lower in the overnight session on technical follow-through selling from Tuesday's general down-day of trade.  In...

SPREADS October crush trades to 1.02c with oilshare steady at 46.30%.  Sep/Dec corn widens out to 5 1/4c from 4 3/4c as traders continue to liquidate...

The CBOT was mostly weaker on Tuesday with weakness in macro markets dampening traders’ and funds’ risk appetite. Wheat futures tumbled sharply...

Congress stands in recess until next month. The Senate has passed the $1.2 trillion infrastructure package and the $3.5 trillion budget resolution, and the...

Minimal Consolidation Seeing the Biden Administration’s rhetorical claim to be prosecuting consolidation in agribusiness, some farmer advocates are c...

Dec 21 Corn closed at $5.635/bushel, down $0.0525 from yesterday's close.  Sep 21 Wheat closed at $7.345/bushel, down $0.26 from yesterday's close.&nb...

THE OPEN Nov beans:  2 higher Dec meal:  2.50 higher Dec soyoil:  60 lower Dec corn:  1/2 lower Dec wheat:  10 lower The markets o...

China’s new countercyclical pork production support program includes the goal of pork imports not exceeding 5 percent of production. The goal is not...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Afghanistan’s takeover by the Taliban could slow the development work on Iran’s C...

GOOD MORNING, A surprising crop ratings report and more chatter about bean demand presented a higher open, and funds were buyers in the overnight session.&...

SPREADS Sep. crush continues to slide down to 1.03c/bu with oilshare at 46.70%.   Spread trade of note is the Dec wheat/corn, which trades over r...

CBOT trade was active overnight with traders and world markets continuing to react to USDA’s WASDE. Physical prices in Europe and the Black Sea are r...

THE OPEN Nov. beans:  8 higher Dec meal: steady Dec soyoil:  4 higher Dec corn: 2 1/2 higher Dec wheat:  4 higher Prices opened as expected...

Dec 21 Corn closed at $5.6875/bushel, down $0.0425 from yesterday's close.  Sep 21 Wheat closed at $7.605/bushel, down $0.0175 from yesterday's close...

Inconvenient Truths EU officials released a preliminary analysis of the impacts of the F2F and biodiversity changes to the CAP and major farm organizations...

Proponents of plant-based alternatives to meat envision healthier, more planet friendly fare but too often the deficit is in long-lasting satiety. This is...

The Energy Information Administration (EIA) released its August Short-Term Energy Outlook (STEO); the report projects biodiesel production for 2021 to rema...

Corn Argentina  At the beginning of July, Argentina’s corn harvest started moving quickly and since then has covered almost 50 percent of the ar...

Regional News  Ukraine’s agricultural product exports to the EU rose 10 percent in the first seven months of 2021 compared to the same period in...

SPREAD Sep. crush trades to 1.13c with oilshare prices trading up to 47.03%.  Sep/Dec corn goes from an inverse trade to 4 3/4c carry from 3 3/4c.&nbs...

GOOD MORNING, Overnight prices were mostly in the green with wheat leading the way higher as the market continues to digest the USDA numbers from last Thur...

The August WASDE has come and gone but markets are still digesting its implications. Wheat futures were higher again on Friday with funds continuing their...

The Senate passed the President’s $3.5 trillion FY 2022 budget resolution this week by a 50-49 vote. Now Congress will turn toward implementing that...

Dec 21 Corn closed at $5.73/bushel, down $0.0025 from yesterday's close.  Sep 21 Wheat closed at $7.6225/bushel, up $0.0875 from yesterday's close.&nb...

GMO Tipping Point They do not call it genetic modification because of all the negative baggage associated with the first wave of organisms modified to be b...

Yesterday’s USDA WASDE report surprised the market to the upside and the bullish reaction carried over into the open today. Having a surprising Augus...

Note that WPI will not be publishing Technical Perspectives reports on Friday, August 13, 2021. However, all other articles covering markets and policy wil...

2021/22 U.S. corn outlook is for smaller ending stocks.  Reduced exports are partially offset by greater corn used for ethanol, starch, and glucose an...

2021/22 global oilseed stocks are slightly higher as lower production is paired with lower use.  The soybean oil price forecast is unchanged at 65.0 c...

2021/22 soybean crush is reduced 20 million bushels on a lower domestic soybean meal disappearance forecast which is reduced in line with the prior year, a...

2021/22 U.S. soybean production is forecast at 4.34 billion bushels, down 66 million on lower yields.  The first survey-based soybean yield forecast o...

2021/22 world wheat is projected to decline 16.8 million tons to 1,065.7 million, primarily on lower production for Russia, Canada, and the United States.&...

Summary for the period July30-August 5, 2021. Wheat:  Net sales of 293,100 metric tons (MT) for 2021/2022 were down 5 percent from the previous week a...

Surprises are usually left for the military but today USDA pulled off the unthinkable, shocking the market to the bullish side. The August WASDE report ref...

Dec 21 Corn closed at $5.7325/bushel, up $0.14 from yesterday's close.  Sep 21 Wheat closed at $7.535/bushel, up $0.265 from yesterday's close. ...

Stick it to Foreigners Former U.S. Senate Finance Committee Chairman Russel B. Long (D-Louisiana) noted how politicians protected their own constituents an...

All eyes are focused on the outbreak of ASF in the Dominican Republic; the disease was traced to backyard operations and has now been found in 14 of the co...

SPREAD Sep. crush trades to 1.19c/bu while oilshare is firm at 46.87%.  Sep/Nov bean inverse trades from 7 3/4c to 6 1/4c.  Nov/March beans trade...

GOOD MORNING, The markets all started the evening trade with losses, but slowly came back in the grains to trade higher.  The major function of the ma...

Dec 21 Corn closed at $5.5925/bushel, up $0.06 from yesterday's close.  Sep 21 Wheat closed at $7.27/bushel, up $0 from yesterday's close.  Nov 2...

The CBOT was firmer heading into tomorrow’s much-anticipated WASDE report, but the major commodities held to their recent trading ranges. The soy com...

Fake Green Growth Policymakers of a certain policy bent are keen to tell the public that economic growth and environmental sustainability are not exclusive...

The Biden Administration has said it is not interested in negotiating new trade agreements until the U.S. makes investments in things like infrastructure t...

Macroeconomics Food Prices Drop Sharply in July, Down Nearly 4 Percent The average cost of food in July was down year-on-year by 3.7 percent with pork pric...

Russian Grain Markets: 2-6 August 2021 Prices in the domestic Russian grain market grew significantly in all regions of the European part of Russia, mainly...

THE OPEN November beans:  10 higher December meal:  steady December soyoil:  60 higher December corn:  2 higher December wheat:  2...

GOOD MORNING, Prices are mixed, with the major feature that of higher soyoil which in turn is supporting the bean market.  Corn follows stronger beans...

SPREADS Sep. crush is 1.12c while oilshare trades at 46.90%.  The September roll continues, and is still a bulk of trading volume.   Sep/Dec...

The CBOT was mixed on Tuesday with accelerating worries for world wheat production sending Chicago and KC markets higher while stronger soyoil and Chinese...

The U.S. Senate passed an infrastructure investment package today, a prerequisite by the Biden Administration before Washington will again reduced barriers...

Last week, President Biden issued an executive order as part of his “Build Back Better” initiative that calls for targeting all vehicle sales t...

Dec 21 Corn closed at $5.5325/bushel, down $0.005 from yesterday's close.  Sep 21 Wheat closed at $7.27/bushel, up $0.1575 from yesterday's close.&nbs...

THE OPEN November beans:  9 higher December meal:  4.20 higher December soyoil:  30 higher December corn:  2 lower December wheat: ...

Mexican President Andrés Manuel López Obrador (AMLO) has ordered a ban on GMO corn imports by 2024, has stopped approvals of all new GMO trai...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Egypt’s bread price needs to increase according to President Sisi since the price has b...

GOOD MORNING, Prices are mixed overnight with corn prices lower on better-than-expected ratings, and a poor inspections report yesterday that suggests expo...

SPREADS Sep. crush was 1.14c/bu while oilshare traded 45.76%.  August / Nov bean inverse jumps to 1.17c from 1.13c, while Sep/Nov inverse firms to 1.1...

The CBOT was mostly red to start the week with energy and outside markets pressuring futures. Corn, wheat, and soybeans all stuck to their recent trading r...

Fire with Fire Some U.S. senators have introduced legislation that would prohibit states from enacting laws dictating how livestock are produced in other s...

The Senate is moving forward on the bi-partisan infrastructure package; a cloture vote to limit debate and provide a timeline for a final vote and consider...

The think tank RethinkX, which forecasts the disruptive impacts of merging technologies says that the global livestock industry is going bankrupt over the...

Dec 21 Corn closed at $5.5375/bushel, down $0.0275 from yesterday's close.  Sep 21 Wheat closed at $7.1125/bushel, down $0.0775 from yesterday's close...

Milling Wheat  Wheat prices are higher this week with declining Russian, Canadian, and U.S. spring wheat production prospects driving the rally. The p...

Wheat  Argentina’s wheat planting is 97 percent complete across the 6.5 Mha to be seeded. Weather conditions have been unfavorable recently with...

THE OPEN Nov. beans:  1 higher Dec. meal:  2.80 higher Dec.  soyoil:  40 lower Dec. corn:  4 1/4 lower Dec wheat:  3 1/2 lowe...

GOOD MORNING, Prices are mixed with rains in the eastern Corn Belt weighing on prices, and lower crude oil creating a buy meal/sell soyoil trade.  Soy...

SPREADS Sep. crush trades down to 1.15c/bu while oilshare trades lower to 45.92%.  Sep/Dec corn trades from 1 1/2c to 2c carry, while Dec/March trades...

The CBOT was mostly higher to end the week with wheat leading the way once again. Corn futures settled cautiously higher with ample position evening with t...

Feed costs and milk supply and demand are squeezing the income-over-feed-costs margins for dairy producers. The Dairy Margin Coverage (DMC) has paid out si...

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

Climate Analysis There will be a new report out on Monday from the UN’s Intergovernmental Panel on Climate Change and predictions are that it will se...

Dec 21 Corn closed at $5.565/bushel, up $0.035 from yesterday's close.  Sep 21 Wheat closed at $7.19/bushel, up $0.0625 from yesterday's close. ...

Long a staple crop in Sub-Saharan Africa, no region or country can compete with the roller coaster and meteoric rise of sorghum consumption in China. In th...

THE OPEN November beans: 7 1/2 higher December meal: 1.40 higher December soyoil:  70 higher December corn:  2 higher December wheat:  9 3/4...

SPREADS Sep. crush trades to 1.24c/bu while oilshare trades to 46.48%.   Sep/Dec corn spread finds little direction, trading from 2 1/2c to 1c in...

GOOD MORNING, Prices were mixed to begin the PM session but turned higher by the morning.  The markets continue to digest all the yield guesses while...

The market traded today on a little bit of what it knows, and a little bit on what it speculates to be happening. Since it is hard to believe that weeks of...

Fed cattle market issues continue to be the top focus in overall agriculture policy. There were three key developments this week. First, yesterday Senator...

Dec 21 Corn closed at $5.53/bushel, up $0.0625 from yesterday's close.  Sep 21 Wheat closed at $7.1275/bushel, down $0.045 from yesterday's close.&nbs...

Debt Leverage Volatility Markets hate uncertainty but the upcoming hardball political play in Washington is as transparent as cellophane. Congressional Dem...

THE OPEN November beans:  2 lower December meal:  2.50 higher December soyoil:  32 lower December corn:  5 1/2 higher December wheat:&n...

U.S. Soy Export Sales Highlights Today’s USDA export sales report indicated exporters of U.S. soybeans had a good week selling U.S. soybeans for expo...

This summary is for the period July 23-29, 2021.  Wheat:  Net sales of 308,300 metric tons (MT) for 2021/2022 were down 40 percent from the previ...

SPREADS Sep. crush trades to 1.26c/bu while oilshare trades down to 46.76%.  Sep/Dec corn trades either side of even, 3/4c inverse to 1/2c carry, whil...

GOOD MORNING, Prices are trending lower for oilshare overnight as energies trade off, along with lower canola.  Grains are firmer while the soy comple...

CBOT futures were mostly lower on Wednesday with a more favorable U.S. weather forecast once again taking away the need for a weather/yield premium in pric...