THE OPEN November beans: 1/4 higher December meal:  .80 higher December soyoil:  .8 lower December corn:  1 1/2 higher December wheat: ...

SPREADS Oct. crush trades to 94.25c/bu while oilshare trades to 34.43%.   Corn spreads are firmer with SEp/Dec narrowing into 13 3/4c from 14 1/2...

GOOD MORNING, Prices are mixed this morning, with oilshare weaker and wheat prices firmer but closing on trading range lows.  Rumors of business have...

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 August...

Trading is bracketed by bearish crop yields and passable weather on one side, and reasonable demand on the other. The former prevailed today in corn, soy a...

Tale of Two Stories The U.S.-China bilateral meeting is reportedly back on, assuming President Trump does not interfere again. He doesn’t want to tal...

Dec 20 Corn closed at $3.3925/bushel, down $0.005 from yesterday's close.  Dec 20 Wheat closed at $5.285/bushel, up $0.065 from yesterday's close.&nbs...

Soy Export Sales Highlights Today’s USDA export sales report was both positive and somewhat disappointing. Sales of soybeans for the upcoming marketi...

THE OPEN November beans:  7 lower December meal:  2.10 lower December soyoil:  42 lower December corn:  1 1/2 lower December wheat:&nbs...

Wheat:  Net sales of 523,000 metric tons (MT) for 2020/2021 were up 42 percent from the previous week, but down 8 percent from the prior 4-week averag...

We note with interest that several financial advisory services have begun to tout commodities as something an investor might consider adding to his portfol...

SPREADS October crush trades to 93.27c/bu while oilshare slides to 34.53%.  Sep/Dec corn continues to weaken trading out to 15c from 14 3/4c carry, wh...

GOOD MORNING, Price action remains dominated by weather forecasts and demand.  Weather forecasts appear to moderate and offer potential rainfall in wh...

The CBOT was mixed once again with row crops mostly steady unenthusiastic trade as the market awaits the Iowa and Illinois Pro Farmer tour results. Wheat f...

Dec 20 Corn closed at $3.3975/bushel, down $0.02 from yesterday's close.  Dec 20 Wheat closed at $5.22/bushel, up $0.045 from yesterday's close. ...

Belarus is in the news, and not in a good way. The country’s leader since the fall of the Soviet Union (28 years) has been Alexander Lukashenko, also...

Livestock China’s Live Hog Supply Improves for 10th Consecutive Month July figures from China’s Ministry of Agriculture and Rural Affairs (MARA...

Russian Grain Markets: 10-14 August 2020 Wheat prices on the domestic Russian market mainly grew, especially in Siberia. Corn prices either remained stable...

THE OPEN November beans: 1 higher December meal:  .40 lower December soyoil:  21 higher December corn:  1 1/2 lower December wheat:  3...

SPREADS Oct. crush trades to 92.58c/bu while oilshare trades to 34.90%.  Sep/Dec corn spreads remain extremely active with large volumes.  Sep/De...

GOOD MORNING, Trade continues to pullback and define trading ranges off the overall lows.  Funds added to corn and meal shorts yesterday and bean/soyo...

The CBOT was mostly red on Tuesday as wheat reversed its direction from Monday and posted 6-9 cent losses. Corn was stronger initially but was pulled lower...

Pro-Europe Dems The last four of the 80-page Democratic Party Convention Platform is on U.S. trade policy. It has plenty of language excoriating unfair for...

Process-based trade rules are a slippery slope since perceptions of efficacy can vary greatly. Since global fisheries are being depleted at a rapid rate, t...

Dec 20 Corn closed at $3.4175/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.075/bushel, down $0.09 from yesterday's close.&nbs...

THE OPEN November beans:  1 lower December meal:  .80 lower December soyoil:  24 higher December corn:  1 higher December wheat: ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  A group of Pakistan flour mills reportedly booked 60,000 MT of Black Sea wheat for September...

SPREADS October crush trades to 94.98c/bu while oilshare trades to 34.48%.   Dec/Dec corn trades from 32 1/4c to 33 1/2c, vs. values that were as...

GOOD MORNING, Prices this morning begin slightly lower for everything but soyoil on profit-taking and better than expected ratings for corn and beans. ...

The CBOT finished sharply higher on Monday, with dry weekend weather starting and supporting what turned into a day of technical buying. Funds were aggress...

The latest polling from Iowa, per Monmouth University’s survey taken 30 July-3 August, shows President Trump with a three-point lead over Democratic...

Trade Finance Hole The U.S. Export-Import Bank votes to authorize up to $450 million in coverage to include agricultural commodities sold to Iraq. The offi...

At least anecdotally, some food industry lawyers report a drop-off in food borne illness litigation cases this year. Official data is reported by the Cente...

Dec 20 Corn closed at $3.4475/bushel, up $0.0675 from yesterday's close.  Sep 20 Wheat closed at $5.165/bushel, up $0.165 from yesterday's close. ...

Soybeans Market Overview Soybean markets were not as active last week as they were two weeks ago. China secured additional cargoes of U.S. soybeans for Oct...

THE OPEN November beans:  9 higher December meal;  3.60 higher December soyoil:  39 higher December corn:  5 higher September wheat:&nb...

SPREADS Oct. crush trades to 93.36c/bu while oilshare trades to 34.44%.    Sep/Dec corn trades from 13 1/4c to 14c, while Dec/Dec trades from 32c...

GOOD MORNING, Prices are firmer this morning on positive technical signals from last week’s August WASDE report, drier weather over the next two week...

It was a modest day in the pits with wheat in the green and corn and soybeans in the red. After yesterday’s profit-taking there was leveling out toda...

According to the Monthly Treasury Statement issued by the Department of Treasury, USDA has spent about $149.53 billion so far this fiscal year. That means...

Bilateral Postponed A planned consultation between China and the U.S. scheduled for tomorrow has been postponed, reportedly due to a scheduling conflict. T...

Dec 20 Corn closed at $3.38/bushel, up $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5/bushel, down $0.0375 from yesterday's close.  N...

July is a critical month for corn and soybeans are made in August so short of freak events like last week’s derecho, this year’s crops are near...

THE OPEN November beans:  3 3/4 lower December meal:  1.20 lower December soyoil:  8 lower December corn:  1 1/2 lower September wheat:...

SPREADS  Oct. crush trades to 92.80c/bu while oilshare declines to 34.88%.  Corn spreads are slightly weaker with Dec/Dec trading from 33 1/4c ou...

GOOD MORNING, Prices are settling back in trading ranges with some profit-taking and hedge selling on this week's corn, bean, and meal rally.   ...

Yesterday’s bump in the market was because USDA’s WASDE report was not as bearish as feared. Today’s jump is harder to explain - it seems...

U.S. Soy Export Sales Highlights Today’s USDA export sales highlights confirmed the week ending 6 August was a fantastic one for exporters of U.S. so...

Yesterday’s WASDE showed USDA’s red meat and broiler production forecast down slightly from last month’s forecasts with lower projected p...

Dec 20 Corn closed at $3.3875/bushel, up $0.115 from yesterday's close.  Sep 20 Wheat closed at $4.9675/bushel, up $0.055 from yesterday's close. ...

Carou-Selled When carousel retaliation (periodically changing the products targeted for trade retaliation) was introduced in 2000, the goal was to increase...

THE OPEN Nov beans:  12 higher Dec meal:  5.00 higher Dec soyoil:  2 higher Dec corn:  6 higher Sep wheat:  1/2 lower The markets...

Wheat:  Net sales of 367,900 metric tons (MT) for 2020/2021 were down 39 percent from the previous week and 45 percent from the prior 4-week average.&...

Last week we asked the rhetorical question “how big is big” as it applies to the U.S. and world grain and soybean supply and demand estimates f...

GOOD MORNING, The rally from yesterday continued overnight for all the markets except for wheat.   After the close, the FSA acres were a bit of a...

SPREADS Oct crush trades to 93.78c while oilshare trades to 34.99%.  Dec/Dec corn narrows into 31c from 35 1/2c, while Sep/Dec trades from 2 3/34c out...

Harris on Food U.S. Senator Kamala Harris (D-California) is Mr. Biden’s selection for vice president on his ticket and she is your garden variety Dem...

With just about every human malady, someone is blaming a food or group of foods as the source of the disease. However, these assertions are merely associat...

The CBOT finished higher in the wake of a WASDE report that featured record large U.S. corn and soybean yields. The report was not quite as bearish as pre-...

Dec 20 Corn closed at $3.2725/bushel, up $0.0375 from yesterday's close.  Sep 20 Wheat closed at $4.9125/bushel, down $0.0375 from yesterday's close.&...

  The soybean oil price is forecast at 30.0 cents per pound, up 1 cent...

Soybean crush is also raised, mainly reflecting increased soybean meal exports.  The soybean meal price is forecast at $290 per short ton, down 10 dol...

USDA forecasts U.S. soybean production at 4.425 billion bushels, up 290 million on higher yields.  Harvested area is forecast at 83.0 million acres, u...

 USDA forecasts U.S. corn production at 15.3 billion bushels, up 278 million from the July projection.  The season’s first survey-based cor...

USDA raised U.S. wheat production 14 million bushels to 1,838 million as increased Hard Red Spring (HRS) and Durum production more than offsets lower winte...

Macroeconomics Food Prices Up by 13.2 Percent in July For the second straight month, the cost of food in China was up year-on-year by double digits. Follow...

THE OPEN November beans:  2 higher December meal:  .40 lower December soyoil:  37 higher December corn:  steady September wheat: ...

Russian Grain Markets: 3-7 August 2020 Wheat prices on the domestic Russian market moved in different directions. The changes were moderate or insignifican...

SPREADS Oct. crush trades to 95.46c/bu while oilshare trades to 34.94%.   Corn spreads tighten a bit with Dec/Dec trading into 36 1/2c from 37 3/...

GOOD MORNING, Prices are mixed heading into trade with a recovery in soyoil.  The August 12 WASDE, which includes the use of farmer surveys, is out at...

The National Oilseed Processors Association released a study today on the impact of COVID-19 on soybean crushers and farmers. The study shows that the valu...

Yesterday’s “derecho” weather event that brought hurricane-force winds to parts of Iowa, Illinois, Wisconsin, and Indiana likely caused 2...

Dec 20 Corn closed at $3.235/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $4.95/bushel, up $0.04 from yesterday's close.  No...

Presumptive Democratic presidential candidate Joe Biden announced his pick for vice president today, but the far larger question is what would he do about...

USDA tends not to “over-guess” a crop in August and the October WASDE tends to be closer to a crop’s final numbers, but this year is baff...

THE OPEN November beans:  2 lower December meal:  .40 lower December soyoil:  14 lower December corn:  1 1/2 higher September wheat:&nb...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  The government of Lebanon has said that while the Beirut grain silos were destroyed, there sh...

SPREADS Sep/Dec corn spreads continue to have heavy volume, with nearly 80K traded Monday, and is trading from 12 1/4c to 12 1/2c today.  The spread t...

GOOD MORNING, Prices are mixed this morning, with grains higher on short-covering.  The massive wind storm that impacted the US, along with slightly l...

The CBOT was mixed with corn and soybeans higher on short-covering and fundamental support heading into Wednesday’s WASDE. End-users were net buyers...

Values-Based Trading In the latest effort to block a trade agreement between the EU and Mercosur, activist groups Uplift and TASC issued a report claiming...

The last session of negotiations on COVID-19 relief legislation between Democratic House and Republican Senate leaders was on Friday, with no progress made...

Dec 20 Corn closed at $3.23/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $4.91/bushel, down $0.045 from yesterday's close. ...

The latest mantra from development specialists is concern about the future availability of water. It is an old topic but a durable one given the preciousne...

THE OPEN November beans:  1 higher December meal:  .20 higher December soyoil:  1 higher December corn:  1/4 higher September wheat:&nb...

Regional News  The biggest trends in the EU/Black Sea wheat markets this week are the fact that the Russian crop continues to grow while EU crop forec...

Corn Argentina’s corn harvest is coming to an end, per the Buenos Aires Grain Exchange. The yield averaged 8.1 MT/ha and total production came in at...

SPREADS Oct. crush to 94.02c/bu while oilshare is at 35.20%.  Sep/Dec corn trades from a low of 13c into 11 1/2c on heavy volume.    Dec/Dec...

GOOD MORNING, Prices were firmer overnight but have since turned lower.  Wheat futures are lower with larger production out of Russia and Canada, as w...

COVID Relief: Today was the target deadline for the next COVID relief package; that is not going to happen. Neither the Senate or House was in session toda...

The CBOT was sharply weaker heading into the weekend with many contracts posting new contract lows. September corn, December soymeal, and the first five li...

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

Dec 20 Corn closed at $3.2075/bushel, down $0.03 from yesterday's close.  Sep 20 Wheat closed at $4.955/bushel, down $0.0575 from yesterday's close.&n...

Trade on the Campaign Trail The two leading candidates for the U.S. presidency are making it clear that trade will be a central campaign topic, and it will...

THE OPEN November beans: 1 lower December meal:  .20 lower December soyoil:  23 lower December corn:  1/2 lower September wheat:  3 low...

The adage is that big crops get bigger – meaning USDA uses trendline yields for forecasting. But as evidence gathers that weather has been kindly, ea...

SPREADS Sep. crush trades to 91.62c/bu while oilshare trades at 25.32%.  The nearby corn spread Sep/Dec widens out to 12 1/2c from 12 1/4c, and values...

GOOD MORNING, Prices are mixed this morning, though all are sitting close to trading range lows except soyoil.   The uncertainties of upcoming tr...

Politicians can make a mess of things, but policymakers typically seek to solve problems. Politicians proclaim a new cold war between China and the U.S.; p...

Records are being set in lots of places and not in a good way if you are a bull. There will be record wheat in Canada and India and projected record corn a...

Dec 20 Corn closed at $3.2375/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.0125/bushel, down $0.095 from yesterday's close.&nb...

The June meat export totals were released by USDA today, with pork, broilers and beef all showing a drop from May and big drops from the 2020 high point in...

Wheat:  Net sales of 605,500 metric tons (MT) for 2020/2021 were down 11 percent from the previous week, but up 2 percent from the prior 4-week averag...

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

THE OPEN Nov beans:  2 1/2 higher Dec meal:  .40 lower Dec soyoil:  41 higher Dec corn:  1/4 higher Sep wheat:  3 1/2 higher The m...

SPREADS Sep crush continues to improve its margin at 92.34c/bu and oilshare remains strong at 35.54%.  Sep/Dec corn trades out to 12 1/4c from 12c, an...

One might say that grain and soy futures markets are a function of relative sizes.  Fundamentally, their prices are moved by how big or small crop pro...

GOOD MORNING, Prices continue to trade mixed, with the major direction for most of the markets sideways to lower.  Funds are now estimated to be short...

The CBOT featured spread trade on Wednesday with corn and wheat gaining on soybeans. Traders were revering old bull soybean/wheat and soybean/corn spreads,...

A few members of the U.S. Congress have drafted legislation to restrict the use of farm chemicals based on organophosphates and neonicotinoids. The authors...

The value of gold has surpassed $2,000/troy ounce for the first time. It has climbed 32 percent in value thus far this year and, given the dovish stance of...

Dec 20 Corn closed at $3.2325/bushel, up $0.03 from yesterday's close.  Sep 20 Wheat closed at $5.1075/bushel, up $0.025 from yesterday's close. ...

Livestock Ministry of Agriculture Data Shows Hog Recovery on Track According to the latest market surveys from China’s Ministry of Agriculture and Ru...

THE OPEN November beans:  3/4 higher December meal:  .10 higher December soyoil:  1 lower December corn:  1 1/4 higher September wheat:...

Russian Grain Markets: 27-31 July 2020 Wheat prices grew in the European part of the domestic Russian market and decreased in the Ural regions and Siberia...

SPREADS Sep. crush trades to 90.35c/bu while oilshare trades back to 35.0%.  Sep/Nov beans trades from 2c to 2 1/2c carry.  Sep/Dec corn trades o...

GOOD MORNING, Prices continued to work lower post beneficial crop progress numbers.  Rising domestic and international crop estimates for wheat, (Russ...

The CBOT was sharply weaker for the second trading day in August. Continued excellent or improving spring crop conditions and private firm forecasts of rec...

Phase One Collateral Damage UC-Davis researchers Robert Feenstra and Chang Hong analyzed (NBER Working Paper No. 27383) the impact of the Phase One agreeme...

The 2018 farm bill was signed into law in December of that year and implementing rules were rolled out through 2019. The major crop programs, like ARC and...

Dec 20 Corn closed at $3.2025/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.0825/bushel, down $0.1275 from yesterday's close...

The malting barley sector was thrown two curve balls this year: the shutdown of the hospitality sector by COVID-19, and China imposing punitive tariffs on...

THE OPEN November beans:  6 1/4 lower December meal:  2.30 lower December soyoil:  13 higher December corn:  3 lower September wheat:&n...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  News from the Middle East and North Africa is limited this week due to the Eid al Adha holida...

SPREADS Sep. crush trades higher to 89.51c/bu while oilshare trades over 35.0% to new highs of 35.30%.    Sep/Nov beans trades from 2 3/4c to 3 3...

GOOD MORNING, Prices are mostly lower today as good crop conditions were confirmed in the USDA report.   Conditions improved more than expected f...

U.S. corn farmers out-yield their competitors but then lose to the competition’s lower prices. Similarly, Vietnam has the highest rice yields in Sout...

Selling in wheat was the dominant theme at the CBOT on Monday. Weekend news that private firms had made upward revisions to the Russian wheat crop, now for...

Pesticide Hesitancy Vaccine hesitancy is the polite characterization of those who refuse vaccinations against disease. The World Health Organization (WHO)...

The House Foreign Affairs Committee is opening an investigation into whether the U.S. Ambassador to Brazil is peddling to Brazil a proposed purchase of eth...

Dec 20 Corn closed at $3.285/bushel, up $0.015 from yesterday's close.  Sep 20 Wheat closed at $5.21/bushel, down $0.1025 from yesterday's close. ...

Regional News  The EU Commission’s MARS unit cut its forecast of the EU soft wheat yield to 5.54 MT/ha, down from earlier estimates of 5.6 MT/ha...

THE OPEN November beans:  4 higher December meal:  1.90 lower December soyoil:  37 higher December corn: steady September wheat:  7 3/4...

Wheat Weather conditions are still working against the 2020/21 wheat crop. Planting activity, mostly focused in the South of Buenos Aires, is moving slowly...

SPREADS Sep. crush trades to 84.97c/bu while oilshare falls trades higher to 34.86%.  Spreads are slightly weaker with the Aug/Nov inverse trading fro...

GOOD MORNING, Prices are mixed this morning.  Wheat is lower as traders unwind recent buy wheat/sell corn trade.  Wheat is under pressure in spil...

There’s been a lot of economic data released this week, most of it bearish and some of it unprecedented. Officially, the U.S. is in a recession, i.e...

July finished with a fizzle at the CBOT, with buy wheat/sell corn spreads pressuring the feed grain while soybeans firmed on expectations of continued expo...

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

Dec 20 Corn closed at $3.27/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.3125/bushel, up $0.0175 from yesterday's close. ...

Both the U.S. and Europe reported this week that the coronavirus pandemic sent their respective economies into the deepest plunge on record. A look at the...

THE OPEN November beans: 3 1/2 higher December meal:  1.00 higher December soyoil:  11 higher December corn:  3/4 lower September wheat:&nbs...

SPREADS Sep. crush firms to 86.52c/bu, while oilshare is back below 34.0% to trade down to 33.79%.  Sep/Dec corn trades out to 11c from 10 3/4c. ...

GOOD MORNING, Prices are firmer this morning led by soybeans.  Technically speaking November beans put in reversal day of trade, posting an outside da...

Markets are being whipsawed as concerns about the economy apply downward pressure as seen in the last overnight session and then buoyed somewhat this morni...

The dairy industry has faced several years of bear markets and just when things looked like they were going to turn around in 2020, COVID-19 hit. Reduced f...

Dec 20 Corn closed at $3.2675/bushel, up $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.0325 from yesterday's close.&nb...

Soy Export Sales Highlight As expected, the week ending 23 July was a very good one for exporters of U.S. soybeans and a so-so week for exporters of U.S. s...

Economic Recovery and Quit the Race A Nikkei survey of 145 Japanese company CEO’s found that a majority believe it will take at least two years to ec...

THE OPEN Nov beans:  1 lower Dec meal:  1.20 lower Dec soyoil:  20 higher Dec corn:  2 higher Sep. wheat:  1 lower The markets ope...

Wheat: Net sales of 676,600 metric tons (MT) for 2020/2021 were up 10 percent from the previous week and 30 percent from the prior 4-week average.  Co...

SPREADS Sep. crush trades to 81.84c/bu while oilshare trades to 34.15%.   Sep/Dec corn widens out to new lows at 11c from 10 1/2c.  August/N...

GOOD MORNING, Inter-market spread activity continues.  Buy soyoil/sell meal and unwinding of recent buy wheat/sell corn are in play.   Soyoi...

The Federal Reserve Bank’s July meeting ended yesterday. No one expects the Fed to change its stance on record low interest rates or to ease up on it...

Currency Manipulation Goldman Sachs is warning that the U.S. dollar’s dominance as the global reserve currency is at risk. Threats include inflation,...

The U.S. sorghum crop is the world's largest and this year's output is suffering from overly dry conditions. USDA's crop condition rating is 53 percen...

The CBOT opened lower with continued pressure from excellent corn/soybean conditions ratings and increased chatter about above-trendline or record yields t...

Dec 20 Corn closed at $3.2625/bushel, down $0.0375 from yesterday's close.  Sep 20 Wheat closed at $5.3275/bushel, up $0.0925 from yesterday's close.&...

THE OPEN November beans: 4 lower December meal: 1.80 lower December soyoil:  25 higher December corn:  3/4 lower September wheat:  5 1/2 hig...

Livestock U.S. Beef Exports Continue on Record Run When 2020 finally comes to an end, it will likely be remembered as the year when U.S. beef and beef prod...

Russian Grain Markets: 20-24 July 2020 Wheat prices on the domestic market hit bottom and started growing in some regions. Meanwhile, on the export market...

WPI's monthly publication features a review of the past month's market and policy developments. This issue covers such topics as the recovery in cattle pri...

GOOD MORNING, Prices were on the defensive with the market unable to ignore 3% better ratings on Monday for corn and beans.   The majority of cor...

 SPREADS Sep. crush trades higher to 80.65c/bu while oilshare trades to 33.87%.  The nearby August /Nov bean inverse still remains firm at 9 1/4c...

The CBOT opened lower overnight as USDA’s surprise increase in the good/excellent ratings for corn and soybeans pressured the market. Wheat followed...

Notable Viewpoints A Bloomberg session today on saving global trade brought some interesting viewpoints from former trade officials as well as China topic...

Dec 20 Corn closed at $3.3/bushel, down $0.045 from yesterday's close.  Sep 20 Wheat closed at $5.235/bushel, down $0.0425 from yesterday's close.&nbs...

As surplus corn stocks begin to build, U.S. farmers start to think about price and their return on investment. This is likely why the June USDA crop planti...

THE OPEN November beans:  13 lower December meal:  3.50 lower December soyoil:  46 lower December corn:  4 lower September wheat: ...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA The recent USDA-FAS report on Saudi Arabia’s barley trade says Arasco Saudi is marketing comp...

SPREADS Sep. crush trades to 77.82c/bu while oilshare weakens down to 33.37%.  The feature of the morning is the bean inverse, where August / Nov trad...

GOOD MORNING, Prices were lower for most of the markets as crop progress ratings improved more than expected, and corn and beans entered a mostly negative...

The CBOT opened on a weaker note with corn, soybeans and wheat trading lower Sunday night and into Monday morning. Monday’s opening bell, however, sa...

The Republican majority in the Senate is set to unveil its latest round of COVID-19 relief. At this point it looks to be a $1 trillion package and will set...

Dec 20 Corn closed at $3.345/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, down $0.1175 from yesterday's close.&...

Beef is expensive to produce, emits the most greenhouse gases, is highly cultural in some places and has a highly evolving demand structure. Over the past...

Nail on the Head Democratic Senators Elizabeth Warren (Massachusetts) and Cory Booker (New Jersey) teamed up on a report excoriating the meat industry over...

Wheat Argentina’s wheat area received some rain last week (15-50 mm) but precipitation was isolated to the southern agricultural area. The effect is...

Regional News  European and Black Sea markets are seemingly solely focused on the advancing wheat harvest as well as the early start of rapeseed/summe...

THE OPEN November beans: 1 higher December meal;  2.30 higher December soyoil:  32 lower December corn:  3/4 higher September wheat:  6...

SPREADS Sep. crush trades to 75.40c/bu, while oilshare trades back below 34.0% to 33.44%.  The nearby bean August/Nov inverse congests from 5 1/2c to...

GOOD MORNING, Prices are mixed today as crop ratings will be released at 3:00 PM central time, and they are expected to show stable to perhaps better ratin...

Two key cattle reports came out this afternoon after the market close, Cattle on Feed and the semi-annual Cattle Inventory. The Cattle on Feed report was l...

The CBOT traded a mixed day to close the week with higher wheat futures the only pronounced development. Rising cash wheat values in Russia (up $1-5/MT dep...

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

Platform Analysis A draft of the Democrats’ Party Platform for this year’s election repeats past policy promises for agriculture, most of which...

Dec 20 Corn closed at $3.35/bushel, down $0.005 from yesterday's close.  Sep 20 Wheat closed at $5.395/bushel, up $0.1 from yesterday's close.  N...

United States Cattle with capacity of 1,000 or more head totaled 11.4 million head on July 1, 2020. The inventory was slightly below July 1, 2019. However,...

THE OPEN November beans:  1/2 higher December meal:  .30 lower December soyoil:  17 higher December corn:  1 higher  September whe...

North Korean leader Kim Jong Un was in the news inspecting a new chicken farm and calling for improvements to an outdated poultry industry. Efficient poult...

SPREADS Sep. crush trades to 74.85c while oilshare trade back under 34.0% to 33.81% this Am.  Corn spreads weaken a bit.  THere is a negative sea...

GOOD MORNING,  Prices inched higher this morning with beans, corn, and wheat hitting new highs for the move up.   Wheat is in the lead today...

If not for good export sales, futures prices would be pressured even lower. Cheap prices are encouraging some of China’s purchases. Moreover, a weake...

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 July at...

Dec 20 Corn closed at $3.355/bushel, up $0.0075 from yesterday's close.  Sep 20 Wheat closed at $5.295/bushel, down $0.05 from yesterday's close. ...

Robinhood: Proving that it is easy to give away other peoples’ money, the United Nations Development Program is proposing the payment of a temporary...

U.S. Soy Export Sales Highlights Today’s USDA export sales report showed exporters had great success selling U.S. soybeans for export in the week end...

THE OPEN November beans:  2 higher December meal:  .60 higher December soyoil:  21 higher December corn:  1 1/2 lower September wheat:&...

SPREADS Sep. crush trades to 74.39c/bu while oilshare is slightly firmer at 34.18%.  Nearby bean spreads strengthen with August /Nov trading to new hi...

Grain and soy futures prices have been relatively quiet and range-bound lately with the exception of soyoil. Soyoil futures were trading slightly lower yes...

GOOD MORNING, The soy complex continues to build on gains after two days of market weakness.   December soyoil follows a sharply higher palm oil...

Wheat:  Net sales of 616,700 metric tons (MT) for 2020/2021 were down 19 percent from the previous week, but up 24 percent from the prior 4-week avera...

The closure of the Chinese consulate in Houston, Texas over IP theft issues (along with suspected document destruction overnight at the facility) pressured...

Lip Ripper Lip Ripper is the name one callous fisherman gave to his boat and reflects somewhat the attitude of some developing countries. The WTO will laun...

Dec 20 Corn closed at $3.3475/bushel, up $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.345/bushel, up $0.0675 from yesterday's close. ...

Livestock China’s Pork Price and Poultry Price Ease on Rising Supply According to the provincial bureaus for agricultural and rural affairs in Sichua...

The COVID-19 pandemic has slowed demand for fashion generally and this has reverberated to the leather industry. The hide, which is the largest component o...

Russian Grain Markets: 13-17 July 2020 Harvest progressed so most of the regions quoted prices for 2020 grain. As a result the general price development on...

THE OPEN November beans: 2 lower December meal:  .10 higher December soyoil:  14 lower December corn:  1 higher September wheat:  3 1/2...

SPREADS Sep. crush trades to 75.80c/bu while oilshare trades to 34.23%.  August/Nov beans trades to a new high inverse of 5c before closing at 3 3/4c,...

GOOD MORNING, Prices are mixed this morning with beans and soyoil lower, grains firmer.  More longs are liquidating length in beans due to the turn to...

As we reported yesterday, Senate Republicans were expected to develop and unveil proposals for the next round of coronavirus relief legislation as early as...

The use of public shaming and destroying individuals or entities disfavored by activists has become highly fashionable but it has been around in food and a...

Hog prices were down more than 35 percent from a year ago and industry analyst Steve Meyer of Kerns & Associates says the sector is incurring the great...

Row crops were weaker overnight, pressured by favorable statistics from yesterday’s Crop Progress report, and that weakness extended into the day ses...

Dec 20 Corn closed at $3.3075/bushel, down $0.05 from yesterday's close.  Sep 20 Wheat closed at $5.2775/bushel, up $0.0575 from yesterday's close.&nb...

THE OPEN November beans:  6 1/4 lower December meal:  2.50 lower December soyoil:  1 lower December corn:  2 lower September wheat:&nbs...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA Iran’s government has purchased 6 MMT of local wheat on its way to a total of 11 MMT. The whe...

SPREADS Sep. crush trades to 76.04c/bu while oilshare trades lower, back to test 34.0% once again.  The bean inverse remains well bid with August/Nov...

GOOD MORNING, Prices are mostly lower this morning after better than expected crop ratings were released.  Wheat prices broke lower yesterday as this...

The CBOT opened on the defensive overnight and traded that way heading into the opening bell. The lone exception was soybeans, which finished 3¼ cen...

Yankee Chutzpa Washington is reportedly asking the WTO for permission to impose retaliatory tariffs against China for the latter’s failure to reduce...

The House will take up a “mini-bus” appropriations bill on Thursday this week; it is a combination of the FY 2021 appropriations bills for the...

Dec 20 Corn closed at $3.3575/bushel, down $0.04 from yesterday's close.  Sep 20 Wheat closed at $5.22/bushel, down $0.1275 from yesterday's close.&nb...

Given their inelasticity, staple agricultural commodities are a poor indicator of economic health. However, luxury food items like cocoa may be a better in...

Crop Rotation Trends There was an interesting report from the Rosario Grain Exchange noting that crop rotations (soybeans versus corn or wheat) in the core...

Regional News  The European and Black Sea wheat and summer crop markets are largely in wait-and-see mode regarding 2020 Northern Hemisphere supplies...

THE OPEN November beans:  1 higher December meal:  1.50 lower December soyoil:  25 higher December corn:  3 1/2 lower September wheat:...

GOOD MORNING, The main trend that started last week, namely firm bean and soyoil trade, continued in the PM session trade.  Bean prices continue to se...

SPREADS Sep. crush trades to 75.16c/bu while oilshare trades to 34.57%.  Spreads are firm with the Aug/Nov bean inverse trading tto 3 3/4c from 2 1/2c...

Phase One Status China’s Foreign Ministry yesterday said it remains committed to the Phase One trade deal it reached with the U.S. but warned it will...

Dec 20 Corn closed at $3.3975/bushel, up $0.0225 from yesterday's close.  Sep 20 Wheat closed at $5.3475/bushel, down $0.005 from yesterday's close.&n...

CBOT markets were sideways/slightly higher to end the week as trading interest remained limited. Corn and soybeans finished with modest gains while the soy...

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

There was a lot of interesting economic data released this week showing month over month changes that indicate the economy is picking back up – albei...

The joint OECD/FAO annual Agricultural Outlook report issued yesterday says that global meat consumption will grow by 12 percent over the coming decade (20...

THE OPEN November beans:  4 higher December meal:  .40 lower December soyoil:  38 higher December corn:  1 3/4 higher September wheat:&...

SPREADS Sep crush trades to 73.12c/bu while oilshare trades up to 34.0%.  August/Nov bean inverse trades from 2 1/2c to 1c, with Sep/Nov trading tradi...

GOOD MORNING, Prices are mostly higher this morning except for meal.  Look for the markets to be choppy as new longs may book profits while others loo...

WTO Leadership Criteria Candidates to become the next leader of the WTO have begun taking turns before the body and pitching why they should be selected. J...

Last week, three Iowa Members of the House of Representatives – Representatives Cindy Axne, Abby Finkenauer and Dave Loebsack, all Democrats –...

There are several conflicting signals confronting the market. At the macro level, U.S. retail sales rose 7.5 percent in June with robust sales of automobil...

Dec 20 Corn closed at $3.375/bushel, up $0.035 from yesterday's close.  Sep 20 Wheat closed at $5.3525/bushel, down $0.155 from yesterday's close.&nbs...

U.S. Soy Export Sales Highlights – China Buying A Lot of U.S. Soybeans Today’s USDA export sales report indicated U.S. exporters had fairly goo...

New data from the U.S. Bureau of Labor Statistics shows food service sales lagged the pace of broader economic recovery in June. Total retail sales increas...

THE OPEN November beans:  4 1/4 higher December meal:  1.30 higher December soyoil:  5 higher December corn:  2 higher September wheat:...

SPREADS  Sep. crush slides to 70c/bu while oilshare trades at 33.30%.   Bean spreads remain very strong.   August/Nov bean inverse...

GOOD MORNING, Good weather continues to show us the bottom of recent trading ranges while fresh demand keeps prices on the up and up.  China continues...

It was not supposed to be this way. Our collective efforts at social distancing, washing hands, wearing face masks and self-quarantining when necessary wer...

Wheat:  Net sales of 764,400 metric tons (MT) for 2020/2021--a marketing-year high--were up noticeably from the previous week and up 77 percent from t...

Governments Outsourcing The German government is complaining that companies are failing to meet regulatory mandates for ecological and social standards in...

CBOT markets opened as called with corn and wheat working lower to test support. SRW wheat futures quickly turned higher, however, as the bullish pennant f...

Dec 20 Corn closed at $3.34/bushel, up $0.0025 from yesterday's close.  Sep 20 Wheat closed at $5.5075/bushel, up $0.24 from yesterday's close. ...

Livestock China’s Pork Price Continues to Climb, White Feather Broilers Up The latest data from China’s Ministry of Agriculture and Rural Affai...

THE OPEN November beans:  1/2 higher December meal:  .90 lower December soyoil:  20 higher December corn:  2 1/2 lower September wheat:...

A common debate about a decade ago was framed as food versus fuel; should crops traditionally used for food instead be converted into biofuel, especially d...

SPREADS Sep. rush trades to 74.07c/bu while oilshare bounces to 33.38%.  Nearby spreads remain firm with Sep/Dec corn narrowing into 7 1/4 from 7 3/4c...

GOOD MORNING, Prices remain in trading ranges as weather turns hot with big storms across the Northern Plains.  Prospects are looking better and bette...

Russian Grain Markets: 6-10 July 2020 Harvesting started in more regions, so the prices were mainly quoted for 2020 grain, and the general price developmen...

The overnight session looked like a Turnaround Tuesday would develop, but despite news of the fourth largest daily corn sale on record, the CBOT remained u...

China’s COVID Food Protectionism Under the pretense of preventing the spread of the coronavirus, China is requiring more intensive inspection of impo...

We wrote yesterday about U.S.- China diplomacy and trade in the presidential campaign, based on presumptive Democratic nominee former Vice President Joe Bi...

In its recent WASDE report, USDA increased its estimate for meat production this year by 3 percent to 106 billion pounds, and forecasts output in 2021 at 1...

Dec 20 Corn closed at $3.3375/bushel, down $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.2675/bushel, up $0.02 from yesterday's close.&nb...

THE OPEN November beans:  2 higher December meal:  .10 higher December soyoil:  18 higher December corn:  1 1/2 higher September wheat:...

SPREADS Sep. crush trades to 72.56c/bu while oilshare trades up to 33.0%.  Would look for soyoil to continue to gain on meal today.   Sep/De...

Prices are firmer this morning with ratings slipping more than expected providing a fairly typical turn-around Tuesday trade.   WEATHER Temperatu...

Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA  Saudi Arabia’s SAGO has sold parts of two of the four flour milling operations covered...

Both President Trump and Democratic nominee former Vice President Joe Biden have set their rhetorical sights on China policy as the 2020 Presidential campa...

Blame Democracy Economists Massimo Pulejo and Pablo Querubín of New York University basically conclude that elections made the coronavirus outbreak...

Economists at FarmDocDaily point out in an article entitled, “World Market Conditions Suggest Set-Asides Not an Effective Farm Policy for Corn and So...

Dec 20 Corn closed at $3.365/bushel, down $0.0825 from yesterday's close.  Sep 20 Wheat closed at $5.2475/bushel, down $0.0925 from yesterday's close...

The CBOT was mostly lower to start the week with Friday’s WASDE confirming that, without a weather event in the Northern Hemisphere this summer, corn...

WHEAT Lack of rains and soil moisture is still complicating wheat planting and the expected record crop may not happen. The Buenos Aires Grain exchange red...

THE OPEN November beans:  7 1/2 lower December meal:  4.30 lower December soyoil:  10 lower December corn:  7 3/4 lower September wheat...

SPREADS Sep. crush trades to 73.94c/bu while oilshare is trading at 32.51%.  Sep/Dec corn trades out to 8 1/4c from 6 1/2c.  Sep./Dec wheat trade...

GOOD MORNING, Prices are lower across the board after the July WASDE made only marginal cuts to production estimates.  The bottom line is that unless...

The 2020/21 global oilseed supply and demand forecasts include lower production, lower exports, higher crush, and lower ending stocks compared to last mont...

USDA raised U.S. soybean crush by 15 million bushels - reflecting an increase in domestic soybean meal disappearance which is raised in line with an increa...

USDA’s outlook for U.S. soybean production is at 4.14 billion bushels, up 10 million on increased harvested area.  Harvested area, forecast at 8...

USDA’s outlook for 2020/21 U.S. corn is for lower ending stocks.  For 2020/21, corn production is forecast 995 million bushels lower based on re...

USDA’s outlook for 2020/21 U.S. wheat is for larger supplies, lower domestic use, unchanged exports, and increased stocks.  Supplies are raised...

As noted previously, there is increasing attention to what a Biden Administration will mean to both agriculture and broader economic policy. It is not so m...

It seemed clear at the start of the day that this a weather market, and that today’s WASDE would contain few surprises. For the most part that remain...

Dec 20 Corn closed at $3.4475/bushel, down $0.1225 from yesterday's close.  Sep 20 Wheat closed at $5.34/bushel, up $0.09 from yesterday's close. ...

Today’s WASDE showed USDA’s red meat and broiler production forecast up from last month. Last month’s WASDE total beef, pork and broiler...

THE OPEN November beans:  1/4 lower December meal:  .70 lower December soyoil:  19 higher December corn:  1 lower September wheat: ...

Declining feed costs and higher prices for feeder cattle and cull cows have lifted WPI’s expectations of cow/calf profitability for 2020. Compared to...

SPREADS Sep. crush trades top 76.35c/bu while oilshare is a steady 32.33%.  Spreads are firmer with Sep/Dec corn narrowing into 7 3/4c from 8 1/2c.&nb...

GOOD MORNING, It is report day and all the markets have been on good rallies.  Report time is 11:00 central.  The crop yields are not expected to...

Future Ag Policy Presumptive Democratic presidential candidate Joe Biden released his Build Back Better economic agenda and while it ignores some progressi...

There was lots of gnashing of teeth as market calculations swung between possibly threatening weather conditions, seeming positive demand and a WASDE repor...

The May export numbers were released this week; plant shutdowns which hit beef and pork packing plants reduced export totals month over month compared to A...

Dec 20 Corn closed at $3.57/bushel, up $0.0275 from yesterday's close.  Sep 20 Wheat closed at $5.25/bushel, up $0.085 from yesterday's close.  N...

Soy Export Sales Highlights Today’s USDA export sales report showed a major increase in U.S. export sales of soybeans both for the current marketing...

THE OPEN November beans:  10 1/2 higher December meal:  4.40 higher December soyoil:  14 higher December corn:  6 3/4 higher September...

The ancient Greeks associated the rising brightness in the nighttime sky of Sirius, the Dog Star, with the arrival of summer heat and humidity. Sirius woul...

Wheat:  Net sales of 326,100 metric tons (MT) were reported for delivery in marketing year 2020/2021.   Corn:  Net sales of 599,200 MT...

SPREADS Sep. crush trades to 76.89c/bu while oilshare trades to 32.43%.   Sep/Dec corn narrows into 7 1/4c from 8c, while Sep/Dec wheat trades in...

GOOD MORNING, Prices are firmer this as temperatures next week are forecast to be hotter than this week. Rains are crossing parts of the Midwest, but it is...