Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The Muslin holy month of Ramadan ends this week and is followed by the Eid al Fitr celebratio...

GOOD MORNING, After remaining mostly steadfast in their fund positions over the last few weeks, the funds finally decided to liquidate a portion of their p...

  SPREADS   July crush is trading at 84.58c/bu while oilshare trades to 41.69% as it continues to correct.  July /Nov bean spread bounces ba...

The CBOT ended sharply lower on Monday with corn and wheat leading the downside move. Both markets had achieved strongly overbought levels last week and we...

Jul 21 Corn closed at $7.1175/bushel, down $0.205 from yesterday's close.  Jul 21 Wheat closed at $7.305/bushel, down $0.3125 from yesterday's close.&...

Money Games SEC Chairman Gary Gensler is a familiar face to the agriculture community, having chaired the CFTC during the Obama Administration. He is repor...

On Friday, the Colonial Pipeline, which is the largest refined product pipeline in the U.S., running 5,500 miles from Texas to New Jersey, was attacked by...

The activist community wonders why there can be food waste and hungry people at the same time. They want the rich countries to solve the problem, but it is...

Corn Argentina  Argentina’s weather has been ideal for harvesting but farmers are still focused on soybeans. This week’s corn harvest prog...

THE OPEN July beans:  1 lower July meal:   .80 lower July  soyoil:  14 lower July corn:  5 lower July wheat:  15 lower&n...

Regional News  Favorable rains forecast for Europe in the coming week will aid winter crop development and help recently planted spring crops establis...

GOOD MORNING, The overnight markets were in correction mode for the PM session, led by wheat as better weekend rains were noted.  The markets closed m...

SPREADS July crush trades to 88.94c/bu while oilshare trades to 42.18%.   Spreads are higher this morning with July/Nov bean inverse firming to 1...

The CBOT ended sharply higher on Friday afternoon with corn, soybeans, wheat, and soyoil all posting new contract highs. Early trade was muted/lower as USD...

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

Designed Obsolescence: According to NielsenIQ, 50 of the 52 food categories it tracks are more expensive than a year ago, with butter and milk being the on...

Jul 21 Corn closed at $7.3225/bushel, up $0.135 from yesterday's close.  Jul 21 Wheat closed at $7.6175/bushel, up $0.085 from yesterday's close. ...

A good topic for Friday is the big picture outlook of what is on the horizon, the so-called “30,000-foot view” so named because that is the cru...

Matthew Klein (Barrons) and Michael Pettis (Peking University) have authored the book, Trade Wars are Class Wars. In it, they argue that countries like Ger...

THE OPEN July beans: 7 higher July meal:  3.20 higher July soyoil:  84 higher July corn: 7 1/2 higher July wheat:  11 higher The market open...

GOOD MORNING, Overnight prices were once again higher on technical follow-through to the upside of new contract highs.  Wheat and meal remain the exce...

SPREADS July crush trades to 86c/bu while oilshare trades to 43.09%.   July /NOv bean inverse falls to 1.52 3/4c from 1.60 1/2c while July/Dec me...

Jul 21 Corn closed at $7.1875/bushel, up $0.1025 from yesterday's close.  Jul 21 Wheat closed at $7.5325/bushel, up $0.0875 from yesterday's close.&nb...

It was another elevated day in the agricultural commodity markets. New contract highs were set in soft-red wheat, lean hogs, December corn, July Malaysian...

COVID-19 made a mess of things in the cattle and beef markets. Things are starting to normalize, but the ride is bumpy – and made even bumpier by poo...

Inverses in Support Developing countries want the WTO to impose new disciplines on agricultural domestic supports by rich countries. They correctly argue t...

Soy Export Sales Highlights Today’s USDA/FAS export sales report for the week ending 29 April indicated exporters of U.S. soybeans, soymeal, and soyo...

Market Trends U.S. Ag Exports to China See Best 1st Quarter Since 2014 Courtesy of booming corn, soybean, wheat, sorghum, meat, almond, and pecan shipments...

THE OPEN July beans:  17 higher July meal:  3.30 higher July soyoil:  1.13 higher July corn: 3 1/2 higher July wheat:  7 lower The mark...

Wheat:  Net sales reductions of 95,600 metric tons (MT) for 2020/2021--a marketing-year low--were down noticeably from the previous week and from the...

GOOD MORNING, Prices will open mixed with weaker wheat against strength elsewhere on the board.  This has become a technically driven market as prices...

SPREADS July oilshare trades to 43.05% while crush trades up to 92c/bu.  Spreads recover after selling off to some lows for beans with Jly/Nov trading...

The CBOT flinched early as USDA announced that China cancelled 140,000 MT of corn export bookings from the U.S., but later rallied on strong cash markets a...

Jul 21 Corn closed at $7.085/bushel, up $0.1175 from yesterday's close.  Jul 21 Wheat closed at $7.445/bushel, up $0.1775 from yesterday's close. ...

Stupid Cycle Putnam Investment’s chief investment officer, Shep Perkins, says we are at the beginning of a multi-year super cycle for agricultural co...

April Trading Volume Falls on Lower Feed Demand Following a blistering first quarter, futures trading volume on the Dalian Commodities Exchange (DCE) fell...

THE OPEN July beans:  10 higher Julu meal:  2.00 higher July soyoil:  34 higher July corn:  1 lower July wheat:  1 higher The mark...

Russian Grain Markets: 26-30 April 2021 Corn, barley, and wheat prices on the domestic market grew following global trends. The export milling wheat averag...

SPREADS July crush improves to 90c/bu while oilshare trades to 42.99%.  Inverses have come down a touch, led by corn.  July/Dec corn inverse trad...

GOOD MORNING, Funds continue to buy the market and are now long an estimated 180K beans, 50K meal, 106K soyoil, 390K corn, and even wheat.   On M...

Yesterday’s price weakness was met with renewed buying interest in the overnight session that carried markets higher. Strength continued into the day...

Due Diligence Criticism A piece in Politico by Europe-based reporters Eddy Wax and Sarah Anne Aarup entitled, “How Brussels Wants to Make Your Shoppi...

Ethanol exports in March were 133 million gallons and more than a third of that went to China. The 48.3 million gallons exported to China is the second hig...

Jul 21 Corn closed at $6.9675/bushel, up $0.1725 from yesterday's close.  Jul 21 Wheat closed at $7.2675/bushel, up $0.0875 from yesterday's close.&nb...

The use of wheat as animal feed is expected to hit a 25-year high in 2021. As noted by Carl Zulauf of Ohio State University, it is the ratio of the price o...

THE OPEN July beans:  17 higher July meal:  4.90 higher July soyoil:  92 higher July corn:  14 higher July wheat:  8 3/4 higher Th...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Grains Organization (SAGO) said it will begin selling its grain silos during 2021. SAGO...

GOOD MORNING, Prices are higher in the PM session after yesterday's defensive price action.   Much of the world was closed Monday with others out...

SPREADS July crush trades to 83.30c/bu while oilshare is at 43.25%.  July /Nov beans find support at 1.77c with a rally back to 1.83c.  May/July...

May kicked off with Saturday’s running of the 147th Kentucky Derby, arguably the most famous horse race in history, and the Medina Spirit won with a...

Technical Barriers on Steroids A WTO report indicates that regulatory costs account for 14 percent of trade costs, but that share is about to get much high...

The ag and food supply chain is recovering from COVID and at least two key aspects of that process are becoming policy debates. The first is the ongoing di...

Jul 21 Corn closed at $6.795/bushel, up $0.0625 from yesterday's close.  Jul 21 Wheat closed at $7.18/bushel, down $0.1675 from yesterday's close.&nbs...

Sosland Publishing notes that the pandemic boosted pasta and therefore durum wheat consumption. Exports by Italy jumped 30 percent and Strategie Grains not...

Corn Argentina Farmers are still focused on harvesting soybeans, which means the corn harvest is progressing very slowly and is delayed versus the prior ye...

THE OPEN July beans:  18 higher July meal:  2.50 lower July soyoil:  2.10 higher July corn:  20 3/4 higher July wheat:  7 3/4 high...

We regret to inform long-time Ag Perspectives readers of the passing of Robert Kohlmeyer. Bob had a long and prolific career, first with Cargill and then w...

Regional News  Black Sea weather patterns are trending cold and dry. Temperatures are too cold for crop growth and a large portion of the central whea...

GOOD MORNING, Prices are higher across the board on technical follow-through from Friday's strong day of trade, with opening gaps in every market except me...

SPREADS July crush trades to 91.92c/bu while oilshare jumps to 43.14%.  July/Nov beans posts a new high at 2.00c with a low of 1.89 1/2c, while May/Ju...

The last trading day of April saw the CBOT open lower and it looked like it would continue the week’s apparent theme of lower trade. Bears’ hop...

Losing to China The theme of President Joe Biden’s address to Congress this week was captured in his statement that, “China and other countries...

The media is abuzz over the recent uptick in American fast food chicken sandwich consumption and the resulting purported shortages. If there were a shortag...

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

In his address to Congress this week, President Biden laid out two major initiatives, the American Families Plan and the American Jobs Plan. According to a...

Jul 21 Corn closed at $6.7325/bushel, up $0.25 from yesterday's close.  Jul 21 Wheat closed at $7.3475/bushel, up $0.0575 from yesterday's close. ...

THE OPEN July beans:  9 lower July meal:  3.80 lower July soyoil:  57 lower July corn:  1/ higher July wheat:  9 1/2 lower The mar...

GOOD MORNING, Prices are leaning lower in the overnight session as the much talked about first notice day is here.  Soyoil and beans traded lower into...

SPREADS July crush trades down to 83c/bu while oilshare trades at 41.58%.  Spreads are weaker with deliveries, with May/July beans trading to an inver...

Volatility remains the best descriptor for the futures market as today saw a mixed opening, some see-sawing up and down, and finally a mixed closing. The c...

Agriculture policy is never a big component of the State of the Union address – if mentioned at all. However, as we wrote on Monday, “Given the...

Jul 21 Corn closed at $6.4825/bushel, up $0.0425 from yesterday's close.  Jul 21 Wheat closed at $7.29/bushel, up $0.0625 from yesterday's close. ...

Wheat:  Net sales of 223,600 metric tons (MT) for 2020/2021 were down 7 percent from the previous week, but up 73 percent from the prior 4-week averag...

GMO Battle Ahead The future of farming, which is to say producing enough food under the duress of climate change and with less burden on the environment wi...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This month we examine issues surrounding livestock, th...

THE OPEN July beans:  9 higher July meal:  .20 lower July soyoil:  64 higher July corn: 3 3/4 higher July wheat:  1 3/4 lower The marke...

SPREADS July crush trades to 84c/bu while oilshare trades higher to 42.25%.  Spreads remain strong with July/Nov beans closing at the highs of 1.95 1/...

GOOD MORNING, The mission of the market is now to define trading ranges from our new ctr highs heading into the summer.  Increased talk of increased U...

CBOT markets pulled back hard overnight and followed through on yesterday’s hook reversals. Overnight trading volume was large, and more than 70,000...

Inflation Downplayed U.S. Federal Reserve Bank Chairman Jerome Powell downplayed recent signals of inflation, arguing they would settle down later in the y...

Jul 21 Corn closed at $6.44/bushel, down $0.105 from yesterday's close.  Jul 21 Wheat closed at $7.2275/bushel, down $0.1 from yesterday's close. ...

Over the past 10-months, surplus stocks of most major vegetable oils have declined, causing prices to rise. The exceptions are surplus supplies of rapeseed...

Livestock Cash Live Hog Price Shows Further Weakness, Futures Rise The national average live hog price showed further weakness last week after a solid reco...

THE OPEN July beans:  9 lower Jul meal: .20 lower Jly soyoil:  93 lower July corn:  12 lower July wheat:  16 lower The markets started...

Russian Grain Markets: 19-23 April 2021 Grain prices on the domestic market mainly grew following global trends. Export milling wheat average price grew to...

SPREADS  July crush trades to 83c/bu while oilshare trades to 41.10%.  Spreads remain firm with July/Nov trading up to 1.85 1/2c from 1.73 1/2c.&...

GOOD MORNING,  Prices saw down-side follow-through overnight following the sell-off yesterday.  Is the panic buying over?  We are approachin...

Multiple CBOT markets/contracts formed a moderately bearish “hook reversal” on Tuesday. A hook reversal is a day when a contract trades to a ne...

F2F Fight The battle between the EU’s new Green Deal and Farm2Fork strategies and U.S. farmers was joined today at a meeting of the Chicago-based Far...

The economic bounce from the re-opening economy – including restaurants and schools – seemed to have been a bigger force than high feed prices...

Jul 21 Corn closed at $6.545/bushel, down $0.03 from yesterday's close.  Jul 21 Wheat closed at $7.3275/bushel, down $0.0675 from yesterday's close.&n...

In 1968, the U.S. had 29 percent of the global market for wheat flour and Turkey had a 0.004 percent share. By 2019, The U.S. share was down to 3.4 percent...

THE OPEN July beans: 2 higher July meal:  2.40 lower July soyoil:  1.40 higher July corn;  2 higher July wheat:  3 higher The markets o...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Syria is reported to have covered most of its wheat needs into 2022 through arrangements with Russi...

SPREADS July crush trades up to 91.39c/bu while oil share trades to new highs of 42.29%.  Jul/Dec corn inverse trades up to 97c, new highs, from 90 1/...

GOOD MORNING, New highs were again posted for some of the markets.  May beans trades over $16.00, while May corn trades over $7.00.  Corn prices...

Corn, soybeans, wheat, KC wheat, and soyoil all posted fresh contract highs to start the week. Continued dryness in Brazil and rising basis in the U.S. spa...

Jul 21 Corn closed at $6.575/bushel, up $0.25 from yesterday's close.  Jul 21 Wheat closed at $7.395/bushel, up $0.2725 from yesterday's close. ...

President Biden’s announced commitment to cut U.S. greenhouse gas emissions in half in just nine years is being viewed as nothing but a political doc...

Scheduled action is light this week in Congress as President Biden will deliver an address to a joint session of Congress on Wednesday 28 April, effectivel...

Corn Argentina  It has been a very interesting week for the corn market. Argentina’s corn harvest is moving slowly with rains and high soil mois...

Regional News  Markets are increasingly concerned about growing dryness in the Northern Hemisphere. Drought is expanding in the U.S. Northern Plains a...

Surplus corn stocks are tightening, and prices are rising, which should ration demand from users such as the livestock sector. However, looking back at the...

THE OPEN July beans:  15 higher July meal:  3.50p higher  July soyoil:  38 higher July corn:  22 higher  July wheat:  21...

GOOD MORNING, Prices trade to new contract highs across the board once again, (except for meal), as Brazil remains dry, weather in the US remains problemat...

SPREADS July crush trades at  69.52c /bu while oilshare trades down to 40.99%.  Spreads remain firm with July/NOv inverse from 1.84 1/2c down to...

The CBOT traded both sides of unchanged at the end of a volatile week filled with large rallies. Grain and oilseed futures dipped lower overnight and teste...

Biden Trade Policy President Joe Biden has tried to make clear that his trade policy is starkly different that his predecessors, both for its focus on coll...

USDA released its Cattle on Feed report today. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 11.5 million head, up 105 perc...

• U.S. Cattle on Feed Up 5 Percent on April 1, 2021 at 11.9 million head. • Placements in feedlots during March totaled 2.00 million head, 28 per...

May 21 Corn closed at $6.555/bushel, up $0.05 from yesterday's close.  Jul 21 Wheat closed at $7.1225/bushel, up $0.0175 from yesterday's close. ...

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

U.S. red meat and poultry stocks continue to trend below year-ago levels, driven largely by decreases in pork stocks but tigthening beef supplies as well...

THE OPEN July beans:  3 1/2 lower July meal:  2.50 lower July soyoil:  5 lower July corn:  5 lower July wheat:  1/2 lower The mark...

The tightening global stocks situation is not just impacting food crops but fiber as well. Global production of cotton is down 7.4 percent at the same time...

GOOD MORNING, It's a weather story, it's a fundamental story, it's a macro story.   In bear markets, all the news is bad news, and in bull market...

SPREADS July crush trades to 68.20c/bu while oilshare trades up to 41.0%.  Spreads remain firm with July/Nov bean inverse trading up to 1.81 1/2c from...

Wall Street was shedding value today and it appeared to all be going to Chicago. There were very high trading volumes even in soymeal, which otherwise had...

USDA will release its monthly Cattle on Feed report tomorrow. Pre-report estimates from the industry peg the total number of cattle on feed as of 1 April a...

May 21 Corn closed at $6.505/bushel, up $0.25 from yesterday's close.  Jul 21 Wheat closed at $7.105/bushel, up $0.355 from yesterday's close.  J...

China Bashing The U.S. Senate Committee on Finance held a hearing today on U.S.-China Relations: Improving U.S. Competitiveness Through Trade. The hearing...

Wheat:  Net sales of 240,200 metric tons (MT) for 2020/2021 were down noticeably from the previous week, but up 55 percent from the prior 4-week avera...

THE OPEN July beans:  18 higher July meal:  1.50 higher July soyoil:  139 pts higher July corn: 7 higher July wheat:  4 higher Prices o...

Soy Export Sales Highlights USDA's export sales report for the week ending 15 April indicated U.S. export sales of soybeans for export in 2020/21 continue...

Wheat:  Net sales of 240,200 metric tons (MT) for 2020/2021 were down noticeably from the previous week, but up 55 percent from the prior 4-week avera...

SPREADS July crush trades to 64.80c/bu while oilshare trades to 40.93%.  Jly/Dec corn trades above 70c to 75c inverse, and pullbacks could continue to...

GOOD MORNING, Prices overnight continued strong and posted several more contract highs.  Funds were adding to long positions in a big way yesterday, a...

The CBOT pushed to new contract highs overnight but found some profit taking and were generally weaker heading into the morning open. Technically, a few co...

Right Sized How large should farms be? That has become an issue in Europe, which like the U.S. started as a social issue but is now morphing in the EU into...

May 21 Corn closed at $6.255/bushel, up $0.19 from yesterday's close.  Jul 21 Wheat closed at $6.75/bushel, up $0.1375 from yesterday's close.  J...

Livestock First Quarter Data On Hog Recovery Progress Sends Mixed Signals According to China’s National Bureau of Statistics (NBS), the country&rsquo...

The Biden Administration has put forth a proposed $2+ trillion plan partially dedicated to improved national infrastructure and paid for by the wealthy and...

THE OPEN July beans:  2 lower July meal:  3.00 lower July soyoil:  33 higher July corn:  3 lower  July  wheat:  3 lower...

Russian Grain Markets: 12-16 April 2021 Grain prices on the domestic market mainly grew following global trends and an increase of the export prices becaus...

SPREADS July crush trades to 61.87c/bu while oilshare values trades higher to 40.24%.  Bean spreads are firmer with July/Nov trading up to 1.63 3/4c f...

GOOD MORNING, Corn and bean prices set new contract highs again overnight before seeing some morning profit-taking.  Soyoil futures also set new contr...

The CBOT rallied sharply on Tuesday with corn and soybeans posting new contract highs overnight. The day session saw funds immediately emerge as net buyers...

Republicans on the House Agriculture Committee have introduced several climate related bills, all with very catchy acronyms – part of the political m...

May 21 Corn closed at $6.065/bushel, up $0.145 from yesterday's close.  Jul 21 Wheat closed at $6.6125/bushel, up $0.075 from yesterday's close. ...

Designed Obsolescence According to reports, WTO Director-General Ngozi Okonjo-Iweala has called for a third-party audit of the organization’s staff t...

Global lumber demand is expanding at the same time wildfires and pests are destroying some forests and around the world countries are under pressure to pre...

THE OPEN July beans:  21 higher July meal:  4.90 higher July soyoil:  180 pts higher July corn:  6 higher July wheat:  7 3/4 highe...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Pakistan’s government has increased the wheat demand estimates for 2021 by 2 MMT to 29...

SPREADS July crush trades to 61.51c, while oilshare trades to 39.85%.   Spreads firm with Jul/Nov bean inverse strengthening up to 1.62 1/2c from...

GOOD MORNING, Prices trend higher on dryness in SA and cold weather extremes in the US.  When bull markets begin a break-out to the upside buying acti...

Funds followed strong technical indicators in December corn and November soybeans and pushed those contracts to new highs on Monday. Old crop corn and soyb...

Climate Tightrope President Biden’s Leaders Summit on Climate kicks off late this week and his plan to commit to a 50 percent reduction (from 2005 le...

The rally in crop prices in MY 2020/2021 coupled with government issued COVID relief payments has reduced the demand for commercial farm loans. The Kansas...

May 21 Corn closed at $5.92/bushel, up $0.065 from yesterday's close.  Jul 21 Wheat closed at $6.5375/bushel, down $0.0125 from yesterday's close.&nbs...

Corn Argentina  Argentina’s corn harvest is making slow progress with high soil moisture and high grain moisture preventing fieldwork. Farmers c...

There are several different metrics used to measure sustainability. Given the limited and depleting amount of fresh water sources, looking at the amount of...

Regional News  Europe continues to struggle with drought with conditions especially concerning for the UK. Most of western and northern Europe has exp...

THE OPEN May beans:  8 higher May meal:  2.20 higher May soyoil:  25 lower May corn:  8 higher May wheat:  1 3/4 higher The market...

SPREADS July crush trades to 61.80c/bu while oilshare trades to 39.85%.  Bean spreads continue firm with July/NOv trading up to 1.54c from 1.48 1/4c,...

GOOD MORNING, Overnight highlights included a rallying corn market and new contract highs in canola futures.  Dec. corn trades to new contract highs a...

The CBOT traded a mixed day with the soy complex showing pronounced strength as soybeans look to catch up to the corn market’s early-week rally. Worl...

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

Killing Meat California will require 100 percent cage-free eggs next year and is now crafting a requirement that sows be given at least 24 square feet of l...

Two years ago last month, we posed the question, Does Hemp Have a Role in Livestock Feed?  Montana’s response to that question is, “yes.&r...

May 21 Corn closed at $5.855/bushel, down $0.045 from yesterday's close.  May 21 Wheat closed at $6.525/bushel, down $0.0125 from yesterday's close.&n...

By the rhetoric and adverse publicity, agriculture would appear to be failing when it comes to sustainability. But just as air and water quality have stati...

THE OPEN May beans:  6 1/2 higher May meal  .80 lower May soyoil:  85 higher May corn:  2 higher May weather:  5 higher The market...

SPREADS July crush trades up to 64.02c/bu while oilshare trades higher, recovering losses to trade up to 39.52%.   July/Nov bean inverse trades h...

GOOD MORNING, Values are firmer across the board, except for meal, as global demand continues to improve.  Ocean freight, a barometer of overall deman...

Corn traded over $6/bushel for the first time since 2013. The Chinese continue to buy and now biofuels demand is bouncing back. One buyer said corn is actu...

It’s a month and a half until Memorial Day weekend, the official kick off of seasonal beef demand. The Choice cutout was $276.62/cwt today, up from a...

Wheat:  Net sales reductions of 56,600 metric tons (MT) for 2020/2021--a marketing-year low--were down noticeably from the previous week and from the...

Rise of Populist Agriculture There is a political left in American agriculture, though it is significantly smaller than the progressives that dominate the...

U.S. Soy Export Sales Continue Seasonal Decline Today’s USDA weekly export sales report for the week ending 8 April shows a continuation of the seaso...

May 21 Corn closed at $5.9/bushel, down $0.04 from yesterday's close.  May 21 Wheat closed at $6.5375/bushel, up $0.0575 from yesterday's close. ...

THE OPEN May beans:  6 1/2 higher May meal:  1.50  higher May soyoil:  45 higher May corn:  2 1/4 higher May wheat:  1 lower...

SPREADS July crush trades to 59.35c/bu, while oilshare trades firmer to 39.31%.  Spreads are firmer with July /Nov beans trading from 1.38 1/4c to 1.4...

GOOD MORNING, Corn prices continue to roll on to the upside with new contract highs, with May over the $6.00 benchmark.  Corn futures follow higher Da...

The CBOT rallied sharply on Wednesday with fund managers following through on yesterday’s Turnaround Tuesday and signs of U.S. inflation. More specif...

Stopping AMLO U.S. Vice President Kamala Harris is headed to Mexico and Central America to supposedly investigate the cause of the surge in illegal immigra...

May 21 Corn closed at $5.94/bushel, up $0.14 from yesterday's close.  May 21 Wheat closed at $6.48/bushel, up $0.1825 from yesterday's close.  Ma...

The weather is being watched carefully this time of year for any adverse impacts on the planting schedule but thus far it is progressing on time or ahead o...

Livestock Live Hog Prices Tank, Down More Than 14 Percent Last Week The Ministry of Agricultural and Rural Affairs (MARA) data show the national live hog p...

THE OPEN May beans:  8 higher May meal: .70 higher May soyoil:  35 higher May corn:  8 1/2 higher May wheat:  11 higher The markets ope...

Russian Grain Markets: 5-9 April 2021 Grain prices on the domestic market grew moderately or remained unchanged. The demand was low as sellers didn’t...

GOOD MORNING, Inflation talk propped up prices yesterday as new money flows into commodities in general, with inflows into ags as well.   Dec. co...

SPREADS Today is day 5 of the Goldman Roll.  July corn, meal, soyoil, wheat and bean futures now have higher open interest than in May contracts, as f...

It was Turnaround Tuesday at the CBOT with talk of U.S. inflation and continued weather issues for the Brazilian safrinha corn crop offering support. Corn...

The unclassified portion of the U.S. National Intelligence Council’s latest “Global Trends” report is pollyannish next to what wargamers...

There's an old adage that in politics, timing is everything. About nine months ago, vastly expanding the acreage set-aside under the Conservation Research...

For many decades, sorghum was the Rodney Dangerfield of row crops, it could not get any respect. Over the past three years as total U.S. corn acreage expan...

May 21 Corn closed at $5.8/bushel, up $0.11 from yesterday's close.  May 21 Wheat closed at $6.2975/bushel, up $0.0175 from yesterday's close.  M...

THE OPEN May beans:  6 1/2 higher May soyoil:  81 higher May meal;  .40 lower May corn:  3 3/4 higher May wheat:  6 1/2 higher The...

Quarterly Summary Surge in March Trading Volume Concludes Brisk Q1 Agricultural futures trading activity on the Dalian Commodity Exchange kicked into high...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The Muslim month Ramadan, a period of fasting, prayer, reflection and family time, begins tod...

SPREADS July crush trades higher to 61.63c/bu while oilshare trades to 38.41%.   The July/Nov bean inverse weakens to 1.26 1/4c vs. 1.31c, while...

GOOD MORNING, Prices are set for turn-around Tuesday as we open into the green except for meal.  May contracts continue to liquidate as we enter day 4...

Funds were aggressive sellers at the CBOT on Monday, with fundamental weakness in palm oil/soyoil spilling over and triggering liquidation across the board...

Discounted Rainforest Europeans are opposing a free trade agreement with Mercosur, in large part because they argue Brazil does too little to stop destruct...

The EU seeks to have 25 percent of its production under organic rules by 2030 but some have doubts about whether the incentives will be large enough to the...

May 21 Corn closed at $5.69/bushel, down $0.0825 from yesterday's close.  May 21 Wheat closed at $6.28/bushel, down $0.1075 from yesterday's close.&nb...

Friday’s WASDE reduced the outlook for pork production reflecting the December to March quarterly Hogs and Pigs report. The hog herd was down 1 perce...

Corn Local corn markets remain dynamic as the harvest continues but at a delayed pace. Good weather last week allowed farmers to harvest an additional 4 pe...

THE OPEN May beans:  7 lower May meal:  1.30 lower May soyoil:  64 lower May corn:  1/2 lower May wheat:  10 lower  The marke...

Regional News  A build-up of Russian military forces along part of the Russian/Ukrainian border is raising tensions between Kyiv and Moscow. So far, c...

SPREADS July crush trades to 54,39c/bu while oilshare trades to 38.23%.  July /Nov bean inverse weakens to 1.30 1/2c from 1.38 1/2c, while May/July tr...

GOOD MORNING, Prices are mostly lower this morning as the soy complex sells off due to weaker soyoil prices, and profit-taking in oilshare.  Wheat is...

U.S. soybean oil price outlook is projected at 45.0 cents per pound, up 4 cents. ...

U.S. soybean meal price outlook is unchanged at $400 per short ton...

U.S. soybean outlook is for higher exports, lower crush, residual use, and seed use.  Soybean ending stocks are projected at 120 million bushels, unch...

U.S. corn outlook is for greater feed and residual use, increased corn used for ethanol production, larger exports, and lower ending stocks. Corn used to p...

U.S. wheat outlook is for lower supplies, reduced domestic use, unchanged exports, and higher ending stocks.  Feed and residual use is lowered 25 mill...

The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutr...

May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close.  May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. ...

Problem Solved The UN hosts a Food Systems Summit later this year intended to promote progress on the organization’s sustainable development goals an...

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

The Biden Administration Office of Management and Budget sent a partial budget plan to Capitol Hill this morning. The proposal is an outline of funding req...

Americans consume more than the dietary guidelines recommend for meat and grains while under-consuming fruit and vegetables. Vegetable consumption has been...

THE OPEN May beans:  1 lower May meal:  1.40 higher May soyoil:  35 lower May corna;  2 1/2 higher May wheat:  5 1/2 higher The ma...

GOOD MORNING, Report day!  At 11:00 central time traders will see how the new carry-out levels and SA production estimates impact prices.  Funds...

SPREADS July crush trads to 60.25c/bu while oilshare trades to 38.23%.  Spreads are slightly weaker for July/Nov inverse, trading down to 1.33 1/4c, w...

Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its Ap...

Livestock cost of gain is an issue that seemingly is not going away and has heightened the interest in tomorrow’s WASDE report. At current carcass we...

Defining Worker-Led Trade Policy A session at the Washington International Trade Association today tried to unravel the meaning of the Biden Administration...

U.S. Soybean Export Sales Shift to New Crop Today’s USDA/FAS export sales report further confirmed the ongoing shift in U.S. sales of soybeans from t...

May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close.  May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close.&nbs...

THE OPEN May beans: 2 lower May meal:  1.20 lower May soyoil:  5 lower May corn:  6 3/4 higher May wheat:  7 3/4 higher The markets ope...

Wheat:  Net sales of 82,000 metric tons (MT) for 2020/2021--a marketing-year low--were down 67 percent from the previous week and 75 percent from the...

SPREADS July crush trades up to 61.86c/bu while oilshare trades to 38.33%.  Goldman Roll begins today.  May/July bean inverse trades down to 5 1/...

GOOD MORNING,  Prices continue to slip into trading ranges in front of the April 9 WASDE report.  Sharply lower soyoil futures were the key to so...

Cattle and hog futures are lodged in massive bullish uptrends that seem to have no end in sight. All three major livestock contracts posted fresh contract...

May 21 Corn closed at $5.605/bushel, up $0.0625 from yesterday's close.  May 21 Wheat closed at $6.1625/bushel, up $0.0075 from yesterday's close.&nbs...

Livestock Live Hog Price Sees Modest Increase in Last Full Week of March The national average live hog price through the week ending 26 March rose slightly...

Sustainability Cliff Charlie Mitchell of the New Republic complains that U.S. agriculture’s viewpoint of how to meet sustainability goals is to not c...

The Pew Research Center has attracted a lot of ink for its analysis of losses to middle income earners from the pandemic. Its data, derived from World Bank...

THE OPEN May beans:  4 1/2 higher May meal:  1.00 higher May soyoil:  4 higher May corn:  2 3/4 higher May wheat:  1/4 lower Price...

Russian Grain Markets: 29 March-2 April 2021 Milling and feed wheat, feed corn, and barley prices remained unchanged or moved in different directions insig...

GOOD MORNING, The markets continue to adjust into Friday's WASDE report, which is typically not a market maker.   Prices are mostly firm this mor...

SPREADS July crush trades to 59.29c/bu while oilshare trades to 38.80%.  The July/Nov bean inverse trades to 1.40 3/4c from 1.46 3/4c, while May/July...

The CBOT started out strong but pulled back on quiet volumes and limited follow-through buying. Buyers are looking at early forecasts for ample grain and o...

Bipartisan USTR President Biden is said to be likely to name long-time aide Sarah Bianchi as Deputy USTR. Bianchi’s closest work in trade involved se...

During the administrations of Presidents Marci and Trump, relations between the U.S. and Argentina started to improve. For example, the Trump Department of...

The Livestock Environmental Assessment and Performance Partnership (LEAP) claims that pro-environment “ecolabels” are more appealing to shopper...

THE OPEN May beans:  15 higher May meal:  3.40 higher May soyoil:  1.08 pts higher May corn:  6 higher May wheat:  4 1/4 higher Th...

SPREADS July oilshare rises to 38.65% and crush trades up to 59c/bu.  Spreads are firmer with July/Nov trading up to 1.44 1/2c from 1.36 1/2c, and May...

GOOD MORNING,  Prices remain well bid overnight with higher oilshare again dominating price action and beans climbing over corn.  Crush continues...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  After the problem with the Ever Given in the Suez Canal, the Egyptian government is said to b...

April could be one of the most volatile months of trading for 2021. Last week’s reports certainly surprised the market and traders are once again bra...

Picking a Venue There are real risks to the American economy from Mexico’s ban on GM corn for food and glyphosate. While most corn sold to Mexico is...

May 21 Corn closed at $5.5325/bushel, down $0.065 from yesterday's close.  May 21 Wheat closed at $6.18/bushel, up $0.07 from yesterday's close. ...

Last week, President Biden unveiled a major $2 trillion infrastructure package, the American Jobs Plan. From agriculture’s perspective, the plan is a...

According to a study in the journal Environmental Research Letters, the adverse impact from heat and drought over the past 50 years in Europe have tripled...

Corn Last week was shortened by holidays but the FAS market moved higher once again. Exporters are present in the market and are bidding for different deli...

THE OPEN May beans:  13 1/4 higher May meal:  5.00 higher soyoil:  67 higher May corn:  1 higher May wheat:  5 higher Prices opene...

Regional News  Russia calculated and published its official grain export duty rates on Monday. Effective 2 April 2021, the benchmark prices and tariff...

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

GOOD MORNING, Prices were mostly higher overnight taking back losses from Thursday's holiday shortened session.  Funds are still holding long position...

SPREADS July crush trades to 67c/bu while oilshare trades at 38.0%.   The Jly/Nov bean inverse weakens to 1.26 1/2c from 1.38c, while May/July tr...

Tomorrow, 2 April is a holiday for the CBOT/CME markets in observance of Good Friday. Please note that our office will also be closed. The next Ag Perspect...

A lot of money  won and lost after the reports were issued yesterday. The drive up in corn prices hammered feeder cattle and lean hog values. No new h...

Yesterday’s Planting Intentions and Grain Ending Stocks reports from USDA were market movers, but despite the effects of higher feed prices, there wa...

May 21 Corn closed at $5.5975/bushel, down $0.045 from yesterday's close.  May 21 Wheat closed at $6.11/bushel, down $0.07 from yesterday's close.&nbs...

Miscellany Day The Biden Administration’s latest National Trade Estimates Report on barriers abroad kept opposition to Mexico’s glyphosate ph...

U.S. Soy Exports and Sales Continue to Decline Today’s USDA export sales report showed U.S. soy export sales and exports continued their seasonal dec...

Wheat:  Net sales of 250,100 metric tons (MT) for 2020/2021 were down 27 percent from the previous week and 22 percent from the prior 4-week average.&...

Technical Perspectives will resume on April 5...

USDA surprised the markets with planted acreage forecasts that were well below pre-report expectations. USDA pegged 2021 corn acres at just 91.1 million, u...

WPI’s weekly China In-Country analysis report is delayed. Thanks for your patience and understanding. If you have any questions or comments, please f...

Singing Constituency’s Chorus USDA Secretary Tom Vilsack knows his constituency. He has reportedly called on the Congress to reauthorize Trade Promot...

May 21 Corn closed at $5.6425/bushel, up $0.25 from yesterday's close.  May 21 Wheat closed at $6.18/bushel, up $0.1625 from yesterday's close. ...

It is unclear which of several geopolitical rifts (Xinjiang, Hong Kong, Taiwan, South China Sea, etc.) between China and the west is going to prove the tip...

Russian Grain Markets: 22-26 March 2021 Milling wheat, feed wheat and feed corn prices in all regions of Russia decreased moderately, while feed barley pri...

THE OPEN May beans:  8 higher May meal:  .30 higher May soyoil:  1.25 higher May corn:  3/4 lower May wheat:  2 lower The markets...

GOOD MORNING, The market's losses yesterday found many looking for an explanation.  With fundamentals not changing much, would have to consider that t...

SPREADS July crush firms back to 58c/bu while crush trades to 38.10%.   July /Nov beans inverse trades from 1.70 1/4c up to 1.75 1/2c, while May/...

The CBOT saw widespread selling Tuesday with fund managers liquidating longs as the end of the month and quarter draw near. Tuesday’s trade once agai...

Face of Lobbying Changes  WTO members led by India and South Africa are pushing for a waiver from Intellectual Property (IP) protections for any goods...

On 22 February, we noted that the Supreme Court had agreed to hear a challenge to the 10th District Court’s ruling on small refinery exemptions (SREs...

May 21 Corn closed at $5.3925/bushel, down $0.075 from yesterday's close.  May 21 Wheat closed at $6.0175/bushel, down $0.15 from yesterday's close.&n...

Chicago underwent some serious adjustments ahead of tomorrow's market influencing USDA reports. Based on the accuracy of Reuters’ survey of analysts...

WPI's monthly publication features a review of the past month's market and policy analysis articles. This issue examines the oilseeds, produce and organic...

THE OPEN May beans:  9 lower May meal:  .70 higher May soyoil:  80 lower May corn:  1 lower May wheat:  3 3/4 lower Prices opened...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  There hasn’t been this much news coverage of the Suez Canal since the crisis in 1956. H...

GOOD MORNING, Prices continue to leak lower as more funds sell the market in front of the March 31 Stocks/Acreage report.    With everyone in the...

SPREADS July crush trades to 52c/bu while oilshare sits at 38.31%.  Nov/Jul bean inverse continues to weaken, trading down to 1.75 1/2c from 1.82 1/4c...

The CBOT was mostly lower on Monday with a stronger U.S. dollar pressuring ag markets. Soyoil rallied with support from palm oil but soybeans and soymeal f...

May 21 Corn closed at $5.4675/bushel, down $0.0575 from yesterday's close.  May 21 Wheat closed at $6.1675/bushel, up $0.035 from yesterday's close.&n...

Camel’s Nose USDA Secretary Tom Vilsack appeared to discount Mexico’s plan to ban glyphosate and GMO corn by saying it would not affect U.S. fe...

As we reported on 16 November, a transition memo for USDA was issued from Duke University’s Climate 21 Project proposing a CCC-run carbon bank. Rober...

Corn After last week’s rains across Argentina, the corn crop’s moisture level was too high for harvest, slowing the weekly progress rate to jus...

The Philippines may increase its pork imports under a reduced tariff by over 600 percent, from 54,210 MT to 404,210 MT to better meet demand and reduce pri...

THE OPEN May beans:  4 1/2 lower May meal:  4.50 lower May soyoil:  12 higher May corn:  5 1/2 lower May wheat:  1 1/4 lower Price...

Regional News  Last week, the International Grains Council (IGC) pegged the 2020/21 world grain production forecast at 2,224 MMT, up 9 MMT from the pr...